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

On August 1, 2025, Hong Kong's "Stablecoin Ordinance" officially takes 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 of stablecoins, injecting unprecedented institutional certainty into the tumultuous digital asset market. According to the new regulations, any entity issuing fiat-backed stablecoins in Hong Kong or stablecoins pegged to the Hong Kong dollar issued 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 liquidity assets and independently custodied with 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 the new heights of 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 lay out digital assets, Hong Kong is seizing the initiative in rule-making through "legislative foresight," attracting international institutions like Circle and Tether to establish their Asia-Pacific headquarters.