The latest "Stablecoin Regulation" introduced in Hong Kong has sparked widespread follow in the industry. According to industry experts' analysis, the regulation mainly targets three types of "regulated stablecoin activities": specific stablecoins issued locally in Hong Kong, offshore issued stablecoins pegged to the Hong Kong dollar, and related activities specially designated by the Financial Commissioner.

This regulation may have a profound impact on the global cryptocurrency market. It is noteworthy that the issuers of the two major mainstream stablecoins, USDT and USDC, Tether and Circle, may not fall under the jurisdiction of this regulation. This is because these two companies have not issued stablecoins within Hong Kong, and their products are not pegged to the Hong Kong dollar.

Experts also pointed out that over-the-counter (OTC) trading businesses may in the future be subject to regulation by other types of licenses, which is not directly related to the current stablecoin regulations. This view provides market participants with clearer regulatory expectations.

Hong Kong's move demonstrates its efforts to balance financial innovation with risk management, and reflects a positive response to the global trends in cryptocurrency development. With the gradual improvement of the regulatory framework, Hong Kong is expected to play a more important role in the international cryptocurrency market.