Hong Kong’s stablecoin licensing regime, set to begin on August 1, is drawing significant interest from the region’s financial and tech heavyweights, with local media in China reporting that over 40 applications have been received.

But expectations are being tempered by the reality that the Hong Kong Monetary Authority (HKMA) is likely to approve only a single-digit number of licenses, according to reports, making this one of the most competitive regulatory races in the city’s digital finance history.

Read the full story at CoinDesk.