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。

Hong Kong's Legislative Council has passed the Stablecoin Bill, setting out the complete regulatory framework for stablecoins, which will come into effect later this year.

香港立法委员会通过了《稳定法案》，为Stablecoins制定了完整的监管框架，该框架将于今年晚些时候生效。

The Bill, which was tabled by the Hong Kong Monetary Authority (HKMA), provides for three types of stablecoin-related activities that will require a license: issuing legal currency stablecoins in Hong Kong; issuing Hong Kong dollar stablecoins in or outside Hong Kong; and engaging in any activity that promotes the issuance of its legal currency stablecoins to the Hong Kong public.

该法案是由香港货币管理局（HKMA）提出的，规定了三种与Stablecoin相关的活动，这些活动将需要许可证：在香港发行合法货币稳定币；在香港或外部或外部发行香港美元的稳定币；并从事任何促进其合法货币稳定的活动向香港公众发行的活动。

To apply for a license, any individual or entity must submit a formal application to the HKMA. The HKMA will then review and decide whether the applicant meets the minimum standards listed in Schedule 2 of the Ordinance. These standards relate to capital strength, risk management, corporate governance structure, internal control system, and other relevant aspects.

要申请许可，任何个人或实体都必须向HKMA提交正式申请。然后，HKMA将审查并确定申请人是否符合该条例附表2中列出的最低标准。这些标准与资本实力，风险管理，公司治理结构，内部控制系统和其他相关方面有关。

The license will remain valid until it is revoked by the HKMA, or the applicant 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.

该许可将保持有效，直到被HKMA撤销，否则申请人已清算或已撤销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" where members of the public can check which entities are authorized and qualified to operate.

HKMA还将建立一个“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。

The Bill also sets out offenses related to engaging in regulated stablecoin activities without a license, such as selling designated stablecoins without authorization, which will carry a maximum penalty of HK$5 million and seven years' imprisonment. Summary offenses will carry a maximum penalty of HK$500,000 and two years' imprisonment, while a maximum penalty of HK$100,000 per day may be imposed for continuing offenses.

该法案还规定了与未经许可从事受监管的Stablecoin活动有关的罪行，例如未经授权出售指定的Stablecoins，这将最高罚款500万港元和7年的监禁。摘要罪将最高罚款500,000港元和两年徒刑，而持续犯罪的最高罚款每天最高罚款。

Other key points include:

其他要点包括：

* 100% Reserve and Segregated Custody: Licensed issuers must maintain a robust stablecoin mechanism to ensure that reserve assets are composed of high-quality, highly liquid assets and are equal to the denomination of fiat stablecoins in circulation at all times. These reserve assets must be properly separated and kept from the issuer’s own assets to ensure the safety of funds.

* 100％的储备和隔离托管：许可的发行人必须维持强大的稳定机制，以确保储备金由高质量的高液体资产组成，并且始终等于菲亚特·斯ablecoins的票据。这些储备资产必须正确分开，并与发行人自己的资产保持一致，以确保资金的安全。

* Unconditional redemption mechanism: Stablecoin holders have the right to redeem stablecoins at par from the issuer. Redemption requests must be free of any fees and must be processed within a reasonable time.

*无条件的赎回机制：稳定持有人有权从发行人处兑换稳定的固定资金。赎回请求必须没有任何费用，并且必须在合理的时间内处理。

* Strict compliance framework: Licensed issuers must comply with a series of stringent regulatory requirements, including anti-money laundering (AML), risk management, full disclosure of information and qualified auditors to ensure transparency and soundness of operations.

*严格的合规框架：许可的发行人必须遵守一系列严格的监管要求，包括反洗钱（AML），风险管理，全面披露信息和合格的审计师，以确保运营的透明度和合理性。

Hong Kong Financial Services and the Treasury Bureau Director Paul Hui said the government is keen to develop digital assets and Web3 in a balanced and orderly manner.

香港金融服务和财政局局长保罗·惠（Paul Hui）表示，政府渴望以平衡和有序的方式开发数字资产和Web3。

"The introduction of a licensing system for stablecoins is a crucial step in this direction. It aims to provide a clear regulatory framework for the issuance, operation and promotion of stablecoins, fostering a favorable environment for innovation while safeguarding the interests of investors and the stability of the financial system."

“引入稳定币的许可系统是朝这个方向迈出的至关重要的一步。它旨在为发行，运营和促进Stablecoins提供明确的监管框架，从而促进了创新的有利环境，同时维护投资者的利益和金融系统的稳定性。”

The government is committed to maintaining close dialogue with industry stakeholders throughout the implementation of the licensing regime.

政府致力于在实施许可制度的整个实施过程中与行业利益相关者进行密切对话。

In addition to legislating on the stablecoin licensing system, the Hong Kong Monetary Authority also launched a sandbox for stablecoin issuers in 2024. Ho Hong-che, head of the Digital Finance Department of the Hong Kong Monetary Authority, revealed that the authorities had received more than 40 sandbox applications and accepted a total of 3 groups of participants into the sandbox. The 3 groups of sandbox participants are: 1. A group composed of Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecom; 2. JD Coin Chain Technology (Hong Kong); 3. Yuanbi Innovation Technology.

除了对Stablecoin许可系统的立法外，香港货币管理局还于2024年为Stablecoin发行人推出了一个沙箱。香港货币管理局数字财务部负责人Ho Hong-Che显示，当局已经获得了40多个Sandbox应用程序，并接受了40多个Sandbox Applications，并接受了总计3组的参与者。三组沙盒参与者是：1。由标准特许香港，Animoca Brands和香港电信组成的组； 2。JD硬币链技术（香港）； 3。Yuanbi创新技术。

Yuanbi Technology pointed out that the "Draft" lists four important requirements for issuers: First, in terms of reserves, licensees must maintain a robust stablecoin mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets, and are equal to the denomination of the circulating legal currency stablecoins at any time, and are properly separated and kept. Second, stablecoin holders have the right to redeem stablecoins at face value from the issuer. The redemption request must be free of charge and must be processed within a reasonable time. Third, it meets a series of requirements for combating money laundering, risk management, disclosure, and auditing appropriate persons. Fourth, transactions must be conducted on licensed virtual asset trading platforms.

Yuanbi技术指出，“草稿”列出了发行人的四个重要要求：首先，在储备金方面，被许可人必须保持坚固的稳定机制，以确保稳定的稳定资产的储备资产由高质量和高度液体资产组成，并且是由高质量的液体货币组成的，并且在任何时间分离的稳定型稳态和适当的时间，并且是适当的时间，并且是正确的。其次，Stablecoin持有人有权从发行人身上兑换stablecoins。赎回请求必须是免费的，必须在合理的时间内处理。第三，它符合一系列对洗钱，风险管理，披露和审计适当人员的要求。第四，必须在许可的虚拟资产交易平台上进行交易。

The ordinance is expected to take effect this year, and the Hong Kong government said it would give the industry enough time to understand the requirements under the licensing system. The licensing system also has a transitional period arrangement so that the industry can apply for a license and make appropriate business arrangements in accordance with the requirements of the ordinance.

预计该法令将在今年生效，香港政府表示将为该行业提供足够的时间来了解许可系统下的要求。许可系统还具有过渡期安排，因此行业可以申请许可并根据该法令的要求进行适当的业务安排。

Hong Kong's move to regulate stablecoins comes

香港的调节稳定剂的举动来了