香港《稳定币条例》8月1日生效，牌照“争夺战”即将开启

Core Viewpoint - The Hong Kong government has announced the implementation of the "Stablecoin Regulation" effective August 1, 2025, establishing a comprehensive regulatory framework for fiat-backed stablecoins, marking a significant milestone for the sustainable development of Hong Kong's stablecoin and digital asset ecosystem [1][10]. Regulatory Framework - The regulation requires anyone issuing fiat-backed stablecoins or stablecoins pegged to the Hong Kong dollar in Hong Kong to obtain a license from the Hong Kong Monetary Authority (HKMA), with only licensed entities permitted to sell stablecoins to retail investors [1][2]. - The initial phase will see only a limited number of licenses granted, with high entry barriers akin to banking qualifications, focusing on applicants' business plans, reserve management capabilities, compliance systems, and technical security [2][3]. Capital and Financial Requirements - Licensed entities must be registered companies in Hong Kong or recognized institutions abroad, with a minimum paid-up capital of HKD 25 million (approximately USD 3.2 million), unless they are banks or recognized institutions [2][3]. - Stablecoins must be backed by high-quality, highly liquid assets, with reserves strictly corresponding to the pegged currency, such as holding Hong Kong dollars in cash or short-term bonds for HKD-pegged stablecoins [2][3]. Compliance and Operational Standards - The regulation mandates that reserve asset pools must be isolated from other reserves held by the licensed entity and subject to independent third-party audits to ensure user fund safety [3][4]. - Key management personnel must reside in Hong Kong, and licensed entities must establish anti-money laundering (AML) and counter-financing of terrorism (CFT) systems compliant with local regulations [3][4]. Licensing Scope - The regulation extends beyond direct issuance of stablecoins; it also requires licenses for issuing fiat-backed stablecoins outside Hong Kong and actively promoting related business to the Hong Kong public [3][4]. - The definition of "active promotion" is flexible, considering factors such as the language used in promotional materials and the target audience [3][4]. Market Dynamics - The HKMA's sandbox program has already seen participation from several entities, including JD.com and Standard Chartered, which are testing stablecoin issuance processes [5][6]. - Despite the competitive landscape, entry into the sandbox does not guarantee future licensing, as all applications will be evaluated against strict standards [6]. Strategic Implications - The regulation is expected to enhance Hong Kong's financial regulatory alignment with international standards, attracting compliant global virtual asset firms and talent, thereby strengthening its position as an innovative financial hub [10][11]. - The growth of stablecoins, which have seen a 45-fold increase in scale over the past six years, positions them as a mainstream payment and settlement option, with significant implications for cross-border payments and the internationalization of the Renminbi [10][11].