Analysis of the New Market Regulations $ENA

• Asia's first stablecoin licensing system officially implemented on August 1

• Requirement: 1:1 fiat currency reserves and acceptance of third-party audits

• Transition period until January 31, 2026, with applications for temporary licenses now open

• Expected to clean up 30% of non-compliant pegged assets

Regulatory Impact Assessment

• Increase market transparency and compliance for stablecoins

• Create competitive advantages for compliant issuers

• Some stablecoins may exit the Hong Kong market during the transition period

• Hope to establish regulatory standards for stablecoins in the Asia-Pacific region

Future Development Prospects

• In Q1 2026, expected to attract multiple traditional banks to issue Hong Kong dollar stablecoins

• Will promote the healthy development of Hong Kong's virtual asset ecosystem

• Compliant stablecoins may present premium opportunities of 1-3%

• Regulatory clarity will help attract institutional investors to the market