A new stablecoin law has taken effect in Hong Kong, prompting several companies to seek licenses. Three major players, Standard Chartered, Animoca, and HKT, have expressed interest in obtaining a license.
New Regulatory Measures in Hong Kong
Hong Kong is implementing new regulations for stablecoins, requiring issuers to obtain approval from the Hong Kong Monetary Authority. Anchorpoint has already signaled its intention to apply for a license; however, industry experts believe no licenses will be granted before 2026.
Partnership Potential
The partnership between Standard Chartered, Animoca, and HKT combines banking expertise, blockchain achievements, and telecommunications, positioning Anchorpoint as a potential early leader if approval is secured. Animoca's Evan Auyang noted that the goal is to integrate stablecoins into everyday finance.
Market and Demand for Bitcoin
Amid the emergence of new regulatory norms in Hong Kong, Bitcoin's price hovers around $116,000 after briefly exceeding $117,000 this week. Data from Glassnode indicates that small-scale investors are quietly acquiring more Bitcoin than miners are producing, suggesting strong demand even amidst market fluctuations.
Overall, the activity of major players in the stablecoin market, combined with growing interest in Bitcoin, highlights the dynamics of the financial landscape in Hong Kong and the potential for further development of the crypto industry in the region.
