Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, 2023, establishing a framework for stablecoin issuance and usage, aiming to ensure sufficient reserves and mitigate systemic financial risks [1][4]. Group 1: Regulation and Compliance - The core of the Stablecoin Regulation is to ensure that issuers maintain sufficient, transparent, and secure underlying asset reserves to prevent systemic financial risks and protect investors [4][5]. - Issuers are required to have adequate reserves on a 1:1 basis, and only a limited number of institutions will be able to obtain the necessary licenses, indicating high entry barriers in this sector [5][6]. Group 2: Market Dynamics and Opportunities - The cryptocurrency trading volume at Victory Securities is projected to exceed 10 billion HKD from April 1, 2024, to March 31, 2025, positioning it as the leading virtual asset broker in Hong Kong [1]. - Stablecoins are viewed as having significant growth potential, with the possibility of substantial market expansion in the long term, despite current market overheating and speculative activities [4][5]. Group 3: Strategic Positioning of Hong Kong - Hong Kong aims to establish itself as an "on-chain trading hub," facilitating controlled experimentation with stablecoins while enhancing the internationalization of the Renminbi [7][9]. - The region's advantages include a strong backing of quality assets and a robust financial infrastructure, which will support its dual mission of promoting Renminbi internationalization and attracting investments into potential Renminbi assets [9].
21专访｜胜利证券陈辰：香港是稳定币发展的“政策缓冲区”