HKMA Stablecoin Issuer Sandbox regulation
Overview
Hong Kong's central banking authority introduced a sandbox framework for stablecoin issuers on 12 March 2024, preceding the territory's forthcoming stablecoin legislation. The arrangement allowed entities intending to issue fiat-referenced stablecoins in Hong Kong to test their operational strategies, while providing the HKMA with a means to convey supervisory expectations and collect input on draft regulatory standards. Participants could not accept deposits from the public, seek public subscriptions, or market sandbox-related products. The HKMA disclosed the initial cohort of three sandbox participants on 18 July 2024.
Within The Counterparty graph, HKMA Stablecoin Issuer Sandbox connects to 5 tracked entities, most strongly to HKMA, Hong Kong Stablecoins Bill, Standard Chartered Animoca HKT consortium.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 5 of 5 total).
| Relation | Connected entity | Confidence |
|---|---|---|
proposed_by | HKMA | 95% |
governs | Hong Kong Stablecoins Bill | 90% |
complies_with | Standard Chartered Animoca HKT consortium | 86% |
complies_with | JD Coinlink | 85% |
complies_with | RD InnoTech | 83% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
When did the HKMA launch its stablecoin issuer sandbox?
On 12 March 2024.
Could sandbox participants take money from the public?
No — participants were not allowed to offer products associated with the sandbox, solicit public funding or handle the general public's funds.