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Hong Kong introduces the world's first stablecoin regulation, leading a new era of encryption regulation.
New Era of Stablecoin Regulation: Hong Kong Leads the World
The Hong Kong Legislative Council officially passed the "Stablecoin Regulation" at the end of May this year, marking the establishment of the world's first comprehensive regulatory framework specifically for fiat-collateralized stablecoins. The regulation establishes a licensing system for the issuance and promotion of stablecoins and sets forth numerous specific requirements for licensed institutions.
This move shows that Hong Kong officially incorporates stablecoins into its financial regulatory system, paving the way for compliant Hong Kong stablecoins. In fact, the Hong Kong Monetary Authority launched a stablecoin issuer sandbox program as early as last year, fully preparing for formal regulation. Currently, several institutions, including JD.com, Yuanbi Technology, and Standard Chartered Bank, are participating in the sandbox testing.
Hong Kong's move is backed by multiple considerations. First, the stablecoin market has exceeded $250 billion and is still growing rapidly, expected to become the first Web3 product to be widely accepted. Secondly, the United States has also been advancing stablecoin legislation recently, and Hong Kong needs to follow suit in a timely manner to maintain its status as an international financial center. Additionally, regulation can balance innovation and risk, laying the foundation for the long-term development of the industry.
However, regulation also brings some challenges. How to balance the intensity of regulation with the compliance costs for enterprises, how to respond to the dominance of the US dollar stablecoin, and how to develop the Hong Kong dollar stablecoin ecosystem are all issues that require in-depth consideration. Combining innovative businesses like RWA to create an open crypto market based on the real economy may be a feasible direction for Hong Kong.
Overall, the introduction of the "stablecoin regulations" marks the maturation of the cryptocurrency market. In this market cycle, stablecoins have become an important infrastructure for global payments. Hong Kong embraces innovation with an open attitude and is expected to gain an advantage in the new round of competition. However, it also needs to seek a balance between regulation and innovation to create a good environment for the long-term development of the industry.