Hong Kong’s Stablecoin Licensing: Why Only a Handful Will Make the Cut (Spoiler: It’s Not a Participation Trophy)
Hong Kong’s Stablecoin Crackdown: Quality Over Quantity
Let’s cut through the hype: Hong Kong’s Monetary Authority (HKMA) isn’t handing out stablecoin licenses like free samples at a crypto conference. CEO Yu Weiwen recently admitted that while “everyone wants to be a stablecoin issuer,” the regulator will likely approve only a select few—so few that “you won’t need two hands to count them.”
As someone who’s designed Bitcoin derivatives at CME and survived three bear markets, here’s my take: this is how regulation should work. The HKMA’s sandbox isn’t a guaranteed path to licensure—it’s a stress test separating the algorithmic wheat from the speculative chaff.
The Math Behind the Cull
Why the exclusivity? Three data points matter:
- Reserve Audits: Real-time proof of 1:1 backing isn’t optional. (Looking at you, Tether skeptics.)
- Bank-Level Compliance: AML/KYC protocols stricter than a Swiss private bank.
- Stress Testing: Can your stablecoin survive a Black Swan event? Most can’t.
The HKMA knows what failed stablecoins (ahem, TerraUSD) did to retail investors. Their approach mirrors the Swiss banking model: fewer players, higher trust. For institutional traders like my hedge fund clients, this selectivity reduces counterparty risk—a win for DeFi’s credibility.
The Sandbox Reality Check
Don’t mistake HKMA’s sandbox for approval-in-progress. Projects testing there face fresh evaluations later. Translation: Passing the sandbox is like getting into Harvard—it doesn’t guarantee you’ll graduate.
My prediction? Over 80% of current applicants will wash out when faced with Basel III-level capital requirements. The survivors? Probably regulated banks and fintech giants with existing HKMA relationships.
What This Means for Traders
Forget moonboys dreaming of 20+ licensed stablecoins flooding Hong Kong. We’re looking at 3–5 max, likely USD/HKD pegs first. This scarcity will:
- Boost demand for licensed stablecoins (expect premium liquidity)
- Pressure unregulated alternatives (sorry, USDT offshore users)
- Accelerate institutional adoption (finally, clean collateral)
Bottom line: The HKMA is treating stablecoins like systemic infrastructure—not casino chips. And frankly, after Celsius and FTX, it’s about time.
ChiCryptoQuant
Hot comment (5)
Stablecoin Hong Kong: Cuộc Chiến Khốc Liệt
HKMA không phải là nơi phát hành stablecoin như phát kẹo tại hội nghị crypto đâu! Chỉ vài ‘kẻ may mắn’ sẽ được cấp phép, ít đến mức đếm trên đầu ngón tay. 😂
Tiêu Chuẩn Khắc Nghiệt
1:1 dự trữ? AML/KYC gắt hơn cả ngân hàng Thụy Sĩ? Stress test đủ sống sót qua ‘Black Swan’? Rõ ràng HKMA không đùa, và TerraUSD là bài học xương máu.
Dự Đoán Của Tôi
80% ứng viên sẽ ‘bay màu’ vì Basel III. Chỉ còn lại vài ông lớn fintech hoặc ngân hàng. USDT offshore users, chuẩn bị tinh thần nhé!
Các bạn nghĩ sao? Comment ‘🚀’ nếu bạn tin mình sẽ sống sót trong cuộc đua này!
Nur die Härtesten überleben
Die HKMA verteilt Stablecoin-Lizenzen wie Harvard-Abschlüsse – die meisten scheitern kläglich! Wer denkt, hier gäbe es Teilnahmeurkunden, hat die Rechnung ohne die Schweizer-Bank-Level-Compliance gemacht.
Mathematik der Auslese
1:1-Reserven? Check. AML/KYC strenger als Omas Hausordnung? Check. Black-Swan-Test bestanden? Eher nicht. TerraUSD lässt grüßen!
Fazit für Trader
Freut euch auf 3-5 stabile Coins – mehr wird’s nicht. Der Rest? Tschüssikowski! Wer jetzt noch USDT nutzt, dem ist echt nicht mehr zu helfen.
Was meint ihr? Wer schafft’s ins Regulatory-Valhalla?
Only the Strongest Survive
Hong Kong’s stablecoin license race makes Squid Game look like kindergarten recess! The HKMA isn’t handing out participation medals - they’re basically hosting the financial Olympics where 99% of applicants will faceplant at the Basel III high jump.
My Quant-Approved Bet
After stress-testing this like a DeFi protocol, my money’s on:
- Banks cosplaying as crypto projects (hello, CBDC Trojan horses)
- Firms that can prove reserves without creative accounting (RIP Tether fanboys)
This regulatory Thunderdome approach? Exactly what crypto needs after the TerraUSD clown show. Place your bets below - which stablecoin gladiators will leave the sandbox alive? 💸
Гонконг раздает лицензии на стабикоины как Нобелевские премии
HKMA явно решил, что стабикоины - это не конфетки на Хэллоуин. Всего 3-5 счастливчиков получат одобрение - даже пальцев на двух руках хватит, чтобы пересчитать!
Как специалист в крипте скажу: это правильный подход. После истории с TerraUSD регуляторы научились отличать “алгоритмическую пшеницу” от “спекулятивных плевел”.
А вы как думаете - кому достанется этот крипто-Оскар?
হংকংয়ের স্টেবলকয়েন লটারি!
এখানে সবাই অংশগ্রহণ পুরস্কার পাবে না! HKMA এতটা কঠোর যে তারা সম্ভবত মাত্র ৩-৫টি স্টেবলকয়েনকে লাইসেন্স দেবে - আমার দুই হাতের আঙুলেই গোনা যাবে!
রিজার্ভ অডিটের ড্রামা
১:১ ব্যাকিং প্রমাণ করতে হবে? অনেক প্রকল্পই এখন চিন্তায় পড়ে গেছে! টেদারের সমর্থকরা বিশেষ করে দুশ্চিন্তায় আছে বলে শুনছি।
শেষ কথাটি
হংকং স্টেবলকয়েনগুলোকে ক্যাসিনো চিপ না ভেবে ব্যাংকিং ইনফ্রাস্ট্রাকচার হিসেবে দেখছে। FTX এবং Celsius-এর পর এটাই তো হওয়া উচিত ছিল!
আপনার কী মনে হয়? কমেন্টে লিখুন!
