Many Internet platforms and central state-owned enterprises in Hong Kong may miss the first batch of stablecoin license applications in Hong Kong

Odaily Planet Daily News According to Caixin, major domestic Internet companies may gradually withdraw from cryptocurrency-related businesses, and many central enterprises and Chinese banks in Hong Kong may also be absent from the ongoing application for Hong Kong stablecoin licenses. Previously, there was news that other Hong Kong banks, including Chinese banks, intend to apply to become the first batch of Hong Kong stablecoin issuers, but due to recent changes in policy trends, Chinese banks and other institutions that have actively participated in the license may adjust their strategies. People familiar with the matter revealed that Hong Kong's stablecoin business has just begun and the future direction is still unclear. Too much Chinese institutions may lead to risk transfer, so they must be isolated first and do not rush to participate.