On August 3rd, according to Caixin's report, sources close to Hong Kong stablecoin license applicants revealed that with the implementation of regulatory guidelines, the Hong Kong stablecoin fever will subside. Particularly, non-financial institutions applying primarily for cross-border payment purposes may proactively withdraw from early-stage participation due to difficulties in meeting the regulatory requirement of "verifying the identity of each token holder". This also implies that early frontrunners like JD.com and Ant Group may find it challenging to appear on the first batch of license lists.
Additionally, CITIC Group, through its Hong Kong subsidiary Bank of Communications International, has joined forces with several institutions to apply for the first batch of stablecoin licenses. Industry insiders noted that Bank of China Hong Kong, as one of the three major note-issuing banks in Hong Kong, would have inherent advantages if it issues a stablecoin, which could also reassure regulators from both regions.
