#香港稳定币新规

On August 1, 2025, Hong Kong officially implemented the "Stablecoin Regulation," requiring any stablecoin issued or sold in Hong Kong that is pegged to the Hong Kong dollar to hold a license issued by the Hong Kong Monetary Authority (HKMA).

According to the latest supervisory guidelines, issuers must establish a paid-up capital of not less than HK$25 million (approximately US$3.2 million) and fully collateralize the supply of stablecoins with high-quality, highly liquid assets for redemption at any time.

In addition, the new regulations emphasize anti-money laundering and sanctions compliance, requiring stablecoin platforms to implement risk-based transaction monitoring systems and adhere to the “Travel Rule” data-sharing standards.

The regulatory framework also indicates that only a few entities may be granted licenses in the first batch, with the first stablecoin licenses expected to be issued by early 2026, highlighting Hong Kong's cautious regulatory strategy.

This regulatory roadmap establishes a compliance benchmark for stablecoins in Asia and provides a clearer path for institutional participation and innovation. The industry will closely monitor which projects can first enter the regulatory framework and become industry pioneers.