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Policy Changes May Restrict Mainland Firms in Hong Kong’s Stablecoin Market
Policy Changes May Restrict Mainland Firms in Hong Kong’s Stablecoin Market
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BTCCSquare news:
Hong Kong's push to become a regulated crypto hub faces complications as mainland Chinese firms encounter potential restrictions. The city's new stablecoin framework, effective August 1 with a six-month transition period, has drawn interest from 77 institutions. However, state-owned enterprises, tech giants, and banks with Chinese ties may need to curtail crypto activities.
Caixin reports these constraints could reshape market participation, forcing affected companies to delay license applications. The development creates tension between Hong Kong's crypto ambitions and mainland China's cautious stance toward digital assets.
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