香港金管局实施稳定币发行人监管制度

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has announced a regulatory framework for stablecoin issuers, effective from August 1, 2025, which includes guidelines for licensing, anti-money laundering, and operational procedures [1][2]. Group 1: Regulatory Guidelines - The regulatory guidelines require stablecoin issuers to establish policies for reserve asset management, issuance, redemption, distribution, and customer onboarding [1]. - Issuers must implement robust risk management policies and maintain sufficient financial resources to meet their obligations [1]. Group 2: Licensing Requirements - The licensing framework specifies that applicants must have a minimum paid-up capital of HKD 25 million or equivalent approved financial resources [2]. - Financial resources used to meet the requirements must be dedicated solely to business activities and not for transactions related to associated parties [2]. Group 3: Application Process - The application process includes preliminary consultations, submission of applications, and approval procedures, with a recommendation for interested parties to contact HKMA by August 31, 2025 [2]. - Institutions wishing to apply for a license should submit their applications by September 30, 2025, if they feel prepared [2]. Group 4: Public Communication and Warnings - The HKMA advises market participants to communicate cautiously to avoid misleading claims about licensing status [3]. - As of July 29, no licenses have been issued, and the public is warned to be vigilant regarding unlicensed stablecoin issuers [3].