HSBC & ICBC Dey Seek Stablecoin License for Hong Kong Under HKMA
HSBC and ICBC don apply for Hong Kong stablecoin license under HKMA new Stablecoin Ordinance wey start work on August 1. Di law make am crime to dey sell unlicensed fiat-backed tokens to regular investors and e cause local token value to drop by 20% on di first day. SFC don also put stricter rules for crypto custody, ban smart contracts for cold wallets and warn people to no dey speculate. By late August, 77 institutions – including Standard Chartered – don show interest, but only few licenses go first dey granted. Traders suppose dey watch how Hong Kong stablecoin licenses dey approved and how custody rules dey change because regulatory clarity go affect token liquidity and market confidence.
Neutral
For short term, the new Stablecoin Ordinance and strict custody rules cause sharp 20% price drop for local tokens as unlicensed issuers waka comot market. But clearer licensing rules and limited approvals by HKMA go help build long-term confidence and liquidity for approved Hong Kong stablecoins. Overall, the balanced effect of initial sell-offs and future regulatory certainty show say price impact go neutral.