香港《稳定币条例》8月起生效 业内解读：什么情况下需要申请牌照？普通投资者是否有参与机会？

Core Viewpoint - The Hong Kong Special Administrative Region's "Stablecoin Regulation" will take effect on August 1, 2025, establishing a licensing system for stablecoin activities, which is seen as a milestone for the sustainable development of Hong Kong's stablecoin and digital asset ecosystem [1][2]. Licensing Requirements - The regulation mandates that any entity issuing fiat-backed stablecoins in Hong Kong or claiming to issue such stablecoins must apply for a license from the Financial Management Commissioner [2][3]. - Entities must not engage in regulated stablecoin activities without a license, which includes issuing specified stablecoins or promoting activities that would constitute regulated activities if conducted in Hong Kong [2][4]. Regulatory Framework - The regulation sets a minimum paid-up capital requirement of HKD 25 million for non-bank entities seeking a license, which may pose a barrier for smaller players [6][8]. - Licensed entities must maintain separate reserve asset portfolios for each type of stablecoin, ensuring that the market value of these reserves is at least equal to the face value of the outstanding stablecoins [7][8]. Impact on Market Participants - The high entry barriers may lead smaller companies to pivot towards providing compliance technology or operational support to licensed entities rather than issuing stablecoins themselves [8]. - Mainland Chinese companies may seek to establish subsidiaries in Hong Kong to apply for stablecoin licenses, as participation in virtual currency activities is heavily restricted in mainland China [11][12]. Timeline of Regulation Development - The timeline includes key milestones such as the release of discussion papers and consultation summaries by the Hong Kong Monetary Authority (HKMA) and the Treasury, culminating in the announcement of the regulation's effective date [10].