Overview

• Authorities confirmed only a small number of licenses will be granted in the first wave, with final approvals seen as unlikely this year.
• HSBC and ICBC are preparing applications, joining reported interest from Bank of China, Standard Chartered and PetroChina.
• About 77–80 firms have signaled intent to apply, underscoring heavy demand for a tightly controlled regime.
• The licensing law took effect on August 1, and offering or promoting unlicensed fiat-referenced tokens to retail investors is a criminal offense.
• The SFC issued stricter custody guidance that bans smart contract-based cold storage as regulators highlighted 265 fraud-related complaints in the first half of the year.