#香港稳定币新规 On August 1, 2025, Hong Kong's 'Stablecoin Regulation' officially comes into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This historic initiative makes Hong Kong the first jurisdiction to implement thorough 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 value of the Hong Kong dollar overseas must apply for a license from the Hong Kong Monetary Authority.