Standard Chartered, Animoca, and Three Others Join HKMA\'s Stablecoin Sandbox as Participants

On Wednesday, Hong Kong's central bank also said that it planned to present a bill on fiat-referenced stablecoins to the Legislative Council later this year.

Hong Kong's central bank has announced five participants in its stablecoin issuer sandbox, including Standard Chartered Bank (Hong Kong) and Animoca Brands Ltd.

The other participants are JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited and Hong Kong Telecommunications (HKT) Limited.

The Monetary Authority of Hong Kong (HKMA) said in a statement on Wednesday that the participants will be permitted to issue fiat-referenced stablecoins in a controlled environment.

The central bank also said that it planned to present a bill on fiat-referenced stablecoins to the Legislative Council later this year.

In March, the HKMA announced a regulatory sandbox to support the development of stablecoins in Hong Kong. The initiative aims to provide potential stablecoin issuers with a legal豁免权in testing certain stablecoin operations.

“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,” the HKMA said in Wednesday’s statement.

The participants will not handle the general public’s funds and will not solicit funding from the public or offer any products associated with the sandbox at the moment, although the HKMA said this could happen at a later stage.

The central bank also said that it expected other participants to join the sandbox in the future.

Hong Kong to Prepare Stablecoin Legislation as Public Consultation Ends

CoinDesk’s regulatory sandbox explained.

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