Data: The number of Hong Kong stablecoin licenses expected to be issued is only in the single digits, and there are still dozens of intended applications in the preparation stage

On July 8, according to First Financial News, the Hong Kong Stablecoin Regulation will take effect on August 1 this year, at which point the Hong Kong Monetary Authority will begin accepting license applications. Hong Kong stablecoin licenses are relatively scarce and in high demand, with an expected issuance of only single digits. Currently, in addition to the already announced JD.com, Standard Chartered, and Circle, over 40 enterprises are preparing to submit applications, and law firms report that dozens more with intentions are currently in consultation or material preparation stages. The applying institutions are primarily China's largest financial institutions and internet companies, while the chances for small enterprises hoping to apply remain slim.