猫兄弟Wu谈论区块链

2024年5月21日，香港立法委员会在其三读物中正式通过了《稳定发行人》法案，该法案为Stablecoins提供了第一个完整的监管框架。

On May 21, 2024, the Hong Kong Legislative Council officially passed the Stablecoin Issuers Bill in its third reading, which provides the first complete regulatory framework for stablecoins. After the implementation of the Ordinance, three types of stablecoin-related activities must obtain a license: first, issuing legal currency stablecoins in Hong Kong; second, issuing Hong Kong dollar stablecoins in or outside Hong Kong; third, actively promoting the issuance of its legal currency stablecoins to the Hong Kong public. The Ordinance is expected to take effect this year.

2024年5月21日，香港立法委员会在其三读物中正式通过了《稳定发行人》法案，该法案为Stablecoins提供了第一个完整的监管框架。实施该法令后，三种类型的与稳定的活动必须获得许可证：首先，在香港发行法定货币稳定股；其次，在香港或外部或外部发行香港美元的稳定币；第三，积极推广其合法货币稳定的签署给香港公众。该法令预计今年将生效。

In terms of applying for a license, the Ordinance stipulates that any individual or entity wishing to issue or operate a “designated stablecoin” in Hong Kong must submit a formal application to the Hong Kong Monetary Authority (hereinafter referred to as HKMA). HKMA will review and determine whether the applicant meets the minimum standards listed in Schedule 2 (such as capital strength, risk management, corporate governance structure, internal control system, etc.). For example, in terms of qualification review, it is stipulated that the licensee must have sufficient financial resources and liquid assets, including a licensee with a share capital of at least HK$25 million.

在申请许可方面，该条例规定，任何希望在香港发行或操作“指定的Stablecoin”的个人或实体必须向香港货币当局提交正式申请（以下称为HKMA）。 HKMA将审查并确定申请人是否符合附表2中列出的最低标准（例如资本实力，风险管理，公司治理结构，内部控制系统等）。例如，就资格审查而言，规定被许可人必须拥有足够的财务资源和流动资产，其中包括股本至少为2500万港元的被许可人。

The license does not have a fixed validity period and will remain valid unless it is revoked or the licensee is liquidated or has its registration with the Hong Kong Companies Registry revoked. However, if the licensee does not meet the minimum standards or has major problems, such as being unable to fulfill its repayment obligations, improper governance or major violations, the HKMA may revoke or suspend its license and, if necessary, send a statutory administrator to take over the business to protect the public interest. The HKMA will also set up a “registration list of licensees” where the public can check which entities are authorized and qualified to operate.

该许可没有固定的有效期期限，除非被吊销或被许可人被清算或已撤销香港公司注册处的注册，否则将保持有效。但是，如果被许可人不符合最低标准或存在重大问题，例如无法履行其还款义务，不当治理或重大违规行为，则HKMA可能会撤销或暂停其许可证，并在必要时派遣一名法定行政人员接管企业以保护公共利益。 HKMA还将设置“被许可人的注册清单”，公众可以在其中检查哪些实体被授权并有资格进行操作。

According to Caixin, citing a speech by Hong Kong Financial Services and the Treasury Bureau Director Paul Hui in the Legislative Council, the Bill 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 by the Hong Kong Securities and Futures Commission with a Type 1 license (securities trading), and virtual asset trading platforms licensed in Hong Kong.

根据凯辛（Caixin）的说法，香港金融服务局和国库局局长保罗·惠（Paul Hui）在立法委员会中的讲话中，该法案规定，只有指定的许可机构才允许在香港出售法定货币稳定的企业，只有在持牌发行者发行的法定货币稳定的企业可以向投资者出售。可以在香港出售稳定的机构的上述指定的机构包括：由货币管理局，银行，由香港证券和期货委员会发行的机构签订的稳定的发行人，并具有1型1型许可证（证券交易），以及在Hong Kong kong Kong Kong Kong kong kong kong Kong Kong Kong。

In addition, the draft also stipulates that engaging in regulated stablecoin activities without a license or selling designated stablecoins without authorization is a criminal offense, with a maximum fine of HK$5 million and imprisonment for 7 years. If it is a summary conviction, the penalty is a

此外，该草案还规定，未经许可或出售未经授权的指定稳定币的监管稳定活动是刑事犯罪，最高罚款500万港元，并监禁7年。如果这是摘要定罪，则罚款是

A key focus of the Hong Kong Monetary Authority's (HKMA) sandbox initiative is to explore the use of tokenized RWA (real-world assets) to broaden the application of stablecoins. The initiative aims to foster an innovative ecosystem for digital assets while prioritizing stability and consumer protection.

香港货币管理局（HKMA）沙盒倡议的重点是探索使用令牌的RWA（现实世界中的资产）来扩大稳定的使用。该倡议旨在促进一个创新的生态系统，用于数字资产，同时优先考虑稳定性和消费者保护。

Among the three groups of participants, Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecom will collaborate to develop use cases for tokenized RWA, focusing on optimistically interoperable blockchain protocols and technologies.

在这三组参与者中，标准特许香港，Animoca Brands和香港电信将合作开发令牌化RWA的用例，重点介绍乐观的可互操作可互操作的区块链协议和技术。

The Hong Kong Monetary Authority (HKMA) is introducing a new regulatory framework for stablecoins, aiming to create a balanced ecosystem that encourages innovation while safeguarding the financial system.

香港货币管理局（HKMA）正在为稳定币引入一个新的监管框架，旨在创建一个平衡的生态系统，鼓励创新，同时维护金融体系。

The Stablecoin Issuers Bill, passed by the Hong Kong Legislative Council in May 2024, provides the legal basis for a licensing system and minimum standards for stablecoin issuers.

香港立法委员会于2024年5月通过的Stablecoin发行人法案为Stablecoin发行人提供了许可制度和最低标准的法律依据。

To apply for a license, any individual or entity wishing to issue or operate a "designated stablecoin" in Hong Kong must submit a formal application to the HKMA. The applicant must meet the minimum standards, which are specified in Schedule 2 of the Ordinance. These standards cover various aspects, including capital strength, risk management, corporate governance structure, internal control system, and minimum requirements for the stablecoin to be issued.

要申请许可证，任何希望在香港发行或操作“指定的Stablecoin”的个人或实体都必须向HKMA提交正式申请。申请人必须符合该条例附表2中规定的最低标准。这些标准涵盖了各个方面，包括资本实力，风险管理，公司治理结构，内部控制系统以及要发行的稳定股份的最低要求。

The license will remain valid unless it is revoked, the licensee is liquidated, or its registration with the Hong Kong Companies Registry is revoked. However, if the licensee does not meet the minimum standards or has major problems, such as being unable to fulfill its repayment obligations, improper governance, or major violations, the HKMA may revoke or suspend its license and, if necessary, send a statutory administrator to take over the business to protect the public interest.

除非被吊销，被许可人被清算，否则该许可将保持有效，或者吊销了香港公司注册处的注册。但是，如果被许可人不符合最低标准或存在重大问题，例如无法履行其还款义务，不当治理或重大违规行为，则HKMA可能会撤销或暂停其许可证，并在必要时派遣一名法定行政人员接管企业以保护公共利益。

The HKMA will also set up a "registration list of licensees" on its website, where the public can check which entities are authorized and qualified to operate.

HKMA还将在其网站上设置“被许可人的注册清单”，公众可以在该网站上检查哪些实体被授权并有资格进行操作。

The Bill also 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.

该法案还规定，只有指定的许可机构被允许在香港出售法定货币稳定股，并且只有持牌发行人发行的合法货币稳定币才能出售给零售投资者。

The designated licensed institutions that can sell stablecoins in Hong Kong are:

可以在香港出售稳定币的指定许可机构是：

- Stablecoin issuers licensed by the Monetary Authority

- 货币当局许可的Stablecoin发行人

- Banks

- 银行

- Institutions issued by the Hong Kong Securities and Futures Commission with

- 香港证券和期货委员会发行的机构