Is the Hong Kong stablecoin doomed? Recently, the news about stablecoin licenses has further escalated: only financial institutions have obtained licenses, and there are rumors about major companies withdrawing. Beyond the insiders, let's return to some fundamental questions and discuss from the perspective of regulatory documents and practical experiences in a nutshell: • According to Hong Kong regulations, KYC/wallet real-name = reliance on amount trigger + division of roles among three licensed institutions (issuer, bank, and exchange), it is not a priori a roadblock. In fact, Hong Kong has stricter requirements for real-name verification of issuers in actual communication. • Regarding whether wallet real-name verification is required, the requirements in Hong Kong, Singapore, and the EU are highly similar. Hong Kong is not an exception! Additionally, the regulatory authority for Hong Kong wallets (SFC) and the regulatory authority for stablecoins (HKMA)) are different. In Singapore, it is all MAS. • Major companies have already laid the groundwork for real-name KYC/AML payment systems for electronic wallets/cards, but translating this off-chain capability to on-chain requires time and additional compliance costs. • The EU and the US require that only licensed financial institutions can apply for stablecoin licenses, blocking #Gate ETH 挖矿年化收益 5%# #晒出我的Alpha积分# #加密IPO热潮# .