#香港稳定币新规

Core Contents of Hong Kong's New Stablecoin Regulations**

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According to the latest announcement from the Hong Kong Monetary Authority, the **Stablecoin Ordinance** will officially take effect on **August 1, 2025**, making Hong Kong one of the first jurisdictions globally to implement comprehensive regulation for fiat-backed stablecoins. The core highlights of the ordinance include:

1. **Mandatory Licensing System:**

* Any institution issuing **stablecoins pegged to fiat currency** or **stablecoins anchored to the value of the Hong Kong dollar** in Hong Kong, regardless of its location, must apply for a license from the Hong Kong Monetary Authority.

* **The first round of license applications will be open from August 1, 2025, to September 30, 2025.** The first license is expected to be issued as early as early 2026.

* It is worth noting that the Monetary Authority expects to grant only **a few licenses initially**, demonstrating its cautious approach and high thresholds.

2. **Stringent Reserve Requirements:**

* Licensed stablecoin issuers must ensure that the value of their reserve assets is, at all times, **at least equal to** the total amount of stablecoins in circulation.

* These reserve assets must be of **high liquidity**, such as cash or short-term government bonds, and must be properly safeguarded by **independent custodians**, isolated from the issuer's other assets.

* This requirement aims to ensure that stablecoin users can **redeem their fiat currency at face value unconditionally at any time**.

3. **Compliance and Risk Management:**

* Issuers need to establish a robust **Anti-Money Laundering (AML)** and **Counter-Terrorism Financing (CFT)** system.

* In addition, they must comply with a series of strict regulatory requirements regarding governance structure, risk management, technical security, regular audits, and public disclosure of reserve status.