HSBC, StanChart Get First Hong Kong Stablecoin Issuer Licenses
Stablecoins
”Hong Kong has granted its inaugural stablecoin issuer licenses to HSBC Holdings Plc and a joint venture of Standard Chartered Plc, allowing the two lenders to be the first companies to issue cryptocurrencies pegged to the local currency. The two banks, which also issue Hong Kong dollar notes, won the mandate from a pool of 36 applicants, the Hong Kong Monetary Authority announced on Friday. The Standard Chartered venture, called Anchorpoint Financial Ltd., includes Hong Kong Telecommunications Ltd. and Animoca Brands Ltd. The licensees are expected to issue stablecoins in mid- to second-half of 2026 upon completion of preparatory work, according to the authority.”
Source: Bloomberg
ECB Backs EU Plan to Centralize Crypto Supervision Under Paris-based ESMA Watchdog
Policy
“The European Central Bank on Friday formally backed the European Commission's plan to centralize supervision of major EU financial market participants, including crypto asset service providers (CASPs), under the watchdog European Securities and Markets Authority (ESMA), according to Reuters. In its opinion published April 9, the ECB said it 'fully supports' the Commission's proposals, calling them an ambitious step toward deeper integration of EU capital markets. The plan would move oversight of systemically important cross-border players, including large CASPs, trading venues, central counterparties, and central securities depositories, to the Paris-based ESMA.”
Source: The Block
Winklevoss Twins’ $330 Million Gemini Loans in Focus After Rout
Exchanges
“Gemini Space Station Inc. has lost more than half its market value this year, cut 30% of its workforce and retreated from major overseas markets as the crypto exchange struggles financially. Now, one idea being floated internally involves asking founders Tyler and Cameron Winklevoss to forgive hundreds of millions of dollars in loans they provided to the company, possibly by converting that debt into additional equity, according to a person familiar with the matter. Any major decision would require the blessing of the Winklevoss brothers, who control the majority of voting shares and have not signaled whether they’d support the move. A Gemini spokesperson did not immediately respond to requests for comment, nor did the Winklevoss twins.”
Source: Bloomberg
Japan's Cabinet Approves Bill to Classify Crypto Assets as Financial Products
Regulation
“Japan's cabinet has approved a bill that would reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, marking a step closer toward tighter oversight of the crypto industry. Nikkei reported that the government approved the law amendments at a cabinet meeting on Friday. If passed during the current Diet session, the legislation is expected to take effect as early as fiscal 2027. The bill would mark the first time crypto assets are regulated as financial products under Japan’s securities law, while prohibiting insider trading and transactions based on non-public information. Crypto issuers are also required to disclose relevant information annually, according to the report.”
Source: The Block
Federal Judge Blocks Arizona From Bringing Criminal Charges Against Kalshi
Legal
“A federal judge has blocked the state of Arizona from bringing criminal charges against prediction market provider Kalshi, at least temporarily, in response to a motion from the Commodity Futures Trading Commission. District Judge Michael Liburdi, in the District of Arizona, ruled Friday that Arizona cannot hold an arraignment of Kalshi as scheduled on Monday, April 13. Arizona announced last month it would file 20 criminal charges against Kalshi for offering what the state claimed were betting products in violation of Arizona law. 'The Court finds that the CFTC has made a clear showing that it is likely to succeed on the merits of its claim that Arizona’s gambling laws are preempted by the Commodity Exchange Act,' the ruling said.”
Source: CoinDesk
