$ENA 🚨 Hong Kong's "Stablecoin Regulation" takes effect on August 1! Comments in the crypto circle are blinding! Which idiot in Hong Kong formulated this regulation?

📜 Key Points:

• Issuing/providing stablecoins requires a license from the Hong Kong Monetary Authority; the first round of applications ends on September 30, with licenses issued in early 2026.

• Capital Requirement: Minimum HKD 25 million in paid-in capital.

• Reserve Mechanism: 100% backed by highly liquid assets, re-mortgaging is prohibited.

• Redemption: Payable at face value within 1 day.

• KYC Real Name System: User identity must be archived for over 5 years; anonymous wallets and DeFi interactions are prohibited.

• Unlicensed stablecoins are banned from promotion; violators may face fines and criminal penalties.

🔥 Controversial Focus:

• The real-name system + DeFi closure has been criticized as “Web 2.5,” deviating from the permissionless spirit of Web 3.

• Geographic Restrictions: IP/GPS tracking, VPN detection; services are prohibited in restricted areas, global user access is limited.

• High barriers push out small and medium projects, beneficial for banks/giants, potentially losing Hong Kong's free attractiveness in the Web 3 ecosystem.

🌍 International Comparison:

• United States: SEC Project Crypto promotes “innovation exemptions,” encouraging on-chain modernization.

• EU MiCA: Low transaction exemptions allow anonymous wallets.

• Singapore DTSP: Layered sandbox, welcoming DeFi exploration.

🤔 Impact:

• Some OTC stores have suspended operations, with divergent interpretations in the industry.

• Web 3 community worries: Hong Kong is shifting from “barbaric growth” to “orderly restructuring,” limiting innovation space.

• Long-term challenge: How to balance compliance and openness?

💡 Reflection: Stablecoins serve as a bridge between on-chain and off-chain; excessive regulation may cause Hong Kong to miss the global digital finance opportunity. Whether it can loosen restrictions in the future is worth paying attention to!

⚠️ Risk Warning: The content is for information sharing only and does not constitute investment advice. Comply with local laws and stay away from illegal financial activities.

#HongKong #Stablecoin #Web3 #Blockchain #监管制度