四问四答：香港地区稳定币发行监管细则落地，有哪些关注点？

Investment Rating - The industry investment rating is "Overweight" [7] Core Insights - The Hong Kong Monetary Authority (HKMA) has implemented a stringent regulatory framework for stablecoin issuers, aiming to ensure a stable and transparent market environment [2][14] - The licensing process for stablecoin issuers is cautious, with a minimum paid-up capital requirement of HKD 25 million or 1% of the circulating stablecoin's value, whichever is higher [3][15] - Existing stablecoin issuers in Hong Kong will receive a temporary license valid for six months, requiring them to apply for a formal license by October 31, 2025 [4][18] - The regulatory framework mandates that licensed issuers must fully back their stablecoins with high-quality, liquid assets, and undergo quarterly stress tests [5][20] - The anti-money laundering (AML) and counter-terrorism financing (CTF) measures are among the strictest globally, requiring thorough customer identity verification and risk assessments for transactions above HKD 8,000 [6][22] Summary by Sections Section 1: Regulatory Framework for Stablecoin Issuance - The HKMA has established detailed guidelines for the licensing and ongoing supervision of stablecoin issuers, emphasizing a cautious approach to maintain market order [14] - The licensing process is limited to companies registered in Hong Kong or recognized institutions, with strict capital and asset backing requirements [15][24] Section 2: Licensing Process for Existing Issuers - Existing stablecoin issuers must apply for a license by October 31, 2025, to continue operations, with a six-month transition period provided [18][19] - If they fail to apply or are denied a license, they will enter a one-month winding-up period starting November 1, 2025 [18][29] Section 3: Regulatory Oversight of Licensed Issuers - Licensed issuers are required to maintain reserves that fully back the circulating stablecoins, with specific asset allocation guidelines [20][24] - The framework includes robust internal governance and risk management structures, with a focus on compliance and regular audits [20][21] Section 4: AML and CTF Regulations - The regulations impose strict requirements for transaction monitoring and customer verification, aligning with international standards [22][23] - The HKMA's approach to non-custodial wallets and cross-border transactions is particularly rigorous, setting a precedent in global regulatory practices [22][23]