#创作者任务台 #Hong Kong Stablecoin New Regulations

On August 1, 2025, Hong Kong's "Stablecoin Regulation" officially takes 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 in-depth regulation of stablecoins, injecting unprecedented regulatory 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 value of 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 HKD 25 million in paid-up capital, and reserve assets must be 100% high liquidity assets and independently custodied by licensed banks. 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 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 status as an international financial center. In the context of financial centers like New York, London, and Singapore competing to lay out digital assets, Hong Kong is seizing the initiative in rule-making through "legislative primacy" to attract international institutions like Circle and Tether to establish their Asia-Pacific headquarters.