#稳定币监管风暴 Haha, do comrades in the crypto world feel that a typhoon is about to land? Don’t panic! This time it's not a nuclear-level strike like the '94 ban' (the classic scene of halting ICOs in 2017), but more like putting reins on a wild horse—preventing it from running amok, but allowing you to race! Now, let’s discuss the implications using a historical script:

🎭 1. Historical Reenactment? No, this time it’s 'Compliance Evolution Theory'

• 2017 '94 Ban' on-site review:

When the policy was released back then, BTC instantly plummeted, exchanges collectively 'sought survival abroad,' and investors cried beside the mining machines 💔. The core logic is: one-size-fits-all, risk prevention.

• 2024 Hong Kong 'stablecoin registration':

This time the style has changed dramatically! Hong Kong is implementing a 'licensed operation,' requiring issuers to meet:

✅ 25 million HKD registered capital (don't play if you don't have some backup);

✅ 1:1 reserve assets (don’t think you can get something for nothing);

✅ Unconditional redemption rights (to prevent a repeat of the UST disaster).

Translated into plain language: issuing stablecoins used to be like setting up a street stall; when the city management arrived, you would run; now the government gives you a business license but requires you to operate as a legitimate store!

💼 2. The 'sour experience' for crypto veterans

1. Wild Stablecoins: 'Retreat, retreat, retreat!'

Those air stablecoins that rely on 'magic after four decimal points' to hold the scene (I’m talking about you, some U that Agricultural Bank accepts), either quickly replenish their capital or roll up and run. Historical reference: The LUNA collapse in 2022 was due to lack of reserves + algorithmic failure; this time Hong Kong directly seals the door [1].

2. Exchanges go from easy profits to headaches:

In the past, listing tokens on exchanges was like selling cabbage in a market; now, wanting to list a HKD stablecoin? First, check the issuer's license! Huobi and OKX's Hong Kong branches are probably working overnight to revise their KYC pages, thinking to themselves: 'Compliance is good, but I can’t keep my hair' 😂.

3. Cross-border payment euphoria: the internationalization of RMB 'curved rescue of the country'

In the past, foreign trade bosses used USDT to settle like they were doing underground transactions; now HKD stablecoins can walk through Hong Kong banks openly, and the fees might be 10 times lower than SWIFT! For example 🌰: A factory in Dongguan sells phone cases to foreigners, instantly receiving HKD stablecoins → instantly exchanging for RMB, no longer worrying about middlemen taking a cut on exchange rates.

4. Chives Sense of Security +1:

The bill requires issuers to disclose reserve asset details (e.g., whether the money is in HSBC or Standard Chartered), finally eliminating the need to rely on 'the boss swearing on Twitter' to trust the stablecoin! This is analogous to the FTX disaster in 2023: if this rule had been in place earlier, SBF's '100% margin' bluff wouldn’t have lasted.

🌏 3. Hong Kong's 'little trick': passing notes to the mainland

Hong Kong’s recent actions are essentially setting an example for the mainland:

- Pilot 'regulatory sandbox': companies first test stablecoin technology in Hong Kong, and once mature, they will be introduced to the mainland (for example, digital RMB 2.0 paired with stablecoins for cross-border).

- The internationalization of RMB is a great boost: if the HKD stablecoin can facilitate global payments, in the future, digital RMB could take on the 'stablecoin disguise' to go abroad, wouldn’t that be great?

🚀 4. Future Script Predictions: The 'Hong Kong Style Era' of the crypto world begins

• Short-term pain: the exit of small institutions may trigger a stablecoin sell-off (refer to Japan's 2017 issuance of exchange licenses, where 50% of platforms shut down);

• Long-term benefits: compliant stablecoins transform into 'crypto Alipay,' attracting traditional big players to enter (for example, Li Ka-shing's fund buying HKD stablecoin wealth management?).

• Mysterious Easter egg: Macau is likely to copy the homework! After all, using stablecoins for settlement in casinos is much more convenient than cash... (those who understand know) 🎲.

💎 Summary Statement

August 1st is not doomsday, but the opening of the 'suit-and-tie' party in the crypto world! Wild players are trembling in fear, while the regular army watches the storm with a smile. Remember the historical law: every time strong regulations are implemented, there's short-term bloodshed, but long-term benefits for the leaders (see how Bitcoin soared 100 times after surviving '94 🌝).

Friendly reminder: stock up on compliant stablecoins, uninstall leverage software, and grab a small stool to watch the show—this time, we might witness the 'Lehman moment' turning into the 'Goldman Sachs entry moment'!

📌 Knowledge point cold humor:

One of the most interesting points of the Hong Kong bill—stablecoins cannot have 'HKD' or 'RMB' in their names (to avoid confusion with real currency), suggesting issuers consider renaming (Boss really didn’t run away with the coin) 😂.

Historical references strike back: after the policy is implemented, the daily quotes of crypto people are updated →

In the past: 'Boss, the coin withdrawal hasn't arrived?'

In the future: 'Lawyer, can I sue if this stablecoin redemption is overdue?' ⚖️

Stay steady, we can win! (At least our wallets can survive now 👛)

Source: Hong Kong (Stablecoin Regulation Draft) Regulatory Framework Analysis | Historical Case References: Japan's Exchange License System (2017), LUNA Collapse (2022), FTX Disaster (2023).