Standard Chartered, Animoca, and Three Others Join HKMA's Stablecoin Sandbox as Participants
Summary
The Hong Kong Monetary Authority (HKMA) is processing applications for its stablecoin issuer sandbox, with five entities announced for participation: Standard Chartered Bank (Hong Kong), Animoca Brands Ltd, JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited, and Hong Kong Telecommunications (HKT) Limited. The HKMA plans to present a bill on fiat-referenced stablecoins to the Legislative Council later this year. The regulatory sandbox, started in March, allows potential stablecoin issuers to test certain operations. Currently, participants will not handle public funds or solicit funding from the public, but this may change in the future. New participants may also join the sandbox.
