国泰海通｜非银：监管细则落地，稳定币申牌在即——香港金管局发布稳定币发行相关监管文件的点评

Core Viewpoint - The regulatory framework for stablecoin issuance in Hong Kong has been established, detailing applicant qualifications, application processes, reserve asset requirements, anti-money laundering measures, and transitional provisions for existing issuers [1][2][3]. Group 1: Regulatory Framework - The Hong Kong Monetary Authority (HKMA) held a technical briefing on July 29, 2025, to announce the regulatory documents related to stablecoin issuance, which took effect on August 1, 2025 [2]. - The released documents include four main components: guidelines for licensed stablecoin issuers, anti-money laundering and counter-terrorist financing guidelines, a summary of the licensing system for stablecoin issuers, and transitional provisions for existing issuers [2][3]. Group 2: Applicant Qualifications and Process - Applicants must be registered corporations or recognized institutions in Hong Kong, with financial resources of at least HKD 25 million in paid-up capital or convertible currency [3]. - The application process involves several steps: initial consultation with the HKMA, consultation with the applicant's home regulatory authority, submission of the application, processing, and final approval or rejection [3]. Group 3: Reserve Asset Requirements - Licensed issuers are required to establish policies ensuring that reserve assets fully back the stablecoins, which can include cash, short-term bank deposits, and high-liquidity bonds [3]. - If other currencies are used as reserve assets, prior written approval from the HKMA is necessary [3]. Group 4: Anti-Money Laundering Measures - Issuers must continuously monitor transactions involving customer wallets, including both custodial and non-custodial wallets, and implement additional risk controls for non-custodial wallet transactions to prevent money laundering and terrorist financing risks [3]. Group 5: Transitional Provisions - Existing issuers interested in applying for a license must submit their applications by October 31, 2025 [3]. Group 6: Industry Impact - The issuance of stablecoin licenses is expected to benefit the stablecoin industry, particularly companies with relevant applications such as cross-border payments [4][5]. - The HKMA's president indicated that initially, only a few licenses would be granted, prioritizing companies with applicable use cases [4].