The list of Hong Kong stablecoin issuer sandbox is released! Standard Chartered, Yuan Coin, and JD Coin Chain were selected

This site (120Btc.coM): The Hong Kong Monetary Authority (HKMA) today (18th) announced the list of participants in the "Sandbox" for stablecoin issuers. A total of 3 groups of institutions have been selected, and participants will be able to control the Internally test the issuance process and business model of stablecoins. The three institutions are:

• JINGDONG Coinlink Technology Hong Kong Limited)

• RD InnoTech Limited

• Standard Chartered Bank ( Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, Hong Kong Telecommunications (HKT) Limited.

The Hong Kong Monetary Authority stated that it will continue to process inquiries and applications for participating in the "Sandbox". If there are new participants, they will be announced in due course.

Entering the "sandbox" is not a prerequisite for applying for a stablecoin issuer license

Chan Weimin, deputy president of the Hong Kong Monetary Authority, wrote that after entering the "sandbox", these three institutions can test the expected business model within the designated scope and Communicate with the Hong Kong Monetary Authority on how to comply with the proposed regulatory regime for stablecoins in the future.

Chen Weimin explained that the purpose of establishing the "sandbox" is to test the business processes of stablecoin issuers and evaluate how they can conduct stablecoin business in Hong Kong in a compliant and sustainable manner. Therefore, applicants entering the “sandbox” need to demonstrate detailed and feasible business and “sandbox” plans.

But he also mentioned that entering the "sandbox" is not a prerequisite for applying for a stablecoin issuer license in the future. Even if the participating institutions have entered the "sandbox" and intend to obtain a license in the future, they must first implement the regulatory system. Submit a formal application separately.

Three major application scenarios: payment, supply chain management and capital market

According to Chen Weimin, the main application scenarios proposed by the above three institutions include: "payment", "supply chain management" and "capital market" use cases.

He said that in addition to playing the role of a "trading medium", stablecoins can reduce costs and save transaction time, and can also use their programmable features to develop a variety of innovative solutions to automate, intelligentize and facilitate financial service processes. In addition to capital flow, various risks related to transactions can be managed more accurately.

In addition to the above application scenarios, "Sandbox" participating institutions have also proposed other use cases, including Web3, games, and virtual asset transactions.

It is not allowed to raise funds from the public in the name of "Sandbox", and public funds cannot be used in the initial stage

He emphasized that these institutions must strictly abide by the requirements of the "Sandbox", for example, they are not allowed to raise funds from the public or provide funds in the name of "Sandbox" related Any investment product cannot use public funds in its initial stages. If "sandbox" participants are allowed to use public funds on a limited basis due to adjustments to the testing scope, the HKMA will make a separate announcement. If any irregularities are discovered, the HKMA will immediately terminate the qualifications of the relevant participating institutions.

Chen Weimin said that if any organization claims to have entered the Hong Kong Monetary Authority's "sandbox" for stablecoin issuers and promotes stablecoins or related products to the public, citizens should be alert, "because this is definitely a scam."

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