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In-depth Analysis of Hong Kong's New Stablecoin Policy: Clarifying Misunderstandings and Future Opportunities
In-depth Analysis of Hong Kong's Stablecoin Policy: Misunderstandings, Opportunities, and Challenges
The latest effective stablecoin legislation in Hong Kong has sparked significant attention and controversy. This article invites veteran compliance lawyer Wu Wenqian to delve into the policy details, clarify market misunderstandings, and explore the opportunities and challenges in the development of stablecoins in Hong Kong.
Clarification of Main Misunderstandings
Foreign stablecoins such as USDT and USDC are not issued in Hong Kong and are not subject to the new regulations.
Hong Kong can still conduct OTC trading of mainstream stablecoins, the new regulations do not prohibit it.
The Monetary Authority has no authority to arbitrarily define stablecoin activities and must follow statutory procedures.
Whether it belongs to "stablecoin issued in Hong Kong" needs to be judged comprehensively based on multiple factors.
KYC Controversy Focus
Regulations do not explicitly require KYC for all coin holders, but supervision tends to favor a closed-loop controllable model.
Initial approved projects may require a complete KYC process, but there may be room for relaxation in the long run.
Background of Large Institutions Entering the Market
Chinese institutions seek legitimate entry and market position.
Some listed companies hype their stock prices through concepts, while the actual business implementation is relatively scarce.
Regulators implement strict screening strategies to limit blind applications.
Comparison of Regulations between Hong Kong and the United States
Hong Kong's attitude is relatively stable and conservative, while the United States fluctuates significantly due to political changes.
The short-term attractiveness of the United States is greater, while in the long term, Hong Kong still has an advantage in terms of policy stability.
Offshore Renminbi stablecoin issues
Currently not classified as a stablecoin, different from the definition of the Hong Kong dollar stablecoin.
Currently does not conflict with existing stablecoin frameworks, but may explore interoperability in the future.
Reasons for Active Participation of Banks
Preparation is needed for reserve asset management.
Optimistic about the long-term development potential of stablecoin business.
Discussion on the Competitiveness of Hong Kong's Stablecoin
It is difficult to compete directly with USDT/USDC in the open market.
May open unique tracks in compliance application scenarios.
Exploration of Application Prospects
Need to find positioning in specific compliance scenarios, such as LGBA, STO, and other fields.
May form an ecosystem independent of the traditional coin circle.
Impact of International Anti-Money Laundering Audits
The FATF may conduct a new round of assessments on Hong Kong.
Or it may prompt regulators to further emphasize anti-money laundering mechanisms, with stricter policy enforcement.
Market Heat Recovery Status
Web2 companies are starting to actively布局 the Web3 field.
The overall atmosphere has improved, but most projects are still in the planning stage.
Looking forward to more substantial landing projects.