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。

Hong Kong's Legislative Council has passed the Stablecoin Bill, setting out the complete regulatory framework for stablecoins, which will come into effect later this year.

香港立法委員會通過了《穩定法案》，為Stablecoins制定了完整的監管框架，該框架將於今年晚些時候生效。

The Bill, which was tabled by the Hong Kong Monetary Authority (HKMA), provides for three types of stablecoin-related activities that will require a license: issuing legal currency stablecoins in Hong Kong; issuing Hong Kong dollar stablecoins in or outside Hong Kong; and engaging in any activity that promotes the issuance of its legal currency stablecoins to the Hong Kong public.

該法案是由香港貨幣管理局（HKMA）提出的，規定了三種與Stablecoin相關的活動，這些活動將需要許可證：在香港發行合法貨幣穩定幣；在香港或外部或外部發行香港美元的穩定幣；並從事任何促進其合法貨幣穩定的活動向香港公眾發行的活動。

To apply for a license, any individual or entity must submit a formal application to the HKMA. The HKMA will then review and decide whether the applicant meets the minimum standards listed in Schedule 2 of the Ordinance. These standards relate to capital strength, risk management, corporate governance structure, internal control system, and other relevant aspects.

要申請許可，任何個人或實體都必須向HKMA提交正式申請。然後，HKMA將審查並確定申請人是否符合該條例附表2中列出的最低標準。這些標準與資本實力，風險管理，公司治理結構，內部控制系統和其他相關方面有關。

The license will remain valid until it is revoked by the HKMA, or the applicant 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.

該許可將保持有效，直到被HKMA撤銷，否則申請人已清算或已撤銷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" where members of the public can check which entities are authorized and qualified to operate.

HKMA還將建立一個“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。

The Bill also sets out offenses related to engaging in regulated stablecoin activities without a license, such as selling designated stablecoins without authorization, which will carry a maximum penalty of HK$5 million and seven years' imprisonment. Summary offenses will carry a maximum penalty of HK$500,000 and two years' imprisonment, while a maximum penalty of HK$100,000 per day may be imposed for continuing offenses.

該法案還規定了與未經許可從事受監管的Stablecoin活動有關的罪行，例如未經授權出售指定的Stablecoins，這將最高罰款500萬港元和7年的監禁。摘要罪將最高罰款500,000港元和兩年徒刑，而持續犯罪的最高罰款每天最高罰款。

Other key points include:

其他要點包括：

* 100% Reserve and Segregated Custody: Licensed issuers must maintain a robust stablecoin mechanism to ensure that reserve assets are composed of high-quality, highly liquid assets and are equal to the denomination of fiat stablecoins in circulation at all times. These reserve assets must be properly separated and kept from the issuer’s own assets to ensure the safety of funds.

* 100％的儲備和隔離託管：許可的發行人必須維持強大的穩定機制，以確保儲備金由高質量的高液體資產組成，並且始終等於菲亞特·斯ablecoins的票據。這些儲備資產必須正確分開，並與發行人自己的資產保持一致，以確保資金的安全。

* Unconditional redemption mechanism: Stablecoin holders have the right to redeem stablecoins at par from the issuer. Redemption requests must be free of any fees and must be processed within a reasonable time.

*無條件的贖回機制：穩定持有人有權從發行人處兌換穩定的固定資金。贖回請求必須沒有任何費用，並且必須在合理的時間內處理。

* Strict compliance framework: Licensed issuers must comply with a series of stringent regulatory requirements, including anti-money laundering (AML), risk management, full disclosure of information and qualified auditors to ensure transparency and soundness of operations.

*嚴格的合規框架：許可的發行人必須遵守一系列嚴格的監管要求，包括反洗錢（AML），風險管理，全面披露信息和合格的審計師，以確保運營的透明度和合理性。

Hong Kong Financial Services and the Treasury Bureau Director Paul Hui said the government is keen to develop digital assets and Web3 in a balanced and orderly manner.

香港金融服務和財政局局長保羅·惠（Paul Hui）表示，政府渴望以平衡和有序的方式開發數字資產和Web3。

"The introduction of a licensing system for stablecoins is a crucial step in this direction. It aims to provide a clear regulatory framework for the issuance, operation and promotion of stablecoins, fostering a favorable environment for innovation while safeguarding the interests of investors and the stability of the financial system."

“引入穩定幣的許可系統是朝這個方向邁出的至關重要的一步。它旨在為發行，運營和促進Stablecoins提供明確的監管框架，從而促進了創新的有利環境，同時維護投資者的利益和金融系統的穩定性。”

The government is committed to maintaining close dialogue with industry stakeholders throughout the implementation of the licensing regime.

政府致力於在實施許可製度的整個實施過程中與行業利益相關者進行密切對話。

In addition to legislating on the stablecoin licensing system, the Hong Kong Monetary Authority also launched a sandbox for stablecoin issuers in 2024. Ho Hong-che, head of the Digital Finance Department of the Hong Kong Monetary Authority, revealed that the authorities had received more than 40 sandbox applications and accepted a total of 3 groups of participants into the sandbox. The 3 groups of sandbox participants are: 1. A group composed of Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecom; 2. JD Coin Chain Technology (Hong Kong); 3. Yuanbi Innovation Technology.

除了對Stablecoin許可系統的立法外，香港貨幣管理局還於2024年為Stablecoin發行人推出了一個沙箱。香港貨幣管理局數字財務部負責人Ho Hong-Che顯示，當局已經獲得了40多個Sandbox應用程序，並接受了40多個Sandbox Applications，並接受了總計3組的參與者。三組沙盒參與者是：1。由標準特許香港，Animoca Brands和香港電信組成的組； 2。 JD硬幣鏈技術（香港）； 3。 Yuanbi創新技術。

Yuanbi Technology pointed out that the "Draft" lists four important requirements for issuers: First, in terms of reserves, licensees must maintain a robust stablecoin mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets, and are equal to the denomination of the circulating legal currency stablecoins at any time, and are properly separated and kept. Second, stablecoin holders have the right to redeem stablecoins at face value from the issuer. The redemption request must be free of charge and must be processed within a reasonable time. Third, it meets a series of requirements for combating money laundering, risk management, disclosure, and auditing appropriate persons. Fourth, transactions must be conducted on licensed virtual asset trading platforms.

Yuanbi技術指出，“草稿”列出了發行人的四個重要要求：首先，在儲備金方面，被許可人必須保持堅固的穩定機制，以確保穩定的穩定資產的儲備資產由高質量和高度液體資產組成，並且是由高質量的液體貨幣組成的，並且在任何時間分離的穩定型穩態和適當的時間，並且是適當的時間，並且是正確的。其次，Stablecoin持有人有權從發行人身上兌換stablecoins。贖回請求必須是免費的，必須在合理的時間內處理。第三，它符合一系列對洗錢，風險管理，披露和審計適當人員的要求。第四，必須在許可的虛擬資產交易平台上進行交易。

The ordinance is expected to take effect this year, and the Hong Kong government said it would give the industry enough time to understand the requirements under the licensing system. The licensing system also has a transitional period arrangement so that the industry can apply for a license and make appropriate business arrangements in accordance with the requirements of the ordinance.

預計該法令將在今年生效，香港政府表示將為該行業提供足夠的時間來了解許可系統下的要求。許可系統還具有過渡期安排，因此行業可以申請許可並根據該法令的要求進行適當的業務安排。

Hong Kong's move to regulate stablecoins comes

香港的調節穩定劑的舉動來了