Standard Chartered Launches Joint Venture to Apply for Stablecoin License in Hong Kong

Standard Chartered (2888.HK) announced on Friday the formation of a joint venture, Anchorpoint Financial, with strategic partners Animoca Brands and HKT (6823.HK) to apply for a license to issue stablecoins in Hong Kong. This move comes shortly after Hong Kong’s stablecoin legislation officially took effect.

Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, commonly used for transferring funds within the crypto ecosystem. The newly passed Hong Kong bill, effective August 1, sets a clear regulatory framework for fiat-referenced stablecoin issuers.

Anchorpoint Financial has formally expressed interest to the Hong Kong Monetary Authority (HKMA) in obtaining the stablecoin issuer license. The HKMA anticipates granting the first licenses early next year, signaling a growing institutional push into regulated digital currencies in the region.