#香港稳定币新规 #香港稳定币新规 #香港稳定币新规

On August 1, 2025, Hong Kong's "Stablecoin Ordinance" 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 in-depth regulation of stablecoins, injecting unprecedented institutional certainty into the turbulent digital asset market. According to the new regulations, any institution issuing fiat-backed stablecoins in Hong Kong or issuing stablecoins pegged to the value of 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 HKD 25 million in paid-up capital, and reserve assets must be 100% high-liquid assets and independently custodial with a licensed bank. Holders enjoy an unconditional right to redeem fiat currency 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? Seize the new heights of digital finance. Hong Kong's breakthrough in stablecoin regulation is underpinned by three strategic considerations. Consolidate its position as an international financial center. Amid the competition among financial centers like New York, London, and Singapore to layout digital assets, Hong Kong is seizing rule-making discourse power through "legislative preemption" to attract international institutions like Circle and Tether to establish their Asia-Pacific headquarters.