Several Chinese-funded institutions, including Guotai Junan International, have postponed or withdrawn their stablecoin license applications in response to Hong Kong's regulatory caution, while non-Chinese firms continue their pursuits.
At least four Chinese-backed financial institutions, including Guotai Junan International, have paused or withdrawn their applications for stablecoin licenses or real world asset (RWA) ventures in Hong Kong, following regulatory advice urging caution. The move contrasts with continued participation by non-Chinese institutions in Hong Kong’s crypto market, where a first batch of stablecoin licenses is expected by year-end or early next year.