#香港稳定币新规 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 enforce in-depth regulation on stablecoins, injecting unprecedented institutional certainty into the turbulent digital asset market. Under the new rules, any institution issuing fiat-backed stablecoins in Hong Kong, or overseas entities issuing stablecoins pegged to the value of the Hong Kong dollar, 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.