#稳定币发展与应用 Hong Kong's new virtual asset regulations are worth analyzing. On the surface, they exempt certain assets from the 12-month track record requirement, seemingly "loosening" restrictions. But in reality, the regulation shifts risk screening from formal thresholds to substantive judgment—platforms are now responsible for conducting due diligence, and information disclosure requirements are actually strengthened.

More importantly, the redefinition of business boundaries occurs. VATP is no longer just about trade matching; it can now distribute tokenized securities, custody off-chain assets, and offer investment products. While it appears to expand authority on the surface, fundamentally, roles are clarified and responsibilities are doubled—evolving from a single exchange to a compliant node, involving custody, distribution, and suitability assessments across the entire chain.

The impact on on-chain fund flows can be viewed in two directions: first, the entry space for compliant stablecoins is opening up, with licensed stablecoins from the HKMA able to go live directly; second, projects with solid fundamentals will gain clearer compliance pathways, while those relying on ambiguous space will see their room for survival narrow. Future focus should be on observing the inflow of custody assets into licensed platforms and changes in stablecoin liquidity data.