Standard Chartered, Animoca Brands, and HKT have applied for a license to issue a Hong Kong dollar (HKD)-backed stablecoin under Hong Kong's new regulations

Standard Chartered, Animoca Brands, and HKT have applied for a license to issue a stablecoin backed by the Hong Kong dollar (HKD). Unlike most countries, in Hong Kong, currency issuance is carried out by private banks under the control of the Hong Kong Monetary Authority (HKMA). According to the new law, all stablecoin issuers must obtain a license by the end of 2024. This step aims to regulate and ensure the stability of digital currencies. If approved, Hong Kong may become the first country to issue a licensed HKD stablecoin, strengthening its position in the global financial system.