Standard Chartered’s Hong Kong arm has teamed up with Web3 software company Animoca Brands to create Anchorpoint Financial, a joint venture aimed at developing a licensed Hong Kong dollar stablecoin. The duo plans to apply for a local stablecoin issuer license with the Hong Kong Monetary Authority. This collaboration follows the HKMA's recent implementation of stricter rules for stablecoin regulation. Reports suggest that the market had anticipated less stringent measures, leading to a sell-off among related local companies. The partnership between Standard Chartered and Animoca Brands is an extension of their earlier announcements, with their focus on a stablecoin reflecting a significant interest in the evolving regulatory landscape of digital currencies in Hong Kong. The involvement of major banks like Standard Chartered in this venture positions them to compete in the burgeoning Hong Kong stablecoin market, especially as various entities pursue compliance and market entry ahead of the new regulations.

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