Hong Kong’s stablecoin rules are set to launch this August, and JD.com is quietly making its move.
According to local media, JD CoinChain, JD.com’s blockchain arm, has registered the names “JCOIN” and “JOYCOIN”, which are believed to be the company’s upcoming stablecoins, as per a report from Hong Kong media outlet, Ming Pao.
The upcoming “Jingdong stablecoin” is 1:1 pegged to the Hong Kong dollar and issued on a public blockchain with a mission to become one of the leading digital currencies for businesses and individuals.
Based on available filings, JCOIN and JOYCOIN will offer electronic money transfers and crypto transactions using blockchain technology.
JD CoinChain is an official participant in the Hong Kong Monetary Authority’s stablecoin sandbox initiative. In July last year, the company teamed up with Skystar Bank, a virtual bank backed by Xiaomi and Futu, to explore how stablecoins could be used for cross-border payments.
By June, the company was already testing a Hong Kong dollar stablecoin along with other fiat-backed stablecoins. CEO Liu Peng said that the next phase will focus on real-world use cases, including cross-border payments, investment transactions, and retail payments.
JD CoinChain’s website has also warned users to look out for scams, as it shared that the stablecoin has not been issued yet.
The Hong Kong Monetary Authority is all set to roll out its stablecoin regulatory framework this Friday, on August 1. The guidelines cover licensing requirements and include rules on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
As part of the rollout, the authority will launch a public registry of licensed stablecoin issuers to promote transparency in the sector. So far, no licenses have been granted. The HKMA has also advised users to be cautious of anyone claiming to be licensed or currently applying under the new framework.
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