Hong Kong's "Stablecoin Ordinance" officially launched! Standard Chartered Bank prepares for Hong Kong dollar stablecoin license.

Hong Kong officially drew a clear line for stablecoins on August 1. On the day the "Stablecoin Ordinance" took effect, Standard Chartered Hong Kong announced that it was actively preparing application documents to enter the Hong Kong dollar stablecoin market. With the ordinance officially in effect and the regulatory framework in place, the Hong Kong Monetary Authority pointed out that any entity issuing or promoting fiat-backed stablecoins in Hong Kong must first obtain a new license. Issuers must be registered locally, have a minimum paid-up capital of 25 million HKD, and possess sufficient liquid assets and an orderly exit plan. The Monetary Authority indicated that the initial number of licenses would be "single digits," aiming to ensure market stability through high entry barriers. Standard Chartered Hong Kong is vying for the first batch of licenses. CEO of Standard Chartered Hong Kong, Mary Huen, stated that the team has carefully studied the new documents and is "actively exploring possible options and use cases," with the goal of submitting applications as soon as possible. She said: We believe that digital assets will play an important role in the future financial system, and Standard Chartered must lead the way. The bank has previously participated in the Monetary Authority's sandbox testing and is highly focused on opportunities in the Hong Kong dollar market. Now that the ordinance is in place, Standard Chartered, in collaboration with Animoca Brands and Hong Kong Telecommunications, has established a strategic joint venture to advance the Hong Kong dollar stablecoin plan, fully complying with the new regulations, including full fiat reserves, strict KYC and AML, and local entity requirements. The Standard Chartered team positions stablecoins as digital financial infrastructure. Future products will prioritize cross-border payments and expand to programmable wallets, smart custody, tokenized assets, and loyalty programs.