Hong Kong's stablecoin license application window opens, and note-issuing banks are expected to seize the opportunity

On August 1, Hong Kong's "Stablecoin Ordinance" officially came into effect. The reporter learned that Bank of China (Hong Kong), Standard Chartered (Hong Kong) and other note-issuing banks in the Hong Kong Special Administrative Region are indispensable entities. Whether it is for their own development needs or to comply with regulatory promotion, it is likely that they will take the lead in applying for a stablecoin issuer license. In addition, Chinese banks, sandbox testing companies, large central state-owned enterprises, and Internet giants with payment licenses are eager to try. In the early stage, securities companies will undertake more stablecoin trading, custody, financing, consulting and other businesses, and provide digital asset allocation services related to traditional asset tokenization. At present, 44 securities firms and other institutions have upgraded their virtual asset trading licenses, compared with 3 new ones at the end of June. (Securities Times)