Hong Kong Stablecoin Bill to Take Effect on August 1st
On July 8, it was reported that the HK Stablecoin Regulation will come into force on Aug 1, with license applications opening the same day.
Key Points:
šÆ Only single-digit number of licenses expected
š¦ 40+ firms preparing applications incl. JD.com, Standard Chartered, Circle
āļø Major Chinese financial & tech giants dominate the list
š Smaller firms see little hope under tight criteria
š” Stablecoins are becoming a strategic pillar in HK's Web3 blueprint.