Recently, the digital finance sector in Hong Kong has been stirred by a market rumor—reports suggest that several institutions, including JD.com, are planning to exit the Hong Kong stablecoin business. This claim has sparked ongoing discussions within industry communities and financial news platforms, even affecting market judgments regarding the pace of Hong Kong's stablecoin landscape. However, as one of the core entities involved in the rumor, JD.com's digital asset division, JD Coin Chain, quickly responded, explicitly denying the exit rumor and emphasizing that it is steadily advancing its license application as planned. This incident not only clarified market concerns but also revealed the true nature of stablecoin regulation in Hong Kong: under strict KYC real-name systems and high thresholds, previously popular internet platforms may find it challenging to appear on the initial license list.
- JD Coin Chain firmly clarifies: The exit from the Hong Kong stablecoin business is a rumor.
Quick response: In response to the recent false reports and rumors circulating in the market about "withdrawing from the Hong Kong stablecoin business," JD Coin Chain, responsible for digital asset-related operations under JD.com, swiftly issued a statement, clearly stating that this claim is seriously inconsistent with the facts.
Steady progress: JD Coin Chain emphasized that the team has not considered withdrawal; instead, it is steadily advancing the preparation work for the Hong Kong stablecoin license application as planned. The team has formed a special group composed of experts from compliance, technology, financial services, and other fields, focusing on the Hong Kong "Stablecoin Regulatory Ordinance" and related guidelines to refine the requirements for the license application.
Regular communication: JD Coin Chain stated that it has maintained regular communication with relevant regulatory authorities in Hong Kong, actively providing feedback on the progress and questions during the business preparation process, ensuring that the application work is always conducted within a compliant framework.
JD Coin Chain's clear statement not only alleviated market concerns but also indirectly reflected the confidence of leading institutions in Hong Kong's digital finance ecosystem.
- Hong Kong stablecoin regulation enters a "tightening phase": KYC real-name system becomes a high threshold.
The Hong Kong "Stablecoin Ordinance" officially came into effect on August 1, with the Monetary Authority simultaneously releasing a series of supporting regulatory documents, marking the formal implementation phase of stablecoin regulation in Hong Kong. However, the strictness of the regulation exceeded market expectations.
KYC real-name system: The Assistant Chief Executive of the Hong Kong Monetary Authority (Regulation and Anti-Money Laundering), Chen Jinghong, pointed out that the identities of all compliant stablecoin holders in Hong Kong must be verified, akin to a real-name system, to strengthen the fight against money laundering and financial crime risks. This arrangement is stricter than the previous "white list" system mentioned in anti-money laundering consultation documents.
Limited number of licenses: The Monetary Authority's Chief Executive, Yu Weiman, has repeatedly emphasized that only "a few" stablecoin licenses will be issued initially, meaning that the vast majority of applicants will face disappointment. CITIC Securities noted that the overall pace of progress is slightly slower than market expectations, with the first batch of licenses expected to be issued in early 2026.
Challenges for non-financial institutions: Sources close to applicants for the Hong Kong stablecoin license indicated that for non-financial institutions whose application scenarios mainly involve cross-border payments, it is challenging to meet the regulatory requirement of "verifying the identity of every token holder," which may lead them to voluntarily withdraw from participation in the early stages. This means that previously popular internet platforms like JD.com and Ant Group may find it difficult to appear on the initial license list.
- Major misunderstandings about the stablecoin bill: Clarifications and market impacts.
Hong Kong's senior compliance lawyer, Wu Wenqian, clarified several major misunderstandings in the current market regarding the stablecoin bill:
Are USDT/USDC banned? Wu Wenqian pointed out that the ordinance regulates stablecoins "issued in Hong Kong," meaning the "minting" behavior, rather than trading activities. Tether's USDT and Circle's USDC are not issued in Hong Kong and are not denominated in Hong Kong dollars, so they do not need to apply for a license in Hong Kong. Currently, OTC trading of USDT and USDC in Hong Kong is also not within the scope of this ordinance's regulation.
Monetary Authority's authority: The Monetary Authority cannot arbitrarily define certain behaviors as stablecoin issuance; it must follow statutory procedures, complete announcements and registrations in Hong Kong, and only take effect after an objection period.
Determination of "issuing stablecoins": Whether an entity is recognized as "issuing stablecoins" depends on multiple factors, such as whether the management team operates in Hong Kong, whether the issuer or company is registered in Hong Kong, whether the maintenance/clearing/destruction of the stablecoin occurs in Hong Kong, and whether the reserve assets are denominated in Hong Kong dollars and held in Hong Kong banks.
- International regulation and market dynamics: Compliance trends and institutional logic.
Accelerated international regulation: The U.S. SEC has recently approved a physical redemption mechanism for crypto asset ETPs and raised the position limits for some Bitcoin ETP options, which is expected to attract more institutional liquidity into the crypto asset market.
Intensive institutional capital entry: Strategy announced the purchase of 21,021 Bitcoins for approximately $2.46 billion, increasing its total holdings to 628,791 Bitcoins. The proportion of open positions in Ethereum has risen to nearly 40%, reaching a new high since April 2023.
Investment warning: Global compliance trends and traditional financial mechanisms are rapidly penetrating the Web3 market, and mainstream assets may exhibit stronger institutional logic. Investors should pay attention to regulatory dynamics and capital flows, seize structural market opportunities, and be wary of short-term corrections triggered by overheating sentiment.
Conclusion:
The formal implementation of stablecoin regulation in Hong Kong, especially the KYC real-name system and high thresholds, is reshaping the license application landscape. Internet platforms like JD.com and Ant Group may miss out on the initial licenses due to difficulties in meeting strict identity verification requirements, while traditional financial institutions, such as CITIC Group's Xinyin International and Bank of China Hong Kong, are expected to gain an advantage in the competition for the first batch of licenses due to their strengths in compliance and risk control. Hong Kong's robust development strategy aims to ensure that digital finance operates under the rule of law, setting a new benchmark for the global virtual asset market.
Related: JD.com and Ant Group may miss out on the first batch of Hong Kong stablecoin licenses; what’s going on?
Original article: “Is JD out of the race for Hong Kong's first stablecoin licenses? The company quickly responds!”
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