香港領導著正式通過Stablecoin立法，針對菲亞特·皮格（Fiat Peggg）的穩定者

儘管美國穩定法案在參議院取得了進展，但香港領先於正式通過Stablecoin立法。

The Hong Kong Legislative Council has passed the Stablecoin Bill, further establishing a licensing system for issuers of legal currency stablecoins in Hong Kong and improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability and promote financial innovation. The bill is expected to take effect this year.

香港立法委員會已通過了《穩定法案》，進一步建立了一個在香港的法定貨幣發行人的許可系統，並改善了香港虛擬資產活動的監管框架，以維持金融穩定並促進金融創新。該法案預計今年將生效。

At present, the regulatory authorities have carried out certain supervision and testing on the operating plans of the three institutions in the sandbox.

目前，監管機構已經對沙箱中三個機構的運營計劃進行了某些監督和測試。

The Stablecoin Draft Regulations clearly state that the following three types of activities require a license:

《穩定法規草案法規》清楚地指出，以下三種活動需要許可證：

1. Issue fiat stablecoins in Hong Kong

1。在香港發行菲亞特·穩定

2. Issuing Hong Kong dollar stablecoins in or outside Hong Kong

2。在香港或外部或外部發行香港美元的穩定幣

3. Actively promote the issuance of its fiat stablecoin to the Hong Kong public

3。積極地向香港公眾宣傳其菲亞特·穩定的發行

According to Caixin, citing the sandbox participant "Yuanbi Technology", the draft lists four important requirements for issuers:

根據Caixin的說法，援引沙盒參與者“ Yuanbi Technology”，該草案列出了發行人的四個重要要求：

* First, in terms of reserves, licensees must maintain a sound stablecoin mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets (such as assets that may include cash, bank deposits, government bonds, repurchase agreements, reverse repurchase agreements, and money market funds invested in the above assets), and are equal to the face value of the circulating fiat stablecoins at all times, and are properly separated and kept.

* First, in terms of reserves, licensees must maintain a sound stablecoin mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets (such as assets that may include cash, bank deposits, government bonds, repurchase agreements, reverse repurchase agreements, and money market funds invested in the above assets), and are equal to the face value of the circulating fiat stablecoins at all times,並正確分開並保存。

* Second, stablecoin holders have the right to redeem stablecoins at par from the issuer. Redemption requests must be free of charge and processed within a reasonable time.

*其次，穩定持有人有權從發行人處兌換stablecoins。贖回請求必須是免費的，並在合理的時間內進行處理。

* Third, they must comply with a series of requirements related to combating money laundering, risk management, disclosure, and auditing appropriate personnel.

*第三，他們必須遵守一系列與打擊洗錢，風險管理，披露和審計適當人員有關的要求。

* Fourth, transactions must be conducted on licensed virtual asset trading platforms.

*第四，必須在許可的虛擬資產交易平台上進行交易。

The draft shows that in terms of issuer qualifications, the license holder must have sufficient financial resources and liquid assets, including a share capital of at least HK$25 million. The license does not have a fixed validity period, that is, the license will remain valid unless it is revoked, or the license holder is liquidated and its registration qualification with the Hong Kong Companies Registry is revoked.

草案顯示，就發行人的資格而言，許可證持有人必須擁有足夠的財務資源和流動資產，包括至少2500萬港元的股本。許可證沒有固定的有效期期限，也就是說，除非被吊銷，否則許可證將保持有效期，或者已清算許可證持有人，並且吊銷了其在香港公司註冊表的註冊資格。

To protect the public and investors, the draft stipulates that only designated licensed institutions are allowed to sell legal currency stablecoins in Hong Kong, and only legal currency stablecoins issued by licensed issuers can be sold to retail investors. The above-mentioned designated licensed institutions that can sell stablecoins in Hong Kong include: stablecoin issuers licensed by the Monetary Authority, banks, institutions issued with a Type 1 license (securities trading) by the Hong Kong Securities and Futures Commission, and virtual asset trading platforms licensed in Hong Kong.

為了保護公眾和投資者，該草案規定只有指定的許可機構可以在香港出售法定貨幣穩定股，並且只有持牌發行人發行的合法貨幣穩定股權才能出售給零售投資者。可以在香港出售穩定機構的上述指定的機構包括：由貨幣管理局，銀行，帶有1型許可證（證券交易）的機構許可的穩定的發行人，由香港證券和期貨委員會和寬闊的資產交易平台獲得了Hong Kong Kong Kong Kong kong Kong Kong Kong Kong Kong Kong。

In order to effectively deter, the draft bill sets clear punishment rules for violations. Conducting regulated stablecoin activities without a license: a fine of HK$5 million and seven years in prison; selling stablecoins by non-designated licensed institutions: a fine of HK$5 million and seven years in prison, etc.

為了有效地阻止，法案草案製定了明確的侵犯規則。沒有許可證進行監管的穩定活動：罰款500萬港元和七年徒刑；通過未指定的許可機構出售穩定的機構：罰款500萬港元和七年監禁，等等。

As early as October 2022, the Hong Kong SAR Government issued the Policy Statement on the Development of Virtual Assets in Hong Kong, outlining its determination to improve the regulatory framework for virtual assets. In response to the policy statement, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) (the Anti-Money Laundering Ordinance) was amended in December 2022 to introduce a licensing system for virtual asset service providers to ensure that virtual asset trading platforms must comply with international regulations on combating money laundering and terrorist financing and protect investors. Following the virtual asset trading platform licensing system taking effect in June 2023, Hong Kong is working to further improve the regulatory framework for virtual asset activities, including introducing a licensing system for issuers of fiat stablecoins.

早在2022年10月，香港政府就發表了有關香港虛擬資產發展的政策聲明，概述了其改善虛擬資產監管框架的決心。為了應對政策聲明，對反貨幣洗滌和反恐融資條例（第615章）（第615章）（《反貨幣洗錢條例》）於2022年12月進行了修訂，以介紹虛擬資產服務提供商的許可系統，以確保虛擬資產貿易平台必須與國際貨幣融資和投資構成融合和投資者和恐怖分子的融合和投資者。在2023年6月的虛擬資產交易平台許可系統生效之後，香港正在努力進一步改善虛擬資產活動的監管框架，包括為FIAT StableCoins發行人提供許可系統。

In December 2023, Hong Kong announced that it would enact new legislation to implement a licensing system for fiat stablecoin issuers. Subsequently, the regulatory sandbox approved three institutions to participate in the test on July 18, 2024, and the draft text was published in December of the same year, and was finally passed by the Legislative Council on May 21, 2025.

2023年12月，香港宣布將製定新的立法，以實施菲亞特·斯塔布爾卡因發行人的許可系統。隨後，監管沙箱批准了三個機構參加了2024年7月18日的測試，並於同年12月發布了文本草案，並最終於2025年5月21日通過立法委員會通過。

At present, the Hong Kong Monetary Authority (HKMA) has launched a sandbox for stablecoin issuers to understand the business model of institutions that intend to issue fiat stablecoins in Hong Kong, and to convey regulatory expectations and provide guidance to them. The first batch of three participating institutions were admitted to the sandbox on July 18, 2024. They include Standard Chartered Hong Kong, Animoca Brands, a group consisting of Hong Kong Telecom, JD CoinChain Technology (Hong Kong), and Yuancoin Innovation Technology.

目前，香港貨幣管理局（HKMA）為Stablecoin發行人推出了一個沙箱，以了解打算在香港頒發菲亞特·穩定的機構的商業模式，並傳達監管期望並向他們提供指導。 2024年7月18日，將第一批參與機構送入沙箱。它們包括標準特許香港，Animoca Brands，該集團由香港電信，JD Coinchain Technology（Hong Kong）和Yuancoin Innovation Technology組成。

At present, the regulator has carried out certain supervision and testing on the operating plans of issuers in the sandbox.

目前，監管機構已經對沙箱中發行人的運營計劃進行了某些監督和測試。

It is worth mentioning that JD Technology Group has recently released a number of RWA-related job recruitment information, clearly requiring that product design must be seamlessly connected with JD Stablecoin and digital RMB. At

值得一提的是，JD Technology Group最近發布了許多與RWA相關的工作招聘信息，顯然要求產品設計必須與JD Stablecoin和Digital RMB無縫連接。在