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极道桃园 Caixin: Hong Kong May Narrow the Scope of First Batch of Stablecoin Licenses to Three to Four
Hong Kong may narrow the scope of the first batch of stablecoin licenses to three to four. The Hong Kong Monetary Authority (HKMA) has realized in its communications with the People's Bank of China that, under the framework of the regulatory memorandum, the main regulatory responsibilities and risks are concentrated in the HKMA. Several Chinese-funded banks with branches in Hong Kong and Chinese brokerages with branches in Hong Kong are eager to participate in compliant stablecoin businesses, including Bank of China Hong Kong, Bank of Communications Hong Kong, China Construction Bank (Asia), XinYin International, and Guotai Junan International, involving stablecoin issuance, custody, and other businesses. In addition, an insider stated in an interview related to stablecoins that China currently does not have a globally influential public chain. Another insider suggested that national-level backbone public chains should be led by central state-owned enterprises, while industry-level public chain construction can allow market competition. ⚡$WCT