Source: Insider Insider: JD, Ant Group May Have Difficulty Appearing on Initial Hong Kong Stablecoin License List

BlockBeats News, August 3rd, according to Caixin report, a source close to the applicant for the Hong Kong stablecoin license revealed that as the regulatory rules are finalized, the Hong Kong stablecoin craze will subside, especially as the main application scenario is for non-financial institutions engaged in cross-border payments, some applicants may proactively withdraw from early participation due to the difficulty of meeting the regulatory requirement of "verifying the identity of each holder." This also means that previously popular internet platforms such as JD.com and Ant Group may find it challenging to appear on the first batch of license list.

Furthermore, CITIC Group, through its Hong Kong subsidiary CITIC International, has teamed up with some institutions in an effort to apply for the first batch of stablecoin licenses. Some industry insiders have indicated that Bank of China Hong Kong is one of Hong Kong's three note-issuing banks, and if it were to issue a stablecoin, it would have a natural advantage and could also reassure regulators in both regions.