#香港稳定币新规

On August 1, 2025, Hong Kong officially implemented the "Stablecoin Regulation," requiring anyone issuing or selling stablecoins 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 no less than HK$25 million (approximately US$3.2 million) and fully collateralize the supply of stablecoins with high-quality, highly liquid assets for immediate redemption .

Additionally, 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 limited number of entities may receive licenses in the first batch, with the first stablecoin licenses expected to be issued by early 2026, highlighting Hong Kong's cautious and prudent regulatory strategy .

This regulatory roadmap sets 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.