⚡️ The "Hong Kong Stablecoin Regulation" officially takes effect today, marking the world's first regulatory framework for stablecoins. Here are some key points worth noting—

🧾 Strict Licensing System Launched

Licensed Issuance: Any institution issuing or providing fiat stablecoin services to local retail users within Hong Kong must apply for a stablecoin license from the Monetary Authority. The first batch of licenses is expected to be issued in early 2026, with a "best of the best" selection process.

Capital Threshold: A minimum paid-up capital of HKD 25 million, essentially open only to institutions with substantial resource reserves.

Transition Window: Applications must be submitted within three months of the regulation coming into effect, with a deadline for exiting or obtaining approval by the end of March 2026.

💰 Reserve and Redemption Mechanisms Improved

Reserve Assets: Must be 100% payment-backed, isolated custody, and prohibited from re-pledging. Assets must be of high quality and high liquidity, with bankruptcy isolation protection achieved through statutory trust mechanisms.

Timely Redemption Mechanism: Stablecoin holders must be able to redeem corresponding assets at face value at any time.

🛡 AML/KYC and Regulatory Guidelines Launched Simultaneously

Mandatory KYC: Issuers must implement a five-year identity record and review mechanism.

Prohibition of Unlicensed Promotion: After the regulation takes effect, unlicensed stablecoins are prohibited from marketing to the public in Hong Kong; otherwise, it constitutes illegal activity, which may result in fines or imprisonment.

🧩 OK, summarizing the key points—

1️⃣ This round of stablecoin regulation is essentially a systematic licensing system aimed at institutions. I estimate that only a very few wealthy and well-prepared entities will be able to obtain licenses, such as JD Coin Chain, Nano Labs, Ant Group, Standard Chartered, and other early participants in sandbox testing.

2️⃣ Strong identity binding: Issuers must verify the identity of token holders and retain records for over five years, essentially declaring: anonymous users should steer clear; DeFi-style free issuance does not exist in Hong Kong, which is quite distinctive.

3️⃣ The core application scenario is to enhance cross-border payment efficiency and expand institutional tokenized asset settlement business, primarily benefiting large enterprises or traditional banks, with little relevance to retail investors.

How to put it, it feels like riding on a favorable trend, but the impact seems limited.

Retail investors should be out of the loop here, but it might be worth looking at which A-shares could benefit…👇👇

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