Caixin: Hong Kong's stablecoin applications are overheated, and central enterprises and others are participating

According to Caixin's report, the Hong Kong Monetary Authority (HMKA), responsible for regulatory licensing, will communicate in advance with potential stablecoin license applicants to understand whether they meet basic application qualifications. Only after obtaining preliminary approval in pre-communication will the HMKA issue an application form. Stablecoin applicants must be able to provide specific and practical application scenarios. Currently, 50-60 companies are interested in applying for Hong Kong stablecoin licenses, including state-owned enterprises from mainland China, financial institutions, and internet giants. The overheating of Hong Kong stablecoin applications may be the reason for adopting this invitation-based application system.