Standard Chartered has partnered up with Animoca Brands and HKT to apply for a license under Hong Kong’s new stablecoin regime.

Standard Chartered’s JV First To Apply For Hong Kong Stablecoin License

According to a press release from Animoca Brands, the company has come together with Standard Chartered’s Hong Kong branch and Hong Kong Telecom (HKT) to form a joint venture (JV): Anchorpoint Financial.

The aim of the JV is to “build a business model focused on the issuance and advancement of licensed stablecoins,” as per the press release. Hong Kong passed its stablecoin bill on August 1st.

The law, called the Stablecoin Ordinance, made it so that any entity looking to issue fiat-based tokens in the city must procure a license from the Hong Kong Monetary Authority (HKMA).

Anchorpoin

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