Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Stablecoin trial conducted with participants including Hong Kong, Standard Chartered Bank, and Animoca Brands
ADOPTION NEWS

Stablecoin trial conducted with participants including Hong Kong, Standard Chartered Bank, and Animoca Brands

By Crypto FlexsJuly 19, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Stablecoin trial conducted with participants including Hong Kong, Standard Chartered Bank, and Animoca Brands
Share
Facebook Twitter LinkedIn Pinterest Email

Hong Kong has announced the first group of participants for its stablecoin sandbox, but has warned that it is not yet allowed to raise funds from the public as the region continues its efforts to become a crypto hub.

In a statement late Thursday, the Hong Kong Monetary Authority, the de facto central bank, said it would allow institutions to pilot operational plans for stablecoin issuances “to establish a fit-for-purpose and risk-based regulatory framework.”

Announced by the HKMA in March, the sandbox will first see participation from Jindong Coinlink Technology, RD Innotech, Standard Chartered Bank, Animoca Brands and Hong Kong Telecom.

In a separate statement, Darryl Chan, deputy chief executive of the HKMA, said sandbox participants must not raise funds from the public or offer investment products under the sandbox’s name. “(They) cannot use public funds during the early stages of testing,” Chan said.

According to Chan, use cases proposed by the first group of participants focus on additional applications in payments, supply chain management and capital markets.

“Stablecoins can be used as a means of payment, lowering costs and reducing transaction times, while also leveraging programmability to provide a range of innovative solutions,” Chan added. “Stablecoins can create more automated and ‘smarter’ financial services, facilitating the flow of funds and better managing the risks associated with transactions.”

The announcement of the sandbox participants comes after the authorities released their response to a consultation on Wednesday on a proposal to license stablecoin issuers. A key part of the proposal is to require all fiat-backed stablecoin issuers to obtain a license from the HKMA.

According to the statement, the regulator will finalize the legislation as soon as possible and submit the bill to the legislature.

The Hong Kong Monetary Authority (HKMA) will continue to process sandbox applications and has urged applicants to provide specific plans for the issuance, distribution and redemption of their stablecoins.

“It is important to emphasize, however, that participation in the sandbox is not a prerequisite for applying for a stablecoin issuer license in the future,” Chan said. “Sandbox participants who wish to apply for a license at a later date will still need to submit a formal application once the regulatory framework comes into effect.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Crypto Exchange Rollish is expanded to 20 by NY approved.

October 2, 2025

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Bitcoin Treasury Firm Strive adds an industry veterans and starts a new $ 950 million capital initiative.

September 16, 2025
Add A Comment

Comments are closed.

Recent Posts

Tapbit secures strong presence at TOKEN2049 in Singapore

October 13, 2025

Tapbit Delivers A Strong Presence At TOKEN2049 Singapore

October 13, 2025

Touareg Group Expands Global Presence With Establishment Of U.S. Technology Subsidiary

October 13, 2025

Cardano (ADA) Faces Selling Pressure – Is This the Start of a Trend?

October 12, 2025

Why Bitcoin Could Rally Up to 21% This Week: Expert Explains

October 12, 2025

Pepeto Advances Presale With Staking Rewards And Live Exchange Demo

October 11, 2025

Foundry vs Echidna vs Wake: Fuzz Reduction Comparison

October 11, 2025

Phemex Launches Market Confidence Campaign To Support Traders Through Volatility

October 11, 2025

How SJMine Transforms Daily Crypto News Into Passive Profits

October 11, 2025

Ethereum price plunge creates opportunity for 13% rebound

October 11, 2025

Eightco Holdings Inc. ($ORBS) Expands Its Strategic Vision Into The Enterprise

October 10, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Tapbit secures strong presence at TOKEN2049 in Singapore

October 13, 2025

Tapbit Delivers A Strong Presence At TOKEN2049 Singapore

October 13, 2025

Touareg Group Expands Global Presence With Establishment Of U.S. Technology Subsidiary

October 13, 2025
Most Popular

Elon Musk dismisses ‘founding agreement’ lawsuit against OpenAI

June 12, 2024

Ether Leeum Foundation’s management and board structure

May 29, 2025

Solana update brings first fix for congestion issues

April 15, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.