MancunBlockchainLegal

On 21 May 2025, the passage of the Hong Kong Stablecoin Ordinance in the Hong Kong Legislative Council marked a critical turning point for regulation, which was gazetted on 30 May 2025 and is scheduled to come into effect on 1 August 2025. Fiat-pegged stablecoins (FRS) are no longer in the grey area of crypto finance, but are part of a formal and institutionally regulated legal framework. The Ordinance represents a deliberate recalibration: it aims to position Hong Kong as a compliant, forward-looking virtual asset hub capable of hosting the next generation of programmable finance under the rule of law. This article analyzes the key provisions, strategic positioning, and practical impact of the regulation, and clarifies its differences from related technologies such as physical asset tokenization (RWA).
legal infrastructure
The legislation constructs a complex semantic system regarding digital value. Stablecoins are defined not only as a functional tool.

On June 6, 2025, the Hong Kong Anti-Money Laundering Alliance exchanged views with Legislative Council members to discuss the "Stablecoin Bill" and the anti-money laundering system. The meeting emphasized Hong Kong's strategic position in international financial compliance and showcased the Alliance's important role in promoting legislative and compliance innovation. Mankun Law Firm participated in the discussion and supported Web3.0 legal services. The Alliance will continue to promote the construction of a compliance ecosystem to support the financial security of Hong Kong.

On May 22, Eastern Time, the price of Bitcoin reached a new all-time high.
At the same time, two things have happened recently: first, the Hong Kong Legislative Council passed the "Stablecoin Regulation Draft", which is expected to take effect within the year; second, on the other side of the globe in the United States, the GENIUS Act, aimed at regulating stablecoins, is also being pushed forward vigorously.
It is reported that stablecoins are virtual assets designed to maintain a relatively stable value against certain assets, usually currencies. The value of stablecoins is pegged to various fiat currencies, such as the US dollar, euro, etc. Common stablecoins include USDT (Tether) and USDC. Previously, the Hong Kong Monetary Authority publicly released the first batch of stablecoin issuer sandbox lists, including JD Group's JD Coin Chain Technology ( Hong Kong ), Yuan Coin Innovation Technology, while Standard Chartered Bank (Hong Kong), Animoca Brands Limited, and HKT chose to apply jointly.
Stablecoin Monitor

Introduction
Since the birth of Bitcoin, its price has surged multiple times, driving a global cryptocurrency craze. At its peak, Bitcoin had broken through $100,000, and the total market capitalization of cryptocurrencies even exceeded the global circulation of US dollars at one point. This was followed by a significant emergence of cryptocurrency trading platforms and the active over-the-counter trading using USDT as a medium.
Under the current policies in our country, some individuals use crypto assets to privately exchange foreign currencies for RMB, profiting from the exchange rate differences and service fees. While this may seem technically harmless, it is actually under legal pressure. Such operations may involve the crime of illegal business operations under Article 225 of the Criminal Law, as well as the crime of money laundering under Article 191.
In this post, the Mankun Law Firm team will combine practical experience to help you analyze: why do cryptocurrency transactions frequently hit the "cross-border currency exchange" high-pressure line? What do you need to pay attention to?
Is cryptocurrency "property" or "data"? How does the law determine this?
1. Titles
Literature in related fields at home and abroad on

Lithuania - The Frontline of the EU Crypto Assets Industry
Against the backdrop of the accelerating formation of a global Crypto Assets regulatory framework, Lithuania is emerging as an important hub for the European Crypto Assets industry with its forward-thinking regulatory approach and efficient compliance system. As one of the first EU member states to establish a legal framework for Crypto Assets, Lithuania has created a "technology-friendly" regulatory environment that meets the compliance requirements of the EU single market while providing a clear development path for innovative enterprises.
(1) The first-mover advantage of the regulatory framework
The regulatory advantages of Lithuania are primarily reflected in the forward-looking nature of its legislation. Even before the formal implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), the country had established a dual licensing system for virtual currency exchange service providers (VCESP) and wallet service providers (VCWSP).
This system not only provides enterprises with clear business boundaries but also through AML/CFT (Anti-Money Laundering / Counter Financing of Terrorism)

Right now, RWA is indeed hot.
From the Hong Kong Web3 Carnival in early April to the recent discussions in the Web3 legal circle, everyone is talking about RWA. There is some reason for this, as RWA is a relatively reliable and secure way of "issuing tokens."
A few days ago, Lawyer Mankun talked with everyone about China's new RWA projects, such as "Mankun Research |