Lawyer Clarify Wetin Person No Understand About Hong Kong Stablecoin Law
Lawyer Wu Wenqian don clear some big misunderstanding about di Hong Kong stablecoin law wey go start dey work from August 1, 2025. According to dis law, only stablecoins wey dem issue for Hong Kong or wey get one-on-one pegging to Hong Kong dollar (HKD) go dey regulated. USDT and USDC, wey dem mint for abroad and get pegging to USD, no dey under dis regulation. OTC trading of USDT and USDC still dey legal till dem bring specific OTC license. Di law give HKMA clear power, make dem follow official process before dem fit extend di regulation. To get license depend on how di compliance model be: closed-loop, KYC completed ones like e-commerce issuers get better chance but open DeFi models face big wahala. Big institutions like JD.com, Ant Group, banks, plus government-owned companies dey actively apply for HKD stablecoin licenses but dem dey encounter strict checking. Wu talk say Hong Kong regulation steady and dey go step by step unlike US wey policy dey change anyhow. E also clear say offshore RMB no be stablecoin under current rules. Dis law go set base for compliant and transparent HKD stablecoin ecosystem.
Neutral
Di clarifying di scope of di Hong Kong stablecoin law, di news dey reduce unnecessary regulatory wahala instead of putting restriction. By saying say USDT and USDC fit still dey trade for OTC markets and dem no enter di law, traders go sure say normal stablecoin liquidity and their trade plans for Hong Kong no go change anytime soon. No immediate license need for USDT/USDC OTC trade and how HKMA dey handle matter steady, e dey make market stable. But as dem go dey introduce licenses small small and fit block retail people from access later, e fit slow down long term growth. Compared to di wahala wey dey USA policy, Hong Kong steady framework dey give correct environment to plan for medium term for big institutions but e no go make any big bullish run. So, di overall effect on market feelings and trade volume go just be balanced.