The Hong Kong Monetary Authority (HKMA) has unveiled the first batch of companies selected for its stablecoin issuer sandbox. Remarkably, these three companies are all affiliated with the Cyberport community.
JINGDONG Coinlink Technology Hong Kong Limited is a Cyberport Enterprise Network member while the others are members of Cyberport’s thriving Web3.0 community: RD InnoTech Limited and Animoca Brands Limited (joining in collaboration with Standard Chartered Bank (Hong Kong) Limited and Hong Kong Telecommunications Limited).
The HKMA selected these companies based on their genuine interest in establishing a stablecoin issuance business in Hong Kong and for their well-conceived business plans. Within the sandbox, the companies will test their proposed use cases, including payments, supply chain management, and applications in capital markets. These tests will be conducted within a limited scope and in a risk-controllable manner. Importantly, the companies will not handle any public funds, solicit funding from the public, or offer any products associated with the sandbox.
Launched in March 2024, the sandbox is a key component of HKMA’s strategy to promote the sustainable and responsible development of Hong Kong’s stablecoin ecosystem. This initiative allows institutions intending to issue stablecoins in Hong Kong to test their operational plans and provide feedback on proposed regulatory requirements. The HKMA aims to ensure that the resulting regulatory regime is both risk-based and fit-for-purpose.
Cyberport was pleased that its enterprise partner and community members have been selected to participate in the sandbox. It reflects the strengths of Cyberport’s Web3.0 community as well as Cyberport’s dedication to fostering the technology’s diverse applications and accelerated growth.
