A New Era of Stablecoin Regulation in Hong Kong

On August 1, 2025, the Hong Kong Monetary Authority officially opened applications for stablecoin issuance licenses, marking the implementation phase of stablecoin development in Hong Kong. This policy has been in the works for a long time; the Monetary Authority has conducted a year-long sandbox test and gradually clarified regulatory rules. It is understood that dozens of institutions have expressed their intention to apply for licenses, while more local banks, technology companies, and Web3 teams are actively preparing.

Key Points of Regulatory System

1. Effective from August 1, four relevant guideline documents will be published simultaneously.

2. The first round of applications will be accepted from August 1 to September 30, and interested institutions are encouraged to communicate in advance.

3. The identity of all compliant stablecoin holders must be verified, similar to a real-name system.

4. You can apply for a license for a single or a basket of fiat-backed stablecoins.

5. Set a 6-month transition period to classify existing institutions.

Latest Statement from the Policy Level

1. Stablecoins are positioned as financial infrastructure, not speculative tools.

2. The threshold for issuing licenses is high, and only a small number of licenses will be issued in the first phase.

3. The application scenarios prioritize cross-border settlement, followed by Web3.

4. The fiat currency anchoring mechanism is open, and the RMB stablecoin needs to be approached with caution.

5. Remind investors and the public to remain cautious.

Market View

1. The first batch of licenses is expected to be implemented by the end of the year, with the number possibly being in single digits.

2. It is possible to form a "dual-track parallel" pattern of US dollar and Hong Kong dollar stablecoins.

3. CNH stablecoin attracts attention and may open new pathways for the internationalization of the Renminbi.

4. Short-term structural investment opportunities may arise, but long-term impacts still need to be observed.

Application Popularity

1. 50-60 companies have expressed their intention to apply.

2. Five institutions participated in the sandbox test, including JD.com, Standard Chartered Bank, and others.

3. Many companies have publicly stated that they will apply, such as China Sansan Media, Tian Sheng Capital, etc.

4. Ant Group, LianLian Digital, and others are actively preparing.

5. Ping An, Sanwei Xinan and others express concern and research related businesses.

With the implementation of regulations, the development of stablecoins in Hong Kong has entered a new stage. Regulatory agencies, market participants, and investors are closely watching the developments in this field.