The Hong Kong Monetary Authority has selected three parties for assessment in its stablecoin issuers sandbox.
A day after winding up the consultation period on stablecoin issuer regulations, the Hong Kong Monetary Authority (HKMA) announced the first participants in its stablecoin issuer sandbox. They are a company linked to a large Chinese e-commerce retailer, a local fintech and a coalition of Standard Chartered Bank, Animoca Brands and Hong Kong Telecommunications.
The participants will undergo an assessment process as the hopeful stablecoin users test their operational plans and communicate with regulators on the proposed regulatory regime. They will be prohibited from handling or soliciting funds from the public for activities related to the sandbox. HKMA deputy CEO Darryl Chan released comments on the sandbox in which he wrote:
Hong Kong-based Web3 software developer and venture capital firm Animoca Brands released a statement emphasizing the common interest of Animoca, Standard Chartered Bank (Hong Kong) and HK Telecom in developing Hong Kong’s digital asset ecosystem and its applications in the real world.
