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The central bank of Hong Kong is moving forward with its plans to issue an initial batch of stablecoin licenses in March, despite China's ongoing opposition to cryptocurrency activities.
The CEO of the Monetary Authority of Hong Kong stated that we expect to be able to make a decision by March.
The recent amendment to Chinese policy appears to be closer to a crackdown than a radical restructuring. According to a Bloomberg report, China has tightened restrictions on cryptocurrency activities again.
On Friday, eight Chinese entities, led by the central bank, issued a joint statement $JTO regarding the risks associated with digital assets, confirming that companies engaged in cryptocurrency activities remain illegal financial activities.
The statement also expanded the scope of the investigation to include foreign entities offering these currencies, in addition to the practices of local entities abroad. The statement places great importance on its content, emphasizing the ban. Specifically, the statement prohibits any entity from issuing stablecoins linked to the renminbi abroad.
However, the tokenization of real assets is used as a clear governance tool, and local activities remain constrained. Yet, there is an exception in the rules: cases approved by the competent authorities and managed through dedicated financial market infrastructure.
To enforce these laws, the central government intends to launch a cooperative effort that combines local and national oversight. This effort aims to close the regulatory gaps that Chinese technology and finance companies have been using.
These companies have largely used neighboring regions to test blockchain-based assets outside the direct oversight of Beijing. By tightening restrictions on stablecoins and real assets, Beijing indicated that the next generation of digital finance must remain entirely within licensed and state-approved systems.
The strong step has not been affected.
Nevertheless, the central bank of Hong Kong is moving forward with its plans to issue an initial batch of stablecoin licenses in March, despite ongoing opposition from China to cryptocurrency activities. Analysts see Hong Kong's plans for stablecoins as more of a hedge than a shift in Beijing's stance.
The Chief Executive of the Hong Kong Monetary Authority, Eddie Yu, stated in a Legislative Council meeting on February 2, saying: “We expect to be able to make a decision by March.”
Additionally, according to the official translator, the authority is reviewing an initial batch of 36 applications for issuing stablecoins.$LTC
