持牌稳定币发行人监管指引咨询总结

July 2025 Table of contents 1.Introduction.....................................................................................................32.Major comments and the HKMA’s responses................................................42.1.General.........................................................................................................42.2.Reserve assetsmanagement.........................................................................42.3.Issuance, redemption and distribution.........................................................62.4.Business activities........................................................................................72.5.Financial resources......................................................................................72.6.Risk management........................................................................................72.7.Others...........................................................................................................93.Conclusions andway forward.......................................................................11 1.Introduction 1.1.The regulatory regime for stablecoin issuers under the Stablecoins Ordinance(“SO”) will come into effect on 1 August 2025.The Hong Kong MonetaryAuthority (“HKMA”) intends to publish Guideline on Supervision of LicensedStablecoin Issuers (“Guideline”)to provide guidance on regulatory expectationswith regard to the minimum criteria in Schedule 2 to the SO which a licensee isrequired to fulfil on an ongoing basis pursuant to section 24 of the SO.TheHKMA released the draft Guideline for industry consultation on 26 May 2025to gather views from the industry. 1.2.The industry consultation concluded on 30 June 2025 and a total of 28 responseshave been received.This Consultation Conclusions on Draft Guideline onSupervisionof Licensed Stablecoin Issuers(“Consultation Conclusions”)intendsto summarise the views of respondents and provides responsesaccordingly.A revised Guideline is also attached undertheAnnex of thisConsultation Conclusions. 1.3.This Consultation Conclusions should be read in conjunction with the SO andGuideline. Terms that are defined in the SO and Guideline have their definedmeaning when used inthis Consultation Conclusions.Unless otherwisespecified, terms in this Consultation Conclusions in the singular include theplural and terms in this Consultation Conclusions in the plural include thesingular. 1.4.The subsequent parts of this Consultation Conclusions are structured as follows.Paragraph 2 summarises the major comments from respondents and theHKMA’s responses.Paragraph 3 sets out the conclusions and way forward.TheAnnex isthe finalisedversion of the Guideline. 2.Major comments and the HKMA’s responses 2.1.General 2.1.1.Respondents are largely supportive of the proposed regulatory requirements setout in the Guideline, highlighting that the requirements may assist licensees toproperly addressrelevant risks in the course of issuing specified stablecoins.Respondents have provided recommendations across various areas, and somehave also sought clarifications on certain requirements. The major commentsand the HKMA’s responses are summarised asfollows. 2.2.Reserve assets management 2.2.1.On full backing,respondents enquired that whether multi-jurisdictionalissuance arrangement is acceptable,and whether therequirement of full backingwould apply only to the local pool of reserve assets or the globalpool as a wholeunder a multi-jurisdictional issuance arrangement.To this end, the HKMAadopts a principle-based approach towards regulation and supervision.TheGuidelinedoes not prescribe whether single-jurisdictional or multi-jurisdictional issuancehas to be adopted, and the HKMA is open to variousarrangementson the condition that the arrangement has been discussed with theHKMA and the relevant regulatory requirements are being fulfilled.Onregulatory treatment for reserve assets, the HKMA isof the view that alicenseeshould ensure that thespecified stablecoinshould be fully backed as a whole,regardless of whethersingle-jurisdictional issuance or multi-jurisdictionalissuancearrangement isadopted. 2.2.2.Moreover, respondents sought clarifications on the purpose of paragraph 2.1.3of the Guideline, which concerns full backing of specified stablecoins that havebeen frozen, blacklisted, etc. For clarity, the HKMA expects that all specifiedstablecoins that have been minted should be fully backed, including those thatare being frozen or blacklisted.The HKMA has revisedparagraph 2.1.3of theGuideline to better reflect this message. 2.2.3.On scope of reserve assets,respondents enquired whether tokenisedrepresentations of eligible assets wouldqualify as reserve assets. The HKMAadopts a technology neutral approach in this regard, and is open to havingtokenised representations of eligible assets as part of the reserve assets, oncondition that the licensee is able to demonstrate to the HKMA that such assetsfulfil the