Core Insights - Hong Kong's "Stablecoin Regulation" will officially take effect on August 1, marking the world's first comprehensive regulatory framework for fiat-backed stablecoins, attracting global financial market attention [1][3] - The regulation is expected to serve as a model for future global stablecoin regulations, promoting the digital yuan and Hong Kong dollar stablecoin to reduce reliance on the US dollar settlement system and facilitate the internationalization of the yuan [1][3] Group 1 - The implementation of the "Stablecoin Regulation" positions Hong Kong to gain a competitive edge in the stablecoin market, with the Hong Kong Monetary Authority planning to issue initial licenses by early 2026 [1] - The innovative "value anchoring regulation" principle provides legal assurance for institutions and investors, enabling Hong Kong to quickly convert pilot experiences into actual products and accelerate the development of the local stablecoin ecosystem [1][3] Group 2 - In the context of increasing global currency competition, the strategic significance of Hong Kong's move is highlighted, as it effectively mitigates traditional financial institutions' concerns about participating in the stablecoin market [3] - The development of Hong Kong dollar stablecoins is expected to significantly boost the internationalization of the yuan, with existing cross-border payment pilot projects laying the groundwork for the large-scale application of the digital yuan [3] - The combination of Hong Kong dollar stablecoins and the digital yuan will enhance the cross-border payment ecosystem, increasing the yuan's share in cross-border settlements and reducing reliance on traditional systems like SWIFT [3] - Future internationalization of the yuan should rely on "financial scenario expansion" and "technology innovation-driven" dual engines, enhancing regional cooperation and payment convenience to elevate the yuan's acceptance and recognition on the international stage [3]

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]

《稳定币条例》生效前夕，7月29日，香港金融管理局(下称"香港金管局")发布系列文件，为稳定币发行人监管制度提供具体指引。 华夏时报记者卢梦雪北京报道 在相关指引和说明文件中，香港金管局明确，稳定币发行人监管制度设有6个月过渡期；如部分机构准备充分并希望尽早获得牌照，应于9月30日前提交申 请。 "通过的门槛是很高的。"同日，在稳定币发行人监管制度技术简报会上，香港金管局副总裁陈维民强调，进入"沙盒"名单不代表就能获批牌照，关键要看 公司所提交申请材料的成熟程度，"预计首个稳定币发行人牌照将于明年年初发出"。 香港持牌交易所HashKey Exchange董事总经理及交易所负责人陈德康向《华夏时报》记者分析指出，香港金管局此次发布的文件，核心目的是在8月1日稳 定币监管条例正式生效前，为市场提供清晰的监管框架和操作路径，帮助有意申请牌照的机构做好准备。 申请牌照需经五大步骤 7月29日，就8月1日将生效的稳定币发行人监管制度，香港金管局发布《持牌稳定币发行人监管指引》《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)》，以及两项指引的咨询总结。两套指引于2025年8月1日刊宪。同时，香港金管局发布与发 ...

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]

香港金融管理局敦促稳定币潜在发行机构尽快申请牌照。"稳定币发牌将是一个持续进行的过程，如个 别机构认为已准备充分并希望尽早获得牌照，应于9月30日或之前向香港金管局提交申请。"该机构表 示。 香港金管局要求，稳定币发行人要拥有实在的应用场景、切实可行的具体商业方案和落实计 划，以及周全而稳妥的业务模式及运作安排 7月29日，香港金融管理局（下称"香港金管局"）表示，预计首批香港稳定币发行人牌照将于2026年年 初发放。 这一计划慢于市场预期。此前，市场预计香港稳定币首批发行人牌照可能在2025年年内发放，上述立场 表明了香港金管局的谨慎立场。 香港金管局副总裁陈维民表示，目前没有明确的牌照最终落地时间表，顺利的话，首批牌照有可能在 2026年初发出。 与此同时，陈维民亦表示，初期阶段香港金管局只会发出几个牌照。即使取得牌照，公司短期盈利仍存 在不确定性，建议投资者在消化市场"利好"消息时应保持冷静和独立思考。 目前，已有不少企业试验稳定币的落地情况。此前，在建立稳定币发牌制度同时，香港金管局已从40多 份申请中核准了三组潜在发行人设立了测试沙盒。这些潜在发行人分别来自金融和科技行业，具有较大 的清算业务规模或 ...

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].

Core Points - The Hong Kong Monetary Authority (HKMA) has officially released a series of regulatory documents regarding the licensing requirements for stablecoin issuers [1][3] - The documents include guidelines for licensed stablecoin issuers, anti-money laundering and counter-terrorist financing guidelines, a summary of the licensing system, and transitional provisions for existing stablecoin issuers [3][5] - The licensing requirements state that any entity issuing or promoting stablecoins in Hong Kong, or issuing stablecoins pegged to the Hong Kong dollar outside of Hong Kong, must apply for a relevant license [3][4] Licensing Requirements - Applicants must be registered corporations or recognized institutions in Hong Kong and must have a minimum paid-up capital of HKD 25 million [3][5] - The application process includes preliminary consultations, document submissions, and approval stages [3] Implementation Timeline - The two sets of guidelines will come into effect on August 1, 2025 [3] - A six-month transition period has been established for licensed institutions to complete compliance adjustments [5] - Institutions are encouraged to submit applications by September 30, 2025, and are advised to contact HKMA for specific requirements before August 31, 2025 [5]