GoPlus Security 🚦 (@GoPlusSecurity): Stablecoin Regulation: US GENIUS Act vs Hong Kong Ordinance

Stablecoin Regulation: US GENIUS Act vs Hong Kong Ordinance Data shows that stablecoin-based payment settlements reached $16.16 trillion in 2024, surpassing the combined volume of VISA and Mastercard. A new payment ecosystem that bypasses traditional banking systems and the SWIFT network has emerged, profoundly impacting global sectors including trading, payments, and e-commerce. Stablecoins represent a revolution in financial efficiency and an inevitable evolution of blockchain technology. The recently passed US GENIUS Act and Hong Kong's Stablecoin Ordinance, set to take effect on August 1st, demonstrate that both the United States and Hong Kong are leading the world not only in financial regulation but also in understanding and applying blockchain technology. What are the similarities and differences in their specific requirements, and how should users and projects in the stablecoin ecosystem understand and choose between them? 🇺🇸 US GENIUS Act & Clarity Act: Security and Compliance Requirements The US GENIUS and Clarity Acts establish security and compliance requirements for stablecoin issuance and operations across eight key areas: "Registration & Licensing," "Reserve & Financial Compliance," "AML & CFT," "Customer Asset Protection," "Anti-Fraud & Market Integrity," "Decentralized Finance (DeFi)," "Inter-agency Collaboration & Reporting," and "International Compliance." Key Requirements Summary Legislative References GENIUS Act Full Title: The Guaranteeing Essential Neutral Infrastructure in U.S. (GENIUS) Stablecoins Act of 2025 Source: congress.gov S.394 Clarity Act Full Title: The 2025 Digital Commodity Exchange and Clarity for Digital Tokens Act Source: financialservices.house.gov 🇭🇰 Hong Kong Stablecoin Ordinance: Security and Compliance Requirements Hong Kong's Stablecoin Ordinance was passed by the Legislative Council on May 21, 2025, and is expected to take effect on August 1, 2025. The ordinance establishes security and compliance requirements across seven key areas: "Licensing & Regulation," "Reserve Management," "AML/CFT," "Consumer Protection," "Cybersecurity," "Cross-border Compliance," and "Penalty Framework." Key Requirements Summary 🇭🇰🇺🇸 Comparative Analysis: US vs Hong Kong Requirements 📌 Core Comparative Summary ✅ Applicable Scenarios (For Projects/Platforms) Conclusion and Recommendations The differences between US and Hong Kong stablecoin policies are not about "better or worse" but rather different emphases, with both similarities and distinctions. As stablecoin payments, RWA, and other digital assets accelerate globally, clarifying the similarities and differences between Hong Kong and US approaches helps identify potential cooperation opportunities and risk points, promoting sustainable development in the global stablecoin ecosystem and digital economy. Stablecoins represent both financial innovation and technological advancement. The integration of blockchain and regulatory technology remains immature, facing numerous challenges in user experience, security, and compliance support. On-chain environments are fraught with risks - from private key leaks and smart contract vulnerabilities to phishing attacks and Ponzi schemes, to regulatory arbitrage and money laundering. Any single point of failure could trigger systemic risks. In this context, blockchain and security technologies are not just competitive advantages but lifelines for the stablecoin ecosystem. We must focus on the technology itself and build solid security and compliance foundations.