Chen Weimin: The schedule for the issuance of the second batch of licenses has not yet been determined, and the total number of future licenses will be very limited
According to Tencent News' "Periscope," the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the timeline for issuing the second batch of licenses has not yet been determined, as it needs to be "based on the operational situation of the first two companies," and the total number of licenses in the future will be very limited.
In addition, sources revealed that Chinese institutions that participated in the application submission have received "window guidance" from relevant departments, requesting them to postpone their participation in the stablecoin license application. However, some Chinese institutions have continued to communicate with the Hong Kong Monetary Authority over the past few months. After excluding Chinese institutions, the vast majority of the proposed applicants have limited capabilities, and there are not many qualified institutions that can fully meet the requirements of the "Stablecoin Regulation."
Lee Kuan-hong, the head of HSBC Payme, told reporters that any Payme user can open a stablecoin account. In the stablecoin account, users can directly transfer money to friends and family, transfer to merchants, or invest in products linked to stablecoins. Users in the HSBC app cannot directly open an account; they must wait for HSBC to screen eligible users before applying for a stablecoin account.
Payme account opening has required users to be local residents of Hong Kong, while users of the HSBC app also include mainland users. Under the existing management framework in Hong Kong, only local residents can participate in virtual asset trading, and mainland customers, even if they are mobile payment users of HSBC Hong Kong, cannot apply for a stablecoin account.
You may also like

How to exit after asset tokenization?

The foundation of SpaceX's trillion-dollar valuation: Who is dividing Musk's annual capital expenditure of tens of billions?

France vs Senegal World Cup 2026: Mbappe’s New Era Begins Against a Historic Rival

SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?

Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record

What is the connection between Huang Zheng of Pinduoduo and blockchain?

Morning Report | Prediction market platforms like Kalshi and Polymarket jointly sue Kentucky over 14.25% trading tax; Bridgewater founder discusses decision-making in the AI era: principled thinking should run parallel to AI, human insight remains irre...

If the AI bubble has already burst, who will truly remain?

Paul Graham: How to Make a Billion Dollars

After 18 years, blockchain has finally started to head towards the main channel

Claude enforces "facial recognition for household registration," starting in July, no ID card means no access?

On the day of SpaceX's IPO, the first real test of the three perpetual mechanisms

Value Distribution of Stablecoins

Galaxy Deep Dive: Is the Bitcoin Four-Year Cycle Still Valid?

SpaceX IPO, Nvidia, and Bitcoin: Why Traders Are Watching More Than Just Crypto in 2026

The other side of Musk's trillion-dollar fortune: 85% cannot be sold

The U.S. government prohibits foreigners from using Fable 5, Anthropic issues a rebuttal

