HSBC and ICBC intend to apply for Hong Kong stablecoin license, which may become the first approved institutions

Odaily Planet Daily News HSBC and Industrial and Commercial Bank of China (ICBC) plan to apply for a stablecoin license from the Hong Kong Monetary Authority (HKMA), and the new regulations have come into effect soon. According to reports, Standard Chartered Bank and ICBC are expected to have a first-mover advantage in the first batch of licensed lists. Previously, HKMA said it expected that the first batch of stablecoin licenses would be issued only a small number of stablecoin licenses. As of the end of August, 77 institutions have expressed their intention to apply, and some applicants believe that the relevant requirements are stricter than expected. (Cointelegraph)