Chinese tech giants Ant Group and JD.com have paused plans to issue stablecoins in Hong Kong after being told to stop by mainland regulators, according to reports. The move comes as Beijing reasserts control over who can issue money-like tokens, even as Hong Kong builds a legal path for licensed stablecoin firms.

Beijing Steps In

People’s Bank of China and the Cyberspace Administration of China asked the companies not to go ahead with their projects, people familiar with the matter told reporters.

Ant had said in June it planned to take part in Hong Kong’s pilot for fiat-referenced stablecoins, and JD.com had signalled similar interest.

Hong Kong’s legislature passed a stablecoin bill in May that created a licensing regime for issuers, aiming to bring rules and clarity to the marke

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