on September 8, 2025, the Hong Kong Monetary Authority issued a consultation paper on the new module CRP-1 "Classification of Crypto Assets" in the "Banking Supervision Policy Manual" (SPM) to the local banking industry, intending to implement new rules on bank capital under the Basel banking regulatory committee's crypto asset supervision standards to be implemented in early 2026. The draft regulatory guidance clearly states that stablecoins that are licensed by the Hong Kong Monetary Authority based on the "Stablecoin Regulations" in the future will be classified as a category of crypto assets with lower risk exposure, enjoying capital requirements much lower than the original classification in the "Bank (Capital) Rules". Industry insiders pointed out that the timely issuance of guidance by the Hong Kong Monetary Authority clarifies that banks holding compliant stablecoins are expected to enjoy lower capital requirements, creating favorable conditions for the use and circulation of compliant stablecoins in the Hong Kong banking system.