#香港稳定币监管框架 Recently, new regulations on stablecoins have been issued in Hong Kong, and after reading the announcement, I am even more confused.

What is the real intention behind this round of policy adjustments? On the surface, it is said to be about regulating the market, but will it turn into something else in execution? Can existing stablecoin projects pass the review smoothly, or will they all have to be rebuilt from scratch? The market's reaction to this uncertainty may be more intense than the policy itself.

In fact, there is nothing wrong with a reasonable regulatory framework; the problem lies in how the details are defined and the extent to which they are enforced. What is most feared is a brutal tightening that would directly reshuffle the entire crypto ecosystem, and at that time, not only the project parties will be affected, but users will also suffer.

Is there anyone who can interpret the deeper logic behind this new regulation? Or has the industry started preparing countermeasures?

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