事关稳定币，香港金管局重磅发布！

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has announced a regulatory framework for stablecoin issuers, effective from August 1, 2023, to ensure compliance and mitigate risks associated with stablecoins [2][3][4]. Regulatory Framework - The HKMA released four documents detailing the regulatory requirements for licensed stablecoin issuers, including guidelines on reserve asset management, issuance, redemption, distribution, financial resources, risk management, and corporate governance [3]. - The anti-money laundering (AML) guidelines specify requirements for risk assessment, customer due diligence, ongoing monitoring, stablecoin transfers, and suspicious transaction reporting [3][18]. - The licensing process will be ongoing, with the first licenses expected to be issued in early 2026, and institutions are encouraged to contact the HKMA by August 31 for feedback on regulatory expectations [3][7][8]. Licensing Requirements - To obtain a stablecoin issuer license, institutions must meet several criteria, including high-quality and liquid reserves, the ability to process redemption requests within one business day, having a physical presence in Hong Kong, and sufficient financial resources [8][9]. - The HKMA emphasizes a gradual approach to licensing, with initial licenses limited to a few issuers, and warns against promoting unlicensed stablecoins as illegal [5][8]. Transitional Arrangements - Existing licensed stablecoin issuers in Hong Kong will have a six-month transition period to apply for a license, during which they can continue operations but must submit a license application and receive written confirmation from the Financial Management Commissioner [12]. - If they fail to meet the requirements, they must cease operations by December 31 [12]. Currency Pegging - The HKMA is open to stablecoins pegged to various fiat currencies, including the Hong Kong dollar and US dollar, but cautions that any offshore RMB stablecoin issuance must consider the demand and reserve asset management [15][18]. Anti-Money Laundering Measures - Licensed issuers must implement robust controls to prevent and combat money laundering and financial crimes, including customer due diligence, risk management for customer wallets, and ongoing monitoring [18].