Hong Kong's "Stablecoin Regulation" will officially take effect on August 1st, marking an important step in the regulation of crypto assets for this international financial center. Notably, HashKey Group Chairman Xiao Feng earlier pointed out in an interview with BlockBeats that Hong Kong's stablecoin license is not limited to Hong Kong dollar stablecoins.
After obtaining a license in the future, issuers can choose multiple currencies and independently decide on blockchain network deployment, whether it's Ethereum, Solana, or a self-operated chain, which can be flexibly applied.
If his statement is true, the Hong Kong government's openness is broader than the market expected, potentially injecting more diverse vitality into Hong Kong's digital asset ecosystem.
Hong Kong Financial Management Committee Discusses Stablecoins
HKMA Chief Executive Eddie Yue wrote on the HKMA official website on the 23rd, emphasizing that stablecoins are essentially about improving payment efficiency, not speculative tools, and establishing a solid fortress for Hong Kong dollar stablecoins with three core thresholds.
According to the regulation, applying to issue stablecoins requires meeting three strict standards:
One, achieving a 1:1 fiat currency reserve and transparent redemption mechanism to ensure user confidence and asset safety
Two, ensuring sufficient capital, comprehensive asset custody, and rigorous anti-money laundering processes
Three, submitting specific and sustainable application scenarios.
The HKMA clearly stated that the first phase will adopt a cautious strategy, issuing only a few licenses, highlighting the regulatory authorities' high regard for financial stability.
However, the high-threshold policy also brings concerns about limited market diversity, potentially making it difficult for small innovative enterprises to enter. Meanwhile, the anti-money laundering challenges posed by cross-border anonymous stablecoin transactions still require deeper cooperation among jurisdictions.
Hong Kong's acceleration of stablecoin regulations is on par with the EU's MiCA and US-related legislation, intending to consolidate its international financial center status. In the future, whether stablecoins can truly connect traditional finance with the digital economy and bring long-term value to Hong Kong and global markets remains to be verified through market and regulatory practices.
