Animoca Brands Joins HKMA Sandbox with Standard Chartered

• Animoca Brands partners with Standard Chartered and HKT for HKMA’s stablecoin issuer sandbox.
• The collaboration aims to innovate stablecoin usage and support the digital asset ecosystem in Hong Kong.

Animoca Brands announced a cooperation with Standard Chartered Hong Kong (SCBHK) and HKT to participate in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox, also known as the “Sandbox.”

This effort, announced in March of this year, is intended to allow enterprises to test the issuance and management of stablecoins under regulatory supervision, with the goal of creating a safe and stable stablecoin ecosystem in Hong Kong while complying with stringent compliance and regulatory requirements.

We are joining forces with @StanChart (Hong Kong) and HKT to take part in @hkmagovhk (“HKMA”)'s stablecoin issuer sandbox (the “Sandbox”) that was announced in March this year.https://t.co/w1Qj3UvPgU

— Animoca Brands (@animocabrands) July 18, 2024

Leveraging Zodia Custody to Bolster Hong Kong’s Digital Asset Ecosystem

The agreement will make use of Zodia Custody’s institutional digital asset custody capabilities, which Standard Chartered partially owns. This agreement underscores SCBHK’s commitment to supporting the region’s expanding digital asset ecosystem.

SCBHK is eager to investigate the best ways to support this dynamic ecosystem and gain a deeper understanding of the benefits and hazards presented by the fast-growing stablecoin sector.

Dominic Maffei, Head of Digital Assets & Fintech at Standard Chartered Hong Kong, stressed the bank’s commitment to fintech innovation and its critical role in the digital asset market’s expansion. Maffei remarked:

“Standard Chartered is committed to staying at the forefront of the growing digital asset market and driving fintech innovation in Hong Kong. We believe that regulated financial institutions have a key role to play in the development of these markets.”

This cooperation is highly aligned with Animoca Brands’ objective of supporting widespread adoption of digital assets and applying blockchain technology solutions to real-world assets and traditional economies.

Evan Auyang, Group President of Animoca Brands, expressed delight at working with two of Hong Kong’s most well-known and recognized brands.

She stated that, as a worldwide Web3 ecosystem builder based in Hong Kong, Animoca Brands is excited about the widespread acceptance of digital assets via stablecoins issued under the HKMA’s proposed regime. Auyang went on:

“We are delighted to explore opportunities and new ways to innovate through the Sandbox.”

Meanwhile, HKT, a technology, media, and telecommunications powerhouse, is committed to investigating within the Sandbox how stablecoin innovation may assist domestic and cross-border payments, benefiting both consumers and merchants.

In other news, CNF reported that Animoca Brands has assumed the lead as a validator on the TON Blockchain, a critical actor in the digital and metaverse revolutions.

One significant initiative from this strategic collaboration is TON Play, a gaming infrastructure built on the TON network that enables game projects to launch immediately on Telegram.

CARV has also recognized Animoca Brands as a strategic investor and node operator, highlighting the company’s growing prominence in the blockchain and digital asset markets.