Hong Kong Telecommunications, RD InnoTech, Animoca Brands, Standard Chartered Bank (Hong Kong), and JINGDONG Coinlink Technology have all joined the sandbox, and their participation is effective right now.

The HKMA states that the chosen organizations were chosen based on their "genuine interest in developing a stablecoin issuance business in Hong Kong."

For their intended operations under the sandbox arrangement, which are to be carried out "within a limited scope and in a risk-controllable manner," they are stated to have submitted a "reasonable business plan."

As a result, chosen entities “will not handle the general public’s funds at the initial stage, and will not solicit funding from the public or offer any products associated with the sandbox,” according to the regulator, who goes on to clarify that participants are “expected to comply with the sandbox requirements”.

According to a statement, the HKMA initially introduced the sandbox this year with the goal of “facilitating the sustainable and responsible development of stablecoin ecosystem in Hong Kong”.

In actuality, this will allow organizations looking to issue stablecoins in Hong Kong to test their operating plans and discuss the suggested legal specifications.

By saying that "announcements will be made in a timely manner for any new participants joining the sandbox," the central banking institution also suggests that it is open to other institutions joining the program.