Animoca Brands, Standard Chartered JV Begins Stablecoin Licensing Process in Hong Kong

Animoca Brands has confirmed that its Hong Kong joint venture with Standard Chartered and Hong Kong Telecommunications (HKT) has formally begun the process of securing a stablecoin issuer license under the city’s new regulatory framework.

The venture, Anchorpoint Financial Limited, submitted a formal “indication of interest” to the Hong Kong Monetary Authority (HKMA) on August 1, marking the first official step in the licensing process outlined by the regulator.

“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,” said Evan Auyang, group president of Animoca Brands.

Hong Kong Monetary Authority - Regulatory Regime for Stablecoin Issuers

Stablecoins are virtual assets that are designed to maintain a stable value relative to certain assets, typically currencies. In view of the rising interconnectedness between the traditional financial system and the virtual asset markets, the HKMA is currently formulating a regulatory regime for stablecoin issuers in Hong Kong. With a view to facilitating the subsequent implementation of the regime, the HKMA has launched a sandbox arrangement to facilitate the exchange of views between the HKMA and the industry on the proposed regulatory requirements.

Hong Kong Monetary AuthorityHong Kong Monetary Authority

He added that a HKMA-regulated, fiat-referenced stablecoin could reinforce Hong Kong’s standing as a leading global financial hub as more assets move on-chain.

Hong Kong’s Stablecoins Ordinance, which also came into effect on August 1, requires all issuers of fiat-backed stablecoins to obtain an HKMA license before launching or offering their products in the market.

Animoca Brands jointly establishes Anchorpoint with strategic partners to apply for a stablecoin issuer license in Hong Kong

Animoca Brands today announced that it has established a joint venture, Anchorpoint Financial Limited (“Anchorpoint”) in Hong Kong, together with Standard Chartered Bank (Hong Kong) Limited (“SCBHK”) and HKT, with the aim to build a business model focused on the issuance and advancement of licensed stablecoins.

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Anchorpoint’s application aligns with its earlier plans to explore the creation of a Hong Kong dollar-backed stablecoin. The three companies behind the venture had already taken part in the HKMA’s regulatory sandbox for stablecoin testing, which began in March and saw their participation from July.

Looking ahead, Anchorpoint Financial aims to leverage stablecoins for cross-border payments, settlement solutions, and other applications that bridge decentralized finance (DeFi) with traditional financial systems — a move the partners believe could drive growth across both sectors.