EP-71 Sought after and disappointment: Several misunderstandings about the Hong Kong Stablecoin Act

This podcast invites lawyer Wu Wenqian, a senior compliance lawyer in Hong Kong, to conduct in-depth analysis of the latest stablecoin bill that has come into effect in Hong Kong to clarify multiple misunderstandings in the market. He pointed out that overseas stablecoins such as USDT and USDC are not issued in Hong Kong, so they are not subject to new regulations; Hong Kong can still trade mainstream stablecoins OTC. At the same time, it discusses the participation of retail investors, KYC requirements, regulatory approval process, the entry of large institutions such as JD.com, as well as the strategic responses of banks and traditional enterprises. In addition, the difficulties in applying for stablecoin licenses, the adaptation challenges of bills and compliance scenarios, as well as the path differences between Hong Kong and the United States in crypto policies are analyzed, and the development potential and limitations of Hong Kong's stablecoin are expected. Timeline: 00:00 Misunderstanding clarification: The regulatory scope of the stablecoin regulations and overseas projects 01:12 Regulation details: USDT/USDC does not need to apply for a license in Hong Kong 03:40 OTC Transaction legality: Stablecoin regulations do not cover secondary market transactions 07:00 Regulatory blank period: OTC Trading regulatory rights are not determined, retail trading has become the focus of controversy 12:00 KYC Controversy: The regulations are not mandatory, but the actual operation of the supervision prefers closed-loop mode 16:25 Large institutions are enthusiastic: Why do JD.com, Ant, and central enterprises apply for stablecoin licenses 18:05 Listed companies speculate on concepts: Most of them stay in the stage of conception and preheating, and the real implementation is less than 20:15 Comparison of US-Hong Kong regulatory: Hong Kong is stable but conservative, and the United States becomes attractive due to political changes 23:27 Offshore RMB stablecoin: different from the Hong Kong dollar stablecoin definition, no conflict for the time being 26:05 Bank actively participates: Set up a team to reserve asset management and business expansion 28:05 Competitiveness questions: Hong Kong stablecoin is facing compliance scenarios, and it is difficult to compete with USDT/USDC 30:20 Application prospects exploration: Stablecoins need to find their own positioning in specific compliance scenarios 33:30 International anti-money laundering pressure: FATF review may affect Hong Kong's supervision becoming stricter 36:10 Market heat recovery: Web2 Enterprises enter the market, the atmosphere in Hong Kong is gradually heating up, but many are still in the preparation stage