香港的Stablecoin許可製度：數字資產的新時代

香港定於2025年8月1日啟動的Stablecoin許可製度標誌著朝著規範數字資產創新，增強透明度並吸引全球參與者的重要一步。

Hong Kong's Stablecoin Licensing Regime: A New Era for Digital Assets

香港的Stablecoin許可製度：數字資產的新時代

Hong Kong is stepping up its game in the digital asset world! With the stablecoin licensing regime kicking off on August 1, 2025, the city is set to become a major hub for regulated digital finance. This move aims to blend financial innovation with robust risk management, paving the way for a secure and transparent Web3 ecosystem.

香港正在在數字資產世界中加強自己的遊戲！隨著Stablecoin許可製度於2025年8月1日開始，該市將成為受監管數字融資的主要樞紐。此舉旨在將財務創新與強大的風險管理融為一體，為安全透明的Web3生態系統鋪平了道路。

The August 1, 2025 Launch: What to Expect

2025年8月1日發布：期待什麼

Spearheaded by the Hong Kong Monetary Authority (HKMA), the new licensing regime targets issuers of fiat-referenced stablecoins. This initiative follows the Legislative Council's passage of the Stablecoins Ordinance in May 2025. The goal? To align with global financial regulations and attract institutional players to Hong Kong's digital asset sector.

新的許可製度針對菲亞特引用的Stablecoins的發行人，由香港貨幣管理局（HKMA）帶頭。該倡議是在立法委員會於2025年5月通過《穩定條例》的通過。目標？與全球金融法規保持一致，並吸引機構參與者進入香港的數字資產行業。

Key Highlights of the Stablecoin Ordinance

Stablecoin條例的關鍵亮點

• 100% Reserve Requirement: A game-changer ensuring that stablecoins are fully backed by reserves.
• Licensing for Issuers: Anyone issuing fiat-referenced stablecoins in Hong Kong or pegged to Hong Kong dollars outside Hong Kong needs a license from the HKMA.
• Retail Investor Access: Only licensed institutions can offer stablecoins to Hong Kong retail investors.

Stringent Criteria for Issuers

發行人的嚴格標準

The HKMA isn't playing around. Issuers must meet tough criteria, including a physical presence in Hong Kong, sufficient financial resources, and solid management of reserve assets. They need to maintain a reserve pool equal to the value of outstanding stablecoins and provide redemption rights to holders.

HKMA沒有玩。發行人必須符合艱難的標準，包括在香港的實物存在，足夠的財務資源以及儲備資產的穩定管理。他們需要維護一個等於未償固定幣的價值並為持有人提供贖回權的儲備池。

The Stablecoin Issuer Sandbox: A Testing Ground for Innovation

Stablecoin發行人沙箱：創新的測試場

Launched in March 2024, the sandbox allows companies to experiment with stablecoin issuance in a controlled environment. This initiative provides valuable data for refining the regulatory framework and attracting international players to Hong Kong's Web3 market.

Sandbox於2024年3月推出，允許公司在受控環境中嘗試穩定的發行。該計劃為完善監管框架並吸引國際參與者進入香港的Web3市場提供了寶貴的數據。

Hong Kong's Vision: Payments, Not Speculation

香港的願景：付款，而不是猜測

The HKMA views stablecoins primarily as payment instruments rather than investment assets. HKMA Chief Executive Eddie Yue emphasizes that this distinction is crucial for managing market expectations and risks. The focus is on practical application scenarios and business sustainability.

HKMA將Stablecoins視為支付工具，而不是投資資產。 HKMA首席執行官Eddie Yue強調，這種區別對於管理市場期望和風險至關重要。重點是實際應用方案和業務可持續性。

Challenges and the Path Forward

挑戰和前進的道路

Integrating stablecoins with traditional financial systems is still a work in progress. Convenience, operability, and financial risk prevention are key. Some suggest Hong Kong could benefit from adopting the EU’s MiCA framework for better cross-border coordination.

將Stablecoin與傳統金融系統集成在一起仍在進行中。便利，可操作性和預防金融風險是關鍵。一些人認為香港可以通過採用歐盟的雲母框架來獲得更好的跨境協調。

Aligning with Global Trends

與全球趨勢保持一致

Hong Kong’s regulatory framework mirrors international standards, including the Financial Stability Board’s guidelines. It reflects a proactive stance amid developments like the EU’s MiCA implementation and stablecoin legislation in the U.S.

香港的監管框架反映了國際標準，包括金融穩定委員會的準則。它反映了諸如歐盟的雲母實施和在美國的Stablecoin立法之類的發展中的積極立場

The Bigger Picture: Hong Kong as a Digital Asset Hub

大局：香港作為數字資產中心

With these measures, Hong Kong aims to enhance market transparency, attract global companies, and solidify its position as a hub for the Web3 industry. While strict localization requirements and capital thresholds may pose challenges for smaller startups, the overall direction is clear: Hong Kong is serious about becoming a leader in the digital asset space.

通過這些措施，香港旨在提高市場透明度，吸引全球公司並鞏固其作為Web3行業樞紐的地位。儘管嚴格的本地化要求和資本閾值可能會對較小的初創企業構成挑戰，但總體方向很明顯：香港認真對待成為數字資產領域的領導者。

So, buckle up! Hong Kong's about to dive headfirst into the world of stablecoins. It's going to be an interesting ride!

所以，搭扣！香港即將跳入Stablecoins的世界。這將是一個有趣的旅程！