#香港稳定币新规 #香港稳定币新规

On August 1, 2025, Hong Kong's "Stablecoin Regulation" officially came into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This historic initiative positions Hong Kong as the first jurisdiction to implement a thorough regulatory approach to stablecoins, injecting unprecedented institutional certainty into the turbulent digital asset market. According to the new regulations, any entity issuing fiat-backed stablecoins in Hong Kong, or issuing stablecoins pegged to the Hong Kong dollar value overseas, must apply for a license from the Hong Kong Monetary Authority. Non-bank institutions must meet a high threshold of HKD 25 million in paid-up capital, and reserve assets must be 100% composed of highly liquid assets and independently custodied by licensed banks. Holders enjoy the unconditional right to redeem fiat at face value, and issuers must process redemption requests within one working day. Existing stablecoin issuers must submit their license applications by November 1, or they will enter a winding-up period. 01 Why does Hong Kong need to issue stablecoins? Seizing the New Heights of Digital Finance Hong Kong's breakthrough in stablecoin regulation is underpinned by three strategic considerations. Consolidating its status as an international financial center. Amidst financial centers like New York, London, and Singapore competing to establish their presence in digital assets, Hong Kong is seizing the discourse of rule-making through "legislative foresight," attracting international institutions like Circle and Tether to set up their Asia-Pacific headquarters.