On August 14, 2025, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint statement urging investors to exercise caution when faced with speculative assets related to stablecoins, avoiding impulsive investments that could lead to significant price fluctuations due to market hype. This statement was released in response to recent significant stock price volatility in the Hong Kong market caused by speculative behavior, corporate announcements, and unverified rumors regarding stablecoin licensing plans, aiming to maintain market stability and protect investor interests.

Market Frenzy and Regulatory Alarm

Recently, stock prices of companies related to stablecoins in the Hong Kong market have experienced significant fluctuations. According to the joint statement, these fluctuations often stem from news reports, social media posts, or certain statements suggesting that related companies plan to apply for stablecoin issuance licenses, engage in related businesses, or explore similar initiatives in Hong Kong. Some rumors even mentioned discussions with regulatory bodies, leading to enthusiastic market speculation. However, the HKMA and SFC clearly stated that early communication or submission of applications does not guarantee approval, and investors should be wary of unverified information.

According to online information from August 14, Hong Kong, as a leading region for global digital asset regulation, has attracted widespread attention for its strict regulatory stance. Posts on some social media platforms (such as X) indicate that market optimism towards stablecoin-related companies has been exaggerated, with some companies' stock prices soaring due to unverified licensing rumors, only to fall back as market sentiment cooled. This further confirms the regulators' concerns about speculative hype.

Stablecoin Licensing System: High Thresholds and Strict Requirements

Hong Kong officially launched its stablecoin licensing system in early 2025 as part of its strategy to establish a global digital asset regulatory center. The HKMA stated that the licensing approval process adopts a "rigorous and prudent" approach, with extremely strict standards, and it is expected that only a few applications will be approved in the initial phase. HKMA Chief Executive Eddie Yue revealed that dozens of parties have contacted regulatory authorities regarding licensing matters, but he emphasized that the application process involves multiple requirements, including capital adequacy, corporate governance, risk management, and operational capability, aimed at ensuring the safety and stability of licensed stablecoins.

Online information indicates that Hong Kong's stablecoin regulatory framework is regarded as one of the most rigorous systems globally. Regulatory authorities not only require applicants to possess strong technical and financial capabilities but also to demonstrate their ability to effectively manage market risks and protect investor interests. This high threshold is set to prevent excessive market speculation and ensure the long-term healthy development of the digital asset market.

Investor Warning: Invest Rationally, Avoid Blind FOMO

SFC Chief Executive Ashley Alder urged investors to remain rational, conduct thorough due diligence, and avoid making investment decisions based solely on short-term price momentum or unverified online rumors. She warned that market fluctuations caused by hype could lead to significant losses for retail investors. The SFC stated that its dedicated market surveillance team will continuously monitor trading activities using advanced systems, detecting and investigating potential market manipulation, and taking strict enforcement actions against any deceptive or misleading behavior.

Some analytical articles online pointed out that the recent volatility of stablecoin-related assets is closely related to false information on social media. For example, some posts claimed that certain companies were close to obtaining stablecoin issuance licenses, while in reality, these companies were only in preliminary contact with regulatory authorities. The regulators' statement aims to curb the spread of such misleading information and protect investors from the harms of false hype.

Maintaining Market Integrity: Transparency is Crucial

The joint statement also specifically reminded companies and market participants to avoid misleading investors or creating unrealistic expectations when making public statements related to stablecoins. Regulatory authorities emphasized that maintaining transparency and accuracy of information is crucial for upholding market integrity during the implementation of Hong Kong's stablecoin regulatory framework. Any attempts to influence the market through exaggeration or false statements may face strict regulatory penalties.

Conclusion

The joint statement from the HKMA and SFC clearly conveys their vigilant attitude towards the speculative frenzy in the stablecoin market and their firm determination to maintain financial market stability. Through a strict licensing system and market surveillance, Hong Kong is striving to set a benchmark for compliance and transparency in the global digital asset space. Investors should remain rational, be wary of unverified market rumors, and avoid incurring losses due to blind following. Hong Kong's regulatory measures not only inject stability into the local market but also provide important references for global digital asset regulation.

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