Caixin: Major Internet Companies in China May Gradually Withdraw from Crypto-related Business, Several State-owned Enterprises May Be Absent from Hong Kong Stablecoin License Application

BlockBeats News, September 11th, according to Caixin, major domestic Internet companies may gradually withdraw from cryptocurrency-related businesses, and several central enterprises and Chinese banks' Hong Kong institutions may also be absent from the ongoing Hong Kong stablecoin license application.

Furthermore, restrictions will be imposed on Internet platforms' overseas involvement in cryptocurrency investment and cryptocurrency exchange operations, with a requirement to prioritize the development of the real economy.