The world's strictest stablecoin legislation has sparked intense controversy between Web3 project parties and the community.

On August 1, 2025, the Hong Kong "Stablecoin Ordinance" officially came into effect. The ordinance clearly stipulates that any institution issuing or providing fiat-pegged stablecoins to local retail in Hong Kong must apply for a license issued by the Monetary Authority, strictly adhering to reserve mechanisms, AML/KYC obligations, and requirements for transparency. The Hong Kong Monetary Authority also announced the launch of stablecoin license applications, with the first round of applications closing on September 30, and the first batch of licenses expected to be issued in early 2026. This series of actions is regarded by the industry as an "important milestone in the global compliance of stablecoins," but due to its strict real-name system (KYC) requirements and high threshold exclusivity design, comparable to the strictest stablecoin legislation globally, it has sparked intense debate among Web3 project parties and communities.
At the same time, the U.S. SEC launched the Project Crypto plan, proposing an "innovation exemption" that sharply contrasts with Hong Kong's approach of not engaging in one-size-fits-all practices.