The Hong Kong Stablecoins Ordinance officially came into effect on the 1st, establishing a licensing system for fiat stablecoin issuers in Hong Kong, improving the regulatory framework for virtual asset activities, maintaining financial stability, and promoting financial innovation. The Hong Kong Monetary Authority's "Regulatory Guidelines for Licensed Stablecoins Issuers" and "Guidelines for Combating Money Laundering and Terrorist Financing (Applicable to Licensed Stablecoins Issuers)" were published in the constitution on the 1st. With the regulatory system officially taking effect, market participants should comply with the "Stablecoins Regulations" and related guidelines. The Hong Kong Monetary Authority stated that licensing will be an ongoing process and encourages institutions interested in applying for a license to contact the authority on or before August 31 to convey regulatory expectations and provide appropriate feedback. If individual institutions believe that they are fully prepared and wish to receive consideration as soon as possible, they should submit an application to the Hong Kong Monetary Authority on or before September 30th. The public can refer to the licensed stablecoin issuers published on the website of the Hong Kong Monetary Authority in the future. The Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoins Bill on May 21. After the implementation of the regulation, anyone who issues fiat stablecoins in Hong Kong during the business process, or issues fiat stablecoins claiming to anchor the value of the Hong Kong dollar in Hong Kong or outside, must apply for a license from the Monetary Authority. Relevant parties must comply with regulations on reserve asset management and redemption, including properly separating customer assets, maintaining a sound stability mechanism, and handling redemption requests from stablecoin holders at face value under reasonable conditions. Relevant personnel must also comply with a series of requirements for combating money laundering and terrorist fundraising, risk management, disclosure regulations, auditing, and appropriate personnel selection. (New Society)