Animoca Brands, a Hong Kong-based venture capital company, has recently announced its participation in the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox. In a recent X post, Animoca Brands expressed its enthusiasm for joining forces with industrial giants Standard Chartered Bank (Hong Kong) and HKT to participate in the sandbox.
HKMA’s Sandbox
On March 12, 2024, the HKMA launched a regulatory sandbox to implement the regulatory regime for stablecoin issuers. As part of the program, the HKMA invited applications from genuine candidates interested in developing a stablecoin issuance business in Hong Kong. Acting as an effective channel between the HKMA and the industry, the sandbox focuses on promoting “the sustainable and responsible development of the stablecoin issuance business.”
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According to the list published by the HKMA, five entities, including Standard Chartered Bank, Animoca Brands Ltd., JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited, and Hong Kong Telecommunications (HKT) Limited, are selected as eligible for the sandbox participation. In a potential development, the authority intends to present a bill on fiat-reference stablecoins to the Legislative Council.
Corporates Join Forces
Dominic Maffei, Head of Digital Assets & Fintech of Standard Chartered, shed light on the platform’s commitment to bringing financial innovation to Hong Kong. He posited,
We believe that regulated financial institutions have a key role to play in the development of these markets. Under the guidance of the HKMA, we are proud to take part in the Sandbox with innovative industry leaders, Animoca Brands and HKT, to transform the financial sector and create positive impact for our clients.
Animoca Brands’ alliance with Standard Chartered Bank and HKT envisions the fulfillment of Hong Kong’s dream of a crypto hub. The three corporates will utilize the institutional digital asset custody capabilities of Zodia Custody, partially owned by Standard Chartered Bank.
