#创作者任务台 #Hong Kong Stablecoin New Regulations

On August 1, 2025, Hong Kong's "Stablecoin Ordinance" officially comes into effect, marking the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This historic initiative positions Hong Kong as the first jurisdiction to implement in-depth regulation on stablecoins, injecting unprecedented regulatory 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 abroad, must apply for a license from the Hong Kong Monetary Authority. Non-bank institutions must meet a high threshold of HKD 25 million in paid-up capital, and reserve assets must be 100% high liquidity assets held independently at a licensed bank. 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 new heights in digital finance. Hong Kong's breakthrough in stablecoin regulation 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 initiative in rule-making through "legislative precedence" and attract international institutions like Circle and Tether to establish their Asia-Pacific headquarters.