The Stablecoin licensing system, which is scheduled to begin on August 1, is arousing significant interest from financial and technological heavyweights in the region, i.e. Report with local media in ChinaG has received more than 40 applications.
However, the reality of Hong Kong’s currency authority makes people feel expectant (HKMA) It is reported that this is likely to only approve a license for the number of units, one of the most competitive regulatory races in the city’s history of digital finance.
Despite its rise, so farincluding a joint venture between the standard franchise brand and the Animoca brand.
According to HKMA’s fact sheet, sandboxes are made to allow companies that have made real and developed plans to issue Stablecoins cited by Fiat to interact with regulators, refine the scale and provide feedback on the proposed rules.
Admission is not an endorsement or guarantee of the licensing, and sandbox participants still need to apply formally once the complete system is implemented. However, the number of companies accepted at this testing phase is limited and the narrowness of the approval channels can be studied as early as possible.
Most of the companies preparing to apply are reportedly one of China’s largest banks, payment processors and Internet companies.
Standard Charter’s joint venture JD.com’s blockchain division and Ant Group’s digital financing units are both expected to be competitors, with standard charter flights and JD already being sandbox players.
HKMA’s cautious approach seems to be consistent with the Securities and Futures Commission’s approach (SFC) The virtual asset platform has been processed and so far only 11 licenses have been granted.
Many compelling competitors during the SFC licensing process of virtual asset platforms Withdrew their applicationand Report at that time Regulators have found “unsatisfactory practices” in certain exchanges.
Read more: Hong Kong has developed plans to regulate cryptocurrencies to encourage tokenization
