#香港稳定币新规 《Stablecoin Regulation》 officially takes 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 penetration-based 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 value 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.