Major tech players Ant Group and JD.com have paused their stablecoin projects in Hong Kong following Beijing’s regulatory crackdown. The decision comes amid new local regulations aimed at controlling private digital currency creation and ensuring financial stability. This suspension highlights the growing challenges faced by stablecoin ventures amidst increased scrutiny from regulators, particularly from the People’s Bank of China (PBoC) and Cyberspace Administration of China (CAC). 36 firms remain licensed to issue stablecoins in Hong Kong, but major players like Ant Group and JD.com are taking a cautious approach due to Beijing’s interventions. The move could significantly impact Hong Kong’s crypto market as stablecoin activity is expected to slow down, potentially leading to industry uncertainty.