香港稳定币条例今生效 牌照“邀请制”非官方说法

Core Viewpoint - The Hong Kong Stablecoin Regulation officially came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) expected to issue the first phase of licenses in early 2026, although no licenses have been issued yet [1][6]. Licensing Process - The HKMA has indicated that the initial phase will only grant a single-digit number of licenses, which has been interpreted by the market as an "invitation system," although HKMA officials clarified that this term is not an official description [1][2]. - Institutions interested in applying for licenses are encouraged to communicate with the HKMA by August 31, 2025, to understand regulatory expectations and receive feedback [2]. Transition Arrangements - A six-month transition period has been established from August 1, 2025, to January 31, 2026, for existing stablecoin issuers to comply with the new regulations [4]. - Existing issuers have two options: actively apply for a formal license or enter a winding-up period. If they fail to apply successfully within three months post-regulation, they must orderly cease operations within four months [4]. Temporary Licenses - The HKMA will grant "temporary licenses" to qualified existing issuers during the first six months post-regulation, allowing them to continue operations until the temporary licenses expire or a final decision is made [4]. Market Sentiment - The timeline for issuing licenses has been perceived as slower than expected, with the HKMA acknowledging that the licensing process is complex and subject to various factors, including the completeness of application documents and maturity of use cases [6]. - Some institutions have received regulatory guidance to reduce stablecoin issuance, aligning with the HKMA's recent stance on "cooling down" the stablecoin market [6].