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香港稳定币没戏了?
Hu Xiu·2025-08-08 12:49

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong is expected to revolutionize digital currency, but the stringent licensing requirements have dampened market sentiment and limited the number of approved issuers to a few local financial institutions and banks, delaying the issuance of licenses until early 2026 [1][2][6]. Regulatory Environment - The Hong Kong regulatory framework for stablecoins emphasizes strict compliance and security, prioritizing the prevention of financial crimes such as money laundering and ensuring that issuers can identify users and track transactions [2][3][4]. - Non-local companies, including mainland enterprises, can apply for stablecoin licenses, but they must comply with both Hong Kong and mainland regulations, particularly regarding data security [2][3]. Market Implications - The high barriers to entry for internet giants like JD.com and Ant Group create a "high wall" that favors traditional financial institutions with established compliance capabilities, making it difficult for innovative platforms to participate [4][6]. - The stringent requirements for stablecoin issuance, including high reserve requirements and user identification protocols, position Hong Kong's stablecoin as a regulated digital currency rather than a decentralized cryptocurrency [4][5]. Strategic Objectives - Hong Kong's move to introduce stablecoins is seen as a defensive strategy to mitigate the dominance of the US dollar in global finance while also seeking to enhance its own position in the future monetary system [6][7]. - The regulatory approach aims to balance financial stability and innovation, although it may limit user privacy and flexibility, making it challenging for Hong Kong stablecoins to compete with established dollar-pegged stablecoins like USDT [6][7].