With the Hong Kong government issuing new regulations for Crypto Assets, early Digital Money enthusiasts inevitably feel a sense of loss. Platforms like Binance have begun to restrict access for Hong Kong IP users, street Exchange Currency shops are facing the choice of shutting down or operating at risk, and Compliance exchanges deter users with high fees and complicated processes. These changes seem to be unavoidable growing pains in the maturation of the industry, but they have also made some seasoned participants feel uncomfortable.

The newly introduced "Hong Kong Stablecoin Regulation" has attracted widespread attention, and the media generally has a positive outlook on the development prospects of Hong Kong stablecoins. However, compared with the almost silent Hong Kong Central Bank Digital Currency (e-HKD) project, the latter seems to have greater potential.

The regulatory authorities' strategy of "strict first and lenient later" can be understood, as its purpose is to effectively control risks, establish market confidence, and lay the foundation for long-term sustainable development. However, the strict regulations in the new rules regarding anti-money laundering, capital requirements, compliance costs, and restrictions on certain types of stablecoins may suppress market diversity and innovative vitality in the short term.

Although the issuance of the first licenses and market reactions need time to observe, if regulatory policies cannot be appropriately relaxed in a timely manner in the future, considering the efficiency of the Hong Kong government's operations, the stablecoin regulations may miss the best development opportunities and lose strategic advantages.

As industry participants, we look forward to regulators finding a balance between protecting investor interests and promoting innovation. Only in this way can Hong Kong truly leverage its advantages as a financial center and occupy an important position in the global digital asset space. At the same time, we also call on industry insiders to actively participate in policy discussions and contribute their wisdom to the improvement of the regulatory framework.