Hong Kong's stablecoin regulation makes a major breakthrough! Global companies are rushing in by the end of the year, and these three points are crucial
Core policy hits the nail on the head
This time, Hong Kong's legislation directly targets "stablecoins pegged to fiat currencies". In simple terms, it means that issuers must back their coins with real money (bank reserves) to ensure they can be exchanged at any time. Those stablecoins relying on gold or algorithms for support are temporarily safe, but the Monetary Authority has a powerful move — as long as they perceive a high risk, they can expand the scope of regulation at any time. This operation is definitely ruthless!
Licensing thresholds are jaw-dropping
Want to issue coins in Hong Kong? First, submit three letters of intent: 1. The company must be registered in Hong Kong or be an overseas licensed bank; 2. Paid-in capital must be at least 25 million Hong Kong dollars; 3. Reserve assets must cover 100% of the circulation, and they must regularly disclose their accounts. But compared to the U.S., which is still quarreling over the "GENIUS Act", Hong Kong has directly thrown out a practical manual — Standard Chartered, JD.com, and five other major players have already been testing in the sandbox for six months, just waiting for the license to be issued by the end of the year to start!
International players celebrate together
The most ruthless point is this: even if you issue Hong Kong dollar stablecoins overseas, you still need to obtain a Hong Kong license! This move directly turns Hong Kong into the "global stablecoin court". Look at how Abu Dhabi just gave the green light to Bitcoin Suisse, and institutions there immediately leverage Hong Kong's policy to tap into the Middle Eastern market; this opportunistic move deserves full marks!
The industry’s covert battle has already begun
JD.com's JD-HKD has long been on standby in the arsenal, and Round Coin Technology's HKDR is preparing for its debut on HashKey Exchange. The most aggressive is Standard Chartered, which has directly partnered with Hong Kong Telecom to set up a joint venture, aiming for the top position in the Hong Kong dollar stablecoin market. The Monetary Authority is also looking to implement "regulatory recognition"; in the future, there may be mutual recognition of licenses with the U.S. and Singapore — holding a Hong Kong license could mean global access!
Future scenarios are wide open
After this policy takes effect, stablecoins will be deeply tied to tokenized deposits and cross-border payments. Imagine this: using stablecoins to pay off mortgages instantly, investing in funds to earn interest, and even buying land and building houses in the metaverse. Hong Kong is gearing up to create a global digital asset hub; traditional financial giants and tech newcomers are already scrambling to enter the scene, and this grand play has just begun!
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