#香港稳定币监管框架# Reviewing the history of financial regulation in Hong Kong, the introduction of this stablecoin regulatory framework is of great significance. Since the establishment of the Securities and Futures Commission in 1993 to the current regulation of encryption assets, Hong Kong has always been at the forefront. This time, the Monetary Authority clarified that the stablecoin license is not "invitation-based," but encourages institutions to communicate proactively, reflecting an open and pragmatic attitude. At the same time, thresholds for Compliance, specificity, and sustainability have been set, demonstrating a determination for strict oversight.

Reflecting on the ICO boom of 2017-18, Hong Kong was also cautiously observing. Now, actively embracing innovation while remaining prudent is reassuring. However, regulation is ultimately a double-edged sword. Being too strict may stifle innovation, while being too lenient could breed risks. I hope the Monetary Authority can continuously adjust in practice, seeking a balance between promoting development and preventing risks.

For industry insiders, this is a rare opportunity. But we must also be vigilant: Compliance is the baseline, and innovation is the key to victory. For Hong Kong to become a global Web3 hub, having a regulatory framework is not enough; a complete ecosystem and talent reserve are also necessary. Let us work together to contribute to the future of fintech in Hong Kong.