Animoca Brand’s joint venture with Hong Kong Telecommunications and Standard Chartered will apply for a license under Hong Kong’s forthcoming stablecoin bill, which will regulate the issuance and management of fiat-backed stablecoins.

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The venture will apply for a license under Hong Kong’s proposed stablecoin bill, which is still under review. The bill entered the Legislative Council on Dec. 6, 2024, and had its first of three readings on Dec. 18. If enacted, it will require stablecoin issuers to obtain an HKMA license and comply with reserve and price stability requirements.