Standard Chartered Venture Secures HKMA Stablecoin Approval

TLDR Hong Kong Monetary Authority issued its first stablecoin licences to Anchorpoint and HSBC Hong Kong. Anchorpoint plans to launch HKDAP, a Hong Kong dollar-backed stablecoin, in a phased rollout. The Stablecoins Ordinance requires HK$25 million capital and strict compliance standards. Authorities enforce penalties up to HK$5 million and seven years imprisonment for violations. Global [...]

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