Hong Kong's Stablecoin Licensing: A Victory for Conservatism or a Marathon of Financial Innovation
(Authorized reprint by author Sam Hui) Earlier this month, the Hong Kong Monetary Authority (HKMA) finally announced the recipients of Hong Kong's stablecoin licenses. Out of 36 applicants, only HSBC and Anchorpoint HK—a joint venture formed by Standard Chartered, HKT, and Animoca Brands—ultimately stood out. The initial approval rate was merely around 5%. The reaction from the Web3 community was quite calm, as this outcome was largely expected. This is not only a major regulatory test but...
