Latest news on Hong Kong stablecoin: JD.com and Ant Group may miss the first batch of license list.

The Hong Kong "Stablecoin Regulation" officially came into effect on August 1, marking the beginning of the compliance era for stablecoins in Hong Kong. License applications and scenario explorations have become hot topics of discussion. However, recent market news suggests that some previously considered popular applicants, such as JD.com and Ant Group, may struggle to appear on the first batch of license lists. What is going on? This news has not only drawn attention from the industry but also reveals Hong Kong's rigorous attitude towards stablecoin regulation.

1. The demand for license applications is soaring, but the threshold is beyond expectations

"The current demand for license applications is very high, and we have contacted dozens of companies." Wu Jun, a person engaged in virtual asset Compliance business, told Jiemian News that although applications were officially accepted only from August, many mainland organizations have already had preliminary communications with the Hong Kong Monetary Authority, involving industries such as the internet, real estate, and finance. In recent days, working overtime until the early hours to handle consulting business has become a common occurrence for Wu Jun.

However, sources close to applicants for Hong Kong's stablecoin licenses say that as regulatory details are finalized, the Hong Kong stablecoin boom will subside, especially for non-financial institutions applying for use cases primarily in cross-border payments, which may proactively withdraw from early participation due to the difficulty of meeting the regulatory requirement of "verifying the identity of every coin holder." This also means that early favorites like platforms such as JD.com and Ant Group may find it hard to appear on the list of initial licenses.

II. Advantages of Traditional Financial Institutions with Chinese Background

In the competition for stablecoin licenses, traditional financial institutions and entities with Chinese backgrounds seem to have an advantage.

CITIC Group

Through its Hong Kong subsidiary, Xinyin International has united several institutions with the intention of applying for the first batch of stablecoin licenses.

Bank of China Hong Kong

Industry insiders have stated that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong. If it issues a stablecoin, it would have inherent advantages and could also reassure regulators from both regions.

3. Rapid Growth of Hong Kong Banks in Digital Asset Business

The Chief Executive of the Hong Kong Monetary Authority, Eddie Yu, published an article titled "Hong Kong Wealth Management Market: Opportunities and Prospects." The article mentions that Hong Kong banks are experiencing rapid growth in the digital asset business. Following the introduction of relevant regulatory guidelines, more and more banks are expanding into the sales of digital asset-related products and tokenized assets, as well as providing digital asset custody services. As of mid-July 2025, 22 banks have been authorized to sell digital asset-related products, 13 banks have been authorized to sell tokenized securities, and five banks have been authorized to provide digital asset custody services. In the first half of 2025, the total transaction amount of digital asset-related products and tokenized assets by banks reached HKD 26.1 billion, an increase of 233% compared to the same period last year, surpassing the total transaction amount for the entire previous year. Several asset management companies have also announced plans to launch tokenized products, and with the government's active promotion of tokenized bond issuance, it is believed that the growth momentum in the digital asset sector in Hong Kong will continue, bringing new impetus to the development of wealth management business in Hong Kong.

4. The Stablecoin Layout of the Korean Banking Industry: Learning and Competition

As discussions about the legalization of stablecoins heat up rapidly, major commercial banks in South Korea are accelerating the development of business plans related to cryptocurrencies and stablecoins. Shinhan Bank, Woori Bank, and KB Kookmin Bank have formed digital asset project working groups. Woori Bank has assembled a 9-person team to promote stablecoin and digital wallet business, and has also reached partnerships with blockchain startups; KB Financial Group has established a Digital Asset Response Committee to coordinate resources among its subsidiaries in insurance, securities, and more.

Currently, the South Korean National Assembly is reviewing multiple reform bills for the cryptocurrency industry, including provisions that allow financial institutions to issue stablecoins. Bank operators believe that early positioning can provide a competitive edge, and various banks have applied for 81 trademarks related to stablecoins. In addition, regional banks such as KEB Hana Bank and Busan Bank have established blockchain research teams, and K Bank, a partner of Upbit, has formed a special task force for digital assets. Industry insiders say that although legislation still requires time, early preparations will facilitate the rapid launch of services once policies are implemented.

Conclusion:

The surge in applications for stablecoin licenses in Hong Kong reveals the market's recognition of the enormous potential of stablecoins. However, the Monetary Authority's strict requirement to "verify the identity of every coin holder" may become a barrier for non-financial institutions, especially online platforms focused on cross-border payments, in obtaining licenses in the early stages. This also means that the first batch of approved stablecoin issuers is likely to be traditional financial institutions with deep compliance experience and technical strength.