Hong Kong's second round of stablecoin licenses opens, but mainland China remains firm

Market sources indicate that the second batch of compliant stablecoin licenses in Hong Kong has entered the application stage.
Reliable sources reveal that Futu Securities and OSL Group are both actively vying for this batch of licenses.
This means Hong Kong is continuing to promote the compliance and financialization of stablecoins, attempting to secure a position within the global digital asset regulatory framework.
However, on the other side, policy signals remain clear. Last year, the People's Bank of China, in collaboration with 13 other departments, reiterated its strict crackdown on domestic virtual currency trading and classified stablecoins as virtual currencies.
📊 My opinion:
This essentially forms a very clear pattern:
Hong Kong: Exploring as a compliant digital asset financial center
Mainland China: Continuing strict regulation
This "loose-tight" structure may, in the future, make Hong Kong an important compliant window for digital assets in Asia.
Many people only see regulation, but the real opportunity often lies in the market structure changes brought about by policy differences.
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