香港的Stablecoin場景：新的規則，市場煩惱和未來的希望

香港的新Stablecoin規則正在搖晃市場。該博客探討了監管轉變，市場更正以及對未來的意義。

Hong Kong's Stablecoin Scene: New Rules, Market Jitters, and Future Hopes

香港的Stablecoin場景：新的規則，市場煩惱和未來的希望

Hong Kong is stepping up its game in the stablecoin arena with new regulations set to launch in August 2025. But what do these rules mean for the market, and are we looking at a stable future or just a bumpy ride? Let's dive in!

香港將在2025年8月推出的新法規中加強自己的遊戲。但是這些規則對市場意味著什麼，我們是否正在尋找穩定的未來或只是顛簸的旅程？讓我們潛入！

The Regulatory Landscape: A New Era for Stablecoins

監管景觀：穩定的新時代

The Hong Kong Monetary Authority (HKMA) is rolling out a licensing regime that demands stablecoin issuers maintain a 100% reserve backing. This means every digital token needs to be backed by real assets, aiming to protect investors and ensure financial stability. Think of it as making sure every promise is kept with cold, hard cash (or its equivalent). It's a big move that could reshape the region's digital finance landscape.

香港貨幣管理局（HKMA）正在推出一個許可製度，要求Stablecoin發行人保持100％的儲備支持。這意味著每個數字代幣都需要得到真實資產的支持，旨在保護投資者並確保財務穩定。可以將其視為確保每一個諾言都以冷，硬現金（或同等的）保留。這是一個很大的舉動，可以重塑該地區的數字融資格局。

Market Reaction: Jitters and Adjustments

市場反應：抖動和調整

The announcement of these regulations has led to some interesting market reactions. We've seen local "stablecoin-concept companies" experiencing double-digit losses, with some experts calling it a "healthy correction." Allen Huang from the Hong Kong University of Science and Technology believes the previous frenzy had spilled over into the equity market, and this is a necessary adjustment.

這些法規的宣布導致了一些有趣的市場反應。我們已經看到當地的“ Stablecoin-Concept公司”遭受了兩位數損失，一些專家稱其為“健康的更正”。香港科學技術大學的艾倫·黃（Allen Huang）認為，以前的瘋狂陷入了股票市場，這是必要的調整。

Xu Han, director of Liquid Fund at HashKey Group, echoed this sentiment, describing the sell-off as a rational response to speculative over-enthusiasm. The new rules, including the need for a one-to-one full reserve and a minimum capital of HK$25 million (about $3.18 million USD), are designed to prioritize systemic stability. It’s like the market is taking a deep breath and recalibrating.

Hashkey Group的流動基金總監Xu Han回應了這一觀點，稱拋售是對投機性過度持續時間的合理回應。新規定，包括需要一對一的全額儲備金和最低資本2500萬港元（約318萬美元）的最低資本，旨在優先考慮系統性穩定。就像市場深吸一口氣並重新校準一樣。

Winners and Losers: Who Will Thrive?

獲獎者和失敗者：誰會壯成長？

These stringent requirements will likely lead to a consolidation in the market. Smaller players might struggle to meet the high compliance costs and may even consider leaving the race altogether. On the other hand, well-funded companies are expected to adapt and bear the costs, potentially benefiting from first-mover advantages. Banks, acting as custodians, will likely partner with these frontrunners, further reshaping the market towards larger issuers.

這些嚴格的要求可能會導致市場上的合併。較小的球員可能很難滿足高合規性成本，甚至可能考慮完全離開比賽。另一方面，有充分資金的公司有望適應和承擔成本，有可能受益於第一步的優勢。擔任保管人的銀行很可能會與這些領先者合作，並將市場進一步重塑大型發行人。

Hong Kong vs. the US: A Stablecoin Showdown?

香港與美國：一個穩定的攤牌？

While it’s unlikely that Hong Kong dollar-backed stablecoins will rival the volume of dollar-backed ones in the short term, Hong Kong could gain a strategic edge in cross-border payments and DeFi due to its financial hub status and strict regulation. However, significant growth in DeFi or payments is projected to take several years. It’s a marathon, not a sprint!

儘管香港美元支持的Stablecoins不太可能在短期內與美元支持的股票競爭，但由於其財務中心狀況和嚴格的監管，香港可以在跨境支付和Defi方面獲得戰略優勢。但是，預計DEFI或付款的顯著增長將需要幾年。這是一場馬拉松，不是衝刺！

Looking Ahead: What's Next?

展望未來：下一步是什麼？

Hong Kong's approach offers valuable lessons for other regions, particularly European SMEs. Clear licensing requirements, risk-based supervision, and a focus on financial stability are crucial for fostering a vibrant digital finance ecosystem. By balancing innovation with prudential oversight, other regions can learn from Hong Kong's model and create regulatory frameworks that work.

香港的方法為其他地區，尤其是歐洲中小型企業提供了寶貴的課程。明確的許可要求，基於風險的監督和關注金融穩定性對於培養充滿活力的數字金融生態系統至關重要。通過平衡創新與保誠的監督，其他地區可以從香港的模型中學習，並創建有效的監管框架。

My Take: A Necessary Step Forward

我的看法：前進的必要一步

Personally, I believe these regulations are a necessary step to legitimize and secure the stablecoin market. While there may be some short-term pain for smaller players, the long-term benefits of a stable and regulated environment will outweigh the costs. It's like finally getting your financial house in order – a bit of a hassle, but totally worth it in the end!

就個人而言，我認為這些法規是合法化和確保穩定市場的必要步驟。儘管較小的玩家可能會有一些短期疼痛，但穩定和受監管的環境的長期收益將超過成本。這就像終於讓您的金融家井井有條一樣 - 有點麻煩，但最終完全值得！

So, as Hong Kong embarks on this new stablecoin journey, it will be interesting to watch how the market adapts and evolves. Will it become a leading hub for stablecoin innovation? Only time will tell. But one thing is for sure: the game has changed, and it's time to play by the new rules.

因此，隨著香港開始這一新的Stablecoin旅程，觀看市場如何適應和發展將很有趣。它會成為Stablecoin創新的領先樞紐嗎？只有時間會證明。但是可以肯定的是：遊戲已經改變了，現在該按照新規則進行遊戲了。

Until next time, keep your crypto close and your regulations closer!

直到下一次，請保持加密貨幣的關閉，法規更加關閉！