The Hong Kong Stablecoins Act is now in place: Holders are required to use their real names, leading to controversy and extreme conservatism in closing DeFi. The Hong Kong Stablecoins Ordinance requires institutions issuing or providing fiat anchored stablecoins in Hong Kong to hold a license and strictly implement regulations such as real name registration, reserve funds, AML/KYC, etc. It prohibits anonymous wallets from docking with DeFi, and the regulatory intensity is known as the strictest in the world, causing widespread controversy in the Web3 circle.