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Analysis of the new stablecoin regulations in Hong Kong: Clarifications of misunderstandings and development prospects
Analysis of New Regulations on Stablecoin Supervision in Hong Kong: Clarifications of Misunderstandings and Future Outlook
The latest stablecoin legislation that has come into effect in Hong Kong has sparked widespread attention and controversy in the market. This article invites Hong Kong's senior compliance lawyer Wu Wenqian to delve into the core content 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 new regulations do not mandate all coin holders to complete KYC, but the regulators tend to favor a closed-loop controllable business model.
The Monetary Authority has no authority to arbitrarily define stablecoin activities and must follow statutory procedures.
Determining whether a stablecoin is issued in Hong Kong requires consideration of multiple factors, such as the management team, the company's place of registration, reserve assets, etc.
Regulatory Focus and Challenges
OTC trading regulation still has gaps, and retail trading of USDT/USDC may face restrictions.
Large institutions are highly enthusiastic about applying, but regulatory approvals are cautious, and the number of licenses is limited.
Hong Kong's policies are relatively stable, while the United States experiences greater fluctuations due to political factors.
Offshore RMB stablecoins are currently not a regulatory focus, which is different from the definition of Hong Kong dollar stablecoins.
Participation of Banks and Traditional Enterprises
Banks are actively laying out their stablecoin business, mainly considering reserve asset management and new business expansion.
Traditional Web2 companies are accelerating their entry into the Web3 space, but most are still in the planning stage.
The Prospects and Positioning of Hong Kong Stablecoins
It is difficult to compete directly with USDT/USDC, and a unique positioning must be found in compliant scenarios.
It may play a role in areas such as ODBA and STO, forming an independent ecosystem.
The future development depends on whether suitable application scenarios can be found.
International Regulatory Pressure
The FATF may conduct a new round of assessments on Hong Kong, which may strengthen anti-money laundering and other regulatory requirements.
Hong Kong Web3 Atmosphere
Recently, the market heat has warmed up, but there are still relatively few projects that have been truly implemented. Looking forward to more low-key and practical projects emerging.