In the sprawling metropolis of Hong Kong, where ambition often dances wildly with pragmatism, the stewards of finance have chosen a path less trodden-a cautious and deliberate restriction on the issuance of stablecoin licenses, even as the great engines of commerce clamor eagerly for their share of the spoils.
- The arbiters of monetary order have decreed that only a handful of stablecoin licenses shall be bestowed, despite an insistent and clamorous multitude.
- Among those bold enough to seek favor are the mighty ICBC, Bank of China, Standard Chartered, and PetroChina, whose very names inspire both respect and envy.
- Legislators, like somber sentinels, warn that no mere whim or haste shall grant favor-only those who leap the highest and abide by strict decrees in an age shadowed by deceit.
Just as a river gathers strength from its many unseen tributaries, so too do stablecoins find their way into the bustling heart of Hong Kong’s commerce. Yet, though more than seventy-seven hopefuls have flung their hats into the ring, the gatekeepers remain unmoved-only a scant few may cross the threshold.
The august Industrial and Commercial Bank of China’s Hong Kong branch recently made its intentions known, taking its place beside the venerable Hong Kong Bank of China. The procession of hopefuls also includes Standard Chartered and PetroChina, their eager faces pressing against the glass of opportunity.
Yet, the lawmakers, those guardians of public good and wary of the serpents that slither in the financial garden, remind us grimly that enthusiasm alone does not sway fate. To gain favor, one must meet the towering standards set forth – a truth as unyielding as the winter wind.
As one dignified member of the Legislative Council divulged with the gravity befitting his station, the licenses to be dispensed will be “very small” in number-perhaps but a solitary soul shall emerge victorious in the inaugural round next year. Patience, dear applicants, patience. 🐢
Whispers from the halls of power speak also of an exclusive banquet-an invite-only licensing model, where only the chosen few receive the bone to chew. This measured and wary posture arises not from capriciousness but from a solemn duty to shield the realm from the creeping shadow of fraudulence.
Hong Kong Regulators Raise the Alarm: Fraud Is the Unwelcome Guest at the Stablecoin Ball
It was reported with no small measure of dread by crypto.news that since the enactment of the stablecoin law on the first day of August, the twin sentinels SFC and HKMA have sounded their warnings into the night.
Two hundred and sixty-five complaints have been laid at their feet in the first half of the year, each whispering tales of deceit, trickery, and nefarious acts in the shadowy realm of digital assets. The specter of fraud looms large, an unwelcome specter forcing regulators to tighten their grip and shield this proud city’s financial honor. 🕵️♂️
Meanwhile, the hopeful multitudes must not dally, for the lantern of opportunity dims with September 30 as the deadline for applications. Yet, even those brave souls meeting the mighty deadline may find their dreams deferred, for approvals are shrouded in the mists of the coming year.
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2025-09-08 12:09