天运众智
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#香港稳定币新规 ㊗️㊗️㊗️🧧🧧🧧🧧🧧🧧🧧🧧🧧🧧🧧On August 1, 2025, Hong Kong's "Stablecoin Regulation" officially came into effect. This is a licensing system for fiat stablecoin issuers established in Hong Kong, aimed at improving the regulatory framework for virtual asset activities, maintaining financial stability, and promoting financial innovation. The relevant content is as follows:
- Licensing Requirements: Any person who issues fiat stablecoins in Hong Kong during business operations, or issues fiat stablecoins claiming to be pegged to the value of the Hong Kong dollar in Hong Kong or elsewhere, must apply for a license from the Financial Commissioner. License holders must be companies established in Hong Kong or recognized institutions incorporated outside of Hong Kong, with a paid-up capital of no less than HKD 25 million, although banks applying as "recognized institutions" may be exempt from this requirement.
- Reserve Asset Management: Each type of stablecoin must have an independent reserve asset portfolio, and its market value must be no less than the face value of the stablecoins that have not been redeemed and are still in circulation. The reserve assets must be held in line with the assets to which the stablecoin is pegged. The reserve assets must be of high quality and high liquidity, with minimal investment risk. License holders must also fully and timely disclose information about reserve asset management policies, risk assessments and management, composition and market value of reserve assets, etc.
- Sales and Advertising Restrictions: Only designated licensed institutions are allowed to sell fiat stablecoins in Hong Kong, and only fiat stablecoins issued by licensed issuers may be sold to retail investors. To prevent fraud, only advertisements related to licensed fiat stablecoin issuance will be permitted.
- Other Requirements: Licensed stablecoin issuers must strictly prohibit providing services to restricted jurisdictions and must implement technical control measures to actively detect and prevent customers from using tools like VPNs to disguise their geographical location through analyzing network protocols, device configurations, and comparing IP addresses.
Violations of the new regulations can result in a maximum sentence of 7 years in prison and a fine of HKD 5 million. Before the regulations took effect, the Hong Kong Monetary Authority had received stablecoin license applications from over 50 institutions, and it is expected that the first batch of licenses will be only in single digits by the end of 2025.
- Licensing Requirements: Any person who issues fiat stablecoins in Hong Kong during business operations, or issues fiat stablecoins claiming to be pegged to the value of the Hong Kong dollar in Hong Kong or elsewhere, must apply for a license from the Financial Commissioner. License holders must be companies established in Hong Kong or recognized institutions incorporated outside of Hong Kong, with a paid-up capital of no less than HKD 25 million, although banks applying as "recognized institutions" may be exempt from this requirement.
- Reserve Asset Management: Each type of stablecoin must have an independent reserve asset portfolio, and its market value must be no less than the face value of the stablecoins that have not been redeemed and are still in circulation. The reserve assets must be held in line with the assets to which the stablecoin is pegged. The reserve assets must be of high quality and high liquidity, with minimal investment risk. License holders must also fully and timely disclose information about reserve asset management policies, risk assessments and management, composition and market value of reserve assets, etc.
- Sales and Advertising Restrictions: Only designated licensed institutions are allowed to sell fiat stablecoins in Hong Kong, and only fiat stablecoins issued by licensed issuers may be sold to retail investors. To prevent fraud, only advertisements related to licensed fiat stablecoin issuance will be permitted.
- Other Requirements: Licensed stablecoin issuers must strictly prohibit providing services to restricted jurisdictions and must implement technical control measures to actively detect and prevent customers from using tools like VPNs to disguise their geographical location through analyzing network protocols, device configurations, and comparing IP addresses.
Violations of the new regulations can result in a maximum sentence of 7 years in prison and a fine of HKD 5 million. Before the regulations took effect, the Hong Kong Monetary Authority had received stablecoin license applications from over 50 institutions, and it is expected that the first batch of licenses will be only in single digits by the end of 2025.
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