#币安Alpha上新

Big Move! Stablecoin licenses are about to open, a fierce battle for trillions in capital in the crypto space is imminent!

On the 7th, Hong Kong's Financial Secretary Xu Zhengyu announced a major initiative to issue the first batch of stablecoin licenses within this year! This news is like a deep-water bomb, directly igniting the crypto space. As the world's first financial center to regulate stablecoins through legislation, Hong Kong's move not only marks the entry of virtual asset regulation into the 'Compliance 2.0 Era', but may also reshape the global cryptocurrency market landscape.

1. Scarcity of Licenses: Single-digit quotas, a monopoly battle has begun.

Xu Zhengyu clearly stated that the number of initial licenses will be limited to 'single digits', which means that more than 10 institutions, such as Ant Group, JD Chain, Standard Chartered Bank, and Small Commodity City, which have entered the sandbox testing, will engage in a 'life-and-death battle' for licenses.

The threshold is ridiculously high: Non-bank institutions need to pay a paid-in capital of 25 million HKD, reserve assets must be 100% isolated and custodied, and be subject to monthly audits by the Monetary Authority.

Big Players Dominate: Tech giants like Ant Group and JD.com, traditional banks like Standard Chartered and HSBC, and cross-border players like Hong Kong Telecom are crushing small and medium participants with their triple advantages of 'technology + compliance + capital'.
Subtext: The stablecoin track is about to enter an 'oligopoly era', retail investors need to be wary of market manipulation risks brought by license monopolies!

2. Can retail investors participate? Regulators have drawn three red lines!

Although the regulations prohibit unlicensed institutions from selling stablecoins to retail investors, there is still 'grey area' space in the market:

  1. Licensed Institution Cooperation: Small and medium exchanges can indirectly provide stablecoin services by cooperating with licensed parties.

  2. Cross-border Arbitrage: Mainland investors can purchase stablecoins through compliant channels in Hong Kong, but must face high compliance costs.

  3. Dark Pool Risks: Unlicensed institutions may turn to the underground market, but regulators have warned:'Issuing stablecoins without permission can result in up to 7 years in prison!'
    Warning: Retail investors blindly participating in non-compliant stablecoin trading may face fatal risks such as fund freezes and legal liabilities!

3. Market Impact: The wave of cryptocurrency 'compliance' is coming.

Hong Kong's licensing system will trigger a chain reaction:

Global regulatory follow-up: Singapore and the EU may accelerate stablecoin legislation, forming an 'Asia-Europe' regulatory alliance.

Institutional Capital Entry: Traditional financial institutions will enter the cryptocurrency market through compliant stablecoins, expected to bring in over $500 billion in incremental funds.

The End of Altcoins: With tightening regulations, unlicensed stablecoins may be expelled from the Hong Kong market, triggering a large on-chain capital migration.

Zhuque's Exclusive Viewpoint:

The Hong Kong stablecoin license is not a 'licensing game', but a 'financial sovereignty battle'!

For the crypto space: Short-term benefits for compliant projects, long-term acceleration of industry reshuffling, with 90% of stablecoin issuers likely to exit.

For investors: Keep a close eye on the dynamics of the first batch of licensed institutions, prioritize investments in on-chain assets linked to HKD/RMB stablecoins.

For Mainland: Hong Kong may become a 'springboard' for the internationalization of the digital RMB, related concept coins may explode in advance!

$BTC

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