HKMA，Stablecoins和不受监管的发行：香港平衡法

HKMA对稳定许可的谨慎方法旨在促进创新，同时减轻与不受监管的发行相关的风险。这是内部勺子。

Hong Kong is stepping into the stablecoin arena with caution. The HKMA is carefully navigating the path between fostering innovation and managing the risks associated with unregulated stablecoin issuance.

香港谨慎地进入Stablecoin竞技场。 HKMA正在仔细浏览促进创新与管理与不受监管的稳定发行相关的风险之间的道路。

HKMA's Cautious Stance on Stablecoins

HKMA对稳定的谨慎立场

The Hong Kong Monetary Authority (HKMA) is taking a measured approach to stablecoin regulation. They plan to issue a limited number of stablecoin licenses, emphasizing safety, transparency, and innovation. This cautious strategy ensures that only the most qualified institutions get the green light.

香港货币管理局（HKMA）正在采用一种测量的稳定法规的方法。他们计划签发有限的稳定许可证，强调安全性，透明度和创新。这种谨慎的策略确保只有最合格的机构才能获得绿灯。

Unregulated Issuance: A Red Flag

不受监管的发行：危险信号

Recently, the HKMA issued a warning about unregulated stablecoin issuers. This came after AnchorX, a Hong Kong-based company, announced its AxCNH stablecoin pegged to the offshore Chinese yuan. The HKMA clarified that no entity is currently licensed to issue stablecoins in Hong Kong, advising the public to be wary of such offerings. This action highlights the HKMA's commitment to enforcing its new stablecoin rules, which took effect in August.

最近，HKMA发布了有关不受监管的Stablecoin发行人的警告。这是一家位于香港的公司Anchorx宣布与海上中国人民币固定的AXCNH Stablecoin。 HKMA澄清说，目前尚无实体在香港签发Stablecoins，建议公众警惕此类产品。这项行动强调了HKMA对实施新的Stablecoin规则的承诺，该规则于8月生效。

Stringent Requirements for Stablecoin Licenses

对Stablecoin许可证的严格要求

Getting a stablecoin license in Hong Kong isn't a walk in the park. Applicants must meet strict requirements. Stablecoins need to be fully backed by high-quality, liquid assets. Robust anti-money laundering (AML) and counter-terrorism financing (CFT) controls are a must. Plus, applicants need to demonstrate a viable use case for their stablecoin.

在香港获得Stablecoin许可证并不是公园的散步。申请人必须满足严格的要求。稳定剂需要得到高质量的液体资产的完全支持。强大的反洗钱（AML）和反恐融资（CFT）控制是必须的。另外，申请人需要为其稳定币展示可行的用例。

The Road Ahead

前面的道路

The HKMA expects to issue the first stablecoin licenses by early 2026. As of late last month, 77 institutions had expressed interest. Despite this high demand, the HKMA will initially grant licenses to only a select few. Major players like Industrial and Commercial Bank of China (Asia), Bank of China (Hong Kong), and HSBC have shown interest, with Standard Chartered and Bank of China (Hong Kong) considered strong contenders.

HKMA预计将在2026年初签发第一份Stablecoin许可证。截至上个月末，有77个机构表示了兴趣。尽管需求很高，但HKMA最初将仅授予少数几个。诸如中国工业和商业银行（亚洲），中国银行（香港）和汇丰银行（HSBC）等主要参与者表现出了兴趣，中国的标准特许和中国银行（香港）被认为是强有力的竞争者。

Why the Cautious Approach?

为什么谨慎的方法？

By limiting the number of initial licenses, the HKMA can closely monitor the market and adjust policies as needed. This approach balances supporting financial technology with protecting users and the financial system.

通过限制初始许可证的数量，HKMA可以密切监视市场并根据需要调整政策。这种方法平衡了支持金融技术与保护用户和金融体系的平衡。

The Bigger Picture: Euro Stablecoins and Market Domination

更大的前景：欧元稳定和市场统治

While Hong Kong focuses on its regulatory framework, Europe is also making moves in the stablecoin space. A consortium of nine European banks plans to launch a euro-backed stablecoin to challenge the U.S. dollar's dominance. This initiative, compliant with MiCA regulations, aims to provide a European alternative in the stablecoin market, which is currently dominated by USDT. The total stablecoin market value has reached an all-time high of $295.7 billion, with USDT holding the lion's share.

尽管香港专注于其监管框架，但欧洲也在Stablecoin领域采取行动。一个由九家欧洲银行组成的财团计划推出一个由欧元支持的Stablecoin，以挑战美元的统治地位。该计划符合云母法规，旨在在Stablecoin市场中提供欧洲替代方案，该市场目前由USDT主导。 Stablecoin的总市场价值达到了历史最高2.97亿美元，USDT持有狮子的份额。

Final Thoughts

最后的想法

The HKMA's measured approach to stablecoins reflects a broader trend of regulatory bodies worldwide grappling with the challenges and opportunities presented by digital assets. As Hong Kong moves forward, its actions will be closely watched by the crypto community. Who will be the first to get a license? Only time will tell, but one thing is for sure: it's gonna be a tightly regulated race! And with Europe entering the stablecoin fray, the competition is heating up. Buckle up, folks, it's gonna be an interesting ride!

HKMA测量的稳定剂方法反映了全球监管机构的更广泛趋势，这些趋势正在努力应对数字资产带来的挑战和机遇。随着香港的前进，加密社区将密切关注其行动。谁将是第一个获得许可证的人？只有时间会说明，但是可以肯定的是：这将是一场严格的比赛！随着欧洲进入Stablecoin Fray，比赛正在加热。搭扣，伙计们，这将是一个有趣的旅程！