標準特許銀行和OKX在迪拜啟動“附帶鏡子計劃”，為高方風險的問題提供了務實的解決方案

在當今迅速發展的加密貨幣市場中，在為機構客戶服務時，我經常聽到一個共同的問題：高方的風險和很大的安全風險阻止了許多機構從數字資產中脫離。

Today's rapidly developing cryptocurrency market is often limited by high counterparty risk and great security risks, deterring many institutions from digital assets. In 2022, the bankruptcy of the crypto exchange FTX caused billions of dollars in losses, highlighting the severity of the crisis of trust.

當今迅速發展的加密貨幣市場通常受到高方風險和巨大的安全風險的限制，阻止了許多機構從數字資產中。 2022年，加密交易所FTX的破產造成了數十億美元的損失，強調了信任危機的嚴重性。

To solve this problem, Standard Chartered Bank and OKX launched the “Collateral Mirror Program” in April 2025 in Dubai. It uses the custody services of global systemically important banks (G-SIBs) combined with cryptocurrencies and tokenized funds to create a safe and compliant trading environment for institutional clients.

為了解決這個問題，標準特許銀行和OKX於2025年4月在迪拜啟動了“抵押鏡像計劃”。它使用全球重要的銀行（G-SIB）的監護權服務，結合加密貨幣和標記資金，為機構客戶創造安全且合規的交易環境。

Its operating mechanism is as follows: institutional clients deposit cryptocurrencies (such as Bitcoin, Ethereum) or tokenized money market funds at Standard Chartered Bank, which acts as an independent trustee, and OKX records these assets through “mirror” technology to facilitate over-the-counter (OTC) transactions.

它的運營機制如下：機構客戶存入加密貨幣（例如比特幣，以太坊）或標準特許銀行的標記貨幣市場資金，該銀行充當獨立的受託人，OKX通過“鏡像”技術記錄了這些資產，以促進非處方（OTC）交易。

For example, an institution wants to exchange $50 million worth of Bitcoin for Ethereum. They deposit the Bitcoin at Standard Chartered Bank, OKX handles the exchange, and the Bitcoin is safely returned after completion. The whole process is efficient and secure, without the risk of who pays first.

例如，一個機構希望將價值5000萬美元的比特幣換成以太坊。他們將比特幣存放在標準特許銀行，OKX處理交易所，並且在完成後安全退回了比特幣。整個過程是有效且安全的，而沒有首先支付誰的風險。

This program is jointly supervised by the Dubai Virtual Asset Regulatory Authority (VARA) and the Dubai Financial Services Agency (DFSA). VARA licenses and supervises virtual asset service providers (VASPs) such as OKX, while DFSA regulates Standard Chartered Bank's custodial services.

該計劃由迪拜虛擬資產監管局（VARA）和迪拜金融服務局（DFSA）共同監督。 VARA許可並監督虛擬資產服務提供商（VASP），例如OKX，而DFSA則監管標準特許銀行的託管服務。

VARA's supervision is based on:

Vara的監督基於：

- Virtual Asset Regulation Law No. 4 of 2022: Defines virtual assets and authorizes VARA to regulate VASPs.

- 虛擬資產法規法第4號法律：定義虛擬資產並授權VARA調節VASP。

- "Regulations on Virtual Assets and Related Activities 2023": Detailed regulations on trading, brokerage, custody and other activities.

- “關於虛擬資產和相關活動2023的法規”：有關交易，經紀，監護和其他活動的詳細規定。

- Cabinet Resolution No. 111/2022: Prohibiting unlicensed virtual asset activities and strengthening compliance thresholds.

- 內閣決議編號111/2022：禁止無執照的虛擬資產活動和加強合規性閾值。

DFSA's supervision is based on:

DFSA的監督基於：

- Standard Chartered Bank's banking license in the DIFC.

- 標準特許銀行在DIFC中的銀行許可證。

- Its custody service must comply with DFSA regulations and relevant laws and regulations.

- 其監護權服務必須遵守DFSA法規以及相關法律和法規。

The two regulators coordinate on common goals of anti-money laundering and investor protection to form a "double insurance". For example, the DFSA has an information sharing mechanism with the UAE Financial Intelligence Unit to ensure AML/CFT compliance.

兩個監管機構協調反洗錢和投資者保護的共同目標，以形成“雙重保險”。例如，DFSA與阿聯酋金融情報部門具有信息共享機制，以確保AML/CFT合規性。

This regulatory synergy allows the program to maintain a high degree of credibility while innovating.

這種監管協同作用使該計劃在創新時可以保持高度的信譽。

Compared with Hong Kong's TUSD-FDT on the Misappropriation of Reserves: The "Vulnerabilities" and Inspirations of Hong Kong's Crypto Trust Supervision, Dubai's dual regulatory framework targets both virtual assets and traditional financial services, forming a relatively complete regulatory system.

與香港關於盜用儲量的TUSD-FDT相比，迪拜的雙重監管框架針對的是“脆弱性”和香港加密信任監督的靈感，構成了相對完整的監管系統。

I personally think that this product innovation has indeed solved some obstacles in many business scenarios. Based on my past experience in serving customers, I think the following are several typical scenarios:

我個人認為，在許多業務情況下，這種產品創新確實解決了一些障礙。根據我過去在為客戶服務的經驗，我認為以下幾種典型情況：

1) Cross-border investment: A European pension fund wants to diversify its portfolio by investing in tokenized money market funds from Franklin Templeton in the U.S. To minimize counterparty risk, the pension fund prefers to deposit and withdraw in Euros at Standard Chartered Bank in Paris, and the money market fund trades in U.S. dollars on the blockchain.

1）跨境投資：歐洲退休金基金希望通過投資於美國的富蘭克林·鄧普頓（Franklin Templeton）來使其投資組合多樣化，以最大程度地降低對手風險，養老基金更喜歡將歐元存入和撤離巴黎的標準包機，以及貨幣市場基金的貨幣市場基金，交易貨幣市場基金以不一致的票房交易。

2) Interoperability of tokenized assets: A hedge fund in Hong Kong has bought Bitcoin and wants to exchange it for Ethereum to arbitrage price differences. They prefer to transact in Hong Kong dollars with low latency and use a trusted intermediary for counterparty risk.

2）令牌化資產的互操作性：香港的對沖基金購買了比特幣，並希望將其換成以太坊以換取套利價格差異。他們更喜歡以低潛伏期的香港進行交易，並使用受信任的中介機構來承擔對手風險。

3) Integration of traditional and digital assets: An asset management company in Singapore manages a multi-asset portfolio with stocks, bonds and tokenized assets. They wish to consolidate reporting and custody with a single bank and have a dedicated contact person for service.

3）傳統資產和數字資產的集成：新加坡的一家資產管理公司通過股票，債券和令牌資產管理多資產投資組合。他們希望與一家銀行合併報告和監護權，並擁有專門的聯繫人員進行服務。

4) Stability and liquidity in volatile markets: During periods of market turmoil, institutions may face difficulties in buying and selling cryptocurrencies at desired prices due to volatility. In April 2025, Standard Chartered Bank and OKX launched the "Collateral Mirror Program" in Dubai to provide a pragmatic solution to this problem.

4）波動市場的穩定性和流動性：在市場動盪時期，機構可能會因波動性而以所需價格出售和銷售加密貨幣面臨困難。 2025年4月，標準特許銀行和OKX在迪拜啟動了“附帶鏡子計劃”，以解決此問題的實用解決方案。

These scenarios highlight the increasing demand from institutions for safe, compliant and efficient ways to participate in digital assets. The Collateral Mirror Program aims to bridge this gap by combining the strengths of traditional finance and new technologies.

這些方案強調了機構對參加數字資產的安全，合規和有效的方式的需求不斷增長。附帶鏡子計劃旨在通過結合傳統金融和新技術的優勢來彌合這一差距。

Its potential lies in:

它的潛力在於：

- Attracting more institutions to enter the digital asset market. Many banks and asset management companies are cautious about cryptocurrencies due to security and compliance risks. Standard Chartered Bank's custody services (regulated by the DFSA) and VARA's strict supervision provide institutions with a trusted environment, and Franklin Templeton's tokenized money market fund adds a stable option.

- 吸引更多機構進入數字資產市場。由於安全和合規風險，許多銀行和資產管理公司對加密貨幣持謹慎態度。標準特許銀行的監護權服務（由DFSA監管）和VARA的嚴格監督為機構提供了可信賴的環境，而富蘭克林·鄧普頓（Franklin Templeton）的標記貨幣市場基金則增加了一個穩定的選擇。

- Expanding market participation. Institutions like Brevan Howard Digital participated in the pilot

- 擴大市場參與。像布雷文·霍華德（Brevan Howard Digital）這樣的機構參加了飛行員