#香港稳定币新规 Hong Kong's "Stablecoin Regulation" will take effect on August 1, 2025, establishing the world's first regulatory framework for fiat-backed stablecoins, aimed at balancing innovation and financial stability. Key points include: issuers of stablecoins must apply for a license from the Hong Kong Monetary Authority, with the first licenses expected to be issued in early 2026, a minimum capital requirement of HKD 25 million, reserve assets must be 100% high liquidity support, re-hypothecation is prohibited, and redemption must be at par value within one day. Additionally, the real-name system and strict AML/KYC requirements have sparked controversy, being criticized for significantly limiting the development of DeFi and potentially hindering retail user participation. Hong Kong's move aims to consolidate its position as an international financial center and attract compliant issuers, but high thresholds and compliance costs may restrict innovation from small and medium-sized enterprises, with market applications likely limited to bulk transactions and specific scenarios in the short term. Overall, Hong Kong is taking the lead in global stablecoin regulation, but overly conservative regulation may weaken its competitiveness, necessitating observation of subsequent implementation effects and market feedback.
