📰 Hong Kong’s Stablecoin Ordinance, which introduces a licensing system for stablecoin issuance in the region, officially came into effect last week on August 1. As per the @hkmagovhk, only a handful of licences will be issued initially. At @animocabrands, we’re proud to be part of a joint venture along with @Stanchart and HKT to issue an HKD-backed stablecoin under HKMA’s sandbox. “The Hong Kong dollar is important because there are lots of assets that are in Hong Kong dollars and it is pegged to the US dollar,” our group president @EvanAuyang said to @SCMPNews. Hong Kong’s stablecoin approach will undoubtedly solidify its stance as a global financial hub, and we are proud to be part of this movement.