Animoca Brands has announced that its Hong Kong joint venture with Standard Chartered and HKT has begun the process of obtaining a license for stablecoins under the city's new regulatory framework.
The joint venture, Anchorpoint Financial Limited, formally expressed its interest in applying for the license on August 1, in line with Hong Kong's Stablecoin Ordinance, which came into effect on the same day.
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The law requires issuers of fiat-backed stablecoins to obtain approval from the Hong Kong Monetary Authority (HKMA).
Evan Auyang, president of Animoca Brands, said:
"Stablecoins represent one of the most compelling use cases within Web3, and we believe we are still at the early frontier of widespread adoption across institutions and retail alike."