On August 1, the application window for Hong Kong's stablecoin license opened

On August 1, the Hong Kong Stablecoin Ordinance officially came into effect.

Reporters learned that the Hong Kong Special Administrative Region's note-issuing banks, such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong), are indispensable entities. Whether for their own development needs or to comply with regulatory promotion, they will most likely be the first to apply for stablecoin issuer licenses.

In addition, Chinese banks, sandbox testing companies, large state-owned enterprises, and Internet giants with payment licenses are all eager to try.

In the initial stage, securities companies will be more responsible for stablecoin trading, custody, financing, consulting and other businesses, and provide digital asset allocation services related to the tokenization of traditional assets. At present, 44 securities companies and other institutions have upgraded their virtual asset trading licenses, with 3 new ones added compared to the end of June.