Fintech
Standard Chartered Joins Hong Kong Stablecoin Sandbox
Standard Chartered is among the firms selected to join Hong Kong’s new stablecoin issuer sandbox, the announcement coming a day after the island’s regulators said they would soon propose a regulatory regime for stablecoin issuers.
Standard Chartered Bank (Hong Kong) is joined by Animoca Brands, Jingdong Coinlink Technology Hong Kong, RD InnoTech and Hong Kong Telecommunications (HKT) in the Hong Kong Monetary Authority (HKMA) sandbox.
The HKMA says the participants were chosen after demonstrating “genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan.”
Standard Chartered and other members can now test their operational plans, benefiting from two-way communication on proposed regulatory requirements.
These regulatory requirements are becoming more evident as the HKMA, the Financial Services and Treasury Bureau have published the conclusions of their consultation on the proposed legislation to implement a regulatory regime for issuers of fiat-backed stablecoins.
After a public consultation with over 100 proposals, the two now plan to present a legislative proposal “as soon as possible”.
Eddie Yue, Chief Executive Officer of HKMA, said: “We believe that a well-regulated environment is conducive to the sustainable and responsible development of the stablecoin ecosystem in Hong Kong.”