The global status of stablecoin regulation：What should MSO and VASP licensees pay attention to?
Stablecoin业务须按发行、reserve、redemption、trading platform、brokerage or exchange、hosting、pay、汇款和推广分别分析。香港MSO只覆盖获批金钱服务，证监会VASP制度主要针对虚拟资产交易平台，法币参考稳定币发行另受金管局制度监管。
Current status and trends of global stablecoin regulation
欧盟MiCA已对资产参考代币和电子货币代币建立规则。香港《稳定币条例》已于2025年8月实施，由金管局负责指定稳定币发行人发牌，涵盖储备、redemption、governance、风险管理及AML/CFT等要求；不能再只描述为沙盒或咨询阶段。
Challenges for MSO licensees：Transformation from traditional payments to digital assets
Many Hong Kong MSO licensees carry out cross-border payment business，Start introducing stablecoins as a means of settlement，to improve capital flow efficiency。However，This raises compliance level complexities：
- Source of Funding (SoF) Review：When fiat currencies are exchanged for stablecoins，How to ensure that the source of funds is legal? This places extremely high demands on MSO’s KYC (due diligence) process。
- 监管分类：MSO由Hong Kong Customs and Excise Departmentsupervision；Stablecoin issuance、trading platform、exchange、托管或支付可能分别触及金管局、证监会或其他制度，Must be judged by function。
- 技术和金融犯罪风险：On-chain analysis、Wallet screening、Travel Rule和交易监察的具体要求取决于角色、client、产品和适用规则，不应把“强大链上监控”写成所有MSO的统一法定门槛。
变更业务前应从产品、client、area、资金和虚拟资产控制权重新评估许可及AML/CFT责任。港汇通可协助资料梳理，但不能保证避免监管问题或牌照影响。
VASP licensee：Compliance’s “deep water zone”
对虚拟资产交易平台、托管或转账服务而言，Travel Rule、客户尽调和交易监察可能适用；义务范围和信息门槛须按香港现行规则及交易角色确认。稳定币并非每个VASP的“核心资产”，FATF资料也不能替代香港法例。
How does Hong Kong Huitong support you?
港汇通可按约定范围协助稳定币、MSO及虚拟资产制度的资料梳理。Team license、securities、资产管理及律师资格须由公司内部证据支持，Specific services include：
- 业务与监管矩阵：协助整理主体、功能、client、资金和虚拟资产流；FATF指引不能确保离岸架构或跨境业务在各地合规。
- Application documents：可协助MSO、稳定币及适用虚拟资产申请资料；不同制度的人员岗位不同，MSO不应套用统一RO术语。
- 银行资料协调：可按合同协助整理开户说明；银行独立决定是否受理、开户及维持账户，渠道资源不能保证结果。
Conclusion：Embrace compliance，Win in the future
稳定币相关企业应按实际功能和法域持续核对监管责任。专业顾问可协助研究和资料准备，但不能消除政策风险、保证市场准入或提升竞争力。
If you are in the MSO Compliance Practice、VASP license application，Or have any questions about setting up overseas financial structures?，Hong Kong HuitongReady to provide you with accurate、Confidential and professional consulting services。let us join hands，On the basis of compliance，Build a stable global financial landscape。
FAQ (FAQ)
ask：Can holding an MSO license automatically allow me to operate a cryptocurrency exchange business?
answer：不可以自动经营。稳定币或其他虚拟资产活动须按发行、platform、brokerage or exchange、hosting、pay、汇款和推广分别分析，可能涉及金管局、Securities Regulatory Commission、海关或其他制度；并非一律只需额外VASP牌照。
ask：How to effectively reduce anti-money laundering (AML) risks in stablecoin transactions?
answer：应采用风险为本的客户和钱包尽调、Sanctions Screening、交易监察、suspicious transaction report、记录和Travel Rule控制。工具、阈值和信息交换义务按具体角色及适用香港规则确定。
Application and Compliance Points：The global status of stablecoin regulation
The global status quo of stablecoin regulation must be split by function：Fiat currency deposit、Currency exchange、Broker matching、trading platform、hosting、transfer、Token issuance and promotion to local customers，Different systems may be triggered separately。Only look at the company’s registered place，Unable to complete license plate judgment。
Things to prepare and keep checking
- Stable currency business needs to be issued separately、reserve、redemption、hosting、Brokerage and payment purposes；The same token may trigger payments in different regions at the same time、electronic money、Virtual assets and securities rules。
- List actual functions and funding/asset control rights first：Who receives fiat currency、Who controls the private key、Who matches orders、Who decides to list the currency?、Who promotes to local customers。
- take the license plate、corporate entity、Bank/payment account、Custodial wallets and technical systems are drawn in the same architecture diagram，Label data、Cross-border flows of funds and virtual assets。
- Compliance design should cover customer and wallet risks、Sanctions and on-chain analysis、Travel Rule、market manipulation、Asset segregation、Key management、network security、Incident response and complaints。
- Registration should be avoided in publicity、Registration or self-regulatory organization membership is described as a complete exchange license；Scope of licenses in each jurisdiction must be verified individually。
Costs involved、capital、time limit、When personnel qualifications or cross-border business scope，Please refer to the legislation published by the competent authority at the time of submission、Forms and guidelines are subject to。
References：Hong Kong Monetary Authority：稳定币发行人监管制度（英文）、Hong Kong electronic legislation：《稳定币条例》、Hong Kong Securities and Futures Commission：虚拟资产交易平台营运者、Hong Kong Customs and Excise Department：Supervision of money service operators。
learn more：Hong Kong VASP virtual asset service provider license、Hong Kong legal currency stable currency issuer license (FRS)、Full analysis of Hong Kong VASP license 2026 application requirements：SFC latest regulatory framework。
