Internet Giants Pull Back From Hong Kong’s Crypto Stablecoin Licenses

Major Chinese tech companies are reportedly scaling back their involvement in Hong Kong’s cryptocurrency market. This move follows increased regulatory pressure and uncertainty following China’s 2021 crypto ban, which has prompted many companies to explore blockchain innovations and digital yuan projects instead. As of September 11, 2025, no confirmations from Chinese tech giants like Alibaba, Tencent, Baidu, Ant Group have been provided regarding their involvement or withdrawal from cryptocurrency-related activities. There is also a significant absence of Chinese firms applying for stablecoin licenses, according to reports.