Core Viewpoint - The Hong Kong Monetary Authority (HKMA) will implement the Stablecoin Regulation on August 1, with a licensing process that is ongoing and requires interested institutions to apply by September 30, 2025. The emphasis is on preventing speculation, and no licenses have been issued yet [1][7]. Group 1: Licensing Process - The licensing framework includes four key documents: guidelines for licensed stablecoin issuers, anti-money laundering guidelines, a summary of the licensing system and application procedures, and transitional provisions for existing stablecoin issuers [2]. - The first batch of license applications must be submitted by September 30, 2025, with the first licenses expected to be announced in early 2026. However, this date is not a final cutoff, as institutions can still apply later [7]. Group 2: Qualification Requirements - Applicants must be registered corporations in Hong Kong with a minimum paid-up capital of HKD 25 million or equivalent currency. They must also ensure that reserve assets fully back the stablecoins issued [8][9]. - The reserve assets must include high liquidity assets such as cash, short-term bank deposits, and government bonds, with prior approval required for using other currencies as reserves [9]. Group 3: Compliance and Reporting - Issuers are required to establish a redemption mechanism for real-time payments and must comply with anti-money laundering regulations, including ongoing monitoring of customer transactions [10]. - Information disclosure mandates include monthly financial reports and weekly asset reports to the HKMA, along with external audits to verify compliance [10]. Group 4: Market Expectations - The initial issuance of licenses is expected to be limited to a single-digit number, reflecting a cautious approach by the HKMA due to the risks associated with stablecoins [11]. - Major companies like Ant Group and JD Group are seen as strong candidates for obtaining licenses, with a focus on real-world applications such as cross-border payments [12][13]. Group 5: Industry Implications - The implementation of the Stablecoin Regulation is viewed as a significant step towards the integration of stablecoins into the traditional financial system, potentially transforming cross-border payments and asset allocation [14]. - The presence of licensed platforms is expected to reduce risks associated with virtual assets, and holding core licenses may provide competitive advantages for leading companies in the sector [14][15].
香港稳定币牌照申请细则落地 门槛直追银行？券商详解四大核心要点
智通财经网·2025-07-30 13:33