香港的新穩定規則旨在增強市場完整性

這項法律標誌著將香港邁向數字金融樞紐的一步。根據此規則，機構可以在年終之前申請許可以簽發穩定。

Hong Kong's Stablecoin Bill has passed its final vote and the law is now in place, according to a post by Johnny Ng Kit-chong.

根據Johnny Ng Kit-chong的帖子，香港的Stablecoin法案已通過了最後一票，法律現已就位。

The Hong Kong Stablecoin Bill, which will allow institutions to apply for licenses to issue stablecoins by year-end, is part of broader efforts to turn Hong Kong into a hub for digital finance. The goal is to attract international players and expand blockchain applications in the region.

香港Stablecoin法案將允許機構申請許可證以年底簽發Stablecoins，是將香港變成數字金融樞紐的更廣泛努力的一部分。目標是吸引國際參與者並擴大該地區的區塊鏈應用。

Hong Kong's stablecoin rules provide clear guidelines for the issuance and management of specified stablecoins. A specified stablecoin maintains its value by reference to fiat currency or other stable assets.

香港的Stablecoin規則為發行和管理指定的Stablecoins提供了明確的指南。指定的Stablecoin通過參考法定貨幣或其他穩定資產來維持其價值。

Stablecoins backed by central banks or covered by existing rules, such as those relating to collective investment schemes or futures contracts, are not included. Only stablecoins pegged to official currencies fall under this regulatory framework, which aims to safeguard the interests of stablecoins' token holders and ensure that stablecoin operations are transparent.

不包括由中央銀行或現有規則涵蓋的穩定幣，例如與集體投資計劃或期貨合約有關的規則。只有與官方貨幣掛鉤的穩定幣屬於該監管框架，該框架旨在維護Stablecoins代幣持有人的利益，並確保Stablecoin運營透明。

Regulators are keen to avoid the risks posed by unbacked or poorly managed tokens. They emphasize that any entity wishing to issue stablecoins must first obtain approval from the monetary authority before commencing such activities.

監管機構渴望避免由無抵抗或管理不良的令牌帶來的風險。他們強調，任何希望發行穩定的實體都必須在開始此類活動之前先獲得貨幣當局的批准。

Unlicensed parties are prohibited from offering, applying for, or advertising any services relating to specified stablecoins to the public.

禁止未經許可的當事方向公眾提供與指定的Stablecoins有關的任何服務。

Moreover, any person who is granted a license to issue stablecoins must register as a corporation and maintain strong financial reserves. Specifically, a licensed issuer must hold readily available liquid assets in an amount not less than the total value of the stablecoins that it has issued at all times.

此外，任何獲得簽發Stablecoins許可的人都必須註冊為公司並保持強大的財務儲備。具體而言，獲得許可的發行人必須持有隨時發行的Stablecoins的總價值，可隨時持有液體資產。

These reserve assets must be capable of being converted into usable cash quickly and without loss or material depreciation. Furthermore, these assets must be kept separate and distinct from any other assets of the corporate issuer.

這些儲備資產必須能夠快速轉換為可用現金，而不會損失或物質折舊。此外，這些資產必須與公司發行人的任何其他資產保持分開和不同。

The rules are designed to protect stablecoins' token holders in the event that an issuer faces insolvency. Issuers must also comply with reporting requirements, such as submitting detailed financial reports to the regulator regularly.

該規則旨在在發行人面臨破產的情況下保護Stablecoins的代幣持有人。發行人還必須遵守報告要求，例如定期向監管機構提交詳細的財務報告。

In addition, a person who is granted a license to issue stablecoins must enable the stablecoins to be redeemed by token holders on fair and clear terms. In insolvency situations, token holders can access the reserve assets in proportion to their respective stablecoins' token holdings.

此外，獲得簽發Stablecoins許可證的人必須使STABLECOINS能夠由代幣持有者以公平而明確的條件兌換。在破產情況下，令牌持有人可以按照各自的穩定代幣的持有量成比例地訪問儲備金。

Issuers must also publish white papers detailing their operations, risk management practices, and risk control measures relating to the issuance and management of specified stablecoins. These documents must explain the procedures for redeeming stablecoins and managing reserve assets clearly.

發行人還必鬚髮表白皮書，詳細介紹其運營，風險管理實踐以及與特定穩定的發行和管理有關的風險控制措施。這些文件必須說明清楚贖回穩定幣和管理儲備資產的程序。

Issuers must alert the regulator without delay about any material changes in their organization or management. They also need approval before appointing or terminating any key senior executive in their firm. This focus on transparency aims to maintain holders' confidence in stablecoins' issuers' practices.

發行人必須在其組織或管理層的任何重大變化時立即提醒監管機構。在任命或終止其公司的任何主要高級主管之前，他們還需要批准。對透明度的重點旨在維持持有人對穩定發行人的做法的信心。

Regulators can require extra disclosures if risks appear significant in any situation. The monetary authority has the power to grant, suspend, or revoke licenses, appoint managers to manage the affairs of a licensed person, and investigate any suspected illegal activity or potential legal breaches.

如果在任何情況下風險顯著，監管機構可能需要額外的披露。貨幣當局有權授予，中止或撤銷許可證，任命管理人員管理許可人的事務，並調查任何可疑的非法活動或潛在的法律違規行為。

Penalties may apply for serious violations of the stablecoin provisions. The law sets up a Stablecoin Review Tribunal to review and determine any appeal relating to a decision, direction, or refusal by the monetary authority.

處罰可能適用於嚴重違反穩定條款的行為。該法律設立了一個穩定的審查法庭，以審查和確定與貨幣當局有關決定，指示或拒絕的任何上訴。

Parties unhappy with tribunal rulings can appeal to the local court of appeal. This layered review system seeks to keep decisions accountable and transparent.

對法庭裁決不滿意的當事人可以向地方上訴法院上訴。這種分層的審核系統旨在使決策負責和透明。

Strong oversight aims to reinforce trust in the stablecoin issuance process. Transparent enforcement helps protect market integrity and consumer interests effectively.

強有力的監督旨在增強對Stablecoin發行過程的信任。透明執法有助於有效地保護市場完整性和消費者利益。

Passing this law would open up potential initiatives, according to Johnny Ng.

根據約翰尼·諾格（Johnny Ng）的說法，通過這項法律將開放潛在的舉措。

"It feels surreal to announce that the Hong Kong Stablecoin Bill has passed its final vote and become law!" shared Johnny Ng Kit-chong, a Hong Kong legal professional.

“宣布香港穩定法案已通過了最後一票並成為法律，這真是超現實！”共享香港法律專業人士Johnny Ng Kit-chong。

"This legislation marks a significant step toward realizing the vision of establishing Hong Kong as a leading hub for digital finance. The law provides a clear regulatory framework for institutions to apply for licenses to issue specified stablecoins by year-end.

“這項立法標誌著實現建立香港作為數字融資領先的樞紐的願景邁出的重要一步。該法律為機構提供了一個明確的監管框架，以申請許可證以按年底發布指定的Stablecoins。

"This move will not only attract international players in the digital asset space but also foster the growth of blockchain applications and use cases in Hong Kong. As the legal and regulatory landscape evolves, we can expect to see more diverse and innovative use cases emerging in the months and years to come."

“這一舉動不僅將吸引數字資產領域的國際參與者，而且還可以促進香港區塊鏈應用和用例的增長。隨著法律和法規景觀的發展，我們可以期望在未來幾個月和幾年中看到更多的多樣化和創新性用例。”

The new framework could facilitate Hong Kong's crypto adoption across various market sectors. Clear laws help investors feel more secure about using virtual asset offerings.

新的框架可以促進香港在各個市場領域採用的加密貨幣。明確的法律可以幫助投資者對使用虛擬資產產品更加安全。

Global companies interested in stablecoin services may choose Hong Kong as a base. Small startups might face high compliance costs under stringent regulations.

對Stablecoin服務感興趣的全球公司可能會選擇香港作為基礎。在嚴格的法規下，小型初創公司可能會面臨高合規成本。

Still, a strong legal foundation can improve trust and reduce overall financial risks. Experts compare this model favorably with other Asia Pacific regulatory systems. As Hong Kong finalizes these rules, it could lead the region in virtual asset growth.

儘管如此，強大的法律基礎仍可以改善信任並降低整體財務風險。專家將該模型與其他亞太地區的監管系統進行比較。隨著香港最終確定這些規則，它可能會帶領該地區的虛擬資產增長。