First Digital plans to participate in Hong Kong Monetary Authority’s stablecoin sandbox

02/05 00:12

Wechat scan to share

The Hong Kong Monetary Authority (HKMA) will consult on legislation to regulate stablecoin issuers until the end of this month. Several financial institutions are preparing to submit applications and participate in the sandbox. First Digital Group issued the USD stablecoin FDUSD in Hong Kong last year, which is now traded on four virtual asset platforms with a daily trading volume of over $6 billion. Vincent Chok, CEO of First Digital Trust, expects to submit an application when the regulatory sandbox accepts applications at the end of the month. Currently, the stablecoin is mainly used for virtual asset trading and will be used for payments in the future. If licensed, they will study the issuance of HKD and other currency stablecoins. Chok stated that FDUSD is a B2B model and is not sold to retail customers, but to OTC trading companies and market makers.

Comments

All Comments

There are no comments yet, why not be the first?

Recommended for you

Danny Nelson · 03/27 06:47

GameStop Bitcoin Pivot Spurs Social Media Chatter as Stock Soars 16%

The gaming retailer will spend some of its $4.8 billion cash holdings to buy bitcoin and stablecoins, sparking discussions around how much it will actually buy.
VINCERO · 03/27 05:40

President Trump to Sign Repeal of Controversial DeFi Broker Rule

Critics called the rule "unworkable," noting DeFi platforms run on automated code without human oversight or user identification.
Cheyenne Ligon · 03/27 04:28

Sen. Gillibrand Warns Against a ‘Watered-Down’ Stablecoin Bill

Gillibrand suggested that the long-awaited stablecoin bill could become law before the August recess.
Jesse Hamilton · 03/27 03:37

Trump-Tied World Liberty Financial Pitches Its Stablecoin in Washington With Don Jr.

The president's son, Donald Trump Jr., connected to a Washington crypto event via video to talk up crypto and to back the family's link to World Liberty.
Coindesk · 03/27 03:34

BlackRock Expands Digital Asset Team, Adds Four High-Level Roles

The asset manager added four new roles to its website, including a legal counsel to advise on ETF launches.
Stacy Elliott · 03/27 01:12

Crypto Giants Seek Congressional Clarity on US Money Transmitter Rules

More than 30 crypto firms and foundations have asked Congress to have the US Department of Justice to clarify a key enforcement matter.
BRAYDEN LINDREA · 03/27 01:08

Argentine poll suggests 57% don’t trust President Milei after LIBRA scandal

Polls are divided over President Milei’s approval rating following the Libra scandal, with one recent one suggesting more than half don’t trust him.
Stephen Moore · 03/27 00:11

Massive Bitcoin whale buys $200M in BTC, another wakes up after 8 years

Bitcoin whales appear to be on the move as Bitcoin gained over 4% over the past seven days.
cointelegraph · 03/27 00:07

Specialized purpose DEXs poised for growth in 2025 — Curve founder

Similarly, a March 18 report from Coinbase and EY-Parthenon indicated that 83% of institutional investors polled say they are increasing their crypto allocations in 2025.
BRAYDEN LINDREA · 03/26 05:53

North Carolina bills would add crypto to state’s retirement system

North Carolina lawmakers have introduced twin bills in the House and Senate which could see up to 5% of crypto assets allocated to state retirement funds.