#美联储恢复降息进程 💰 2025 Hong Kong stablecoin new policy: When the Regulatory Sandbox meets Compliance iron law

On August 1st this year, Hong Kong's "stablecoin regulation" officially came into effect. This globally pioneering regulatory framework linked to fiat currency is quite strict—license entry system, 100% asset reserve, and monthly mandatory audits, which directly keep a number of tech giants wanting to enter the market at bay. Players like JD Technology and Ant Group submitted applications? Sorry, traditional licensed banks are the main players.

Looking north at the mainland? Cryptocurrency trading and mining operations have long been classified as illegal financial activities, with a policy tone of "zero tolerance." For funds to go offshore, Hong Kong naturally becomes the preferred channel. However, this approach in Hong Kong is not disorderly open—while retail investors can trade, the KYC review is so strict that it makes you question your life. The multi-currency stablecoin system combined with RWA (Real World Assets) cross-border payment solutions is essentially testing a new path for the internationalization of the Renminbi.

Mainland enterprises want to participate? Using Hong Kong subsidiaries as a workaround is a common practice, but the cross-border compliance approval process for data is complicated to the point of being a headache. This design of the "one country, two systems" financial testing ground is very subtle: the mainland focuses on risk control and financial stability, while Hong Kong is responsible for exploring ways to attract capital and technological innovation.

In simple terms, this is not just a simple policy differentiation, but a precisely designed strategic synergy. Will the dollar-dominated stablecoin system be impacted as a result? At least from the perspective of regulatory innovation, Hong Kong's move is indeed bold enough.

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