Standard Chartered has partnered up with Animoca Brands and HKT to use for a license beneath Hong Kong’s new stablecoin regime.
Standard Chartered’s JV First To Apply For Hong Kong Stablecoin License
According to a press launch from Animoca Brands, the corporate has come along with Standard Chartered’s Hong Kong department and Hong Kong Telecom (HKT) to kind a three way partnership (JV): Anchorpoint Financial.
The goal of the JV is to “construct a enterprise mannequin targeted on the issuance and development of licensed stablecoins,” as per the press launch. Hong Kong handed its stablecoin invoice on August 1st.
The regulation, known as the Stablecoin Ordinance, made it in order that any entity seeking to challenge fiat-based tokens within the metropolis should procure a license from the Hong Kong Monetary Authority (HKMA).
Anchorpoint has already indicated curiosity with the regulator in making use of for a stablecoin issuer license. Group president of Animoca Brands, Evan Auyang, stated:
Animoca Brands is proud to accomplice with Standard Chartered and HKT to kind Anchorpoint in making use of for a stablecoin issuer license beneath the HKMA, with a view to bringing stablecoins into the mainstream monetary ecosystem in Hong Kong. Stablecoins characterize some of the compelling use instances inside Web3, and we consider we’re nonetheless on the early frontier of widespread adoption throughout establishments and retail alike.
Animoca Brands is a Hong Kong-based Web3 agency with investments in blockchain gaming and Non-Fungible Tokens (NFTs). Meanwhile, HKT is among the dominant telecommunication corporations within the area.
Standard Chartered is a serious financial institution primarily based within the UK that has beforehand ventured into digital belongings. Just final month, it grew to become the primary international systematically vital financial institution (G-SIB) to supply a spot buying and selling desk for Bitcoin and Ethereum to establishments.
G-SIBs are entities categorized by the Financial Stability Board (FSB) as being so embedded within the international monetary system that instability associated to them may have wide-reaching disruptions. As such, it’s all the time significantly vital when banks like these dip their toes within the cryptocurrency sector.
While Standard Chartered’s JV has initiated the method of acquiring a license from the HKMA, it’s unlikely to grow to be a stablecoin issuer anytime quickly. According to a current report, the primary batch of licenses might not come till 2026. Even then, solely a handful of candidates are anticipated to make the minimize throughout this preliminary batch.
Bitcoin Price
Bitcoin recovered above the $117,000 mark on Thursday, nevertheless it seems the coin is seeking to finish the week with one other retrace as its worth is again at $115,900.
The pattern within the worth of the coin during the last 5 days | Source: BTCUSDT on TradingView
The small palms within the sector seem to have aggressively been shopping for throughout the current Bitcoin downturn, as analytics agency Glassnode has identified in an X publish.
The knowledge for the month-to-month stability change within the wallets of the small cohorts | Source: Glassnode on X
From the chart, it’s seen that Bitcoin shrimps, crabs, and fish have seen their month-to-month stability surpass the miner issuance just lately, indicating that the small traders alone have been shopping for greater than the miners can produce.
Featured picture from Dall-E, Glassnode.com, chart from TradingView.com
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