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Ice and Fire! Countdown for Hong Kong Stablecoin License, Russia Bans Bitcoin Payments, Setting the Tone for Global Regulation
On one side, green lights are given, while on the other, red lines are drawn! This week, the Web3 circle showcased extreme contrasts: Hong Kong officially announced the issuance of the first batch of stablecoin licenses early next year, while Russia firmly stated that “Bitcoin can never be legally used for payments.” The choices of these two major markets are outlining the core framework of global digital asset regulation.
Hong Kong's regulatory framework has entered the sprinting phase, adhering to the principle of “same risk, same regulation,” requiring issuers to maintain a 1:1 reserve of high-quality liquid assets, covering the full chain of issuance and custody regulation. Institutions like Standard Chartered Hong Kong have already formed joint ventures in preparation for applications, and with existing VASP licensed companies, compliant stablecoins will become the key bridge connecting traditional finance with Web3, significantly lowering the barriers for institutional entry.
Russia, on the other hand, follows a “sovereignty first” approach, advancing the pilot of the digital ruble while explicitly prohibiting cryptocurrency payment functions. However, it allows the legal holding and trading of cryptocurrencies and even seeks to legalize mining operations through legislation, forming a unique model of “ban on payments, tolerance for mining.”
The three major paths for global regulation have become clear: Hong Kong and the EU's MiCA represent a “license regulatory model,” safeguarding innovation with clear rules; Russia and others adhere to a “restrictive alternative model,” maintaining the bottom line of monetary sovereignty; the United States is taking a “gradual exploration model” route through legislative games.
The year 2025 will be a critical year for regulation, with the implementation of Hong Kong licenses, the full effectiveness of the EU's MiCA, and the shift in U.S. policy, all reshaping the industry landscape. For users, cross-border crypto activities must strictly adhere to local regulations, and compliance is the primary prerequisite.
Under regulatory differentiation, how can Web3 innovation and security be balanced? Are you more optimistic about Hong Kong's open regulatory model or Russia's sovereignty-first approach?