Caixin: Hong Kong may narrow the scope of its first batch of stablecoin licenses to three or four

PANews reported on August 2nd that according to Caixin, Hong Kong may narrow the scope of its initial stablecoin licenses to three or four companies. The Hong Kong Monetary Authority (HKMA) has recognized, during discussions with the People's Bank of China (PBOC), that under the framework of the regulatory memorandum, primary supervisory responsibility and risks reside with the HKMA. Several branches of Chinese banks and securities firms in Hong Kong are eager to participate in compliant stablecoin operations in Hong Kong, including Bank of China (Hong Kong), Bank of Communications (Hong Kong), China Construction Bank (Asia), CNCBI International, and Guotai Junan International. These efforts involve stablecoin issuance and custody services.

Furthermore, one insider, in an interview about stablecoins, stated that my country currently lacks a globally influential public blockchain. Another insider suggested that the construction of national-level backbone public blockchains should be led by central state-owned enterprises, while the construction of industry-level public blockchains could be open to market competition.