余伟文：稳定币发行人牌照门槛较高 料初期仅批出少量牌照

Group 1: Stablecoin Regulation in Hong Kong - The "Stablecoin Regulation" in Hong Kong will take effect on August 1, with strict standards for issuers and high entry barriers, resulting in only a few institutions likely to receive licenses initially [1] - Licensed stablecoins must correspond to specific uses, particularly related to trade, especially cross-border trade, and Web 3.0 applications [1] - The Hong Kong Monetary Authority's (HKMA) stablecoin sandbox program is experimental, allowing industry participants to test application scenarios and share experiences, but does not guarantee licensing [1] - The regulation provides a comprehensive framework for issuers, ensuring that similar risks receive the same regulatory treatment, promoting healthy and sustainable industry development [1] Group 2: Cross-Border Wealth Management - Initially, only about 1.5% of southbound funds were directed towards fund products under the cross-border wealth management scheme, but this has increased to 40% as mechanisms improve and investor understanding grows [1] - The HKMA is actively promoting the cross-border wealth management 3.0 initiative to further enhance the sales process, with the current scheme being experimental within the Greater Bay Area [1] Group 3: Hong Kong Monetary Policy and Market Conditions - Low Hong Kong dollar interest rates are seen as beneficial, with continuous capital inflow since May, supported by a strong stock market and a vibrant new stock market [2] - The interest rate spread between the Hong Kong dollar and the US dollar has widened to 3-4%, potentially leading the HKMA to intervene if the situation persists post half-year settlement [2] - Hong Kong's strong foreign exchange reserves and high liquidity are viewed as buffers against current market conditions, with opportunities arising from international investors seeking diversified asset allocation [2]