#香港稳定币新规 #香港稳定币新规

On August 1, 2025, Hong Kong's "Stablecoin Regulations" officially came into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This historic measure establishes Hong Kong as the first jurisdiction to implement in-depth regulation of 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 overseas, must apply for a license from the Hong Kong Monetary Authority. Non-bank institutions must meet a high threshold of 25 million Hong Kong dollars in paid-up capital, and their reserve assets must be 100% high liquidity assets and independently custodied by a licensed bank. Holders have 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 new heights in digital finance. Hong Kong's breakthrough in stablecoin regulation is underpinned by three strategic considerations. Consolidating its position as an international financial center. In the context of financial centers like New York, London, and Singapore competing to layout digital assets, Hong Kong is seizing the discourse power in rule-making through "legislative primacy" to attract international institutions such as Circle and Tether to set up their Asia-Pacific headquarters.