浙商证券（601878）发布研报称，中国香港金管局(HKMA)于7月29日技术简报会指出，将于8月1日起 实施稳定币发行人监管制度。HKMA此次设置过渡期安排，针对2025年8月1日前已在香港发行稳定币 的机构，设6个月过渡期，期间可继续运营但需补交申请。过渡期后未获牌照的机构必须停止在港业 务。从8月1日开始，更多申请信息或逐步披露，比如意向名单、正式申请名单等，届时将对可能会有更 大机会拿到第一批牌照的公司有更为清晰的判断，预计新一轮的稳定币行情会更加趋于理性，也会更加 聚焦于核心标的。 标的方面 稳定币主题将向更为理性、规范的方向演绎，推荐连连数字(02598)、OSL集团(00863)，建议关注国泰 海通（601211）(601211.SH,02611)、中信股份(00267)、东方证券（600958）(600958.SH,03958)、中国太 保（601601）(601601.SH,02601)、耀才证券(01428)、中油资本（000617）(000617.SZ)、中银香港 (02388)、渣打集团(02888)、胜利证券(00854)。 风险提示 审核核心要求：HKMA强调发牌需严格审核三大核心 ...

Core Points - The Hong Kong "Stablecoin Regulation" will take effect on August 1, establishing a comprehensive regulatory framework for fiat-backed stablecoins, marking a global first in this area [1][4] - The Hong Kong Monetary Authority (HKMA) will begin accepting applications for licenses in August, with a deadline for submission by September 30, and the first licenses expected to be issued in early 2026 [1][4] - The regulation aims to provide a legal basis for the development of the stablecoin market in Hong Kong, enhancing investor protection and fostering innovation in the stablecoin ecosystem [4][5] Group 1: Regulatory Framework - The "Stablecoin Regulation" is seen as a model for global stablecoin policy, introducing innovative "value anchoring regulation" principles [4] - The regulation is expected to accelerate the transformation of pilot experiences into actual products, significantly speeding up the establishment of the local stablecoin ecosystem [4][5] Group 2: Market Impact - The regulation is anticipated to reduce traditional financial institutions' concerns about participating in the stablecoin market, attracting more innovative stablecoin entities and exchanges [5] - The development of Hong Kong's stablecoin market is expected to enhance its position and influence in the global stablecoin landscape, providing a competitive advantage [5] Group 3: Cross-Border Payment and Currency Internationalization - The development of HKD stablecoins will enrich Hong Kong's cross-border payment ecosystem and facilitate the use of digital RMB in cross-border transactions [6] - The integration of digital RMB and HKD stablecoins is expected to lower cross-border payment costs and improve efficiency, reducing reliance on systems like SWIFT [6][8] - The internationalization of the RMB can be driven by expanding financial scenarios and technological innovation, enhancing its acceptance in global trade [6][8]

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]

证券研究报告|行业点评报告 [Table_Date] 2025 年 7 月 30 日 [Table_Title] 中国香港稳定币监管制度核心要点 [Table_Title2] 计算机 行业评级: 推荐 [Table_Summary] 事件概述: 2025 年 7 月 29 日，为配合 8 月 1 日正式实施的稳定币发行人监管制度，中国香港金融管理局举办技术简报会， 发布发牌制度摘要等系列监管文件，明确稳定币发行人牌照申请要求、发牌时间表等。此前，中国香港金管局 已在《稳定币条例》基础上，发布《持牌稳定币发行人监管指引》及咨询总结等多份文件，其中两套指引将于 8 月 1 日刊宪，核心是明确发行或推广相关稳定币须申请牌照，并对申请人进行明确规定限制，设立 6 个月过渡 期，鼓励相关机构及时沟通申请。 核心观点: ► 高门槛牌照筛选，保障行业稳健起步 中国香港金管局为稳定币发行人设置了极高的牌照申请门槛，要求申请人须为中国香港注册法团或认可机构，拥 有持续的流动净资产来源，且实缴资金不少于 2500 万港元。我们认为，高门槛筛选能为稳定币行业奠定稳健发 展基础，初期少量牌照发放可让监管机构集中精力监管，促使获牌机构 ...

Core Points - The Hong Kong Stablecoin Regulation will take effect on August 1, opening the licensing channel for stablecoin issuers [1] - The Hong Kong Monetary Authority (HKMA) will issue the first phase of licenses in early 2026, with a limited number of licenses to be granted [1][4] - The global stablecoin market is experiencing rapid growth, with a market size exceeding $250 billion as of June 2023 [9] Group 1: Regulatory Framework - The HKMA has released guidelines covering compliance, specificity, and sustainability for stablecoin issuers [4] - Compliance requirements include adherence to anti-money laundering regulations and local laws, especially for cross-border transactions [4] - The HKMA will verify the identity of stablecoin holders to mitigate money laundering risks [4][5] Group 2: Market Dynamics - The stablecoin market is currently dominated by Tether's USDT (60% market share) and Circle's USDC (24% market share) [9] - The compound annual growth rate of the stablecoin market has exceeded 80% over the past five years [9] - There is a significant demand for stablecoins in cross-border trade and investment, indicating a vast market opportunity [9][11] Group 3: Technological and Security Considerations - Companies are focusing on enhancing security measures for stablecoin transactions, including multi-party computation (MPC) to protect private keys [7][8] - The industry is encouraged to implement "programmable compliance" to embed regulatory requirements into smart contracts [8] Group 4: Future Outlook - The demand for stablecoins is expected to grow, particularly in payment services and banking sectors [12] - The potential for offshore RMB stablecoins is increasing, with expectations for significant growth in the offshore RMB market [14][16] - The integration of stablecoins into existing financial systems is anticipated to enhance the efficiency and security of cross-border payments [16]

Regulatory Framework - The Hong Kong Monetary Authority (HKMA) has released regulatory documents for stablecoin issuance, detailing applicant qualifications, application processes, reserve asset requirements, anti-money laundering measures, and a transition period for existing issuers[2][7]. - The regulatory documents supplement the "Stablecoin Ordinance" effective from August 1, 2025, aiming to refine the licensing process and subsequent supervision of stablecoin issuers[7]. Application Requirements - Applicants must be registered corporations in Hong Kong with a minimum paid-up capital of HKD 25 million (approximately USD 3.2 million) or equivalent in freely convertible currency[7][8]. - The application process includes consultations with the HKMA and relevant regulatory bodies, submission of applications, and processing of applications[7]. Reserve Asset Guidelines - Licensed issuers must ensure that reserve assets fully back the stablecoins, which can include cash, bank deposits with a maturity of no more than 3 months, and high-liquidity bonds with a maturity of no more than 1 year[4][7]. - If using currencies other than the reference currency for stablecoins, prior written approval from the HKMA is required[4]. Anti-Money Laundering Measures - Issuers are required to continuously monitor transactions involving customer wallets, including both custodial and non-custodial wallets, to prevent money laundering and terrorist financing risks[4][7]. Transition Period for Existing Issuers - Existing issuers wishing to apply for a license must do so by October 31, 2025, at the latest[4][7]. Market Implications - The issuance of stablecoin licenses is expected to benefit companies with relevant applications, particularly in cross-border payments[8]. - The HKMA anticipates that only a limited number of licenses will be granted initially, prioritizing companies with applicable use cases[8]. Investment Recommendations - Companies with a strong presence in payment solutions, such as LianLian Digital, Lakala, and Yika, are recommended for investment due to their potential benefits from stablecoin licensing[8][9]. - The report highlights the importance of companies accelerating their engagement in real-world asset (RWA) scenarios, such as Linklogis and Jiufang Zhitu Holdings[8]. Risks - Potential risks include slower-than-expected regulatory progress and increased competition within the stablecoin industry[8].

【环球网财经综合报道】近日，香港金融管理局（以下简称"香港金管局"）就稳定币发行人监管制度举行技术简报会，正式发布一系列监管文件，明确了稳 定币发行人牌照申请的具体要求和时间安排。 此次发布的文件包括《持牌稳定币发行人监管指引》及咨询总结、《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》及咨询总结、《稳定币 发行人发牌制度摘要说明》以及《原有稳定币发行人过渡条文摘要说明》等。其中，两套指引将于2025年8月1日刊宪实施。 香港金管局表示，根据《稳定币条例》及配套指引，任何在香港发行或推广稳定币，或在香港以外地区发行与港元挂钩的稳定币的机构，都必须申请相关牌 照。 在牌照申请方面，《稳定币发行人发牌制度摘要说明》规定，申请人须为香港注册法团或认可机构，并需具备不少于2500万港元的实缴资金。申请程序包括 初步咨询、文件提交及审批等环节。 香港金管局特别强调，截至目前尚未发出任何稳定币发行人牌照，未来将在官网公布获发牌照的机构名单。 风险管理方面，持牌机构需建立完善的风险管理制度，包括风险管理架构、内部管控制度，以及信用、流动性、市场风险、科技风险和信誉风险管理措施。 香港金管局为稳定币发行人设立了6个 ...

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].

【导读】香港金管局宣布8月1日起实施稳定币发行人监管制度 7月29日，香港金管局发布稳定币发行人监管相关制度，并宣布该制度将于8月1日起实施。当天下午，香港金管局举行简报会，详细介绍了具体的监管安 排，同时呼吁广大投资者慎防稳定币相关的炒作及诈骗。 稳定币发行人监管制度发布 8月1日正式实施 7月29日，香港金管局就8月1日起实施的稳定币发行人监管制度发布四份文件：《持牌稳定币发行人监管指引》及相关咨询总结，《打击洗钱及恐怖分子 资金筹集指引（持牌稳定币发行人适用）》及相关咨询总结，与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要说明》，以及《原有稳定币发行 人过渡条文摘要说明》。 其中，《持牌稳定币发行人监管指引》详细阐述了多方面的监管要求，包括储备资产管理，发行、赎回及分销，财政资源，风险管理及企业管治等。 《打击洗钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》则列明了反洗钱方面的监管要求，包括风险评估、客户尽职审查、持续监察、稳定币转 账及可疑交易报告等。 两套指引将于2025年8月1日刊宪。监管制度正式生效，市场参与者应遵守《稳定币条例》及相关指引。 香港金管局鼓励有意申请牌照的机构于8月31 ...

Market Overview - The three major indices opened lower, with the Shanghai Composite Index down 0.04%, the Shenzhen Component Index down 0.23%, and the ChiNext Index down 0.45% [1] - The closing figures for the indices showed a decline, with the Dow Jones down 0.46% at 44,632.99 points, the S&P 500 down 0.30% at 6,370.86 points, and the Nasdaq down 0.38% at 21,098.29 points [3] Sector Performance - The dairy, weight loss drugs, and hydroelectric sectors experienced significant declines [1] - The Nasdaq China Golden Dragon Index fell by 1.35%, with notable declines in major Chinese stocks such as Alibaba down 2.28%, JD down 3.01%, and NIO down 2.48% [3] Institutional Insights - CITIC Securities highlighted the introduction of a childcare subsidy plan, which is expected to benefit the mother and baby retail sector, with a base standard of 3,600 yuan per child per year, potentially impacting over 20 million families [4] - CITIC JianTou pointed out that China Unicom's 2025 general server procurement demand has been released, with a significant increase in the domestic production ratio, indicating a positive outlook for the domestic innovation sector [5] - CICC reported that U.S. hot-rolled coil prices have increased by 35% since the beginning of 2025, suggesting that the steel industry may maintain high prices in the short term due to tight supply conditions [6] - CITIC Securities recommended monitoring potential issuers of stablecoin licenses in Hong Kong, as the regulatory framework is set to be implemented on August 1, with limited licenses expected to be issued by the end of the year [7]