In 2025, Hong Kong's active layout in the digital asset field has entered a critical stage. With the "Stablecoin Regulation" set to officially take effect on August 1, Hong Kong's status as an international financial center will be further consolidated. Recently, the Secretary for Financial Services and the Treasury, Christopher Hui, revealed that the Monetary Authority is conducting market consultations on the specific guidelines for implementing the regulation and clearly stated that the goal is to issue the first batch of stablecoin licenses within this year, but the number will be "single digits." This series of developments not only provides a clear regulatory framework for stablecoin issuers but also sparks widespread market attention on the future development of stablecoins pegged to the Hong Kong dollar and the Chinese yuan.
Hong Kong has always been at the forefront of stablecoin regulation, and the passage and impending implementation of the "Stablecoin Regulation" marks the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins.
Regulation Effectiveness and Guideline Release: The "Stablecoin Regulation" will officially take effect on August 1, 2025. Christopher Hui stated that the Monetary Authority is currently consulting the market on the specific guidelines for implementing the regulation, which will be announced within this month, covering anti-money laundering and other related requirements. This will provide detailed compliance operation guidelines for stablecoin issuers.
Licensing System and Unified Standards: After implementation, any institution issuing fiat-backed stablecoins in Hong Kong, or claiming to peg the value of fiat-backed stablecoins to the Hong Kong dollar in or outside of Hong Kong, must apply for a license from the Financial Commissioner. The licensing system for stablecoin issuers in Hong Kong is flexible and open, allowing licensed issuers to choose different fiat currencies as their pegged currency. Approval will be based on unified standards, such as considering whether the issuer meets regulatory requirements for reserve asset management, stabilization mechanisms, redemption arrangements, and internal control measures.
"Single Digit" License Quantity: Christopher Hui clearly stated that the number of stablecoin licenses issued will be "single digits." This indicates that the qualification requirements for stablecoin issuers in Hong Kong will be very strict, aiming to ensure market quality and controllable risks. Although there are currently at least nine institutions in the market indicating their intention to apply or are in discussions (including three groups participating in the Monetary Authority's stablecoin issuer "sandbox"), only a few elites will ultimately obtain licenses.
Hong Kong's positioning of stablecoins is very clear: they are seen as tools to enhance financial efficiency, rather than speculative instruments.
Addressing Pain Points in the Real Economy: Christopher Hui emphasized that the application scenarios for stablecoins will focus on addressing challenges and pain points in the real economy, such as cross-border payments. He pointed out that especially in areas with high "local currency" risks or less developed local financial systems, fiat-backed stablecoins can serve as effective payment tools, facilitating cross-border transactions and reducing transaction costs. This aligns closely with the "LEAP" framework under the "Hong Kong Digital Asset Development Policy Declaration 2.0," which emphasizes "scenario advancement."
Discussion on RMB-Pegged Stablecoins: The market has a strong interest in issuing stablecoins pegged to the Chinese yuan. Christopher Hui stated that if it involves currencies from other jurisdictions, discussions with relevant institutions are necessary. This indicates that Hong Kong holds an open attitude towards this but requires in-depth communication and coordination with relevant institutions such as the People's Bank of China. Last month, the Governor of the People's Bank of China, Pan Gongsheng, mentioned stablecoins for the first time at the Lujiazui Forum, discussing their role in the cross-border payment system, but also highlighting significant challenges for financial regulation, providing a policy background for the future development of RMB-pegged stablecoins.
Through the "Stablecoin Regulation" and the "Hong Kong Digital Asset Development Policy Declaration 2.0," Hong Kong is comprehensively building a trustworthy and sustainable digital asset ecosystem.
"LEAP" Framework: The "LEAP" framework proposed in Declaration 2.0 covers regulatory optimization, product expansion, scenario advancement, and talent development, supporting Hong Kong in building a trustworthy and sustainable digital asset ecosystem. This includes not only stablecoins but also promoting the tokenization of RWA (real-world assets) and supporting Web3 innovation projects.
Attracting Global Institutions: Hong Kong's openness is reflected in welcoming institutions from different parts of the world to apply for licenses based on their actual business needs, with approvals conducted under unified standards. The government and financial regulatory agencies will closely monitor regulatory developments in different regions and maintain communication with regulatory bodies worldwide to ensure that Hong Kong's regulatory framework aligns with international standards.
The progress in the stablecoin field in Hong Kong, especially the commitment to issue the first batch of stablecoin licenses within this year, will undoubtedly further consolidate its position as a global digital asset center. Secretary Hui's latest statements provide a clear roadmap for the market while emphasizing the strictness of regulation and the importance of compliance. With the launch of Hong Kong dollar stablecoins and the potential future development of RMB-pegged stablecoins, Hong Kong is expected to play a key role in cross-border payments and digital financial innovation, providing important "Hong Kong experience" for the development of the global digital asset ecosystem.
Related: Hong Kong Stablecoins 2025: Major Event Review and In-Depth Commentary from International Investment Bank Experts
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