Animoca Brands has partnered with Standard Chartered Bank (Hong Kong) Limited and HKT to create a joint venture, Anchorpoint Financial Limited, aimed at developing licensed stablecoins in the city.
The company said Anchorpoint submitted a notice of intent to the Hong Kong Monetary Authority (HKMA) to apply for a stablecoin issuer license on Aug. 1, the date the city’s Stablecoins Ordinance took effect.
License Application Under New Ordinance
The newly enacted Stablecoins Ordinance establishes a regulatory framework for fiat-referenced stablecoins in Hong Kong. Anchorpoint’s application signals one of the first formal steps under the legislation, which is designed to regulate the issuance and operation of such digital assets.
According to the companies, the joint venture will focus on building a compliant model for stablecoin issuance. The aim is to integrate stablecoins into financial services in a manner that aligns with Hong Kong’s regulatory standards.
Testing in HKMA Sandbox
Since July 2024, the three companies have been participating in the HKMA’s stablecoin issuer sandbox program, a controlled environment for testing stablecoin-related services.
The program examines potential roles for stablecoins in payments, settlement, and financial markets, with an emphasis on linking blockchain-based systems with traditional banking infrastructure.
The HKMA has positioned the sandbox as part of its broader strategy to evaluate risks and benefits of integrating stablecoins into Hong Kong’s financial system. Regulators have indicated that stablecoins could have applications in cross-border payments and as a bridge between Web3 and traditional finance.
Industry Context
The move comes as jurisdictions globally work to regulate stablecoins, which are designed to maintain a fixed value by linking their worth to fiat currencies. Advocates argue that regulatory clarity can encourage broader institutional adoption, while critics caution about risks related to reserve management and financial stability.
Hong Kong has been positioning itself as a hub for digital assets, introducing licensing regimes for virtual asset service providers and implementing guidelines for tokenized products. The Stablecoins Ordinance is the latest addition to this regulatory framework, with the HKMA overseeing licensing, reserve requirements, and operational standards for issuers.
Anchorpoint’s application will undergo the HKMA’s review process, which includes assessments of capital adequacy, governance, and risk management systems. No timeline has been provided for when a license decision will be made.
