“The Number of Applications is Expectioned to Be Small, Accounting To Reports From China Media.”, – WRITE: www.coindesk.com
But Expectations Are Being Tempered by the Reality That Hong Kong Monetary Authority (HKMA) Is Likely to Approve Only a Single-Digit Number of Licenses, According to Reports, Making. Regulatory Races in the City’s Digital Finance History.
Despite the Rush of Interest, Only Three Firms have been admitted to the hkma’s Stablecoin Sandbox so Far, including a joint Venture Between Standard Charted and Animca Brands.
ACCORDING TO A HKMA FACT SHEET, The Sandbox Was Created to Allow Companies with A Genuine and Well-Developed Plan for Issuing Fiat-ReferenCed Stablecoins to Eduorse. Offer Feedback on Proped Rules.
Admission is not an endorsment or guarante of licensing and Sandbox Participants Will Still Need to Apply Formally on Full Regime Is Live. However, The Limited Number of Firms Acceptted Into This Testing Phase Offers An Early Look at How Narrow The Approval Funnel May Be.
MOST OF THE FIRMS Preparing to Apply Are Among China’s Largest Banks, Payment Processors, and Internet Companies, Accounting To Reports.
Standard Charterred’s Joint Venture, JD.com’s Blockchain Division, and Ant Group’s Digital Finance Units Are All Expectioned to Be Contends, With Standard Charted and JD ALREADY SANDBOX PARTICIPANIPANIPANIPANTS.
The HKMA’S CAUTIUS APPRACH SEMS to be conscience with how the Securities and Futures Commission (SFC) Has Has Handled Virtual Asset Platforms, Granting Just 11 Licenses So Far.
Durying the SFC Licensing Process for Virtual Asset Platforms, A Number of High-Profile Contenders WitHDrew Their Applications, and Reports at The Time Indicated that The Regultor Discoted DisCo. at some exchanges.
Read More: Hong Kong Sets Out Plan to Regulate Crypto, Encouroage Tokenization
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