HK go give small stablecoin license from 77 people wey apply

HKMA and SFC don receive more than 77 applications for stablecoin licence under Hong Kong new regulation. Regulators dey plan to approve only small number for launch to make sure say crypto oversight tight. Big banks and firms like ICBC (Asia), Bank of China (Hong Kong), Standard Chartered and PetroChina don apply, but HSBC still dey watch. Hong Kong stablecoin regulation start work on August 1, and fraud risk dey increase—265 digital asset crime complaints for first half year—make dem dey cautious. Prospective issuers gats submit full documents by September 30. Expression of interest or incomplete applications no guarantee approval, and any promotion of unlicensed stablecoins no get legal status. First stablecoin licence approval no likely before early 2025. Lawmakers expect serious vetting and dey consider new offline OTC crypto trading law for 2025. S&P Global Ratings report talk say big tech companies and major banks go control issuance, as small banks go face capital charges up to 1,250% for holding stablecoins. Traders suppose dey monitor limited supply of regulated stablecoins for Hong Kong. This careful approach wan stop misuse, protect market integrity, and manage systemic risk, e fit affect liquidity and volatility for crypto markets.