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 report, April 13 (UTC+8): Chen Weimin, Deputy Governor of the Hong Kong Monetary Authority, said the timetable for issuing the second batch of licenses has not yet been set, as it will be determined “based on the operating conditions of the first two licensees,” and the total number of future licenses will be very limited. In addition, sources said that Chinese-funded institutions that had been involved in submitting the applications had received “window guidance” from relevant authorities, instructing them to temporarily hold off on participating 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 intended applicants have relatively limited capability, and the number of qualified institutions that can fully meet the requirements of the Stablecoin Regulations is not large.

Lee Kuan Hong, the head in charge of HSBC PayMe for the firm that received a license, told reporters that as long as a user is a PayMe user, they can enable a stablecoin account. Within the stablecoin account, users can directly transfer funds to friends and family, transfer to merchants, or invest in products linked to stablecoins. Users of the HSBC app cannot enable it directly; they must wait until HSBC has screened and identified eligible users before applying for a stablecoin account. PayMe account opening has required users to be Hong Kong residents, while users of the HSBC app also include users from the mainland. Under Hong Kong’s existing regulatory framework, only Hong Kong residents can participate in virtual asset trading; mainland clients, even if they are Hong Kong-based users of Hong Kong HSBC Bank’s mobile payment, cannot apply for a stablecoin account. (Source: Foresight News)