The introduction of new financial regulations in Hong Kong has had a significant impact on the stablecoin trading market. According to the latest "Stablecoin Regulation", major fiat-pegged stablecoins such as USDT and USDC issued outside of Hong Kong are now restricted to trading by professional investors only. This regulation undoubtedly presents considerable challenges for ordinary investors.

The definition of a professional investor is quite strict. According to the Securities and Futures Ordinance in Hong Kong, professional investors are divided into three categories: institutional, corporate, and individual. Among them, to become an individual professional investor, one must have an investment portfolio of at least HKD 8 million (or its equivalent in foreign currency). This threshold may be difficult for most retail investors to reach.

It is worth noting that 'designated stablecoins' issued by licensed institutions are not subject to this restriction, and retail investors can still trade freely. This may provide a viable alternative for small investors.

The introduction of this new regulation reflects the concerns of regulators regarding the risks in the stablecoin market, aiming to protect ordinary investors. However, it may also lead to a decrease in liquidity in the Hong Kong stablecoin market and affect the capital flow of small investors.

For retail investors who are accustomed to trading with USDT and USDC, this is undoubtedly a significant change. They may need to look for new investment channels or consider other compliant stablecoin options.

Overall, this regulatory measure seeks to strike a balance between protecting investors and maintaining market stability. However, it has also sparked discussions about financial inclusivity and market access. In the future, how Hong Kong's financial market finds a balance between strict regulation and promoting innovation will be an issue worth paying attention to.