Analysis of New Market Regulations #香港稳定币新规

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

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

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

• Expected cleanup of 30% 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

• Hope to establish regulatory standards for stablecoins in the Asia-Pacific region

Future Development Prospects

• Q1 2026 expected to attract several traditional banks to issue Hong Kong dollar stablecoins

• Will promote the healthy development of Hong Kong's virtual asset ecosystem

• Compliant stablecoins may present a 1-3% premium opportunity

• Clarity in regulation helps attract institutional investors to the market