一文看懂稳定币发行人监管制度文件

Regulatory Framework - The Hong Kong Monetary Authority (HKMA) released four key documents regarding the regulatory framework for stablecoin issuers, effective from August 1, 2025[5][6] - The documents include guidelines on licensed stablecoin issuers, anti-money laundering (AML) measures, licensing procedures, and transitional provisions for existing issuers[6][11] Licensing and Transitional Arrangements - A six-month transitional period is provided for existing fiat stablecoin issuers to continue operations while applying for a license[11] - Issuers must submit a license application and receive written confirmation from the Financial Commissioner to operate during the transitional period[11] - If they fail to meet the requirements, they must cease operations by December 31[11] Industry Feedback and Support - The consultation process for the guidelines received 28 responses, with most participants supporting the proposed regulations to manage risks associated with stablecoin issuance[6][7] - The AML guidelines received 38 responses, highlighting the need for a robust legal and regulatory framework to combat inherent risks in the stablecoin industry[7] Asset Management and Risk Control - HKMA has established strict requirements for reserve asset management, including types, proportions, liquidity, and custody to ensure stablecoin value support[13] - Issuers are required to implement comprehensive risk management mechanisms to address market, credit, and operational risks[15] Governance and Compliance - Detailed regulations are set for corporate governance, including organizational structure, decision-making processes, and internal supervision to ensure transparent operations[15] - Issuers must establish effective customer identification, transaction monitoring, and reporting mechanisms to prevent money laundering and terrorist financing[15]