HKMA，Stablecoins和不受監管的發行：香港平衡法

HKMA對穩定許可的謹慎方法旨在促進創新，同時減輕與不受監管的發行相關的風險。這是內部勺子。

Hong Kong is stepping into the stablecoin arena with caution. The HKMA is carefully navigating the path between fostering innovation and managing the risks associated with unregulated stablecoin issuance.

香港謹慎地進入Stablecoin競技場。 HKMA正在仔細瀏覽促進創新與管理與不受監管的穩定發行相關的風險之間的道路。

HKMA's Cautious Stance on Stablecoins

HKMA對穩定的謹慎立場

The Hong Kong Monetary Authority (HKMA) is taking a measured approach to stablecoin regulation. They plan to issue a limited number of stablecoin licenses, emphasizing safety, transparency, and innovation. This cautious strategy ensures that only the most qualified institutions get the green light.

香港貨幣管理局（HKMA）正在採用一種測量的穩定法規的方法。他們計劃簽發有限的穩定許可證，強調安全性，透明度和創新。這種謹慎的策略確保只有最合格的機構才能獲得綠燈。

Unregulated Issuance: A Red Flag

不受監管的發行：危險信號

Recently, the HKMA issued a warning about unregulated stablecoin issuers. This came after AnchorX, a Hong Kong-based company, announced its AxCNH stablecoin pegged to the offshore Chinese yuan. The HKMA clarified that no entity is currently licensed to issue stablecoins in Hong Kong, advising the public to be wary of such offerings. This action highlights the HKMA's commitment to enforcing its new stablecoin rules, which took effect in August.

最近，HKMA發布了有關不受監管的Stablecoin發行人的警告。這是一家位於香港的公司Anchorx宣布與海上中國人民幣固定的AXCNH Stablecoin。 HKMA澄清說，目前尚無實體在香港簽發Stablecoins，建議公眾警惕此類產品。這項行動強調了HKMA對實施新的Stablecoin規則的承諾，該規則於8月生效。

Stringent Requirements for Stablecoin Licenses

對Stablecoin許可證的嚴格要求

Getting a stablecoin license in Hong Kong isn't a walk in the park. Applicants must meet strict requirements. Stablecoins need to be fully backed by high-quality, liquid assets. Robust anti-money laundering (AML) and counter-terrorism financing (CFT) controls are a must. Plus, applicants need to demonstrate a viable use case for their stablecoin.

在香港獲得Stablecoin許可證並不是公園的散步。申請人必須滿足嚴格的要求。穩定劑需要得到高質量的液體資產的完全支持。強大的反洗錢（AML）和反恐融資（CFT）控制是必須的。另外，申請人需要為其穩定幣展示可行的用例。

The Road Ahead

前面的道路

The HKMA expects to issue the first stablecoin licenses by early 2026. As of late last month, 77 institutions had expressed interest. Despite this high demand, the HKMA will initially grant licenses to only a select few. Major players like Industrial and Commercial Bank of China (Asia), Bank of China (Hong Kong), and HSBC have shown interest, with Standard Chartered and Bank of China (Hong Kong) considered strong contenders.

HKMA預計將在2026年初簽發第一份Stablecoin許可證。截至上個月末，有77個機構表示了興趣。儘管需求很高，但HKMA最初將僅授予少數幾個。諸如中國工業和商業銀行（亞洲），中國銀行（香港）和匯豐銀行（HSBC）等主要參與者表現出了興趣，中國的標準特許和中國銀行（香港）被認為是強有力的競爭者。

Why the Cautious Approach?

為什麼謹慎的方法？

By limiting the number of initial licenses, the HKMA can closely monitor the market and adjust policies as needed. This approach balances supporting financial technology with protecting users and the financial system.

通過限制初始許可證的數量，HKMA可以密切監視市場並根據需要調整政策。這種方法平衡了支持金融技術與保護用戶和金融體系的平衡。

The Bigger Picture: Euro Stablecoins and Market Domination

更大的前景：歐元穩定和市場統治

While Hong Kong focuses on its regulatory framework, Europe is also making moves in the stablecoin space. A consortium of nine European banks plans to launch a euro-backed stablecoin to challenge the U.S. dollar's dominance. This initiative, compliant with MiCA regulations, aims to provide a European alternative in the stablecoin market, which is currently dominated by USDT. The total stablecoin market value has reached an all-time high of $295.7 billion, with USDT holding the lion's share.

儘管香港專注於其監管框架，但歐洲也在Stablecoin領域採取行動。一個由九家歐洲銀行組成的財團計劃推出一個由歐​​元支持的Stablecoin，以挑戰美元的統治地位。該計劃符合雲母法規，旨在在Stablecoin市場中提供歐洲替代方案，該市場目前由USDT主導。 Stablecoin的總市場價值達到了歷史最高2.97億美元，USDT持有獅子的份額。

Final Thoughts

最後的想法

The HKMA's measured approach to stablecoins reflects a broader trend of regulatory bodies worldwide grappling with the challenges and opportunities presented by digital assets. As Hong Kong moves forward, its actions will be closely watched by the crypto community. Who will be the first to get a license? Only time will tell, but one thing is for sure: it's gonna be a tightly regulated race! And with Europe entering the stablecoin fray, the competition is heating up. Buckle up, folks, it's gonna be an interesting ride!

HKMA測量的穩定劑方法反映了全球監管機構的更廣泛趨勢，這些趨勢正在努力應對數字資產帶來的挑戰和機遇。隨著香港的前進，加密社區將密切關注其行動。誰將是第一個獲得許可證的人？只有時間會說明，但是可以肯定的是：這將是一場嚴格的比賽！隨著歐洲進入Stablecoin Fray，比賽正在加熱。搭扣，伙計們，這將是一個有趣的旅程！