CBN: More than 40 companies are preparing to apply for Hong Kong stablecoin licenses, but it is estimated that only a single-digit number of licenses will be issued.

According to a report by China Business News, the "Stablecoin Ordinance" will take effect on August 1, 2024, at which time the Hong Kong Monetary Authority will begin accepting license applications. A reporter learned from industry insiders that Hong Kong's stablecoin licenses are relatively scarce and highly sought after, with the number of licenses expected to be only in the single digits. However, in addition to JD.com, Standard Chartered, and Circle, which have already been officially announced, more than 40 companies are preparing to submit applications. Law firms report that there are dozens more potential applicants currently in the consultation or material preparation stage, making the competition extremely fierce. The applicant institutions are basically China's largest financial institutions and internet companies, while some smaller companies intending to apply have little hope. [Foresight News]