BlockBeats news, on August 3, according to Caixin reports, sources close to applicants for Hong Kong stablecoin licenses revealed that as regulatory details are finalized, the enthusiasm for stablecoins in Hong Kong will decline, especially for non-financial institutions whose primary application scenario is cross-border payments. They might voluntarily abandon participation in the early stages due to the difficulty of meeting regulatory requirements to 'verify the identity of every token holder.' This also means that early favorites like JD.com and Ant Group, such internet platforms may find it challenging to appear on the first batch of license lists.
In addition, China CITIC Group, through its Hong Kong subsidiary Xin Yin International, has partnered with several institutions to apply for the first batch of stablecoin licenses. Industry insiders have indicated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong. If it issues stablecoins, it will have inherent advantages and can also reassure regulators in both regions.
