Major Chinese internet companies may gradually withdraw from cryptocurrency-related businesses, and many state-owned enterprises may not apply for Hong Kong stablecoin licenses.

On September 11th, Caixin reported that major Chinese internet companies are expected to gradually withdraw from all cryptocurrency-related businesses.

Meanwhile, several central state-owned enterprises and Chinese bank branches in Hong Kong are also expected to decline to participate in the ongoing applications for stablecoin licenses in Hong Kong. This trend suggests that domestic market players are taking a more cautious approach to cryptocurrency-related businesses.

Furthermore, regulatory sources indicate that relevant departments will introduce more specific restrictions on internet platforms' overseas investment in cryptocurrencies, or operations and equity participation in cryptocurrency trading platforms, emphasizing that companies should focus on their core businesses and better serve the real economy.

This policy direction aims to guide capital and innovative resources toward the real economy, prevent the spread of virtual transactions and related financial risks, and align with the country's overall strategy for financial stability and industrial support.