$USD1 Hong Kong may narrow the scope of the first batch of stablecoin licenses to three or four firms. The Hong Kong Monetary Authority realized in its communications with the Chinese central bank that under the framework of the regulatory memorandum, the main regulatory responsibilities and risks are concentrated in the Hong Kong Monetary Authority.
Several Chinese-funded banks' branches in Hong Kong and Chinese securities firms' branches in Hong Kong are eager to participate in the compliant stablecoin business in Hong Kong,
including mainly:
Bank of China Hong Kong,
Bank of Communications Hong Kong,
China Construction Bank (Asia),
XinYin International,
Guotai Junan International, etc.
Involved in stablecoin issuance, custody, and other businesses.