Global law firm Clifford Chance is advising leading Web3 company Animoca Brands on the formation of a joint venture with Standard Chartered and HKT, which aims to be one of the first entities to obtain a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA) under the Hong Kong Stablecoins Bill.
The consortium of Animoca Brands, Standard Chartered and HKT has been involved in the HKMA’s stablecoin initiative since as early as March 2024, when it was one of three applicants accepted into the HKMA stablecoin issuer sandbox. The sandbox provides institutions intending to develop a stablecoin issuance business in Hong Kong with a platform to trial their stablecoin operations and engage in two-way regulatory discussions. More details of the sandbox can be found in the HKMA’s announcement.
Partner Emma Davies, counsel Brian Harley and associate Petra Ho advised Animoca on the establishment of the joint venture in Hong Kong. Partner Rocky Mui provided regulatory advice, and counsel Dayu Man and associate Ziwen Wang provided additional antitrust advice.
Brian said, “By bringing together a leading Web3 company, global bank and leading telecommunications company, this transaction represents a major step forward in the sustainable and responsible development of stablecoins in Hong Kong, and the city’s transformation into a global digital assets hub.”
Clifford Chance is at the forefront of Web3 and digital asset developments in Hong Kong and globally. In addition to its involvement in ongoing consultations with global regulators on stablecoins, the firm continues to support market participants across Asia Pacific on innovative Web3 use cases as part of Project Guardian, Project Ensemble, Project mBridge and Project Agora, among others.
