According to Deep Tide TechFlow news on August 3, sources close to the applicants for Hong Kong stablecoin licenses revealed to Caixin that as regulatory details are finalized, the enthusiasm for stablecoins in Hong Kong will begin to wane. This is especially true for non-financial institution applicants whose primary application scenario is cross-border payments, as they may proactively withdraw from early participation due to the difficulty of meeting regulatory requirements to "verify the identification of every coin holder." This also implies that previously popular internet platforms like JD.com and Ant Financial may find it challenging to appear on the first batch of license lists.



In addition, CITIC Group, through its Hong Kong subsidiary, Xinyin International, has partnered with several institutions with the intention of applying for the first batch of stablecoin licenses. Industry insiders have stated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong, and if it issues stablecoins, it will have inherent advantages and can also reassure regulators in both regions.
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)