Chen Weimin: The schedule for issuing the second batch of licenses has not yet been determined, and the total number of future licenses will be very limited.

ME News, April 13 (UTC+8): Hong Kong Monetary Authority Deputy Governor Chen Weimin said that the timetable for issuing the second batch of licenses has not yet been determined, as it will be set based on “the operating performance of the first two licensees,” and the total number of licenses in the future will be very limited. In addition, sources said that Chinese-funded institutions that had submitted applications received “window guidance” from relevant authorities, instructing them to temporarily pause their participation in this stablecoin license application, but some Chinese-funded institutions have continued to communicate with the Hong Kong Monetary Authority over the past few months. After excluding Chinese-funded institutions, the vast majority of prospective applicants have comparatively limited strength, and the number of qualified institutions that can fully meet the requirements of the Stablecoin Regulations is not large.

HSBC Payme supervisor Lee Kuan Kang, who received a license, told reporters that as long as a user is a Payme user, they can open a stablecoin account. Within the stablecoin account, users can directly transfer to friends and family, make transfers to merchants, or invest in products linked to stablecoins. Users of the HSBC app cannot open stablecoin accounts directly; they must wait until HSBC selects users who meet the requirements before applying for a stablecoin account. Payme account opening has required users to be Hong Kong residents, and HSBC app users also include mainland users. Under Hong Kong’s current regulatory framework, only Hong Kong residents can participate in virtual asset trading; mainland customers— even if they are users of HSBC’s mobile payment in Hong Kong— cannot apply for stablecoin accounts. (Source: Foresight News)