监管制度

🚨 Hong Kong's "Stablecoin Regulation" takes effect on August 1! Commentary from the crypto community is blinding! Which fool in Hong Kong drafted this regulation?

📜 Key Points:
• Issuing/providing stablecoins requires a license from the Hong Kong Monetary Authority, with the first application round closing on September 30, and licensing expected in early 2026.
• Capital Requirement: Minimum HKD 25 million in paid-in capital.
• Reserve Mechanism: 100% backed by highly liquid assets, with re-hypothecation prohibited.
• Redemption: Redeemable at face value within one day.
• KYC Real-name System: User identities must be archived for over 5 years, with anonymous wallets and DeFi interactions prohibited.
• Unlicensed stablecoins are banned from advertising, with violators facing fines and criminal penalties.
🔥 Controversial Focus:
• The real-name system + DeFi restrictions criticized as “Web 2.5,” deviating from the permissionless spirit of Web 3.
• Geographical Restrictions: IP/GPS tracking, VPN detection, prohibiting services to restricted areas, and global user access limitations.
• High thresholds squeeze out small and medium projects, favoring banks/giants, potentially diminishing Hong Kong's appeal in the Web 3 ecosystem.
🌍 International Comparison:
• United States: SEC Project Crypto promotes “innovation exemptions,” encouraging on-chain modernization.
• EU MiCA: Low transaction exemption allowing anonymous wallets.
• Singapore DTSP: Layered sandbox, welcoming DeFi experimentation.
🤔 Impact:
• Some OTC stores have suspended operations, with divergent interpretations in the industry.
• Web 3 community concerns: Hong Kong's shift from “wild growth” to “order restructuring,” limiting innovation space.
• Long-term challenge: How to balance compliance and openness?
💡 Thoughts: Stablecoins serve as a bridge between on-chain and off-chain; excessive regulation may cause Hong Kong to miss the global digital finance opportunity. Whether it can loosen up in the future is worth watching!
⚠️ Risk Warning: Content is for information sharing only and does not constitute investment advice. Comply with local regulations and stay away from illegal financial activities.
#HongKong #Stablecoin #Web3 #Blockchain #监管制度

$ENA 🚨 Hong Kong's "Stablecoin Regulation" takes effect on August 1! Comments in the crypto circle are blinding! Which idiot in Hong Kong formulated this regulation?

📜 Key Points:
• Issuing/providing stablecoins requires a license from the Hong Kong Monetary Authority; the first round of applications ends on September 30, with licenses issued in early 2026.
• Capital Requirement: Minimum HKD 25 million in paid-in capital.
• Reserve Mechanism: 100% backed by highly liquid assets, re-mortgaging is prohibited.
• Redemption: Payable at face value within 1 day.
• KYC Real Name System: User identity must be archived for over 5 years; anonymous wallets and DeFi interactions are prohibited.
• Unlicensed stablecoins are banned from promotion; violators may face fines and criminal penalties.
🔥 Controversial Focus:
• The real-name system + DeFi closure has been criticized as “Web 2.5,” deviating from the permissionless spirit of Web 3.
• Geographic Restrictions: IP/GPS tracking, VPN detection; services are prohibited in restricted areas, global user access is limited.
• High barriers push out small and medium projects, beneficial for banks/giants, potentially losing Hong Kong's free attractiveness in the Web 3 ecosystem.
🌍 International Comparison:
• United States: SEC Project Crypto promotes “innovation exemptions,” encouraging on-chain modernization.
• EU MiCA: Low transaction exemptions allow anonymous wallets.
• Singapore DTSP: Layered sandbox, welcoming DeFi exploration.
🤔 Impact:
• Some OTC stores have suspended operations, with divergent interpretations in the industry.
• Web 3 community worries: Hong Kong is shifting from “barbaric growth” to “orderly restructuring,” limiting innovation space.
• Long-term challenge: How to balance compliance and openness?
💡 Reflection: Stablecoins serve as a bridge between on-chain and off-chain; excessive regulation may cause Hong Kong to miss the global digital finance opportunity. Whether it can loosen restrictions in the future is worth paying attention to!
⚠️ Risk Warning: The content is for information sharing only and does not constitute investment advice. Comply with local laws and stay away from illegal financial activities.
#HongKong #Stablecoin #Web3 #Blockchain #监管制度

Hong Kong's Stablecoin Ordinance officially takes effect on August 1st, with the first batch of licenses likely to be issued in 2026.

Hong Kong's stablecoin regulatory regime, the Stablecoin Ordinance, will officially take effect on August 1st, 2025, marking Hong Kong's emergence as the first financial center in Asia to establish a systematic stablecoin regulatory framework.

However, the Hong Kong Monetary Authority (HKMA) has clarified that no stablecoin licenses have yet been issued, and the first batch of licenses is not expected to be issued until early 2026 at the earliest, with extremely limited numbers.

According to regulatory guidelines, institutions interested in applying for a license are advised to conduct preliminary discussions by August 31st, with formal applications requiring complete documentation by September 30th. This cautious pace of licensing reflects the regulator's cautious approach.

HKMA Deputy Chief Executive Chan Wai-min emphasized that the application threshold for a license is "very high," and even entry into the "sandbox testing" does not guarantee approval. The first batch of licenses may only be three or four, with a total of no more than ten.

The ordinance provides a six-month transition period for existing stablecoin issuers, ending on January 31st, 2026. Institutions must submit their applications for confirmation by October 31st, or face a one-month suspension of operations. The HKMA also warned the public to be wary of any institutions claiming to have obtained a license or are in the process of applying, emphasizing that only the list published on its official website is authoritative.

Hong Kong has adopted a relatively strict approach to regulatory requirements. In addition to the standard HK$25 million paid-in capital requirement and full reserve asset backing, anti-money laundering guidelines require licensed institutions to verify the identity of all stablecoin holders, a standard that is more stringent than in most jurisdictions.

The head of the HKMA even frankly stated that they do not expect to achieve large-scale stablecoin adoption in the early stages, preferring to adopt a prudent strategy to gradually advance Hong Kong's digital transformation.

Meanwhile, market reactions are already beginning to emerge. Some institutions are actively preparing license application materials, while projects still in the conceptual stage may be eliminated from the market.

This high-standard, slow-paced approach not only mitigates risks but also lays the foundation for Hong Kong to build a "technically compliant" stablecoin ecosystem. As the global regulatory race intensifies, Hong Kong's framework could become an important reference in Asia.

#稳定币 #监管制度 #香港金管局