Gate News message, April 12—The second batch of Hong Kong compliant stablecoin license applications is underway. According to reliable sources, Futu Securities and the OSL Group are both applicants for the second batch of licenses. Previously, in November 2025, 13 government agencies including the People’s Bank of China issued a statement reiterating that China will crack down on virtual currency trading within its territory, and would classify stablecoins as virtual currencies. This means that trading stablecoins in mainland China will not be possible.
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