🚨 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