#香港稳定币新规 #香港稳定币新规

On August 1, 2025, Hong Kong's "Stablecoin Regulation" officially came into effect, marking the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This historic initiative makes Hong Kong the first jurisdiction to implement penetrating regulation on stablecoins, injecting unprecedented institutional certainty into the turbulent digital asset market. According to the new regulations, any entity issuing fiat-backed stablecoins in Hong Kong, or any institution issuing stablecoins pegged to the Hong Kong dollar overseas, must apply for a license from the Hong Kong Monetary Authority. Non-bank institutions must meet a high threshold of 25 million HKD in paid-up capital, and their reserve assets must be 100% high liquidity assets and independently custodied with licensed banks. Holders have the unconditional right to redeem fiat at face value, and issuers must process redemption requests within one working day. Existing stablecoin issuers must submit their license applications by November 1, or they will enter a winding-up period. 01 Why does Hong Kong need to issue stablecoins? Seizing a new high ground in digital finance. The breakthrough in stablecoin regulation in Hong Kong is underpinned by three strategic considerations. Consolidating its position as an international financial center. In the context of financial centers like New York, London, and Singapore competing to establish their presence in digital assets, Hong Kong aims to seize the power of rule-making through "legislative precedence" and attract international institutions like Circle and Tether to set up their Asia-Pacific headquarters.