<ul data-eligibleForWebStory="false"><li>Over 40 firms are vying for stablecoin licenses in Hong Kong ahead of the launch of the new stablecoin regime on August 1.</li><li>Applications have been submitted by a range of companies including major Chinese banks, fintech firms, and Web3 players.</li><li>The Hong Kong Monetary Authority (HKMA) will prioritize a limited number of licensees that meet strict requirements, such as a fully backed reserve mechanism, regular audits, and BIS-level assets.</li><li>The new stablecoin regulatory regime in Hong Kong is expected to propel significant activity in the crypto sector in the region, potentially giving Hong Kong an advantage over the U.S. in the crypto landscape.</li></ul>

40+ Firms Race for Hong Kong Stablecoin Licenses

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