Caixin: Sources say JD.com and Ant may find it difficult to appear on the list of the first batch of stablecoin licenses

According to Caixin, sources close to stablecoin license applicants told Caixin that with the implementation of regulatory details, the stablecoin boom in Hong Kong will subside, especially non-Financial Institution Group applicants who mainly use cross-border transfer, or voluntarily give up participating in the early stage because it is difficult to achieve the arrangement of "verifying the identity of each currency holder" required by the regulation. This also means that it may be difficult for early-stage Internet platforms such as JD.com and Ant to appear on the first license list. In addition, CITIC Group has joined forces with some institutions through its Hong Kong subsidiary CITIC Bank International to apply for the first batch of stablecoin licenses. According to industry insiders, Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong. If it issues stablecoins, it has an inherent advantage and can also reassure regulators in the two places.