According to Chinese media outlet, Caixin, China plans to restrict state-linked enterprises and financial institutions in Hong Kong from engaging in stablecoin and cryptocurrency businesses, forcing them out of license races and project developments tied to digital assets. Mainland authorities now block these firms, including banks and big tech firms, from applying for stablecoin licenses under Hong Kong’s recently launched regulatory regime, which took effect August 1. This policy shift follows Beijing’s official concerns over fraud risks and capital flight, and marks a decisive step to restrict cross-border crypto ... (full story)