Following the closure of the consultation period on stablecoin issuer regulations, the Hong Kong Monetary Authority (HKMA) has unveiled the initial participants in its stablecoin issuer sandbox. Among them are a company associated with a major Chinese e-commerce platform, a local fintech firm, and a collaboration involving Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications. These participants will undergo evaluations as they test their operational strategies and engage with regulators on the proposed regulatory framework. Notably, they are restricted from handling public funds within the sandbox. HKMA's deputy CEO, Darryl Chan, highlighted the shared goal of developing Hong Kong's digital asset ecosystem among the coalition members. The participants include Jingdong Coinlink Technology Hong Kong, RD InnoTech, and others aiming to explore various use cases for stablecoins. This initiative aligns with the updated regulations for stablecoin issuers released by HKMA and the Financial Services and the Treasury Bureau. Read more AI-generated news on: https://app.chaingpt.org/news