香港場外虛擬資產認證引起業界褒貶不一

針對香港新提出的虛擬資產場外交易認證機制，業者反應不一。證券及期貨事務監察委員會（SFC）規定只有比特幣和以太坊可以在經過認證的平台上交易，這引發了人們對限制場外交易市場的擔憂，特別是考慮到對穩定幣交易的限制。雖然諮詢過程已經結束，但利害關係人繼續要求重新評估 OTC 認證機制，理由是小型 OTC 企業的財務負擔以及需要製定適應多樣化市場需求的法規。

Hong Kong's OTC Virtual Asset Trading Certification Mechanism Faces Mixed Reactions from Industry Players

香港場外虛擬資產交易認證機制業界反應不一

Amidst a flurry of regulatory developments in the cryptocurrency landscape, Hong Kong's proposed certification mechanism for over-the-counter (OTC) trading of virtual assets has elicited a diverse range of responses from the industry.

在加密貨幣領域的一系列監管發展中，香港擬議的虛擬資產場外交易（OTC）認證機制引起了業界的不同反應。

The proposed framework, outlined in a consultation paper issued by the Securities and Futures Commission (SFC), seeks to bring OTC virtual asset trading platforms under the regulatory purview of the authority. Critics argue that the proposal's stringent measures, which include limiting tradable assets to only Bitcoin and Ethereum, could stifle the OTC market and hinder innovation.

證券及期貨事務監察委員會（證監會）發布的諮詢文件中概述了擬議的框架，旨在將場外虛擬資產交易平台納入監管機構的監管範圍。批評者認為，該提案的嚴格措施，包括將可交易資產限制在比特幣和以太坊，可能會扼殺場外交易市場並阻礙創新。

"The OTC market has long been an integral part of the virtual asset ecosystem, providing liquidity and facilitating access to a wider range of assets," said Alex Chim, CEO of Hong Kong-based OTC trading platform Babel Finance. "Limiting OTC trading to a select few assets, particularly excluding popular stablecoins like USDT and USDC, would severely impact market participants."

香港場外交易平台 Babel Finance 首席執行官 Alex Chim 表示：“場外交易市場長期以來一直是虛擬資產生態系統不可或缺的一部分，提供流動性並促進更廣泛的資產獲取。” “將場外交易限制為少數資產，特別是排除 USDT 和 USDC 等流行的穩定幣，將嚴重影響市場參與者。”

Furthermore, the consultation paper proposes imposing rigorous compliance and anti-money laundering (AML) requirements on OTC platforms, which industry representatives argue could place an undue financial burden on smaller businesses.

此外，諮詢文件建議對場外交易平台實施嚴格的合規和反洗錢（AML）要求，業界代表認為這可能會給小型企業帶來過度的財務負擔。

"Smaller OTC platforms may not have the resources to implement the same level of compliance as larger exchanges," said Jenny Yu, CEO of Hong Kong-based OTC trading platform Cumberland. "This could lead to a consolidation of the industry, limiting competition and reducing investor choice."

香港場外交易平台 Cumberland 首席執行官 Jenny Yu 表示：“較小的場外交易平台可能沒有資源來實施與大型交易所相同水平的合規性。” “這可能會導致行業整合，限制競爭並減少投資者的選擇。”

Despite the concerns, some industry players acknowledge the need for regulation to enhance investor protection and combat illicit activities. However, they urge the SFC to adopt a more balanced approach that balances regulatory oversight with market innovation.

儘管有這些擔憂，一些行業參與者承認需要進行監管以加強投資者保護並打擊非法活動。不過，他們敦促證監會採取更平衡的方法，平衡監管監督與市場創新。

"We understand the SFC's intention to establish a robust regulatory framework," said Richard Liu, CEO of Hong Kong-based OTC trading platform Deribit. "However, we believe that the proposed certification mechanism should be more flexible to accommodate the diverse needs of market participants."

「我們理解證監會建立健全監管框架的意圖，」香港場外交易平台 Deribit 首席執行官劉強東 (Richard Liu) 表示。 “不過，我們認為建議的認證機制應該更加靈活，以適應市場參與者的多樣化需求。”

Industry stakeholders have engaged with the SFC, advocating for a middle ground that allows for responsible OTC trading while promoting the growth of the virtual asset industry in Hong Kong.

產業利害關係人已與證監會接觸，主張採取中間立場，允許負責任的場外交易，同時促進香港虛擬資產產業的成長。

"Hong Kong has the potential to become a major hub for virtual asset trading," said Sam Bankman-Fried, CEO of FTX Trading. "By implementing a well-calibrated regulatory framework that fosters innovation and ensures investor protection, the city can attract global liquidity and drive the development of the industry."

FTX Trading 執行長 Sam Bankman-Fried 表示：“香港有潛力成為虛擬資產交易的主要中心。” “透過實施精心調整的監管框架，促進創新並確保投資者保護，該市可以吸引全球流動性並推動行業發展。”

The SFC's consultation period has now closed, but the authority remains open to receiving feedback and suggestions before forwarding the proposed bill to the Legislative Council for consideration. The industry eagerly awaits the outcome of these discussions, hoping that the final regulatory framework will strike an optimal balance between investor protection and market growth.

證監會的諮詢期現已結束，但在將擬議法案提交立法會審議之前，該機構仍願意接受回饋和建議。業界熱切等待這些討論的結果，希望最終的監管框架能夠在投資者保護和市場成長之間取得最佳平衡。

In a separate development, Hong Kong has granted trading approval for Bitcoin ETFs and Ethereum ETFs, signaling the city's continued commitment to the cryptocurrency ecosystem.

在另一項進展中，香港已批准比特幣 ETF 和以太坊 ETF 的交易，這表明香港對加密貨幣生態系統的持續承諾。