Financial institution, Standard Chartered, teams up with Amonica Brands and HKT to unveil Anchorpoint Financial, a new venture.
Hong Kong is set to establish one of the strictest licensing regimes for fiat-pegged stablecoins in Asia, with the Stablecoin Issuers Bill taking effect on August 1. The bill requires any issuers of Hong Kong dollar (HKD) stablecoins to obtain a license from the Hong Kong Monetary Authority (HKMA).
In a significant move, Anchorpoint Financial, a joint venture formed by Standard Chartered, Animoca Brands, and HKT, has applied for such a license. If approved, Anchorpoint's HKD stablecoin will be issued and redeemed under HKMA oversight.
The reserves for Anchorpoint's HKD stablecoin will be held in regulated accounts and backed entirely by fiat reserves. This move could establish a precedent in the wider absorption of digital currencies in Hong Kong.
Anchorpoint's HKD stablecoin will serve multiple functions, from high-value B2B settlements to micro-transactions in mobile apps. Its immediate retail penetration will be facilitated by its link to HKT's mobile payment systems, giving it reach across Hong Kong.
Moreover, Anchorpoint's HKD stablecoin will be integrated into Animoca's Web3 platforms for in-app purchases, NFT marketplaces, and blockchain gaming economies. This convergence of Traditional Finance (TradFi), Web3 Innovation, and Telecom Payments could allow the HKD stablecoin to serve a diverse range of purposes.
The success or failure of Anchorpoint will serve as a test for whether a fully regulated fiat-pegged digital token can achieve traction in retail payments, much less in cross-border trade settlements. Standard Chartered brings banking infrastructure, reserve custody, and governance frameworks to the joint venture, while Animoca Brands contributes blockchain network integration and Web3 application expertise.
The review process at the HKMA will gauge the technical resilience capacity, transparency of the reserves, and ready compliance before giving any approval. The HKMA has indicated that initial license approvals for stablecoin issuers will be limited, with decisions expected in early 2026.
Regulatory authorities emphasize strictness and caution in the initial licensing phase, aiming for financial stability and innovation balance. Under the Stablecoins Ordinance, issuers must maintain full reserve backing for every token issued, guarantee redemption rights for holders, comply with risk management and operational resilience standards, and verify the identity of every stablecoin holder for anti-money laundering compliance.
In summary, the launch of Anchorpoint's HKD stablecoin, if approved, could mark a significant step forward in the adoption of digital currencies in Hong Kong. The strict regulatory framework in place aims to ensure financial stability and security while fostering innovation. The outcome of Anchorpoint's application will serve as a litmus test for the potential of regulated fiat-pegged digital tokens in retail payments and cross-border trade settlements.
[1] Hong Kong's Stablecoin Ordinance
[2] HKMA Stablecoin Guidelines
[3] HKMA Public Register of Licensed Stablecoin Issuers
[4] Hong Kong's Cautious Approach to Stablecoin Licensing
[5] HashKey Group's Dr. Xiao Feng on Hong Kong's Stablecoin Regulation
- With the Stablecoin Issuers Bill becoming effective on August 1, Hong Kong will have one of the strictest licensing regimes for fiat-pegged stablecoins in Asia.
- Anchorpoint Financial, a joint venture formed by Standard Chartered, Animoca Brands, and HKT, has applied for a license to issue a Hong Kong dollar (HKD) stablecoin under the oversight of the Hong Kong Monetary Authority (HKMA).
- The reserves for Anchorpoint's HKD stablecoin will be held in regulated accounts and backed entirely by fiat reserves.
- Anchorpoint's HKD stablecoin will serve various purposes, including high-value B2B settlements, mobile app micro-transactions, in-app purchases on Web3 platforms, and NFT marketplaces.
- The integration of Animoca's Web3 platforms with Anchorpoint's HKD stablecoin could blend Traditional Finance, Web3 Innovation, and Telecom Payments, possibly serving a diverse range of purposes.
- The review process at the HKMA will assess the technical resilience, transparency of reserves, and readiness for compliance before issuing any approval.
- The HKMA has indicated that initial license approvals for stablecoin issuers will be limited, with decisions expected in early 2026, and these will be published on the HKMA Public Register of Licensed Stablecoin Issuers.
- The success or failure of Anchorpoint will serve as a test for the potential of fully regulated fiat-pegged digital tokens in retail payments and cross-border trade settlements, and regulatory authorities emphasize strictness and caution in the initial licensing phase for financial stability and innovation balance.
