Group 1 - The core viewpoint of the article is the official implementation of the "Stablecoin Regulation" in Hong Kong, which establishes a licensing system for fiat-backed stablecoin issuers and enhances the regulatory framework for virtual asset activities to maintain financial stability while promoting financial innovation [1][2] Group 2 - The Hong Kong Monetary Authority (HKMA) has published guidelines for licensed stablecoin issuers and anti-money laundering measures, which came into effect on August 1 [1][2] - The licensing process will be ongoing, and institutions interested in applying for a license are encouraged to contact the HKMA by August 31 for regulatory expectations and feedback [1] - Entities issuing fiat-backed stablecoins in Hong Kong or claiming to anchor their value to the Hong Kong dollar must apply for a license from the Financial Commissioner, adhering to asset management and redemption requirements [2]

《稳定币条例》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定 港元价值的法币稳定币，必须向金融管理专员申领牌照。 发牌制度将为公众及投资者提供更好保障。其中，条例只容许指定的持牌机构在香港销售法币稳定币， 而只有由持牌发行人所发行的法币稳定币方可销售予零售投资者。此外，为防范诈骗，在任何时候(包 括六个月的不违反期)，只有关于持牌法币稳定币发行的广告会被允许。市民应留意上述事项，并在接 收与法币稳定币相关的广告或信息时保持审慎。 北京商报讯(记者刘四红)据央视新闻，8月1日，香港《稳定币条例草案》正式生效，这是在香港设立法 币稳定币发行人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融 创新。 ...

Core Viewpoint - The implementation of the Stablecoin Regulation in Hong Kong aims to establish a licensing system for fiat-backed stablecoin issuers, enhancing the regulatory framework for virtual asset activities to maintain financial stability while promoting financial innovation [1][2]. Group 1: Licensing and Regulatory Requirements - Any entity issuing fiat-backed stablecoins in Hong Kong or claiming to anchor their value to the Hong Kong dollar must apply for a license from the Financial Management Commissioner [1]. - Licensed entities must adhere to regulations regarding reserve asset management and redemption, including proper segregation of client assets and maintaining a robust stabilization mechanism [1]. - There are also requirements for anti-money laundering, counter-terrorism financing, risk management, disclosure, and auditing [1]. Group 2: Consumer Protection and Advertising Regulations - The licensing system is designed to provide better protection for the public and investors, allowing only designated licensed institutions to sell fiat-backed stablecoins in Hong Kong [1]. - Only stablecoins issued by licensed issuers can be sold to retail investors, and advertising related to licensed fiat-backed stablecoin issuance is the only type permitted [1]. - Citizens are advised to remain cautious when receiving advertisements or information related to fiat-backed stablecoins [1].

Group 1 - The core viewpoint of the article highlights the strong performance of the Hong Kong digital currency sector, driven by the implementation of the "Stablecoin Regulation" which marks the establishment of a comprehensive regulatory framework for fiat-backed stablecoins [1][3] - On June 2, 2023, digital currency-related stocks in the Hong Kong market experienced significant gains, with Lianlian Digital rising by over 60%, and other companies like OKLink and Yika also showing substantial increases [3][4] - The market's positive reaction reflects investor optimism regarding the new regulatory environment, which is expected to create more development opportunities for related enterprises and promote healthier industry growth [3][4] Group 2 - The "Stablecoin Regulation" introduces strict licensing and regulatory requirements for any institution issuing fiat-backed stablecoins in Hong Kong, including those issued overseas that are pegged to the Hong Kong dollar [4] - Issuers of stablecoins are required to meet various compliance standards, including asset segregation, maintaining a stable value mechanism, and adhering to anti-money laundering and risk management protocols [4] - Only licensed institutions are permitted to sell fiat-backed stablecoins in Hong Kong, and advertising related to licensed stablecoin issuers is strictly regulated to prevent fraudulent activities [4]

Core Viewpoint - The enactment of the Stablecoin Ordinance in Hong Kong marks a significant step in regulating fiat-backed stablecoins, aiming to balance financial innovation with stability in the digital asset sector [1][3]. Summary by Sections Stablecoin Ordinance Implementation - The Stablecoin Ordinance was officially published in the Hong Kong government gazette on May 30, following its passage by the Legislative Council on May 21 [1]. - The ordinance establishes a licensing regime for issuers of fiat-backed stablecoins, requiring them to apply for a license from the Hong Kong Monetary Authority (HKMA) [3]. Regulatory Requirements - Issuers must comply with regulations regarding reserve asset management and redemption, including the segregation of customer assets and maintaining a robust stability mechanism [3]. - The ordinance mandates compliance with anti-money laundering and counter-terrorism financing regulations, risk management, disclosure requirements, and auditing standards [3]. Impact on the Financial Landscape - The HKMA emphasizes that the licensing system will enhance public and investor protection, allowing only licensed entities to sell fiat-backed stablecoins in Hong Kong [3]. - The ordinance is designed to create a stable regulatory environment that aligns with international standards, supporting the sustainable development of the virtual asset market in Hong Kong [3]. Industry Perspectives - Analysts view the passage of the Stablecoin Ordinance as a milestone in the regulatory process for virtual assets in Hong Kong, filling a regulatory gap for fiat-backed stablecoins [5]. - The ordinance is expected to position Hong Kong as a hub for Web3 and digital finance, facilitating the internationalization of the Renminbi and offshore financial services [5]. - The unique "value anchoring regulation" approach differentiates Hong Kong's regulatory framework from those of the EU and Singapore, allowing for comprehensive oversight of stablecoins linked to the Hong Kong dollar [5].