The latest regulatory framework for fiat stablecoins announced by the Hong Kong Monetary Authority (HKMA) has attracted widespread follow. This framework aims to balance financial innovation with risk control while consolidating Hong Kong's position as an international financial center.

The core of this regulatory framework is to establish a strict licensing system. All qualified fiat stablecoin issuers operating in Hong Kong must apply for and obtain a license from the Monetary Authority. In addition, issuers must be registered and maintain substantial business activities in Hong Kong.

To ensure the stability of stablecoin value, the new regulations require issuers to hold 100% high-quality, highly liquid reserve assets, such as cash and short-term government bonds. These assets must be strictly segregated and held by qualified custodians to ensure the security of user assets.

Transparency is another major focus of the new regulations. Issuers are required to regularly disclose the composition of reserve assets and independent third-party assessment reports. At the same time, coin holders should be able to exchange at par for the anchored fiat within a reasonable time, which further enhances the credibility of stablecoins.

The Monetary Authority also requires issuers to establish clear policies and mechanisms to maintain the value stability between stablecoins and the pegged fiat. This measure helps to enhance market confidence and promotes the application of stablecoins in the payment sector.

With the advancement of relevant legislative procedures, it is expected that this regulatory framework will be officially implemented in 2024. This marks an important step for Hong Kong in the digital finance sector, providing strong support for the healthy development of the stablecoin market.

Industry insiders generally believe that the introduction of this regulatory framework will effectively enhance the规范性 and安全性 of Hong Kong's stablecoin market, while also providing valuable references for stablecoin regulation in other regions. However, finding a balance between strict regulation and encouraging innovation remains a long-term challenge faced by regulatory agencies.