The Hong Kong Monetary Authority (HKMA) plans to issue a limited number of stablecoin licenses in its initial phase, with 77 institutions expressing interest by the end of last month. Among the applicants, Industrial and Commercial Bank of China (Asia) has declared its intention to apply, joining Bank of China (Hong Kong) as a major Chinese bank contender. HSBC, Hong Kong's largest bank, has also expressed interest. Industry insiders suggest that Standard Chartered and Bank of China (Hong Kong) have a higher likelihood of being among the first to receive licenses.
Hong Kong Monetary Authority to Issue Limited Stablecoin Licenses
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