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Analysis of Hong Kong's stablecoin New Regulations: Clarification of Misunderstandings, Regulatory Focus, and Development Prospects
Analysis of Hong Kong Stablecoin Legislation: Clarifying Misunderstandings, Regulatory Focus, and Development Prospects
The latest stablecoin legislation in Hong Kong has sparked widespread attention and controversy in the market. This article invites senior legal expert Wu Wenqian to delve into the details of the legislation, clarify market misunderstandings, and discuss the development prospects of stablecoins in Hong Kong.
Clarification of Major Misunderstandings
Foreign stablecoins such as USDT and USDC are not subject to the new regulations and can still be traded OTC in Hong Kong.
The law does not require all coin holders to undergo KYC, but regulators tend to prefer a closed-loop controllable model.
The Monetary Authority does not have the authority to arbitrarily determine that a certain behavior constitutes the issuance of a stablecoin and must follow statutory procedures.
Whether it belongs to "issuing stablecoins in Hong Kong" needs to consider multiple factors.
Regulatory Focus and Controversy Points
The regulatory authority over OTC trading is undetermined, and retail trading has become a key point of contention.
The KYC requirements are not explicitly stated in the regulations, but the actual approval prefers a closed-loop model.
Large institutions are enthusiastic, but the regulatory attitude is cautious, and the number of licenses issued is limited.
Offshore RMB stablecoin is not restricted for the time being, and its definition is different from that of the HKD stablecoin.
Prospects for the Development of Stablecoins in Hong Kong
In the short term, it is difficult to compete directly with USDT and USDC, and positioning needs to be found in compliant scenarios.
It may mainly develop in compliant areas such as LGBA, STO, etc.
Banks are actively positioning themselves and valuing opportunities in reserve asset management and business expansion.
The FATF review may affect regulatory tightening, and anti-money laundering requirements may be further strengthened.
Market enthusiasm is warming up, Web2 companies are entering the field, but most are still in the planning stage.
Overall, Hong Kong's stablecoin is in the stage of policy implementation and market exploration, with many uncertainties in its future development that require ongoing attention to policy trends and market reactions.