In brief
- The Bank of China’s Hong Kong branch stock shot up by 6.7% on reports that it plans to apply for a stablecoin issuer license.
- Hong Kong launched its stablecoin licensing regime in August.
- Regulators have also urged caution to investors over speculation-driven price moves.
The Bank of China’s Hong Kong-listed shares rose by 6.7% on Monday, trading at HKD$37.58, after local media reports suggested that the bank’s Hong Kong unit is preparing to apply for a stablecoin issuer license.
The Hong Kong Economic Journal reported that the Chinese state bank’s branch had formed a dedicated task force to explore stablecoin issuance.
The Bank of China did not respond to a request for comment, but in last week’s results call it told investors it was researching digital asset applications and their risk management.
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Author: Callan Quinn
