Standard Chartered & Animoca Brands Launch Crypto Power Play: Hong Kong Stablecoin License Bid
Two giants—banking heavyweight Standard Chartered and Web3 titan Animoca Brands—just joined forces to chase Hong Kong's holy grail: a regulated stablecoin license. This isn't just partnership theater—it's a calculated move to dominate Asia's crypto corridor.
Why Hong Kong? The city's rolling out the red carpet for compliant crypto while mainland China keeps its ban. Perfect sandbox for institutions dipping toes in digital assets without Beijing's side-eye.
Watch the domino effect: When a 160-year-old bank and a metaverse pioneer co-sign a stablecoin play, even traditional finance bros start paying attention. Though let's be real—they'll still call it 'blockchain, not Bitcoin' at their next shareholder meeting.
Hong Kong's stablecoin regime
Hong Kong's new legislation requires any company wishing to issue or market fiat-backed stablecoins to retail investors to obtain a license. The move is part of the city's broader push to regulate crypto while still attracting legitimate players to its market.
Animoca Brands co-founder and executive chairman Yat Siu told Decrypt the new legal clarity could serve as a turning point for the industry.
"Clearer regulation could allow us to drive customer acquisition, as more individuals and businesses will feel assured about participating in stablecoin ecosystems under regulatory oversight," he said.
While advocates have touted potential use cases from cross-border payments to digital savings, Siu acknowledged that the market is still sorting out exactly how stablecoins will be used in practice.
"Given Hong Kong's longstanding reputation as a global hub for the exchange of goods and services, a locally issued stablecoin could naturally facilitate cross-border payments, retail transactions, and B2B services," he said. "It's all about leveraging what Hong Kong has always excelled in: being a major international financial and trading center."
Standard Chartered didn't immediately respond to questions on what specific products or uses it has planned for the stablecoin.
