Animoca Brands, in partnership with Standard Chartered and Hong Kong Telecommunications, announced its intention to obtain a stablecoin license for Anchorpoint Financial in Hong Kong. This initiative began with an official statement submitted on August 1.
Progress in Licensing
Anchorpoint Financial has officially embarked on its regulatory journey in compliance with the guidelines outlined on the Hong Kong monetary authority’s portal. This submission marks an important milestone as the venture moves towards a full licensing application.
New Regulations in Hong Kong
With the ‘Stablecoins Ordinance’ taking effect from August 1, it is mandatory for fiat-backed stablecoin issuers to earn licenses from the Hong Kong Monetary Authority. Anchorpoint Financial’s submission aligns perfectly with these legal changes.
Impact on Financial Markets
The collaborative endeavors of these influential entities highlight the substantial role stablecoins play in connecting emerging technological and traditional financial sectors, expected to reinforce financial market development and enhance transactional efficiency.
Such strategic movements and synchronized timing with recent regulatory developments underscore the significant potential that stablecoins have in revolutionizing financial markets globally.
