Chinese tech giants Ant Group and JD.com have paused their stablecoin projects in Hong Kong, citing pressure from Chinese regulators. This follows a directive from the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC), seeking full control over currency issuance and rejecting private company involvement in issuing stablecoins. 🇭🇰 The move reflects escalating regulatory concerns regarding privately issued digital currencies. 📈 19 Oct. 2025, By Austin Mwendia | Follow us, published: October 20, 2025 At 03:35 PM, Updated: October 20, 2025 At 02:51 PM, 📍Hong Kong. The new Hong Kong stablecoin regulations, introduced in May, required fiat-referenced stablecoin issuers to obtain licenses from the HKMA. This move was meant to facilitate tokenized financial products like digital bonds. However, pressure from mainland regulators has led to a halt in these plans. Despite initial excitement from Ant Group and JD.com’s participation in the pilot program, the regulatory environment remains uncertain as companies navigate potential risks.