币界网报道:Hong Kong Monetary Authority (HKMA) will implement stablecoin regulations starting 2025, requiring issuers to obtain a local license and meet strict reserve and disclosure rules. The framework aims to enhance investor protection while supporting fintech innovation, with public consultations running until February 2024. Stablecoins must be fully backed by high-quality reserves, with regular audits and transparent reporting. The move aligns with global regulatory trends as Hong Kong positions itself as a crypto hub, following its recent virtual asset trading platform licensing regime. Non-compliant issuers may face penalties or operational restrictions.