#香港稳定币新规

Impact and Reflection

✅ Advantages:

1. Enhancing Stablecoin Security: Full reserves, technical audit mechanisms, and strict KYC ensure market stability.

2. Pioneering Role of Regulations: Hong Kong becomes the first financial center to establish a comprehensive regulatory framework for fiat-pegged stablecoins.

3. Potential of International Renminbi Stablecoin: It may become an important vehicle for offshore digital renminbi, supporting cross-border trade and settlement  .

⚠️ Risks and Challenges:

1. High thresholds may exclude early players: High capital and technological requirements may prevent small and medium-sized startups from issuing tokens .

2. Transition risks and uncertainties in market consolidation: Institutions still need to adjust through the transition period, and delays in licensing may slow down the innovation process.

3. Retail investors should choose tokens carefully: Preference should be given to issuers and platforms approved by the Monetary Authority. Unlicensed promotional activities are illegal, and those who take risks must bear the consequences .