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The new regulations for stablecoins in Hong Kong have caused a 33% drop in off-exchange USDT trading volume.
Impact of Hong Kong Stablecoin New Regulations on OTC Trading Market
On August 1, 2025, Hong Kong officially implemented the "Stablecoin Ordinance," which establishes strict regulations for the issuance and operation of stablecoins. The new rules explicitly prohibit activities related to stablecoins without a license, and no transition period has been set. This policy change has had a direct impact on local cryptocurrency exchange institutions in Hong Kong, with several service providers announcing a suspension of stablecoin operations while awaiting license applications.
This article aims to assess the actual impact of the new regulations from an on-chain perspective by analyzing the TRC20-USDT outflow data of the Hong Kong OTC Trading service provider (HKVAOTC) over the past 70 days.
The data is sourced from monitoring the business addresses of VAOTC entities that serve local customers in Hong Kong, covering both store-type and non-store-type service providers. The statistical time period is from June 1 to July 31, 2025, and from August 1 to August 8. The data has excluded non-operational transfer activities.
The analysis results show that after the implementation of the new regulations, the trading volume of stablecoins in the Hong Kong OTC Trading market has significantly decreased. From June 1 to July 31, the average daily USDT outflow was 52.04M; while from August 1 to 8, the average outflow dropped to 34.90M, a decrease of 32.94%. This data reflects the profound impact of the new regulations on the local crypto industry.
Further breakdown of data from different types of service providers shows that store-type service providers are more severely impacted. After the new regulations took effect, the average daily USDT outflow of store-type service providers decreased by 43.20%( from 9.47M to 5.38M), while non-store-type service providers decreased by 30.65%( from 42.57M to 29.52M). This difference may indicate that some OTC Trading services are showing a trend of shifting underground in the short term.
The implementation of the "stablecoin regulations" marks an important advance in the regulation of the cryptocurrency industry in Hong Kong. In the short term, it has had a significant impact on the local OTC Trading service industry. In response to the new regulations, industry insiders have had mixed reactions: some choose to apply for licenses to operate in compliance, while others may turn to underground operations. This differentiated choice reflects the industry's diverse adaptation strategies to policy changes.
In the long run, the implementation of the "stablecoin regulations" may reshape the cryptocurrency trading ecosystem in Hong Kong. Regulatory authorities may need to continuously monitor the effects of policy implementation and make timely adjustments to balance industry development and risk control. At the same time, the industry also needs to actively adapt to the new regulations and explore compliant innovation development pathways.