Ant unit plans to apply for stablecoin issuer license in Hong Kong

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Ant Group, an affiliate of China’s e-commerce giant Alibaba, plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International, the subsidiary said in a statement on Thursday.

Last month, Hong Kong’s legislature passed a stablecoin bill that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds…



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Ant unit plans to apply for stablecoin issuer license in Hong Kong


Ant Group, an affiliate of China’s e-commerce giant Alibaba, plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International, the subsidiary said in a statement on Thursday.

Last month, Hong Kong’s legislature passed a stablecoin bill that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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