#香港稳定币新规 #香港稳定币新规 2025 On August 1, 2025, the Hong Kong "Stablecoin Regulation" officially came into effect, marking the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This historic move makes Hong Kong 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 issuing stablecoins pegged to the value of the Hong Kong dollar outside the region 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 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 license applications by November 1, or enter a winding-up period. 01 Why does Hong Kong need to issue stablecoins? Seizing new heights in digital finance The breakthrough in stablecoin regulation in Hong Kong involves three strategic considerations. Strengthening the status of an international financial center. In the context of financial centers like New York, London, and Singapore competing to establish a foothold in digital assets, Hong Kong is seizing the power to set rules through "legislative foresight" to attract international institutions like Circle and Tether to set up their Asia-Pacific headquarters.