Understanding the Market | Reports say Ant Group and others have suspended plans to issue stablecoins in Hong Kong, YUNFENG FIN and BRIGHT SMART both fell over 7% during trading
YUNFENG FIN and BRIGHT SMART fell against the market trend. As of the time of publication, YUNFENG FIN was down 6.68%, trading at HKD 4.61; BRIGHT SMART was down 4.73%, trading at HKD 9.88. According to reports from Titanium Media, Ant Group and other tech companies have suspended their plans to issue stablecoins in Hong Kong. Sources revealed that these companies put their plans on hold after receiving instructions from regulatory bodies such as the People's Bank of China and the Cyberspace Administration of China to "not advance the project for the time being." Previously, Hong Kong passed the "Hong Kong Stablecoin Regulation Draft" in May this year, which officially took effect on August 1. Ant Group had announced in June that it would participate in the Hong Kong stablecoin pilot project
According to the Zhitong Finance APP, YUNFENG FIN (00376) and BRIGHT SMART (01428) fell against the market trend. As of the time of publication, YUNFENG FIN dropped 6.68% to HKD 4.61; BRIGHT SMART (01428) fell 4.73% to HKD 9.88.
On the news front, according to reports from Titanium Media, Ant Group and other technology companies have suspended their plans to issue stablecoins in Hong Kong. Sources revealed that these companies shelved their plans after receiving instructions from regulatory bodies such as the People's Bank of China and the Cyberspace Administration of China to "not advance the project for the time being." Previously, Hong Kong passed the "Hong Kong Stablecoin Regulation Draft" in May this year, which officially took effect on August 1. Ant Group had announced in June that it would participate in the Hong Kong stablecoin pilot project
