貓兄弟Wu談論區塊鏈

2024年5月21日，香港立法委員會在其三讀物中正式通過了《穩定發行人》法案，該法案為Stablecoins提供了第一個完整的監管框架。

On May 21, 2024, the Hong Kong Legislative Council officially passed the Stablecoin Issuers Bill in its third reading, which provides the first complete regulatory framework for stablecoins. After the implementation of the Ordinance, three types of stablecoin-related activities must obtain a license: first, issuing legal currency stablecoins in Hong Kong; second, issuing Hong Kong dollar stablecoins in or outside Hong Kong; third, actively promoting the issuance of its legal currency stablecoins to the Hong Kong public. The Ordinance is expected to take effect this year.

2024年5月21日，香港立法委員會在其三讀物中正式通過了《穩定發行人》法案，該法案為Stablecoins提供了第一個完整的監管框架。實施該法令後，三種類型的與穩定的活動必須獲得許可證：首先，在香港發行法定貨幣穩定股；其次，在香港或外部或外部發行香港美元的穩定幣；第三，積極推廣其合法貨幣穩定的簽署給香港公眾。該法令預計今年將生效。

In terms of applying for a license, the Ordinance stipulates that any individual or entity wishing to issue or operate a “designated stablecoin” in Hong Kong must submit a formal application to the Hong Kong Monetary Authority (hereinafter referred to as HKMA). HKMA will review and determine whether the applicant meets the minimum standards listed in Schedule 2 (such as capital strength, risk management, corporate governance structure, internal control system, etc.). For example, in terms of qualification review, it is stipulated that the licensee must have sufficient financial resources and liquid assets, including a licensee with a share capital of at least HK$25 million.

在申請許可方面，該條例規定，任何希望在香港發行或操作“指定的Stablecoin”的個人或實體必須向香港貨幣當局提交正式申請（以下稱為HKMA）。 HKMA將審查並確定申請人是否符合附表2中列出的最低標準（例如資本實力，風險管理，公司治理結構，內部控制系統等）。例如，就資格審查而言，規定被許可人必須擁有足夠的財務資源和流動資產，其中包括股本至少為2500萬港元的被許可人。

The license does not have a fixed validity period and will remain valid unless it is revoked or the licensee is liquidated or has its registration with the Hong Kong Companies Registry revoked. However, if the licensee does not meet the minimum standards or has major problems, such as being unable to fulfill its repayment obligations, improper governance or major violations, the HKMA may revoke or suspend its license and, if necessary, send a statutory administrator to take over the business to protect the public interest. The HKMA will also set up a “registration list of licensees” where the public can check which entities are authorized and qualified to operate.

該許可沒有固定的有效期期限，除非被吊銷或被許可人被清算或已撤銷香港公司註冊處的註冊，否則將保持有效。但是，如果被許可人不符合最低標准或存在重大問題，例如無法履行其還款義務，不當治理或重大違規行為，則HKMA可能會撤銷或暫停其許可證，並在必要時派遣一名法定行政人員接管企業以保護公共利益。 HKMA還將設置“被許可人的註冊清單”，公眾可以在其中檢查哪些實體被授權並有資格進行操作。

According to Caixin, citing a speech by Hong Kong Financial Services and the Treasury Bureau Director Paul Hui in the Legislative Council, the Bill stipulates that only designated licensed institutions are allowed to sell legal currency stablecoins in Hong Kong, and only legal currency stablecoins issued by licensed issuers can be sold to retail investors. The above-mentioned designated licensed institutions that can sell stablecoins in Hong Kong include: stablecoin issuers licensed by the Monetary Authority, banks, institutions issued by the Hong Kong Securities and Futures Commission with a Type 1 license (securities trading), and virtual asset trading platforms licensed in Hong Kong.

根據凱辛（Caixin）的說法，香港金融服務局和國庫局局長保羅·惠（Paul Hui）在立法委員會中的講話中，該法案規定，只有指定的許可機構才允許在香港出售法定貨幣穩定的機構，只有在持牌發行者發行的法定貨幣企業穩定的企業可以向投資者出售。可以在香港出售穩定的機構的上述指定的機構包括：由貨幣管理局，銀行，由香港證券和期貨委員會發行的機構簽訂的穩定的發行人，並具有1型1型許可證（證券交易），以及在Hong Kong kong Kong Kong Kong kong kong kong Kong Kong Kong。

In addition, the draft also stipulates that engaging in regulated stablecoin activities without a license or selling designated stablecoins without authorization is a criminal offense, with a maximum fine of HK$5 million and imprisonment for 7 years. If it is a summary conviction, the penalty is a

此外，該草案還規定，未經許可或出售未經授權的指定穩定幣的監管穩定活動是刑事犯罪，最高罰款500萬港元，並監禁7年。如果這是摘要定罪，則罰款是

A key focus of the Hong Kong Monetary Authority's (HKMA) sandbox initiative is to explore the use of tokenized RWA (real-world assets) to broaden the application of stablecoins. The initiative aims to foster an innovative ecosystem for digital assets while prioritizing stability and consumer protection.

香港貨幣管理局（HKMA）沙盒倡議的重點是探索使用令牌的RWA（現實世界中的資產）來擴大穩定的使用。該倡議旨在促進一個創新的生態系統，用於數字資產，同時優先考慮穩定性和消費者保護。

Among the three groups of participants, Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecom will collaborate to develop use cases for tokenized RWA, focusing on optimistically interoperable blockchain protocols and technologies.

在這三組參與者中，標準特許香港，Animoca Brands和香港電信將合作開發令牌化RWA的用例，重點介紹樂觀的可互操作可互操作的區塊鏈協議和技術。

The Hong Kong Monetary Authority (HKMA) is introducing a new regulatory framework for stablecoins, aiming to create a balanced ecosystem that encourages innovation while safeguarding the financial system.

香港貨幣管理局（HKMA）正在為穩定幣引入一個新的監管框架，旨在創建一個平衡的生態系統，鼓勵創新，同時維護金融體系。

The Stablecoin Issuers Bill, passed by the Hong Kong Legislative Council in May 2024, provides the legal basis for a licensing system and minimum standards for stablecoin issuers.

香港立法委員會於2024年5月通過的Stablecoin發行人法案為Stablecoin發行人提供了許可製度和最低標準的法律依據。

To apply for a license, any individual or entity wishing to issue or operate a "designated stablecoin" in Hong Kong must submit a formal application to the HKMA. The applicant must meet the minimum standards, which are specified in Schedule 2 of the Ordinance. These standards cover various aspects, including capital strength, risk management, corporate governance structure, internal control system, and minimum requirements for the stablecoin to be issued.

要申請許可證，任何希望在香港發行或操作“指定的Stablecoin”的個人或實體都必須向HKMA提交正式申請。申請人必須符合該條例附表2中規定的最低標準。這些標準涵蓋了各個方面，包括資本實力，風險管理，公司治理結構，內部控制系統以及要發行的穩定股份的最低要求。

The license will remain valid unless it is revoked, the licensee is liquidated, or its registration with the Hong Kong Companies Registry is revoked. However, if the licensee does not meet the minimum standards or has major problems, such as being unable to fulfill its repayment obligations, improper governance, or major violations, the HKMA may revoke or suspend its license and, if necessary, send a statutory administrator to take over the business to protect the public interest.

除非被吊銷，被許可人被清算，否則該許可將保持有效，或者吊銷了香港公司註冊處的註冊。但是，如果被許可人不符合最低標准或存在重大問題，例如無法履行其還款義務，不當治理或重大違規行為，則HKMA可能會撤銷或暫停其許可證，並在必要時派遣一名法定行政人員接管企業以保護公共利益。

The HKMA will also set up a "registration list of licensees" on its website, where the public can check which entities are authorized and qualified to operate.

HKMA還將在其網站上設置“被許可人的註冊清單”，公眾可以在該網站上檢查哪些實體被授權並有資格進行操作。

The Bill also stipulates that only designated licensed institutions are allowed to sell legal currency stablecoins in Hong Kong, and only legal currency stablecoins issued by licensed issuers can be sold to retail investors.

該法案還規定，只有指定的許可機構被允許在香港出售法定貨幣穩定股，並且只有持牌發行人發行的合法貨幣穩定幣才能出售給零售投資者。

The designated licensed institutions that can sell stablecoins in Hong Kong are:

可以在香港出售穩定幣的指定許可機構是：

- Stablecoin issuers licensed by the Monetary Authority

- 貨幣當局許可的Stablecoin發行人

- Banks

- 銀行

- Institutions issued by the Hong Kong Securities and Futures Commission with

- 香港證券和期貨委員會發行的機構