关于受监管稳定币活动的反洗钱及打击恐怖分子资金筹集要求的咨询结论

July2025 Contents 1.Background.........................................................................................32.Major comments received and HKMA’sresponses........................43.Next steps / Implementation timetable...........................................10 Annex–Finalisedversionof the Guideline on Anti-MoneyLaundering and Counter-Financing of Terrorism (for LicensedStablecoin Issuers) 1.Background 1.1.This document summarises comments received inresponse toa consultation ontheHong Kong Monetary Authority’s(HKMA)proposed anti-moneylaundering and counter-financing of terrorism(AML/CFT)requirements forregulated stablecoin activities.Itprovidesthe HKMA’s responsesto thosecommentsand sets out the next steps with regard to theproposed requirements.1.2.The HKMA issued a consultation documenton 26May2025inviting commentsonproposed requirementsaimed atestablishinganAML/CFTframeworkforstablecoinissuers to be licensed by the HKMA(referred to below as“licensees”).TheHKMA’s objectiveis to support licenseesinimplementingeffectivesystems and controls to prevent money laundering and terroristfinancing(ML/TF)in connection with their licensed stablecoin activities.Theconsultation document can befoundonthe HKMA website1.1.3.The consultation closed on30June2025and38responses were received, fromglobal and local market players in the virtual assets (VA) industry,sandboxparticipants2,banks, professional associations, consultancyand legalfirms,Web3 companies andtechnology service providers.1.4.Respondentsrecognised the ML/TF risks inherent in the stablecoinindustryandthe need to establish a legal and regulatory regimein line withinternationalstandards.There was generalsupportforthe proposed regulatory requirementsoutlined in theconsultation documentand thedraftGuideline onAnti-MoneyLaundering and Counter-Financing of Terrorism(for Licensed StablecoinIssuers) (AML/CFTGuideline).1.5.Following a thorough review of the consultation feedback, the HKMAhasrevisedthe originalproposedrequirements, as outlined in thisdocument, toaddress concerns and suggestions raised by respondents.AfinalisedversionoftheAML/CFT Guidelineis atAnnex. 2.Majorcomments received andHKMA’sresponses A.Stablecoin issuanceand redemption Consultation questions: Q1.Do you agree with the proposed regulatory approach in relation to stablecoinissuance, including the need for (i) due diligence measures for the institution(e.g. financial institution or VASP) providing thecustodial wallet for thestablecoin holder; and (ii) additional controls to mitigate the risks of unhostedwallets?Q2.Do you agree with the proposed regulatory approach in relation to stablecoinredemption, including the need for (i) due diligence measuresfor the institution(e.g. financial institution or VASP) providing the custodial wallet for thestablecoin holder; and (ii) additional controls to mitigate the risks of unhostedwallets? Requirements relating to risk management of customers’ wallets Comments received 2.1.There was general agreementonthe proposedrequirementstomanage the risksassociated with customers’ wallets,including the due diligence measures for theinstitution (e.g. financial institutions(FIs)orVirtual Asset Service Providers(VASPs))providing the custodial wallet for customerstablecoin holders; andadditional controls to mitigate the risks of unhosted wallets.A few respondentshighlightedpractical challengesofconductingdue diligence on custodial walletprovidersastheymightnotbe direct customers of thelicensees, and asked forfurther guidance on how to address thesechallenges.Several respondentsalsopointed outthat it might be difficult to effectivelyclassify unhosted andcustodial wallets on theblockchaindue to constraints of current technologiesand available analytics tools. HKMA’s response 2.2.The HKMAappreciatescomments and suggestionsonrisk management ofcustomers’ wallets. To better articulate the policy intentof the requirements,aparagraphis addedin the AML/CFT Guidelineto explain thatlicensees, unliketraditional FIs,may or may not provide custodial services to holders of theirstablecoins. If thelicenseesdo notprovide such services, holders willhave touse walletsprovided by custodial wallet providersor unhosted wallets, whichpose ML/TF risks to the licensees. 2.3.To address the concerns over thepractical difficulties ineffectivelyclassifyingunhosted and custodial wallets, the HKMA requiresthe licensees toascertainthe ownership or control of every customer’s wallet without a need forclassification of wallet types. 2.4.To help licensees manage the ML/TF risks posed by different types of wallets,the AML/CFT Guideline specifies the due diligence measures licensees shouldundertake if a customer’s wallet is provided by a custodial wallet provider or isa self-hosted wallet used by an FI or a VASP. For other wallets (e.g. unhostedwallets) or when the above-mentioned due diligence measures cannot beconducted toa satisfactory level (e.g. if the custodial wallet provide