tl;dr
Standard Chartered and Animoca Brands are among the first participants in Hong Kong's stablecoin sandbox, along with JD.com, RD InnoTech, and Hong Kong Telecommunications Limited. The sandbox, announced by the Hong Kong Monetary Authority in March, provides a platform for testing stablecoin issuance...
Standard Chartered and Animoca Brands are among the first participants in a stablecoin sandbox in Hong Kong. The sandbox, established by the Hong Kong Monetary Authority (HKMA), aims to test the issuance processes, business models, and risk management of stablecoins under controlled conditions.
Participants, including JD.com, RD InnoTech, and Hong Kong Telecommunications Limited, are required to demonstrate genuine interest and ability to develop, issue, and manage stablecoins. However, they are not allowed to solicit funding from the public or offer products developed in the sandbox.
Regulatory requirements for participants encompass highly liquid reserve assets, seamless redemption, robust wallet and private key management, as well as AML and CFT measures. The proposed use cases for participants focus on payments, capital markets, and supply chain management, with HKMA believing stablecoins can enhance efficiency and reduce transaction costs.
Standard Chartered and Animoca Brands, alongside other participants, will leverage Zodia Custody's institutional custody solutions. HKMA aims to improve efficiency, user experience, and lower transaction costs in Hong Kong's financial systems through stablecoins.
The sandbox serves as a platform for interested stablecoin issuers to test various processes and systems under controlled conditions. The participating companies must adhere to stringent regulatory requirements and demonstrate their capability to manage stablecoins effectively.
HKMA's focus on stablecoins is evident through its previous public consultation on regulatory approaches. The results of this consultation will soon inform legislative developments, indicating the authority's commitment to staying at the forefront of stablecoin regulation and innovation within the financial sector.
As the adoption of stablecoins and digital assets grows, the sandbox initiative in Hong Kong represents a significant step toward fostering innovation and exploring new opportunities within the realm of stablecoin issuance and management.
If you are new to blockchain, you can check out CoinGeekâs Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
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More about JD.com Inc Adr
Company: JD.com Inc Adr
Description: JD.com, Inc. is an e-commerce company and retail infrastructure service provider in the People's Republic of China. The company is headquartered in Beijing, China.
Sector: TRADE & SERVICES, RETAIL-RETAIL STORES, NEC
Stock Data:
- Market Cap: 404.30B
- P/E Ratio: 12.12
- EPS: 5.39
- Beta: 2.18
- 52-Week High: 701.52
- 52-Week Low: 0.0227
- Shares Outstanding: 1.101755056B
- Public Float: 41.67%
- Short Interest: 0.154%
- Short Ratio: 0.07