《稳定币条例》今起生效！暂未发任何牌照，香港金管局预警概念化、泡沫化风险

Core Viewpoint - The new stablecoin regulations in Hong Kong have officially come into effect, requiring issuers to obtain a license from the Financial Management Commissioner for any fiat-backed stablecoin issuance [1] Group 1: Regulatory Framework - The Hong Kong Monetary Authority (HKMA) has released multiple documents outlining requirements for stablecoin issuers, including financial conditions, qualifications, and reserve assets [3] - The documents specify that applicants for stablecoin licenses must be registered corporations in Hong Kong with a minimum paid-up capital of 25 million HKD [3] - Reserve assets for licensed stablecoin issuers must be of high quality and liquidity, with minimal investment risk, and must be able to meet redemption requests within one business day [3] Group 2: Reserve Asset Requirements - The reserve asset composition must have a market value equal to or greater than the total face value of the stablecoins in circulation [3] - Licensed issuers are required to over-collateralize their reserve assets to manage market volatility and must appoint qualified custodians for asset management [3] Group 3: Currency Pegging and Custodianship - Issuers can choose to peg their stablecoins to a single fiat currency or a basket of currencies, with the option to apply for additional pegged currencies [4] - Potential issuers have indicated interest in pegging to freely convertible currencies such as the Hong Kong Dollar and the US Dollar [5] - Licensed institutions are encouraged to use Hong Kong licensed banks as custodians for reserve assets, although offshore banks can be used if they meet equivalent asset protection standards [5] Group 4: Market Sentiment and Caution - The HKMA has cautioned about the risks of concept bubble formation in the stablecoin market, urging the public to remain cautious of overly exuberant market sentiments [6] - Initial licensing will be limited, and even licensed companies may face uncertainties regarding short-term profitability [6] - The HKMA emphasizes the need for a cooling effect on the market, as discussed by its president in a recent article [6]