Effective August 1, Hong Kong’s stablecoin ordinance—deemed the world's strictest with rigorous licensing, full reserve, and KYC mandates—contrasts with the U.S. SEC’s inclusive 'Project Crypto' initiative.
On August 1, Hong Kong implemented the world’s first comprehensive regulatory framework for fiat stablecoins, mandating licenses, a minimum HK$25 million capital, 100% high-quality liquid asset reserves, and strict KYC and AML measures. Meanwhile, the U.S. SEC unveiled 'Project Crypto' on July 31, outlining an inclusive blockchain financial blueprint, marking a stark regulatory divergence.