解碼HKMA的Stablecoin許可系統：數字資產的新時代？

香港的HKMA正在推出一個穩定的許可系統。找出它將如何影響數字資產格局及其對創新和投資的含義。

Hong Kong is stepping up its game in the digital asset arena. The Hong Kong Monetary Authority (HKMA) is set to launch its new regulatory framework for stablecoins, kicking off on August 1, 2025. This initiative is all about balancing innovation with solid oversight.

香港正在在數字資產領域加強比賽。香港貨幣管理局（HKMA）將於2025年8月1日開始為Stablecoins推出新的監管框架。這項倡議是關於平衡創新與可靠的監督。

The Invitation-Only Club

僅邀請俱樂部

The HKMA isn't throwing the doors wide open. Instead, they're opting for an invitation-only licensing system, potentially issuing licenses to a select, single-digit number of established players. Think of it as a VIP club for stablecoin issuers. Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, emphasized a proactive approach, consulting with stakeholders to implement these regulatory guidelines.

HKMA並沒有敞開大門。取而代之的是，他們選擇了僅邀請許可系統，可能會向精選的單位既定參與者頒發許可證。將其視為穩定發行人的VIP俱樂部。香港金融服務部長和財政部秘書克里斯托弗·惠（Christopher Hui）強調了一種積極主動的方法，並與利益相關者諮詢以實施這些監管指南。

What's the Big Idea?

什麼是大主意？

This move aligns Hong Kong with other major jurisdictions that are also tightening the reins on stablecoin markets. The goal? To foster confidence among investors and users, paving the way for broader adoption of digital currencies. The HKMA wants to attract established financial institutions and tech companies that can meet their stringent criteria, ensuring a stable and reliable stablecoin ecosystem.

此舉使香港與其他主要司法管轄區保持一致，這些司法管轄區也在加緊穩定市場上的re繩。目標？為了促進投資者和用戶之間的信心，為更廣泛採用數字貨幣鋪平了道路。 HKMA希望吸引可以滿足其嚴格標準的既定金融機構和科技公司，從而確保穩定且可靠的Stablecoin生態系統。

Benchmark Qualifications

基準資格

So, what does it take to get a golden ticket? According to Eddie Yue, Hong Kong Monetary Authority Chief Executive, applicants need to propose realistic business plans with practical applications. They also need to demonstrate strong reserve management capabilities, with a capital reserve of at least HKD 25 million (about USD 3.2 million). Banks get a pass on the capital requirement, though. Compliance systems, like anti-money laundering measures, are also a must.

那麼，獲得金票需要什麼？根據香港貨幣管理局首席執行官Eddie Yue的說法，申請人需要通過實用申請提出現實的商業計劃。他們還需要表現出強大的儲備管理能力，其資本儲備至少為2500萬港元（約合320萬美元）。但是，銀行可以通過資本要求獲得通過。合規系統，例如反洗錢措施，也是必須的。

US vs. Hong Kong: A Tale of Two Approaches

美國與香港：兩種方法的故事

Hong Kong's approach contrasts with the U.S.'s GENIUS Act, signed into law on July 18, 2025. While the U.S. focuses on dollar dominance and market consolidation, Hong Kong aims for selective innovation and a regional hub status. The U.S. favors large issuers and requires U.S. Treasuries in reserves, while Hong Kong offers flexibility to issue stablecoins pegged to any official currency, including the offshore RMB. This positions Hong Kong as a key player in China's Belt and Road Initiative (BRI), facilitating cross-border transactions.

香港的方法與美國天才法案形成鮮明對比，該法案於2025年7月18日簽署為法律。儘管美國專注於美元優勢和市場整合，但香港的目標是選擇性創新和區域樞紐。美國偏愛大型發行人，並要求我們在儲備金中的國庫，而香港則具有符合任何官方貨幣（包括海上元IN的官方貨幣）的靈活性。這將香港定位為中國腰帶和道路倡議（BRI）的關鍵參與者，促進了跨境交易。

The Impact

影響

The Stablecoin Ordinance is expected to have a significant impact on Hong Kong's financial landscape. By introducing a licensing system, Hong Kong aims to attract more stablecoin issuers and service providers, thereby enhancing its position as a global financial hub. The new regulations are also expected to promote innovation in the digital asset sector, as companies will have a clear regulatory framework to operate within.

預計該法令將對香港的金融格局產生重大影響。通過引入許可系統，香港旨在吸引更多的穩定發行人和服務提供商，從而提高其作為全球金融中心的地位。新法規還有望促進數字資產行業的創新，因為公司將有一個明確的監管框架可以在其中運營。

Looking Ahead

展望未來

The HKMA's new framework could drive institutional engagement and volumes, potentially stimulating economic growth and innovation. With regulatory clarity, we might see broader market access and improved on/off ramps for digital assets.

HKMA的新框架可能會推動機構參與和數量，從而刺激經濟增長和創新。有了法規清晰度，我們可能會看到更廣泛的市場訪問權限，並改善了數字資產的開/關坡道。

So, is Hong Kong on the verge of becoming the next big thing in stablecoins? Only time will tell, but one thing's for sure: it's shaping up to be an exciting ride. Keep your eyes peeled, folks – the future of finance is unfolding right before our very eyes!

那麼，香港是否瀕臨成為穩定幣的下一個大事？只有時間會說明，但是可以肯定的是：這是一個令人興奮的旅程。睜大眼睛，伙計們 - 財務的未來就在我們眼前展開！