Sources: JD.com and Ant may not appear on the first batch of Hong Kong stablecoin licenses

PANews reported on August 3rd that according to Caixin, sources close to applicants for Hong Kong stablecoin licenses stated that the enthusiasm for stablecoins in Hong Kong will subside as regulatory details are finalized. In particular, non-financial institutions, whose primary application scenarios are cross-border payments, may voluntarily abandon early participation due to difficulties in meeting regulatory requirements to verify the identity of every coin holder. This also means that internet platforms such as JD.com and Ant Financial, which were popular early on, may have a difficult time appearing on the initial list of licenses. Furthermore, CITIC Group, through its Hong Kong subsidiary CNCBI, has partnered with several institutions to apply for the first batch of stablecoin licenses. Industry insiders have stated that Bank of China (Hong Kong), as one of Hong Kong's three major note-issuing banks, would have inherent advantages in issuing a stablecoin, which would also reassure regulators in both Hong Kong and Hong Kong.