Animoca Brands Teams Up With Standard Chartered Bank (Hong Kong) and HK Telecom to Develop Hong Kong\'s Digital Asset Ecosystem

Hong Kong-based Web3 software developer and venture capital firm Animoca Brands released a statement emphasizing the common interest of Animoca, Standard Chartered Bank (Hong Kong) and HK Telecom in developing Hong Kong's digital asset ecosystem and its applications in the real world.

Hong Kong’s central bank has announced the first participants in its stablecoin issuer sandbox, following the conclusion of a consultation period on stablecoin issuer regulations.

The participants include a company linked to a major Chinese e-commerce retailer, a local fintech firm and a coalition of Standard Chartered Bank, Animoca Brands and Hong Kong Telecommunications (HK Telecom).

According to the HKMA, the participants will be assessed as potential stablecoin users test their operational plans and engage with regulators on the proposed regulatory regime.

However, they will be restricted from handling or soliciting funds from the public for activities related to the sandbox. Regarding the initiative, HKMA deputy CEO Darryl Chan noted:

Animoca joins forces with Standard Chartered, HK Telecom

In a statement, Animoca Brands, a Hong Kong-based Web3 software developer and venture capital firm, highlighted the shared interest of Animoca, Standard Chartered Bank (Hong Kong) and HK Telecom in advancing Hong Kong’s digital asset ecosystem and its real-world applications.

The coalition will reportedly utilize the services of Zodia Custody, which launched its cold storage services for digital assets in Hong Kong in October. The bank majority-owns the digital asset custody platform.

Local tech firms to explore stablecoin issuance

Another participant in the stablecoin sandbox is Jingdong Coinlink Technology Hong Kong. The Chinese e-commerce retailer JD.com, also known as Jingdong, ventured into blockchain in 2018 by establishing a distributed ledger technology arm.

The company has since filed several trademark applications related to Web3 and metaverse services in the United States and Hong Kong. The participation of its affiliate in the sandbox could pave the way for the retail giant to introduce its stablecoin in the city.

RD InnoTech, a subsidiary of RD Technologies, is also set to participate in the sandbox. The company aims to “conduct testing for various use cases of its proprietary Hong Kong Dollar stablecoin, ‘HKDR,’ such as digital asset trading and cross-border trade payments.”

The HKDR stablecoin is listed as “coming soon” on the RD Technologies website. The firm operates an e-wallet for fiat currencies and an app called RD ezLink, which enables businesses to create a verified profile to be shared with financial institutions.

As previously reported by Cointelegraph, the HKMA and Financial Services and the Treasury Bureau released updated proposed regulations for stablecoin issuers on July 7.

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