Group 1: Core Insights - The Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, allowing for license applications, which is significant for the development of stablecoins and the internationalization of the Renminbi [1][5] - The emergence of stablecoins is driven by technology, but regulation is essential; China aims to establish a regulatory framework before allowing stablecoin development, contrasting with the "develop first, regulate later" approach seen in the U.S. [2][3] - Hong Kong's stablecoin is expected to serve the real economy, particularly in cross-border trade settlements and the digitization of real-world assets (RWA) [1][6] Group 2: Regulatory Framework and Development Path - The regulatory framework for stablecoins in Hong Kong is seen as a necessary step to ensure the stability and security of the financial system, with a focus on gradual implementation [3][5] - The development of stablecoins should be approached in phases, starting with Hong Kong, then expanding to free trade zones, and eventually considering broader applications [4][5] - The initial focus will be on using Renminbi stablecoins, with strict limitations on foreign currency stablecoins to protect monetary sovereignty [5][9] Group 3: Application Scenarios - The primary application for Hong Kong stablecoins will be in cross-border trade settlements, leveraging Hong Kong's role as a major trade hub [6][7] - There is potential for stablecoins to facilitate the digitization of assets, with successful examples already emerging, such as Ant Group's issuance of a digital product backed by real-world assets [6][7] - Other potential applications include digital financial products that are already established in Hong Kong, which can enhance trading efficiency and lower investment barriers [7][8] Group 4: Role of Hong Kong in Renminbi Internationalization - Hong Kong plays a crucial role in the internationalization of the Renminbi, with a significant offshore Renminbi funding pool of approximately 1 trillion yuan, accounting for about two-thirds of the global offshore Renminbi market [10][11] - The city is expected to continue being the primary platform for offshore Renminbi transactions, providing a conducive environment for international capital to enter the market [10][11] - The internationalization of the Renminbi is primarily driven by cross-border trade settlements, with a need for more Renminbi-denominated financial products in the offshore market [11][12]
专访香港国际金融学会会长宋敏：“制度先行”有助于香港探路稳定币发展路径 应锚定跨境贸易等实体经济“主战场”
Mei Ri Jing Ji Xin Wen·2025-07-30 15:07