#香港稳定币新规 On August 1, 2025, Hong Kong's "Stablecoin Regulation" officially took 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 an in-depth regulatory framework for stablecoins, injecting unprecedented institutional certainty into the turbulent digital asset market. According to the new regulations, any institution 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 at 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 The breakthrough in stablecoin regulation in Hong Kong 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 develop 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.