香港通過“ Stablecoin法案”，建立了菲亞支持的Stablecoin許可系統

5月21日，即參議院通過了《美國穩定法案天才法案》僅兩天后，香港特別行政區的立法委員會通過了“ Stablecoin法案”。

The Legislative Council of the Hong Kong Special Administrative Region passed the "Stablecoin Bill," which will establish a fiat-backed stablecoin licensing system in Hong Kong to improve the regulatory framework for virtual asset activities in the region.

香港特殊行政區的立法委員會通過了“ Stablecoin法案”，該法案將在香港建立菲亞大學支持的Stablecoin許可系統，以改善該地區虛擬資產活動的監管框架。

As Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA) is responsible for regulating virtual assets with financial attributes, including stablecoins.

作為香港中央銀行，香港貨幣管理局（HKMA）負責使用包括穩定股份在內的財務屬性來調節虛擬資產。

The Hong Kong government stated that it will continue to support the development of virtual assets. With the implementation of the regulatory framework for virtual asset trading platforms and stablecoin issuers, the government will soon consult on over-the-counter (OTC) trading of virtual assets and custodial services, and will issue a second policy declaration on the development of virtual assets.

香港政府表示，它將繼續支持虛擬資產的發展。通過實施虛擬資產交易平台和Stablecoin發行人的監管框架，政府將很快就虛擬資產和託管服務的非處方交易（OTC）交易，並就虛擬資產的發展發布第二項政策聲明。

Excerpt from the regulations: Conditions for issuing and selling stablecoins in Hong Kong

摘自《法規：在香港發行和銷售Stablecoins的條件》的條件

1. Licensing requirements for issuers

1。發行人的許可要求

After the implementation of the "Stablecoin Bill," anyone who issues fiat-backed stablecoins in Hong Kong during their business process, or issues fiat-backed stablecoins claiming to be pegged to the value of the Hong Kong dollar in or outside Hong Kong, must apply for a license from the Financial Commissioner.

在實施“ Stablecoin法案”之後，任何在其業務過程中在香港發行菲亞特支持的Stablecoins的任何人，或者發出菲亞特支持的穩定的穩定股權，聲稱聲稱自己屬於香港或外部香港的價值，必須申請金剛的許可證。

License holders will be subject to ongoing supervision by the Financial Commissioner. The Financial Commissioner has the authority to temporarily suspend or revoke licenses and impose fines for violations by license holders, designated stablecoin entities, and their senior personnel.

許可證持有人將受到財務專員的持續監督。財務專員有權暫時暫停或撤銷許可證，並對許可證持有人，指定的Stablecoin實體及其高級人員罰款。

The regulations only allow designated licensed institutions to sell fiat-backed stablecoins in Hong Kong, and only fiat-backed stablecoins issued by licensed issuers can be sold to retail investors.

該法規僅允許指定的有執照的機構在香港出售菲亞特支持的穩定股，並且只能將獲得許可發行人發行的菲亞特支持的穩定股份出售給零售投資者。

In addition, to prevent fraud, at any time (including the 6-month transition period), only advertisements related to licensed fiat-backed stablecoin issuance will be permitted. Citizens should pay attention to these matters and remain cautious when receiving advertisements or information related to fiat-backed stablecoins.

此外，為防止欺詐，任何時候（包括6個月過渡期），僅允許與允許菲亞大學支持的Stablecoin發行有關的廣告。公民應關注這些事項，並在收到與菲亞支持的穩定股相關的廣告或信息時保持謹慎。

* 3 "sandbox" companies still need to apply for licenses

* 3“沙盒”公司仍然需要申請許可證

Previously, the HKMA launched a stablecoin issuer sandbox arrangement as early as March 2024, providing interested issuers with the opportunity to pilot the issuance of stablecoins in a limited and controlled risk environment before the relevant legislation comes into effect.

此前，HKMA早在2024年3月就發起了Stablecoin發行人沙箱安排，使有興趣的發行人有機會在相關立法生效之前，在有限且受控的風險環境中試行在有限和受控的風險環境中發行Stablecoins。

As of now, the HKMA has announced three "sandbox" participant companies: JD Coin Chain, Yuan Coin Technology, and a joint venture of Standard Chartered Bank, Animoca, and HKT.

截至目前，HKMA宣布了三家“沙盒”參與者公司：JD Coin Chain，Yuan Coin Technology以及一家標準特許銀行，Animoca和HKT的合資企業。

The regulations for the "sandbox" state that approval to participate in the sandbox arrangement does not imply recognition or regulation of the relevant stablecoin projects by the HKMA or other financial regulatory bodies. Once the stablecoin issuer licensing system is officially introduced, sandbox participants will still need to submit license applications to the HKMA.

“沙箱”的法規表明，參加沙箱安排的批准並不意味著HKMA或其他金融監管機構對相關的Stablecoin項目的認可或法規。一旦正式引入了Stablecoin發行者許可系統，沙箱參與者仍將需要向HKMA提交許可申請。

2. Other requirements for issuers

2。發​​行人的其他要求

Issuers must comply with regulations regarding reserve asset management and redemption, including properly segregating customer assets, maintaining sound stabilization mechanisms, and processing redemption requests from stablecoin holders at face value under reasonable conditions.

發行人必須遵守有關儲備資產管理和贖回的法規，包括適當地隔離客戶資產，維護穩定機制以及在合理條件下以面值的穩定持有人的贖回請求。

Issuers must also meet a series of requirements related to anti-money laundering and counter-terrorism financing, risk management, disclosure regulations, and auditing and appropriate personnel. The Financial Commissioner will consult further on the detailed regulatory requirements of the system in due course.

發行人還必須滿足與反洗錢和反恐怖主義融資，風險管理，披露法規以及審計和適當人員有關的一系列要求。財務專員將在適當的時候就係統的詳細監管要求進行諮詢。

Specifically, according to the "Legislative Council Reference Material Summary," the licensing criteria for stablecoin issuers include the following key elements:

具體而言，根據“立法委員會參考材料摘要”，Stablecoin發行人的許可標準包括以下關鍵要素：

(a) Management of reserve assets and stabilization mechanisms: The market value of the reserve assets backing the stablecoin must always be at least equal to its circulating value. License holders must have robust stabilization mechanisms, proper segregation and management arrangements for reserve assets, and adequate disclosure policies;

（a）儲備金和穩定機制的管理：支持穩定的儲備金的市場價值必須始終至少等於其循環價值。許可證持有人必須具有強大的穩定機制，適當的隔離和儲備資產的管理安排以及足夠的披露政策；

(b) Redemption: To ensure that holders of the specified stablecoin are adequately protected, license holders must pay the face value of the specified stablecoin to holders who submit valid redemption requests, without imposing overly cumbersome conditions or unreasonable fees. The redemption procedures, timelines, any conditions or fees involved, and rights must also be clearly disclosed for holders' reference;

（b）贖回：為了確保指定的Stablecoin的持有人得到充分保護，許可證持有人必須向指定有效的贖回請求的持有人支付指定的Stablecoin的面值，而不會徵收過於麻煩的條件或不合理的費用。還必須明確披露贖回程序，時間表，任何條件或費用以及權利；

(c) Physical presence in Hong Kong: To ensure effective supervision and enforcement by the Financial Commissioner, license holders must have a physical presence in Hong Kong;

（c）在香港的身體存在：為了確保財務專員的有效監督和執行，許可證持有人必須在香港有實體席位；

(d) Financial resources: License holders must have sufficient financial resources to operate their business, including a minimum paid-up capital requirement of HKD 25 million;

（d）財政資源：許可證持有人必須擁有足夠的財務資源來經營其業務，包括最低付費資本要求2500萬；

(e) Appropriate personnel: The controlling persons, CEOs, and directors of license holders must be appropriate candidates, and personnel responsible for managing and operating regulated stablecoin activities must possess the necessary knowledge and experience; and

（e）適當的人員：許可證持有人的控制人員，首席執行官和董事必須是適當的候選人，負責管理和操作受監管的Stablecoin活動的人員必須擁有必要的知識和經驗；和

(f) Prudential and risk management: License holders must have appropriate risk management policies and procedures to manage risks arising from their business operations, and these policies and procedures must be commensurate with the scale and complexity of their operations. License holders should also have sound and appropriate control systems to prevent and combat potential money laundering and terrorist financing activities.

（f）審慎和風險管理：許可證持有人必須具有適當的風險管理政策和程序，以管理其業務運營引起的風險，這些政策和程序必須與運營的規模和復雜性相稱。許可證持有人還應擁有合理和適當的控制系統，以預防和打擊潛在的洗錢和恐怖融資活動。

3. Temporary licenses during the transition period

3。過渡期間的臨時許可

The "Stablecoin Bill" is expected to come into effect in 2025, allowing the industry sufficient time to understand the requirements under the licensing system

預計“ Stablecoin法案”將於2025年生效，使行業足夠的時間了解許可系統下的要求