HSBC and ICBC plan to apply for a Hong Kong stablecoin license, potentially becoming one of the first approved institutions

ChainCatcher news, HSBC and ICBC plan to apply for a stablecoin license from the Hong Kong Monetary Authority, with new regulations having recently come into effect.

Reports indicate that Standard Chartered Bank and ICBC are expected to gain a first-mover advantage in the initial list of licensed institutions. Previously, the Hong Kong Monetary Authority stated that it expects to issue only a small number of stablecoin licenses in the first batch. So far, 77 institutions have expressed their intention to apply, with some applicants believing that the relevant requirements are stricter than expected.