Hong Kong, Stablecoin Issuance License Allowed...Banks Eventually Jumped In

▲ Hong Kong, Stablecoin/AI Generated Image

Hong Kong has approved its first stablecoin issuance license, marking the full-fledged institutionalization of the digital asset market.

According to Cointelegraph, a cryptocurrency specialized media outlet, on April 10 (local time), the Hong Kong Monetary Authority (HKMA) approved the first license under a new regulatory framework allowing stablecoin issuance.

This license was granted to the Anchorpoint consortium, which includes HSBC, Standard Chartered, Animoca Brands, and HKT. This consortium is pursuing the issuance of a Hong Kong dollar-based stablecoin, building a structure that combines traditional finance with digital assets.

The HKMA is applying bank-level regulations to stablecoin issuers, requiring 100% reserve holdings, immediate redemption obligations, and the establishment of an anti-money laundering system. This aims to ensure both issuance stability and investor protection.

With this approval, a structure in which traditional financial institutions directly participate in stablecoin issuance and distribution has been institutionally established.

Hong Kong's first stablecoin license issuance is recorded as an opportunity to accelerate the institutional integration of the digital asset market.

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