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Investing.com -- Ant Group, an affiliate of China’s e-commerce giant Alibaba (NYSE:BABA), announced Thursday it plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International.
"We plan to apply for the fiat-referenced stablecoins (FRS) issuer’s license once the process is open after the Stablecoins Ordinance takes effect on August 1," Ant International said in a statement.
The application will be submitted after Hong Kong’s new Stablecoins Ordinance becomes effective on August 1, which will create a regulatory framework for stablecoin issuers in the region.
Ant International, the overseas subsidiary of Ant Group, will be handling the application process as the company looks to expand its financial services offerings in Hong Kong.
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