Core Viewpoint - Hong Kong has established a clear regulatory framework for stablecoins, requiring issuers to meet multiple criteria related to capital, asset management, and redemption mechanisms [1][2]. Regulatory Requirements - Capital Requirement: Issuers must have a minimum capital of HKD 25 million to ensure sufficient financial strength to operate and manage market risks [2]. - Asset Management: Funds collected in fiat currency must be invested in highly liquid, low-risk assets to ensure the stablecoin's value is reliably supported [2]. - Redemption Mechanism: Issuers are required to establish clear and executable redemption arrangements, allowing holders to exchange their stablecoins for fiat currency on a one-to-one basis in a short time [2]. Compliance and Auditing - Issuers must provide compliance proof through independent audits, with firms like Deloitte expected to issue audit reports verifying that the assets held are indeed low-risk and that asset allocation aligns with public disclosures [2]. Industry Impact - The robust regulatory framework in Hong Kong not only safeguards investor interests but also lays a solid foundation for the development of stablecoins and the Web3 industry, potentially attracting more international institutions to issue or use stablecoins in the region [2].
吕志宏：香港稳定币监管框架清晰 发行人须满足资本、资产及赎回等多项要求
Zhi Tong Cai Jing·2025-11-21 03:24