Chinese e-commerce giant JD.com has reportedly registered entities related to a potential stablecoin launch just days before the stablecoin regulations come into effect in Hong Kong.
According to Hong Kong news outlet Ming Pao on Tuesday, JD.com, often referred to as the Amazon of China, has registered two potential stablecoin-related entities—Jcoin and Joycoin—through its fintech subsidiary JD Digital Technology.
JD Digital Technology is one of the official participants in the stablecoin issuer sandbox program launched by the Hong Kong Monetary Authority (HKMA) last year.
According to the JD Digital Technology website, the upcoming "JD Stablecoin" will be pegged 1:1 to the Hong Kong dollar and issued on a public blockchain, with the mission of becoming one of the leading digital currencies for businesses and individuals.
The report about JD.com allegedly registering stablecoin entities comes a year after JD Digital Technology began exploring stablecoins as part of the HKMA's stablecoin sandbox program, which is set to launch in March 2024.
In addition to JD Digital Technology, the sandbox also involves RD InnoTech, Standard Chartered Bank's Hong Kong branch, as well as Animoca Brands and Hong Kong Telecom.
JD Digital Technology disclosed its Hong Kong dollar stablecoin plans shortly after the HKMA announced the sandbox in July last year.
After completing the preparatory phase, the HKMA is expected to implement its stablecoin issuer regulatory framework this Friday.
However, the Hong Kong Monetary Authority has yet to announce any licensed stablecoin issuers, as its list of licensed stablecoin issuers currently shows no entries.
He Yifan, CEO of Red Date Technology, told Cointelegraph in mid-July: "With the arrival of the stablecoin system in Hong Kong in August, everyone in mainland China and Hong Kong is talking about stablecoins."
He Yifan noted: "This will be very interesting and will involve some new innovations and regulations in the cryptocurrency industry." He added:
As the HKMA has not disclosed the names of the issuers planning to launch the Hong Kong dollar stablecoin, the timing of JD.com's reported registration of stablecoin entities may be just right, coinciding with the expected product launch this Friday.
Before the official launch, the JD Digital Technology website warns users to be cautious of fraud, emphasizing that the stablecoin has not yet been issued.
Cointelegraph reached out to JD.com and JD Digital Technology for comments regarding the registration of Jcoin and Joycoin, but had not received a response by the time of publication.
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Original article: “JD Registers Stablecoin-Related Entities ‘Jcoin’ and ‘Joycoin’ as Hong Kong Stablecoin Regime Approaches”
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