Core Viewpoint - The "Stablecoin Regulation" in Hong Kong will take effect on August 1, prohibiting unlicensed stablecoin operations, raising questions about the future of stablecoins like USDT and USDC in the region [1][4]. Group 1: Current Operations of Crypto Exchange Shops - Crypto exchange shops in Hong Kong, such as "One Bitcoin" and "Fangbei," continue to operate normally ahead of the regulation's implementation [2][3]. - These shops offer services for exchanging fiat currency and stablecoins, with varying transaction fees based on the method of purchase [3]. - Staff at these shops expressed uncertainty about the impact of the new regulation on their operations post-August 1, indicating they have not received official notifications [3][4]. Group 2: Regulatory Environment and Future Implications - The Hong Kong government welcomes virtual asset trading institutions to apply for licenses, emphasizing that unlicensed platforms selling USDT and USDC will be illegal after the regulation takes effect [4][6]. - Current OTC (over-the-counter) operations are not yet under specific licensing requirements, but the government is considering regulatory measures for these services [6][7]. - The government has observed around 200 physical virtual asset OTC shops and 250 digital platforms operating in Hong Kong, indicating a significant market presence [5]. Group 3: Stakeholder Engagement and Future Licensing - The Hong Kong government has conducted consultations regarding the licensing of virtual asset service providers, receiving approximately 70 submissions from various stakeholders [7]. - A proposal to establish a licensing regime for OTC services is under consideration, which would involve regulatory oversight by the Hong Kong Customs [6][7].

Core Insights - The development of stablecoins is reshaping traditional payment systems and enhancing financial service accessibility, as highlighted by the People's Bank of China's governor [1][5] - HashKey Group is actively involved in the stablecoin ecosystem, partnering with JD.com to promote stablecoin applications in cross-border payments and real-world assets [1][5] Group 1: Importance of Stablecoins - Stablecoins address the "last mile" issue in inclusive finance, broadening its accessibility [5] - The emergence of stablecoins like USDC and USDT has expanded the boundaries of inclusive finance, with major global financial centers pushing for stablecoin development [5] - The global circulation of stablecoins was under $200 billion in 2022, supporting approximately $20 trillion in payments, indicating a leverage effect of 100 times [5] Group 2: Regulatory Framework and Development - The establishment of a legal and regulatory framework is crucial for the advancement of stablecoins, with Hong Kong leading the way by introducing the Stablecoin Regulation ahead of the U.S. [7] - Hong Kong is positioned as a testing ground for China's stablecoin initiatives, which could facilitate the internationalization of the Renminbi [7] Group 3: Cross-Border Trade and Compliance - Cross-border e-commerce is expected to be a significant beneficiary of stablecoins, as they can streamline the conversion of stablecoins to local currencies for merchants [9] - Licensed exchanges in Hong Kong play a vital role in facilitating the exchange of stablecoins into fiat currency, ensuring compliance with regional regulations [10] Group 4: Bridging Traditional Finance and Web3 - HashKey Exchange aims to connect traditional finance with Web3, with its self-developed HashKey Chain facilitating the tokenization of financial assets [10] - Stablecoins are not only payment tools but also have investment potential, allowing users to purchase tokenized money market funds or obtain loans through stablecoin staking [10]

Group 1 - The article discusses the legislative developments regarding stablecoins in the US, contrasting it with the digitalization of the Chinese yuan, and suggests that stablecoins are not intended to undermine the US dollar but rather serve as a currency intermediary [2][4] - Stablecoins, such as USDT and USDC, are private cryptocurrencies pegged to the US dollar at a 1:1 ratio, supported by reserves like cash and government bonds, and they hold a 90% market share in the global stablecoin market, with 30% of cross-border payment transactions [4][5] - The significance of using stablecoins lies in their ability to streamline transactions and reduce fees compared to traditional banking systems, positioning them as a challenge to conventional payment methods rather than a threat to the Federal Reserve [5][7] Group 2 - Stablecoins are seen as a smart design emerging from market economics, bridging digital currencies and the US dollar while facilitating decentralized peer-to-peer transactions and addressing credit issues in a decentralized market [7][9] - The comparison between digital yuan and stablecoins raises questions about stability and credit, with the digital yuan backed by state credit but lacking the decentralized characteristics of stablecoins, which may limit its potential as a global currency [7][9] - The article highlights that if the yuan cannot be freely convertible, it cannot become a true global currency, thus constraining the potential of digital yuan, while stablecoins, backed by the US dollar, may offer more reliability in times of economic crisis [9]

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