Nano Labs Ltd., a Chinese company, has announced its intention to apply for a license to issue stablecoins in Hong Kong in response to new cryptocurrency legislation.
Nano Labs and Licensing Plans
Nano Labs Ltd, valued at $308 million and involved in Web3, has announced its plans to obtain licenses to issue stablecoins pegged to the Hong Kong dollar (HKD) and offshore Renminbi (RMB). This initiative comes in response to the recently passed Stablecoins Bill in Hong Kong.
New Stablecoin Regulations in Hong Kong
The stablecoins bill introduces a comprehensive licensing regime for any firm intending to issue stablecoins referenced to fiat currencies. Regulatory bodies, including the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), will jointly oversee this regime.
Supporting Blockchain Infrastructure
In addition to licensing, Nano Labs also intends to support stablecoin issuance through robust blockchain infrastructure. The company plans to build a technical framework that will utilize existing blockchain ecosystems, particularly the Bitcoin and Binance networks, to ensure high performance for stablecoins.
Nano Labs is actively participating in shaping the digital finance landscape in Hong Kong, aiming to utilize new licenses for ambitious stablecoin projects.
