The post HSBC, ICBC Reportedly Eye Hong Kong Stablecoin Licenses appeared on BitcoinEthereumNews.com. HSBC and the world’s largest bank by total assets, the Industrial and Commercial Bank of China (ICBC), reportedly plan to apply for stablecoin licenses in Hong Kong as the region’s new regulatory regime takes effect. According to a Monday report in the Hong Kong Economic Journal, both HSBC and ICBC signaled their intention to apply for a stablecoin license with the Hong Kong Monetary Authority (HKMA). Neither bank responded to Cointelegraph’s request for comment by publication. The HKMA previously said it is likely to only issue a few stablecoin licenses at first. According to the report, Standard Chartered and ICBC are likely to receive their licenses in the first round, giving them a potential first-mover advantage. The Hong Kong Economic Journal reported that at the end of August, 77 institutions had expressed interest in applying for a stablecoin license. Some applicants reportedly described the requirements as stricter than expected. Industrial and Commercial Bank of China. Source: Wikimedia Related: China weighs yuan-backed stablecoins in major policy shift: Reuters Stringent requirements for Hong Kong stablecoin issuers On Aug. 1, Hong Kong’s new stablecoin regulatory framework came into effect with a six-month transition period. The new Stablecoin Ordinance criminalizes the offering or promotion of unlicensed fiat-referenced stablecoins to retail investors and sets a high bar of entry for issuers. When the new rules took effect, stablecoin companies operating in Hong Kong reported double-digit losses. Some companies fell as much as 20% in a single day, but local market experts described this as a healthy correction, as the rules were found to be stricter than expected. After setting the ground rules for stablecoin issuance, Hong Kong regulators moved their attention to crypto custody. In mid-August, the Hong Kong Securities and Futures Commission (SFC) issued immediately effective guidance on cryptocurrency custody standards, introducing sweeping security requirements… The post HSBC, ICBC Reportedly Eye Hong Kong Stablecoin Licenses appeared on BitcoinEthereumNews.com. HSBC and the world’s largest bank by total assets, the Industrial and Commercial Bank of China (ICBC), reportedly plan to apply for stablecoin licenses in Hong Kong as the region’s new regulatory regime takes effect. According to a Monday report in the Hong Kong Economic Journal, both HSBC and ICBC signaled their intention to apply for a stablecoin license with the Hong Kong Monetary Authority (HKMA). Neither bank responded to Cointelegraph’s request for comment by publication. The HKMA previously said it is likely to only issue a few stablecoin licenses at first. According to the report, Standard Chartered and ICBC are likely to receive their licenses in the first round, giving them a potential first-mover advantage. The Hong Kong Economic Journal reported that at the end of August, 77 institutions had expressed interest in applying for a stablecoin license. Some applicants reportedly described the requirements as stricter than expected. Industrial and Commercial Bank of China. Source: Wikimedia Related: China weighs yuan-backed stablecoins in major policy shift: Reuters Stringent requirements for Hong Kong stablecoin issuers On Aug. 1, Hong Kong’s new stablecoin regulatory framework came into effect with a six-month transition period. The new Stablecoin Ordinance criminalizes the offering or promotion of unlicensed fiat-referenced stablecoins to retail investors and sets a high bar of entry for issuers. When the new rules took effect, stablecoin companies operating in Hong Kong reported double-digit losses. Some companies fell as much as 20% in a single day, but local market experts described this as a healthy correction, as the rules were found to be stricter than expected. After setting the ground rules for stablecoin issuance, Hong Kong regulators moved their attention to crypto custody. In mid-August, the Hong Kong Securities and Futures Commission (SFC) issued immediately effective guidance on cryptocurrency custody standards, introducing sweeping security requirements…