香港稳定币牌照申请窗口开启 发钞行有望抢占先机

Core Points - The Hong Kong Stablecoin Regulation officially came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) releasing guidelines for licensed stablecoin issuers [1][2] - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin issuer licenses [1][2] - The initial phase will likely see only a few licenses granted, possibly just 2 to 3, as the HKMA aims to be cautious in its approach [2][3] Group 1: Regulatory Framework - The guidelines set clear application thresholds for issuers, including financial conditions, personnel qualifications, reserve assets, and custody redemption requirements [1][2] - Existing stablecoin issuers must apply for licenses within a three-month transition period, or they will enter a winding-up phase by November 1, 2025 [3] Group 2: Market Participants - Various entities, including state-owned banks, sandbox testing companies, and large internet firms, are eager to apply for stablecoin licenses [4] - The three major note-issuing banks in Hong Kong are crucial players in the stablecoin market, as they are responsible for issuing currency backed by U.S. dollar reserves [2][4] Group 3: Application Scenarios - The application scenarios for stablecoins are critical for license approval, with potential uses including digital asset trading, cross-border payments in global trade, and traditional asset tokenization [4] - Different regions may have varying applications for stablecoins, with Western markets focusing more on financial applications [4] Group 4: Securities Firms' Involvement - 44 financial institutions have upgraded to the first type of securities trading license, with an increase of 3 since the end of June [6] - Securities firms are expected to focus on virtual asset trading, financing, and consulting services related to stablecoins [5][6] Group 5: Future Developments - There is anticipation for the emergence of offshore RMB-backed stablecoins, with recent initiatives like the launch of tokenized funds exploring this possibility [8]