#香港稳定币新规 Market New Regulations Analysis

• Asia's first stablecoin licensing system officially implemented on August 1

• Requirement: 1:1 fiat reserves and acceptance of third-party audits

• Transition period until January 31, 2026, temporary license applications are now open

• Expected to clean up 30% of non-compliant anchored assets

Regulatory Impact Assessment

• Increase market transparency and compliance of stablecoins

• Create competitive advantages for compliant issuers

• Some stablecoins may exit the Hong Kong market during the transition period

• Expected to establish stablecoin regulatory standards in the Asia-Pacific region