On August 1, 2025, Hong Kong's "Stablecoin Ordinance" will officially come into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This article interprets the regulatory policies of the Hong Kong Monetary Authority (HKMA), guiding retail investors on how to hold stablecoins in compliance and comparing regulatory differences between Hong Kong, Singapore, and the US to reveal market opportunities and challenges. Core Points of...

On August 1, 2025, Hong Kong's "Stablecoin Ordinance" will officially come into effect, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins. This article interprets the regulatory policies of the Hong Kong Monetary Authority (HKMA), guiding retail investors on how to hold stablecoins in compliance and comparing regulatory differences between Hong Kong, Singapore, and the US to reveal market opportunities and challenges. Core Points of...