ChainCatcher news, according to Hong Kong media Xinbao, Standard Chartered Hong Kong, BlackRock, and Mastercard will join hands to participate in the second phase pilot program of the "Digital Hong Kong Dollar" launched by the Monetary Authority. The newly formed tripartite alliance will explore tokenized investment use cases in an end-to-end manner. This potential solution will allow investors to purchase tokenized assets and conduct transaction settlements directly through the digital Hong Kong dollar or tokenized deposits with relevant asset managers.Libeara, nurtured by SC Ventures under Standard Chartered Group, will collaborate with Standard Chartered Hong Kong and BlackRock to provide a platform, jointly promoting the potential issuance of tokenized assets through Mastercard's multi-token network.

ChainCatcher news, according to the Hong Kong Monetary Authority (HKMA) official website, the HKMA today launched the second phase of the "e-HKD" pilot scheme, further exploring new types of digital currencies that individuals and businesses can use, including "e-HKD" and tokenized deposits. The project name has been changed to "e-HKD+" to reflect a broader exploration of the digital currency ecosystem. 11 selected institutions will conduct innovative use case studies in three major areas: tokenized asset settlement, programmability, and offline payments. This phase of research will help the HKMA understand the design and operational issues that may arise in a digital currency ecosystem where public and private coexist.

ChainCatcher news, according to Sina Technology, Ant Group has posted multiple RWA architect positions on overseas social media platforms, all located in Hong Kong. Sources reveal that these new hires will participate in the sandbox work of the Hong Kong Monetary Authority's (HKMA) wholesale central bank digital currency Ensemble project.

ChainCatcher news, the Hong Kong Monetary Authority has lowered the benchmark interest rate by 50 basis points to 5.25%.Previous news, the Federal Reserve announced a rate cut of 50 basis points in the early morning.

ChainCatcher news, the Hong Kong Monetary Authority has launched the Ensemble project sandbox to promote tokenization applications. According to disclosed information, a total of 25 institutions are participating in the first phase, including the four major banks: HSBC, Bank of China Hong Kong, Hang Seng Bank, and Standard Chartered, as well as Ant Group and HashKey Group.The first phase of the sandbox will focus on four major tokenized asset use case themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain financing.Hang Seng Bank's Executive Director and CEO, Angela Wong, stated that this testing provides valuable experience for tokenized deposits and asset trading, helping to improve the efficiency of existing settlement processes and reduce settlement risks, laying the foundation for the future development of new financial market infrastructure. Following this sandbox test, Hang Seng will continue to actively participate in the testing and research of Ensemble project use cases.

ChainCatcher news, the Hong Kong Monetary Authority held the launch ceremony for the Ensemble project sandbox today, announcing that the first phase of the experiment will cover four major tokenized asset use case themes, marking an important step forward in the practical application of tokenization technology in the financial industry.

ChainCatcher news, Fang Hongjin, co-chairman of the Hong Kong Blockchain Association, recently stated that the Hong Kong government's foreign exchange fund should continuously purchase and hold Bitcoin for the long term to enhance the diversification and anti-inflation properties of the foreign exchange fund's assets, breaking free from reliance on a single dollar asset and increasing the autonomy of financial policy.At the same time, early acquisition of Bitcoin can establish international market discourse power and utilize Bitcoin's staking financing characteristics to respond to international speculative attacks on Hong Kong's linked exchange rate.Moreover, this initiative will provide financial credit assurance for Hong Kong's ambition to become the international Web 3.0 capital. Fang Hongjin pointed out that Bitcoin's characteristics as digital gold have gradually been accepted by the international traditional financial industry, and many central banks around the world may follow the trend of adopting Bitcoin as a reserve asset. For example, in 2021, El Salvador announced that it would adopt Bitcoin as an official currency anchor asset, while Switzerland has also passed legislation to include Bitcoin in its national bank reserve assets. The United States may also classify Bitcoin as a national strategic asset reserve, which will further drive demand for Bitcoin from central banks and traditional financial institutions.Fang Hongjin believes that Bitcoin is expected to become an international financial mainstream asset on par with or even surpassing gold. Currently, Bitcoin's market capitalization is approximately $1.4 trillion; if its market capitalization reaches the level of gold, the price of one Bitcoin could soar from the current $68,000 to nearly $600,000. Therefore, allocating a certain proportion of Bitcoin in Hong Kong's foreign exchange fund and holding it for the long term can increase the stability and autonomy of Hong Kong's finance.

ChainCatcher news, according to The Block, Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and Hong Kong Telecommunications Limited (HKT) announced their participation in the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox program. This collaboration will leverage Zodia Custody's digital asset custody capabilities to explore the role of stablecoins in the financial and payment markets, supporting Hong Kong's goal to become a global digital asset hub.Previous news, the HKMA announced the list of participants in the stablecoin issuer sandbox.

ChainCatcher news, the Hong Kong Monetary Authority announced the list of stablecoin issuer sandbox participants on July 18. The following institutions will participate in the sandbox, effective today: JD Coin Chain Technology (Hong Kong) Limited, Yuan Coin Innovation Technology Limited, Standard Chartered Bank (Hong Kong) Limited, Anni Group Limited, and Hong Kong Telecommunications (HKT) Limited. These institutions were able to demonstrate a genuine willingness and reasonable plans to develop stablecoin issuance business in Hong Kong during the evaluation process, and the proposed operations under the sandbox will be conducted within a limited scope and with manageable risks.

ChainCatcher news, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly published a consultation summary on the legislative proposal for the regulation of fiat-backed stablecoin issuers in Hong Kong.It was mentioned that, considering the stablecoin sector is still in its infancy, a significant portion of respondents agreed to establish new legislation for the implementation of a regulatory regime for fiat-backed stablecoin issuers, as well as the proposal to exclude fiat-backed stablecoin issuance from the regulatory framework for relevant securities and stored value payment instruments. The Hong Kong Monetary Authority will continue to collaborate with other regulatory bodies to build a consistent regulatory framework for virtual assets in Hong Kong, avoiding regulatory arbitrage. Most respondents support the requirement that the total value of reserve assets for fiat-backed stablecoins must always be maintained at full reserve, recognizing this as a core element supporting the stability mechanism of stablecoins.

ChainCatcher news, according to Bitcoin.com, the Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) announced a collaboration on wholesale central bank digital currency (wCBDC).It is reported that this collaboration includes the HKMA's participation in the second wave of exploratory work of the European Central Bank's euro system. The two institutions signed a Memorandum of Understanding (MoU) to innovate in the wCBDC and tokenized markets, focusing on the interoperability between BDF's DL3S infrastructure and the HKMA's Ensemble Sandbox. This collaboration aims to enhance real-time cross-border and cross-currency payments, optimize settlement efficiency, and promote interoperability between financial market infrastructures.BDF First Deputy Governor Denis Beau and HKMA Vice President Howard Lee emphasized the potential of this initiative in promoting inclusive finance and advancing the development of the global token market.

ChainCatcher message, recently KuCoin issued a statement reminding users to pay attention to the fraudulent activities of criminals who have forged the KuCoin platform, as disclosed by the Hong Kong Monetary Authority (HKMA). The counterfeit platform claims to be regulated by the HKMA and issues documents in the name of the HKMA, demanding users to pay fees to retrieve frozen account funds (for more details, please refer to the HKMA news). KuCoin reminds users to recognize the only official website of KuCoin www.kucoin.com.At the same time, KuCoin will not send documents under the name of any country/region's regulation, as this is illegal and contrary to KuCoin's operational values. KuCoin also urges users to remain vigilant and to promptly contact the customer service team if any suspicious behavior is detected.

According to ChainCatcher news, the Hong Kong Monetary Authority's official website shows that the "e-HKD" pilot program's second phase required applications to be submitted via email by last Friday, May 17, 2024. The application period has now ended, and the Monetary Authority expects to conduct interviews with shortlisted applicants in May or June 2024. Details will be communicated to the shortlisted institutions.

ChainCatcher news, according to official sources, HashKey Group has joined the Hong Kong Monetary Authority's Ensemble project working group. HashKey Group will integrate its practical experience in virtual asset custody, trading, digital payments, STO technology solutions, and RWA asset tokenization to provide comprehensive Web3 new financial infrastructure support for the tokenization of financial assets, including bank deposits and green bonds.Dr. Xiao Feng, Chairman and CEO of HashKey Group, stated: "In the Web3 new economy, CBDC based on distributed ledger technology is essentially a digital form of cash, which can help traditional financial markets connect with the Web3 market. The HKMA's wCBDC project Ensemble focuses on practical use cases of tokenized deposits and tokenized asset trading, deeply exploring the value brought by the programmability of digital assets and instant settlement. In the future, we will explore a set of feasible standards and rules for the application of various digital assets in mainstream financing, payments, and settlement scenarios, which will benefit Hong Kong in building a more efficient and liquid economic system."

ChainCatcher news, according to official sources, the Hong Kong Monetary Authority announced today the establishment of the Ensemble Project Framework Working Group, which will work with the industry to establish standards and make recommendations to support the development of the tokenized market in Hong Kong.It is reported that the working group will promote the formulation of industry standards to support the interoperability between wholesale central bank digital currency (wCBDC), tokenized currency, and tokenized assets. The working group will make recommendations on specific topics, initially focusing on establishing mechanisms for tokenized asset trading, facilitating interbank settlement of tokenized deposits through wCBDC. The working group will also assist in designing and building the Ensemble project sandbox, which is planned to be launched in mid-year, to further research and test tokenization use cases.In addition, the working group is composed of cross-sector industry representatives, covering regulatory agencies, international organizations, academia, local and multinational banks, major participants in the digital asset industry, and technology companies. Initial members include the Monetary Authority, the Securities and Futures Commission, the Hong Kong Centre under the Innovation Hub of the Bank for International Settlements, the CBDC Expert Group (Note 2), and seven private institutions, namely Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technology, and Microsoft Hong Kong.Regarding the composition of the initial members of the working group, the Monetary Authority carefully considered various factors, including members' expertise, relevant experience, capabilities, and innovative thinking in promoting the development of Hong Kong's tokenized market. The Monetary Authority will work closely with the industry and review the size and composition of the working group in a timely manner.

ChainCatcher news, according to the Hong Kong Economic Journal, the Hong Kong Monetary Authority (HKMA) has initiated a consultation on renaming "virtual banks" to "licensed digital banks" on April 30, targeting 8 virtual banks, the Hong Kong Association of Banks, the Hong Kong Association of Restricted License Banks, and the Deposit-taking Companies Association, lasting for 1 month.HKMA Vice President Yueng Kwok-hang stated in an interview that the initial naming considered the characteristic of having no physical bank, hence the name "Virtual/虚拟." However, in recent years, there have been reflections that "virtual" brings a sense of unreality, and now is an opportunity to consult the industry.

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) official website today released the "2023 Annual Report," which includes the financial statements of the Exchange Fund and its "2023 Sustainability Report." The section on the 2024 work priorities and outlook in the annual report includes cryptocurrency assets (especially stablecoins). The HKMA pointed out that public consultations regarding the regulation of stablecoin issuers will be conducted from December 2023 to February 2024.The HKMA will collaborate with the government to advance the relevant legislative work and will continue to communicate with various stakeholders when formulating and implementing the relevant regulatory framework, as well as monitor market developments and related international discussions. Meanwhile, the HKMA will implement a stablecoin "sandbox" arrangement to facilitate exchanges of views with the industry on proposed regulatory frameworks and requirements, enhancing the robustness of non-bank financial intermediaries, cryptocurrency assets, and financial innovation.The HKMA will focus on products related to virtual assets and will reference the latest market developments and revisions to international standards in the process. To promote the sustainable and responsible development of the virtual asset industry, the HKMA will continue to collaborate with the government and other regulatory bodies to ensure the establishment of a robust, comprehensive, and appropriately balanced regulatory framework for the virtual asset industry.

ChainCatcher news, according to the South China Morning Post, the Hong Kong Monetary Authority has announced the launch of a pilot project for wholesale Central Bank Digital Currency (wCBDC), which is the first platform aimed at tokenized deposits, tokenized assets, and Central Bank Digital Currency settlements. It will also establish an "architecture community" to develop common standards.Informed sources revealed that companies such as Microsoft and Ant Group will join this community. Public information shows that Ant Group launched the Web3 technology brand ZAN in 2023 for the Hong Kong and overseas markets, providing Web3 technology services for compliant institutions, and its products can help developers reduce development costs and technical risks.

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) has announced the launch of a new wholesale Central Bank Digital Currency (wCBDC) project called "Ensemble" to support the development of Hong Kong's tokenized market. The new project aims to develop innovative financial market infrastructure, facilitating smooth interbank settlements of tokenized currencies through wCBDC. The project will initially focus on tokenized deposits, which are digital forms of commercial bank deposits issued and provided to the public by commercial banks. Based on wCBDC, tokenized deposits can be used for trading tokenized assets.It is reported that the focus of the Ensemble project is the wCBDC "sandbox" that the HKMA will launch this year. The "sandbox" will further explore and test tokenization use cases, including the settlement of tokenized real-world assets (such as green bonds, voluntary emission reductions, aircraft, electric vehicle charging stations, electronic bills of lading, and treasury management), and is likely to develop into new financial market infrastructure, serving as a bridge between tokenized real-world assets and tokenized currencies in transactions. If the wCBDC "sandbox" receives positive feedback from the industry, the HKMA will issue wCBDC in due course.In addition, the HKMA will establish a wCBDC framework working group composed of local and multinational banks, key participants in the digital asset industry, technology companies, and CBDC experts. The HKMA will also continue to collaborate with Cyberport and Hong Kong Science Park to promote the development of asset tokenization and support local fintech innovation.