香港正在鞏固其作為具有明確穩定法規的加密樞紐中心的地位。 LEAP框架優先考慮法律清晰度，創新和現實世界的使用，並設定了新標準。

Hong Kong's Bold Leap: Stablecoin Policies Redefine the Crypto Landscape

香港大膽的飛躍：Stablecoin政策重新定義了加密貨幣景觀

Hong Kong is taking decisive steps to become a global crypto hub. The region's new 'LEAP' framework prioritizes legal clarity, ecosystem expansion, real-world use cases, and talent development. This is more than just regulation; it's a strategic play.

香港正在採取果斷步驟成為全球加密樞紐。該地區的新“ LEAP”框架優先考慮法律清晰度，生態系統擴展，現實世界用例和人才發展。這不僅僅是法規；這是一場戰略戲劇。

Hong Kong's LEAP Framework Prioritizes Stablecoin Use

香港的LEAP框架優先使用Stablecoin使用

Hong Kong issued the Policy Statement 2.0, introducing the LEAP framework, which will enable the government to promote licensed stablecoins. The authority has issued a call for market proposals to explore practical applications of stable tokens and is drafting legislation to provide tax incentives for blockchain-related profits.

香港發表了《政策聲明2.0》，並引入了LEAP框架，這將使政府能夠促進持牌穩定的穩定者。當局已發出呼籲市場建議探索穩定令牌的實際應用，並正在起草立法，以提供與區塊鏈相關的利潤的稅收優惠。

A core component of the framework is unified regulation and support for tokenized real-world assets. Hong Kong will introduce clear rules for crypto exchanges, stablecoin issuers, dealers, and custodians under the oversight of the SFC.

該框架的核心組成部分是統一的法規和支持令牌現實世界資產的支持。香港將在SFC監督下介紹加密交易所，Stablecoin發行人，經銷商和保管人的明確規則。

Hong Kong passed the Stablecoin Bill in May, introducing a licensing regime for fiat-referenced stable token issuers. Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, believes that a robust regulatory environment would provide favorable conditions to support the healthy, responsible, and sustainable development of Hong Kong’s stablecoin and the broader digital asset ecosystem.

香港於5月通過了該法案，為菲亞特引用的穩定令牌發行人提供了許可製度。香港貨幣管理局首席執行官埃迪·尤（Eddie Yue）認為，強大的監管環境將提供有利的條件，以支持香港的Stablecoin和更廣泛的數字資產生態系統的健康，負責任和可持續發展。

Stablecoin Ordinance Set on August 1, 2025

Stablecoin條例於2025年8月1日制定

The new policy confirms Hong Kong’s launch of the Stablecoin Ordinance on August 1, 2025. Under the new framework, a licensing regime for stable token issuers will kick in on August 1, allowing stable asset issuers to apply for licenses, signaling a new era for regulated digital assets.

這項新政策證實了香港於2025年8月1日啟動了《 Stablecoin條例》。在新框架下，穩定代幣發行人的許可製度將於8月1日開始，允許穩定的資產發行人申請許可，向受監管的數字資產發出新的時代。

The implementation of the licensing regime for stablecoin issuers on August 1 will facilitate the development of real-world use cases. To demonstrate support and to take the lead, the Government welcomes proposals from market participants on how the Government may test the usage of licensed stablecoins.

8月1日，為Stablecoin發行人實施許可製度將有助於開發現實世界中用例。為了證明支持並取得領先，政府歡迎市場參與者提出有關政府如何測試許可穩定的建議。

Tech giant Ant Group has announced its plans to apply for a stable token issuance license in Hong Kong, planning to apply for the fiat-referenced stablecoins (FRS) issuer’s license once the process is open after the Stablecoins Ordinance takes effect on August 1.

Tech Giant Ant Group已宣布計劃在香港申請穩定的代幣發行許可證，併計劃在8月1日生效後開放該程序後，申請了菲亞特引入的穩定者（FRS）發行人的許可證。

Why This Matters

為什麼這很重要

Hong Kong isn't just containing risk; it's creating conditions for the stable, trusted use of stablecoins in the real economy, not just the crypto echo chamber. The definition of a “stablecoin” is functional rather than ideological, focusing on digital assets used as a medium of exchange that maintains a stable value.

香港不僅包含風險；它創造了在實際經濟中穩定，可信賴的穩定使用的條件，而不僅僅是加密貨幣室。 “ Stablecoin”的定義是功能性的，而不是意識形態，重點是用作維持穩定價值的交換媒介的數字資產。

The Hong Kong Monetary Authority (HKMA) has the power to designate additional stablecoin issuers, activities, or even specific tokens as in-scope without rewriting legislation. Alongside the bill, it released two major consultation papers: one on AML/CFT obligations, the other on supervisory guidelines for licensees.

香港貨幣管理局（HKMA）有權指定額外的Stablecoin發行人，活動，甚至是特定的代幣，無需重寫立法。除了該法案外，它還發表了兩份主要的諮詢文件：一項關於AML/CFT義務，另一個關於被許可人的監督指南。

This bill is part of a longer game. If Hong Kong wants to remain a relevant international financial center, it needs to define what finance means in the next decade — not just replicate the old. Stablecoins, properly regulated, could become part of the city’s broader strategy to modernize payments, increase financial transparency, and play a meaningful role in the global fintech economy.

該法案是更長游戲的一部分。如果香港想保持相關的國際金融中心，它需要定義未來十年的財務意義，而不僅僅是複制舊的。適當監管的Stablecoins可能會成為該市更廣泛的付款，提高財務透明度並在全球金融科技經濟中發揮有意義作用的更廣泛戰略的一部分。

The Bigger Picture

更大的圖片

While other regions dither, Hong Kong is quietly putting down guardrails for a new category of regulated finance, not by making loud promises, but by setting high expectations.

雖然其他地區抖動，但香港卻悄悄地為新類別的受監管金融類別放下護欄，而不是通過大聲諾言，而是通過設定高期望。

There will be critics, of course. Some will say the rules are too strict. Others will argue they’re not strict enough. But most of them will be reacting to the headlines. The real work, as always, is happening in the footnotes.

當然會有批評家。有人會說規則太嚴格了。其他人會說他們不夠嚴格。但是他們中的大多數都會對頭條新聞反應。與往常一樣，真正的工作正在腳註中進行。

Hong Kong has written a new kind of story — not just about crypto, but about credibility. And in an industry full of volatility, that kind of boring is exactly what’s needed.

香港寫了一種新的故事 - 不僅是關於加密貨幣，而且是關於信譽。在充滿波動的行業中，這種無聊的正是所需要的。

So, keep your eyes on Hong Kong. They're not just playing the game; they're changing the rules. And who knows? Maybe one day, we'll all be using stablecoins to buy our morning coffee. Wouldn't that be something?

因此，請注意香港。他們不只是玩遊戲；他們正在改變規則。誰知道？也許有一天，我們所有人都會使用穩定幣購買早晨的咖啡。那不是嗎？