香港剛剛通過了加密貨幣法案。這是企業家應該做的

5月21日，香港立法委員會第二次通過了三本讀書法案，隔壁的加密貨幣貿易集團的評論完全瘋了

Author: Shao Jiayi

On May 21, the second the Hong Kong Legislative Council passed the coin offering bill in the third reading, the comments in the crypto trading group next door went completely crazy:

5月21日，香港立法委員會第二次通過了三本讀書法案，隔壁的加密貨幣貿易集團的評論完全瘋狂：

"The licensing era has officially begun, and small players have no chance to play!"

“許可時代已經正式開始，小玩家沒有機會參加比賽！”

“Issuing stablecoins now? If you are not brave enough, don't do it!"

“現在發行穩定的人嗎？如果您不夠勇敢，不要這樣做！”

“PayFi is the real gold mine. If we don't act now, all the soup will be gone!”

“ Payfi是真正的金礦。如果我們現在不採取行動，所有的湯將消失！”

There was a mixture of noise, anxiety, and excitement. But the real Web3 veterans were unusually calm at this moment. They knew that the passage of the ordinance was not the end, but the moment when the new rules of the game started. When those giant stablecoin issuers began to line up to apply for the "Hong Kong ID card", a deep and quiet wealth restructuring drama around the stablecoin ecosystem had just begun.

噪音，焦慮和興奮混合在一起。但是真正的Web3退伍軍人目前非常平靜。他們知道該條例的通過不是終點，而是遊戲新規則開始的那一刻。當那些巨大的Stablecoin發行人開始排隊以申請“香港ID卡”時，在Stablecoin生態系統周圍剛剛開始了一部深厚而安靜的財富重組戲劇。

Entrepreneurs, don't just watch the giants fight, open your eyes and look under their feet - countless new tracks are opening up there, waiting for you to grab a spot and make money!

企業家，不要只看巨人隊的戰鬥，睜開眼睛，看著他們的腳下 - 無數的新曲目在那裡開放，等待您抓住一個地方並賺錢！

Stablecoin "dealing game": hell mode is on, and the novice village is closed!

Stablecoin的“交易遊戲”：地獄模式已經開始，新手村已關閉！

Let's be frank: If you are still thinking about "getting rich overnight by issuing a stablecoin in Hong Kong", I advise you to give up this idea as soon as possible. This track has been locked into a "copy exclusively for krypton gold players". What is the specific difficulty? Let me count for you:

讓我們坦率地說：如果您仍在考慮“在香港發行穩定的穩定幣，一夜之間”，我建議您盡快放棄這個想法。該曲目已被鎖定為“專門為K Gold Players的副本”。具體困難是什麼？讓我數你：

(I) Sandbox players: the "chosen ones" who have been ahead for two years

（i）沙盒玩家：已經領先兩年的“選擇的人”

The regulatory sandbox of the Hong Kong Monetary Authority is like a "stablecoin preschool". As early as two years ago, a group of "top students" were recruited for training, such as JD's stablecoin project and Yuanbi's stablecoin project. These players have polished the system development, compliance process, and risk control system in the sandbox. Once the regulations are implemented, they will directly "graduate" with a license, which is equivalent to being two laps ahead of the newcomers. How can you, a small team that has just entered the market, compete with them? They have written tens of thousands of lines of code, and you are still studying how to pass the compliance review. The gap is even greater than that between the top scorer in the college entrance examination and the poor student.

香港貨幣當局的監管沙盒就像是“ Stablecoin幼兒園”。早在兩年前，就招募了一群“頂級學生”進行培訓，例如JD的Stablecoin項目和Yuanbi的Stablecoin項目。這些參與者在沙箱中打磨了系統開發，合規過程和風險控制系統。一旦實施了法規，他們將直接使用許可證“畢業”，這相當於在新移民之前是兩圈。您怎麼能，一個剛進入市場並與他們競爭的小型團隊？他們已經寫了成千上萬行的代碼，您仍在研究如何通過合規性審查。該差距比大學入學考試和貧窮學生的最高得分手之間的差距更大。

(II) Devil’s Clauses: Specially Designed to Cure All Kinds of “Garage Startup” Fantasies

（ii）魔鬼條款：專門設計用於治愈各種“車庫啟動”幻想

The "sufficient financial resources" written in the regulations are no joke. For example, if you want to issue a stablecoin in Hong Kong, the registered capital alone must be 25 million Hong Kong dollars, and you must have proof of sustained profitability - this one item can block 99% of grassroots entrepreneurs. Not to mention "setting up a local physical company", you have to rent an office in Hong Kong, hire a compliance team, and support technical personnel, and the cost alone is several million per year. This is not entrepreneurship, it's clearly a "money-burning competition"! Think about the days when USDT could start in a garage, which are long gone. Now it's a "financial aristocratic game". Don't touch it if you don't have a lot of money.

法規中寫的“足夠的財務資源”不是開玩笑。例如，如果您想在香港簽發一個穩定的人，僅註冊資本就必須是2500萬個香港美元，並且必須擁有持續盈利能力的證明 - 這項項目可以阻止99％的基層企業家。更不用說“建立本地物理公司”，您必須在香港租用辦公室，僱用合規團隊並支持技術人員，僅費用是每年數百萬。這不是企業家精神，這顯然是一項“燃錢的比賽”！考慮一下USDT可以從早已不見了的車庫開始的日子。現在這是一款“金融貴族遊戲”。如果您沒有很多錢，請不要觸摸它。

(III) Supervision is so detailed that it can lead to failure if one is not careful.

（iii）監督是如此詳細，以至於如果不小心，它可能會導致失敗。

In the past, when issuing stablecoins, some "sexy operations" might be done secretly, such as holding up the reserve fund if it was insufficient, but this is no longer possible. The regulations require that the reserve assets must be 100% equal, and can only be used to buy highly liquid assets such as cash and short-term government bonds. Want to use stocks or real estate to make up for the number? No way! What's more terrible is that the custodian and the issuer must be strictly separated, and the audit must be real-time and transparent - to put it bluntly, every penny of your money must be put on the table for supervision to watch, and even the two decimal places cannot be wrong. If you don't have a professional financial team and technical system, problems will be found in minutes, and fines are light, and you may even have to face lawsuits.

過去，在發行穩定的人時，可能會秘密地進行一些“性感的操作”，例如，如果不夠的話，請持有儲備金，但這是不可能的。法規要求儲備金必須100％相等，並且只能用於購買高度流動資產，例如現金和短期政府債券。是否想使用股票或房地產來彌補這個數字？決不！更糟糕的是，必須嚴格分開保管人和發行人，審計必須是實時的和透明的 - 要坦率地說，您的每一分錢都必須放在桌子上以進行監督，甚至兩個小數的小數位置也不是錯誤的。如果您沒有專業的金融團隊和技術系統，將在幾分鐘內發現問題，而罰款很輕，甚至可能必鬚麵臨訴訟。

(IV) Policy risks are more stimulating than cryptocurrency speculation, and ordinary people cannot afford it

（iv）政策風險比加密貨幣投機更具刺激性，普通百姓負擔不起

Stablecoins involve monetary sovereignty. How can the Hong Kong government issue licenses casually? In the next few years, it will definitely be "pilot first, steady progress". Only a few companies may be approved each year, and the competition is as fierce as "thousands of troops crossing a single-plank bridge". Moreover, policies may change at any time. The business allowed today may be tightened tomorrow. You are a small team that has worked hard for a year, but in the end you didn't get a license, but

穩定幣涉及貨幣主權。香港政府如何隨便發行許可？在接下來的幾年中，這絕對是“飛行員首先，穩定的進步”。每年只有少數公司可以獲得批准，並且比賽與“成千上萬的越過單鋪橋的部隊”一樣激烈。此外，政策可能隨時改變。今天允許的業務明天可能會收緊。您是一支努力工作一年的小團隊，但最終您沒有獲得許可，但是