Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Hong Kong's Stablecoin Push Drives CNPC's Digital Payments Gamble

Hong Kong's Stablecoin Push Drives CNPC's Digital Payments Gamble

ainvest2025/08/29 12:03
By:Coin World

- CNPC explores stablecoin use for cross-border payments to cut costs and boost yuan adoption, tracking Hong Kong's regulatory shifts. - Hong Kong's 2025 Stablecoins Ordinance mandates licensing, reserves, and cybersecurity for Specified Stablecoins under HKMA oversight. - Stricter SFC rules prompted BitMart to withdraw VASP license application, raising compliance costs for crypto firms in Hong Kong. - Chinese tech firms apply for stablecoin licenses in Hong Kong, signaling confidence in digital assets for

China Petroleum Explores Stablecoin for Cross-Border Payments

China National Petroleum Corporation (CNPC), one of the world's largest oil producers, is examining the feasibility of using stablecoins to facilitate cross-border payments and settlements. During its half-year results briefing, CNPC management indicated to analysts that the company is monitoring the regulatory developments around stablecoin issuance, particularly those under review by the Hong Kong Monetary Authority (HKMA) [1]. The exploration is part of a broader initiative to assess whether stablecoins can reduce transaction costs and enhance the international adoption of the yuan.

The decision by CNPC to investigate stablecoin applications is aligned with broader regulatory shifts in the region. The HKMA’s Stablecoins Ordinance (Cap. 656) took effect on 1 August 2025, introducing a statutory regime that governs the primary issuance of fiat-referenced stablecoins and secondary-market activities involving tokens with a Hong Kong nexus [2]. The ordinance defines “Specified Stablecoins” as cryptographically secured digital tokens designed to maintain a stable value, typically referencing an official currency or units of account designated by the HKMA. This regulatory framework is intended to ensure financial integrity and mitigate risks such as money laundering and terrorism financing.

Under the HKMA’s new regime, stablecoin issuers must obtain a license unless exempted, and compliance with a range of statutory conditions is mandatory. These include maintaining reserve assets, adhering to robust risk management protocols, and ensuring cybersecurity. The licensing process is currently being administered by invitation and in phases, with the HKMA requiring applicants to engage directly with its licensing team before submitting applications [2]. The HKMA also emphasized that all issued Specified Stablecoins must be fully backed at all times, including those that are frozen or blacklisted, and that any tokenized representations of eligible assets must meet high standards of quality, liquidity, and minimal risk.

The regulatory environment has influenced market dynamics, with some firms opting to withdraw their applications for virtual asset service provider licenses in Hong Kong. BitMart, for example, recently withdrew its application for a virtual asset service provider license, joining other major exchanges in doing so [4]. This trend reflects the stringent licensing requirements imposed by the Hong Kong Securities and Futures Commission (SFC), including high minimum capital thresholds and strict custody regulations for client assets. These requirements have led to increased compliance costs and operational complexity for firms seeking to operate in the region.

Despite the challenges, the regulatory clarity provided by the Hong Kong Monetary Authority has attracted interest from local firms seeking to integrate stablecoin technologies into their business models. Some Chinese technology companies have already applied for licenses under the new framework, signaling growing confidence in the potential for stablecoins to support financial innovation and cross-border transactions [3]. The development of a robust stablecoin ecosystem in Hong Kong is seen as a strategic move to position the region as a global crypto hub, leveraging its existing strengths in financial services.

As CNPC moves forward with its feasibility study, the company is expected to evaluate the technical, regulatory, and economic implications of adopting stablecoin technology. This initiative underscores the growing role of digital assets in modernizing financial infrastructure and could set a precedent for other state-owned enterprises in China to explore similar opportunities in the digital economy.

Source:

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Pinecone's Strategic Value Amid AI Infrastructure Competition and Acquisition Speculation

- Vector database market is projected to grow at 21.9–23.7% CAGR (2025–2034), driven by AI/ML demand for high-dimensional data management. - Pinecone achieved $26.6M revenue (66.6% YoY) in 2024 and raised $100M at $750M valuation, leveraging cloud-native architecture and low-latency search. - Strategic partnerships with Anyscale, Cloudera, and 4,000+ customers strengthen its RAG workflow dominance, while 2025 serverless infrastructure boosts scalability. - Acquisition speculation grows as Pinecone's tech b

ainvest2025/08/29 14:00
Pinecone's Strategic Value Amid AI Infrastructure Competition and Acquisition Speculation

Blockchain Gets a New Power Source: Real-Time GDP Data Goes On-Chain

- Chainlink partners with U.S. Department of Commerce to publish BEA macroeconomic data (e.g., GDP, PCE) on blockchain via Data Feeds. - Data is accessible on 10 blockchain ecosystems, enabling DeFi use cases like inflation-linked assets and automated trading. - Initiative enhances transparency and compliance, aligning with Chainlink's ISO 27001/SOC 2-certified infrastructure and regulatory engagement. - U.S. government's blockchain push includes Pyth Network's GDP data integration, aiming to modernize pub

ainvest2025/08/29 13:48
Blockchain Gets a New Power Source: Real-Time GDP Data Goes On-Chain

Pudgy Penguins Turns Play into Ownership with Blockchainged Fun

- Pudgy Penguins and Mythical Games launched Pudgy Party, a blockchain-integrated mobile game featuring NFT avatars and multiplayer mechanics. - The game automatically onboards players to a Polkadot-based wallet, enabling seamless NFT ownership without prior crypto knowledge. - Seasonal events like Dopameme Rush and viral meme-inspired content aim to drive engagement and expand the brand beyond digital into retail. - Mythical Games leverages its Web3 expertise to bridge traditional gaming and blockchain, t

ainvest2025/08/29 13:48
Pudgy Penguins Turns Play into Ownership with Blockchainged Fun