穩定幣，香港和鏈融資：導航監管迷宮

香港嚴格的Stablecoin法規在鏈上金融的全球變化中引發了辯論。是障礙還是謹慎的一步？

Hong Kong's approach to stablecoins is under the microscope as the city navigates the evolving landscape of on-chain finance. With strict regulations in place, is Hong Kong paving a cautious path or creating an obstacle to innovation?

隨著紐約市駕駛不斷發展的鏈融資景觀，香港的穩定劑方法處於顯微鏡之下。有了嚴格的規定，香港是否鋪平了一條謹慎的道路或創新障礙？

Hong Kong's Stance: A Deep Dive into the Stablecoin Ordinance

香港的立場：深入探究穩定條例

Hong Kong's Stablecoin Ordinance, effective August 1, 2025, has been dubbed the "world's strictest stablecoin law." The regulations require licenses for issuers of fiat-denominated stablecoins and mandate full reserves held in highly liquid assets. Real-name verification and stringent anti-money laundering (AML) measures are also central to the framework.

香港的Stablecoin法令，自2025年8月1日起，被稱為“世界上最嚴格的穩定法”。該法規要求在高度流動資產中持有的由菲亞特計價的穩定股和授權的全部儲備的發行人許可。真名驗證和嚴格的反洗錢（AML）措施也是該框架的核心。

The Hong Kong Monetary Authority (HKMA) will begin accepting license applications from August 1 to September 30, 2025, allowing a six-month transition period for companies. This simultaneous push for innovation and legalization reflects a balance between embracing digital assets and maintaining financial stability.

香港貨幣管理局（HKMA）將從2025年8月1日至9月30日開始接受許可申請，允許公司進行六個月的過渡期。這種同時推動創新和合法化的推動反映了擁抱數字資產和維持財務穩定之間的平衡。

The KYC Conundrum: A Barrier to DeFi?

KYC難題：Defi的障礙？

The Know Your Customer (KYC) requirements are causing a stir. Issuers must identify and verify stablecoin holders, retaining real-name data for at least five years. They are also barred from servicing anonymous users and may be required to verify the identity of every stablecoin holder. Chan King-hong of the HKMA emphasized a "risk-based but cautious" approach due to concerns about money laundering.

知道您的客戶（KYC）要求引起轟動。發行人必須識別和驗證Stablecoin持有人，並保留至少五年。他們還被禁止為匿名用戶提供服務，可能需要驗證每個穩定持有人的身份。 HKMA的Chan hong強調了一種“基於風險但謹慎的”方法，因為人們擔心洗錢。

This poses challenges for cross-border payments and interactions with DeFi protocols, where anonymity is often a core principle. The stringent regulations could limit the competitiveness of Hong Kong stablecoins compared to more widely available options like USDT and USDC.

這給跨境支付和與Defi協議的互動構成了挑戰，在該協議中，匿名通常是核心原則。與USDT和USDC（USDT和USDC）相比，嚴格的法規可能會限製香港Stablecoins的競爭力。

US vs. Hong Kong: A Tale of Two Regulatory Philosophies

美國與香港：兩個監管哲學的故事

While Hong Kong tightens its grip, the United States is taking a different approach. The U.S. Securities and Exchange Commission (SEC) unveiled "Project Crypto," aiming to integrate financial markets onto the blockchain and position the U.S. as the "global capital of crypto."

當香港收緊抓地力時，美國正在採取不同的方法。美國證券交易委員會（SEC）推出了“加密項目”，旨在將金融市場整合到區塊鏈上，並將美國定位為“全球Capital of Crypto”。

The U.S. plan includes clarifying crypto asset reclassification standards, providing safe harbors for on-chain economic activities, and giving institutional legitimacy to decentralized applications (DeFi). This divergence highlights contrasting regulatory philosophies: Hong Kong prioritizes stability and order, while the U.S. embraces innovation and growth.

美國計劃包括澄清加密資產重新分類標準，為鏈上經濟活動提供安全的港口，並為分散申請（DEFI）提供機構合法性。這種差異強調了對比的監管哲學：香港優先考慮穩定和秩序，而美國則採用創新和成長。

Ripple's Move: A Stablecoin Play on the Global Stage

Ripple的舉動：全球舞台上的Stablecoin

Adding another layer to the stablecoin narrative, Ripple acquired Rail, a stablecoin payments platform, for $200 million. This acquisition aims to enhance Ripple’s cross-border payment solutions and strengthen its position in the stablecoin sector with its RLUSD stablecoin, launched in 2024.

在Stablecoin敘述中增加了另一層，Ripple Aboter Maired Rail是一個穩定的支付平台，價格為2億美元。此次收購旨在增強Ripple的跨境支付解決方案，並通過其Rlusd Stablecoin於2024年推出。

The combined platform will enable Ripple to offer end-to-end stablecoin payouts, allowing clients to send payments without holding crypto on their balance sheets. This underscores the growing importance of stablecoins in modern finance and the strategic moves being made to drive innovation in global payments.

合併的平台將使Ripple能夠提供端到端的StableCoin支出，使客戶可以在不持有balanectersepto上持有加密貨幣的情況下發送付款。這強調了穩定幣在現代金融中的重要性以及為推動全球付款創新所採取的戰略舉措而越來越重要。

RWAs in Hong Kong: Tokenizing the Future

香港的RWA：使未來象徵

Hong Kong isn't just focusing on stablecoins. The city launched the RWA (Real World Asset) Registration Platform, led by the Hong Kong Web3.0 Standardization Association, to support the digitalization and financial use of traditional assets. This platform aims to bring real-world assets into the Web3.0 ecosystem and strengthen the city’s role in digital asset development.

香港不僅專注於穩定的人。該市啟動了由香港Web3.0標準化協會領導的RWA（現實世界資產）註冊平台，以支持傳統資產的數字化和財務用途。該平台旨在將現實世界中的資產帶入Web3.0生態系統，並增強該市在數字資產開發中的作用。

The platform addresses the complexities of transforming assets like real estate, equities, and commodities into blockchain-based tokens, offering services for asset registration, compliance checks, and secondary trading.

該平台解決了將房地產，股票和商品等資產轉換為基於區塊鏈的代幣的複雜性，提供資產註冊，合規性檢查和次要交易的服務。

Final Thoughts: Hong Kong's Crypto Crossroads

最終想法：香港的加密十字路口

Hong Kong's regulatory path for stablecoins and on-chain finance is undeniably strict, prioritizing security and compliance. While some view this as a barrier to innovation, others see it as a necessary step towards building a sustainable digital asset ecosystem. Whether Hong Kong can strike the right balance between regulation and innovation remains to be seen, but one thing is clear: the world is watching. And hey, maybe all these rules just mean Hong Kong's playing it extra safe 'cause they know the future's gonna be wild! 😉

香港對穩定幣和鏈融資的監管途徑無疑是嚴格的，優先考慮安全性和合規性。儘管有些人認為這是創新的障礙，但另一些人認為這是建立可持續數字資產生態系統的必要步驟。香港是否可以在監管和創新之間取得適當的平衡還有待觀察，但是有一件事很明顯：世界在註視。嘿，也許所有這些規則都意味著香港在扮演更安全的安全，因為他們知道未來會是狂野的！ 😉