The Hong Kong Special Administrative Region Government officially published the 'Stablecoin Regulation' in the Gazette on June 1, marking Asia's first regulatory law specifically targeting stablecoins. The regulation establishes a strict licensing system, requiring entities issuing fiat stablecoins in Hong Kong to apply for a license, meet minimum capital requirements of 25 million HKD, and operate as a local entity, among other conditions. It also mandates mechanisms for ensuring holder rights, including 100% reserve asset coverage and asset segregation custody. Furthermore, the regulation explicitly prohibits advertising for unlicensed stablecoins, allowing only licensed institutions to sell to retail investors. This regulation lays the regulatory foundation for Hong Kong's virtual asset ecosystem and paves the way for the launch of offshore RMB stablecoins, which is expected to attract more international capital to participate in Hong Kong's crypto market.