Industrial and Commercial Bank of China (Asia) and HSBC Express Intent to Apply for Stablecoin License to the Hong Kong Monetary Authority

BlockBeats News, September 8th, according to The Standard, Industrial and Commercial Bank of China (Asia), a subsidiary of Industrial and Commercial Bank of China (ICBC) under Industrial and Commercial Bank of China, has expressed its intention to apply for a stablecoin license to the Hong Kong Monetary Authority, becoming another major Chinese bank to take the same action following Bank of China Hong Kong. HSBC has also expressed its intention to apply for a stablecoin license to the Hong Kong Monetary Authority, but it is currently unclear whether HSBC will formally submit the application by the end of this month.

The Financial Services and the Treasury Bureau has repeatedly stated that only a few stablecoin licenses will be issued in the first phase. However, as of the end of last month, 77 institutions have expressed their intention to apply for a license to the Bureau.