Hong Kong's financial regulation has taken an important step, with the official implementation of the "stablecoin regulations" on August 1. The Financial Management Bureau subsequently released the "Guidelines for Regulating Licensed Stablecoin Issuers," which set clear standards for applying for an issuer license.

Industry insiders expect that Hong Kong's three major note-issuing banks—Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC—may become the first institutions to obtain stablecoin issuance licenses. At the same time, several Chinese-funded banks, enterprises participating in regulatory sandbox tests, large central enterprises and state-owned enterprises, as well as well-known internet companies are also actively preparing application procedures.

In the early stages of stablecoin business, securities firms are expected to mainly provide related services such as trading, custody, and financing. The application scope of stablecoins is expected to cover multiple areas including digital asset trading, cross-border payments in global trade, and the tokenization of traditional assets.

It is worth noting that by the end of July, 44 financial institutions had completed the upgrade of the No. 1 securities trading license. This series of actions indicates that Hong Kong is actively building a globally leading regulatory environment for virtual assets, providing a good institutional guarantee for financial innovation and stable development.

With the clarification of the regulatory framework and the active response of market participants, the Hong Kong stablecoin market is expected to experience rapid development, injecting new momentum into financial technology innovation and digital economy transformation. However, achieving a balance between innovation and risk control will remain a challenge that regulators and market participants must face together.