Hong Kong-based Animoca Brands has announced a joint venture with Standard Chartered Bank and Hong Kong Telecom aimed at obtaining a stablecoin issuing license.
Establishment of Joint Venture
According to Evan Auyang, President of Animoca Brands, the group is collaborating with Standard Chartered Bank and Hong Kong Telecom in a joint venture to prepare for the implementation of upcoming stablecoin legislation in Hong Kong.
Goals and Opportunities of Stablecoin
Auyang noted that the purpose of the joint venture is to pursue a stablecoin issuer license and to establish a web3-based ecosystem for users. "We currently have a joint venture company through which we intend to apply for a license to issue stablecoins. The specific details will be announced at a later time," he added. Key goals include using stablecoins for transactions within gaming and NFT ecosystems, as well as for cross-border trade settlements.
Stablecoin Regulation in Hong Kong
On June 6, the Hong Kong government announced the introduction of new legislation allowing companies to register for stablecoin licenses pegged to the Hong Kong dollar, effective August 2025. This regulatory framework, known as the Stablecoin Ordinance, aims to develop the local stablecoin market and reduce the dominance of U.S. stablecoins internationally.
With the establishment of a joint venture aimed at obtaining a license for stablecoin issuance, Animoca Brands seeks to adapt to new regulatory conditions and strengthen its position in the stablecoin market, which is highly relevant given the forthcoming legislative changes in Hong Kong.
