PANews reported on October 19th that the Lianhe Zaobao, citing sources familiar with the matter, reported that Chinese technology companies, including Alibaba's Ant Group and e-commerce giant JD.com, have suspended their plans to issue stablecoins in Hong Kong. Hong Kong passed the Hong Kong Stablecoin Bill in May of this year, which officially came into effect on August 1st. As of the end of September, 36 institutions had submitted applications for stablecoin licenses. Ant Group had previously stated in June that it would participate in Hong Kong's stablecoin pilot program, and JD.com had also stated that it would join the pilot program.PANews reported on October 19th that the Lianhe Zaobao, citing sources familiar with the matter, reported that Chinese technology companies, including Alibaba's Ant Group and e-commerce giant JD.com, have suspended their plans to issue stablecoins in Hong Kong. Hong Kong passed the Hong Kong Stablecoin Bill in May of this year, which officially came into effect on August 1st. As of the end of September, 36 institutions had submitted applications for stablecoin licenses. Ant Group had previously stated in June that it would participate in Hong Kong's stablecoin pilot program, and JD.com had also stated that it would join the pilot program.
Insider: Ant, JD.com and others suspend plans to issue stablecoins in Hong Kong
2025/10/19 12:13
PANews reported on October 19th that the Lianhe Zaobao, citing sources familiar with the matter, reported that Chinese technology companies, including Alibaba's Ant Group and e-commerce giant JD.com, have suspended their plans to issue stablecoins in Hong Kong. Hong Kong passed the Hong Kong Stablecoin Bill in May of this year, which officially came into effect on August 1st. As of the end of September, 36 institutions had submitted applications for stablecoin licenses. Ant Group had previously stated in June that it would participate in Hong Kong's stablecoin pilot program, and JD.com had also stated that it would join the pilot program.
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
Share Insights
You May Also Like
Roman Storm warned that the US DOJ could prosecute DeFi developers
Roman Storm asked DeFi developers how certain they were that the DOJ would not bring charges against them.
Share
Cryptopolitan2025/10/19 13:45
Share
Ethereum Enters Supply Squeeze Phase, Hinting at a New Bull Cycle
On-chain signals show Ethereum’s exchange reserves shrinking and whales accumulating, hinting at a tightening market phase.]]>
Share
Crypto News Flash2025/10/19 14:33
Share
Kalshi suffered major glitches during college football trading
The post Kalshi suffered major glitches during college football trading appeared on BitcoinEthereumNews.com. Nearly half of Kalshi’s traders were locked out of their accounts during a college football trading surge on Saturday, as widespread glitches and delays crippled the platform. Users trying to place bets saw their orders stuck mid-process, and balances simply vanished from view. According to CNBC for almost 20 minutes, the website showed nothing but a spinning green “K”, leaving frustrated users stranded without knowing if their wagers had gone through. One of them shared screen recordings with CNBC showing frozen Kalshi dashboards and blank bet slips. In a message sent directly to users, the platform reportedly admitted: “The Exchange is experiencing temporary delays. Balances and positions may not be accurately reflected at this time.” Kalshi followed up with an apology, saying it was “looking into” the issue that had traders unable to process orders or view their open positions. The company later said the problem had been fixed, though many users on X called it “the longest twenty minutes in Kalshi’s history.” Kalshi denies outage as traders flood social media After the chaos, Kalshi released a statement downplaying the scale of the disruption. “Earlier today, Kalshi experienced minor glitches that temporarily affected some user experiences. No exchange outage occurred, no funds were affected, and the issues are now resolved,” the company said. A spokesperson insisted that the exchange never stopped working properly, emphasizing there was no impact on clearing or institutional trading. “There were some glitches and delays on our web and app product, which affected less than half of our user base,” the spokesperson added. Still, screenshots and video clips showed otherwise. Some users couldn’t access balances, while others said their bets were either delayed or never executed. Now just a week ago, Kalshi had announced a $300 million Series D funding round, pushing its valuation to $5…
Share
BitcoinEthereumNews2025/10/19 14:16
Share