HKMA announces five new participants in its stablecoin sandbox, including Standard Chartered, Animoca Brands, Jingdong Coinlink, RD InnoTech, and HKT.
Five new participants have been announced by the Hong Kong Monetary Authority (HKMA) in its stablecoin sandbox, including Animoca Brands and Standard Chartered (Hong Kong).
Jingdong Coinlink Technology Hong Kong, RD InnoTech, and Hong Kong Telecommunications (HKT) comprise the remaining three entities.
“During the assessment process, these institutions were able to demonstrate genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and that their proposed operations under the sandbox arrangement would be conducted within a limited scope and in a risk-controllable manner,” according to the announcement.
The entities will be unable to solicit funding from the public and manage funds at this time. However, the HKMA has not ruled out the possibility of doing so. The program may also accept new participants at a later date.
The regulator also cautioned the public to “remain vigilant against potential scams that purport to be associated with the sandbox.”
One day after the regulator disclosed that it was actively reviewing applications for its stablecoin issuer sandbox, the HKMA has made an announcement.
Five new participants have been announced by the Hong Kong Monetary Authority (HKMA) in its stablecoin sandbox, including Animoca Brands and Standard Chartered (Hong Kong).
Jingdong Coinlink Technology Hong Kong, RD InnoTech, and Hong Kong Telecommunications (HKT) comprise the remaining three entities.
“During the assessment process, these institutions were able to demonstrate genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and that their proposed operations under the sandbox arrangement would be conducted within a limited scope and in a risk-controllable manner,” according to the announcement.
The entities will be unable to solicit funding from the public and manage funds at this time. However, the HKMA has not ruled out the possibility of doing so. The program may also accept new participants at a later date.
The regulator also cautioned the public to “remain vigilant against potential scams that purport to be associated with the sandbox.”
One day after the regulator disclosed that it was actively reviewing applications for its stablecoin issuer sandbox, the HKMA has made an announcement. Five new participants have been announced by the Hong Kong Monetary Authority (HKMA) in its stablecoin sandbox, including Animoca Brands and Standard Chartered (Hong Kong).
Jingdong Coinlink Technology Hong Kong, RD InnoTech, and Hong Kong Telecommunications (HKT) comprise the remaining three entities.
“During the assessment process, these institutions were able to demonstrate genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and that their proposed operations under the sandbox arrangement would be conducted within a limited scope and in a risk-controllable manner,” according to the announcement.
The entities will be unable to solicit funding from the public and manage funds at this time. However, the HKMA has not ruled out the possibility of doing so in the future. The program may also accept new participants at a later date.
The regulator also cautioned the public to “remain vigilant against potential scams that purport to be associated with the sandbox.”
One day after the regulator disclosed that it was actively reviewing applications for its stablecoin issuer sandbox, the HKMA has made an announcement.
“Applicants should have genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and their proposed operations under the sandbox arrangement will be conducted within a limited scope and in a risk-controllable manner,” the HKMA notice said.
Furthermore, the HKMA’s new regulations necessitate that issuers of stablecoins that correspond to fiat currencies acquire a license from the regulator.
The decision is a result of the consultation’s conclusions regarding stablecoins. 108 submissions were received from market participants, industry associations, business and professional organizations, and other stakeholders during the two-month public consultation period that concluded in February of this year.
Treasury Secretary Hui disclosed that the HMKA and the SFC are currently conducting a review of regulations concerning digital assets during a parliamentary interrogating session earlier this month.
Hui stated that the HKMA and the SFC will “review the requirements on VA-related activities as appropriate” and bear in mind market developments.
Hui made the remarks in response to a lawmaker who inquired whether regulators would expedite the vetting process for crypto licenses.
