Hong Kong stablecoin license second round opens, but mainland China remains firm

Market sources indicate that the second batch of compliant stablecoin licenses in Hong Kong has entered the application stage.
Reliable sources reveal that Futu Securities and OSL Group are both actively vying for this batch of licenses.
This means Hong Kong is continuing to promote the compliance and financialization of stablecoins, attempting to secure a position within the global digital asset regulatory framework.
However, on the other side, policy signals remain clear. Last year, the People's Bank of China, in conjunction with 13 departments, reiterated its strict crackdown on domestic virtual currency trading and classified stablecoins as virtual currencies.
📊 My opinion:
This actually forms a very clear pattern:
Hong Kong: exploring as a compliant digital asset financial center
Mainland China: continuing to maintain strict regulation
This “loose-tight” structure may make Hong Kong a significant compliant window for digital assets in Asia in the future.
Many only see regulation, but the real opportunity often lies in market structural changes brought about by policy differences.
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