Caixin: Hong Kong may narrow the scope of the first batch of stablecoin licenses to 3-4 companies, and the construction of national-level backbone public chains should be led by central state-owned enterprises

According to Caixin's report, Foresight News reveals that Hong Kong may narrow the scope of its first stablecoin licenses to three to four companies. The Hong Kong Monetary Authority (HKMA) recognized during communications with the Chinese central bank that under the regulatory memorandum framework, the primary regulatory responsibilities and risks are concentrated with the HKMA. Multiple Chinese banks' branches in Hong Kong and Chinese securities firms' branches are eager to participate in Hong Kong's compliant stablecoin business, including Bank of China Hong Kong, Bank of Communications Hong Kong, China Construction Bank (Asia), China Merchants Bank International, and Guotai Junan International, involving stablecoin issuance, custody, and other businesses. Additionally, an insider stated during a stablecoin-related interview that China currently lacks a globally influential public chain. Another insider suggested that a national-level main public chain should be led by central state-owned enterprises, while industry-level public chain construction could be open to market competition.