Web3 announced that its Hong Kong-based joint venture with investment firm Animoca Brands, Standard Chartered, and Hong Kong Telecommunications has taken official steps to obtain a stablecoin issuance license in the region. Animoca Brands and Standard Chartered Partnership Launch Stablecoin Licensing Process in Hong Kong The joint venture, operating under the name Anchorpoint Financial Limited, has submitted its “formal expression of interest,” the first step in the application process listed on the Hong Kong Monetary Authority's (HKMA) website. Animoca Brands confirmed that this step marks the beginning of the stablecoin licensing process. “Stablecoins are one of the strongest use cases in the Web3 ecosystem,” said Evan Auyang, Group President of Animoca Brands. “We are just at the beginning of widespread adoption among both institutional and individual investors. “With the increase in assets moving on-chain, fiat-referenced stablecoins regulated by the HKMA will consolidate Hong Kong's position as an international financial centre,” he said. The Stablecoin Regulation, which came into effect in Hong Kong on August 1, requires issuers of fiat-backed stablecoins to obtain a license from the HKMA. The trilateral partnership previously announced plans to launch a stablecoin backed by the Hong Kong dollar (HKD). The HKMA launched a regulatory testing environment for stablecoins in March 2024, and all three companies joined the program in July. Anchorpoint Financial aims to explore the role of stablecoins in financial market growth and payment solutions that will bridge the gap between Web3 and traditional finance. *This is not investment advice. Continue Reading: Web3 Investment Firm Animoca Brands Prepares to Launch Stablecoin with Two Giant Companies! Here Are the Details
