Insiders: JD.com and Ant Group may struggle to appear on the first batch of Hong Kong stablecoin license list.

On August 3, according to Caixin reports, sources close to applicants for the Hong Kong stablecoin license revealed that as regulatory guidelines are established, the enthusiasm for stablecoins in Hong Kong will fade, especially for non-financial institution applicants whose primary use case is cross-border payments, who may actively abandon participation in the early stages due to difficulties in meeting regulatory requirements to “verify the identification of every coin holder.” This also means that early favorites like JD and Ant, which are Internet platforms, may find it difficult to appear on the first batch of license lists. In addition, CITIC Group, through its Hong Kong subsidiary, Xinyin International, has partnered with several institutions to apply for the first batch of stablecoin licenses. Industry insiders noted that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong, and if it issues a stablecoin, it has inherent advantages, which can also reassure regulators in both regions.