Core Viewpoint - Hong Kong's Legislative Council has passed the Stablecoin Ordinance, establishing a licensing system for fiat-backed stablecoin issuers to enhance regulatory frameworks for virtual asset activities and promote financial innovation [2][8]. Group 1: Regulatory Developments - The Stablecoin Ordinance is expected to come into effect within the year, allowing the industry sufficient time to understand the licensing requirements [2][8]. - The licensing system includes transitional arrangements to help the industry comply with the new regulations [7][8]. - The Hong Kong Monetary Authority (HKMA) is developing a regulatory framework for stablecoin issuers due to the increasing interconnectivity between traditional finance and virtual asset markets [7][8]. Group 2: Industry Participation - Five institutions are participating in the first batch of stablecoin issuers, with three of them forming a joint venture to apply for a license to issue a stablecoin pegged to the Hong Kong dollar [4][5]. - The joint venture includes Standard Chartered Bank (Hong Kong), Animo Brands Limited, and Hong Kong Telecommunications, highlighting cross-industry collaboration [4][5]. - Other participants include JD Group's JD Blockchain Technology (Hong Kong) and Yuan Coin Innovation Technology, with plans to issue the HKDR stablecoin on the Ethereum platform [4][6]. Group 3: Strategic Goals and Applications - The joint venture aims to explore the role of stablecoins in financial and payment markets, with a focus on enhancing local and cross-border payment experiences [5][6]. - The stablecoin is seen as a mature use case within the Web 3.0 ecosystem, with potential applications in retail, corporate, and institutional sectors [5][6]. - JD Group plans to leverage stablecoin operations to support its global supply chain and cross-border payments, indicating a broader ambition for international reach [6].
香港立法放行稳定币，3家机构加紧筹备合资公司