香港正在巩固其作为具有明确稳定法规的加密枢纽中心的地位。 LEAP框架优先考虑法律清晰度，创新和现实世界的使用，并设定了新标准。

Hong Kong's Bold Leap: Stablecoin Policies Redefine the Crypto Landscape

香港大胆的飞跃：Stablecoin政策重新定义了加密货币景观

Hong Kong is taking decisive steps to become a global crypto hub. The region's new 'LEAP' framework prioritizes legal clarity, ecosystem expansion, real-world use cases, and talent development. This is more than just regulation; it's a strategic play.

香港正在采取果断步骤成为全球加密枢纽。该地区的新“ LEAP”框架优先考虑法律清晰度，生态系统扩展，现实世界用例和人才发展。这不仅仅是法规；这是一场战略戏剧。

Hong Kong's LEAP Framework Prioritizes Stablecoin Use

香港的LEAP框架优先使用Stablecoin使用

Hong Kong issued the Policy Statement 2.0, introducing the LEAP framework, which will enable the government to promote licensed stablecoins. The authority has issued a call for market proposals to explore practical applications of stable tokens and is drafting legislation to provide tax incentives for blockchain-related profits.

香港发表了《政策声明2.0》，并引入了LEAP框架，这将使政府能够促进持牌稳定的稳定者。当局已发出呼吁市场建议探索稳定令牌的实际应用，并正在起草立法，以提供与区块链相关的利润的税收优惠。

A core component of the framework is unified regulation and support for tokenized real-world assets. Hong Kong will introduce clear rules for crypto exchanges, stablecoin issuers, dealers, and custodians under the oversight of the SFC.

该框架的核心组成部分是统一的法规和支持令牌现实世界资产的支持。香港将在SFC监督下介绍加密交易所，Stablecoin发行人，经销商和保管人的明确规则。

Hong Kong passed the Stablecoin Bill in May, introducing a licensing regime for fiat-referenced stable token issuers. Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, believes that a robust regulatory environment would provide favorable conditions to support the healthy, responsible, and sustainable development of Hong Kong’s stablecoin and the broader digital asset ecosystem.

香港于5月通过了该法案，为菲亚特引用的稳定令牌发行人提供了许可制度。香港货币管理局首席执行官埃迪·尤（Eddie Yue）认为，强大的监管环境将提供有利的条件，以支持香港的Stablecoin和更广泛的数字资产生态系统的健康，负责任和可持续发展。

Stablecoin Ordinance Set on August 1, 2025

Stablecoin条例于2025年8月1日制定

The new policy confirms Hong Kong’s launch of the Stablecoin Ordinance on August 1, 2025. Under the new framework, a licensing regime for stable token issuers will kick in on August 1, allowing stable asset issuers to apply for licenses, signaling a new era for regulated digital assets.

这项新政策证实了香港于2025年8月1日启动了《 Stablecoin条例》。在新框架下，稳定代币发行人的许可制度将于8月1日开始，允许稳定的资产发行人申请许可，向受监管的数字资产发出新的时代。

The implementation of the licensing regime for stablecoin issuers on August 1 will facilitate the development of real-world use cases. To demonstrate support and to take the lead, the Government welcomes proposals from market participants on how the Government may test the usage of licensed stablecoins.

8月1日，为Stablecoin发行人实施许可制度将有助于开发现实世界中用例。为了证明支持并取得领先，政府欢迎市场参与者提出有关政府如何测试许可稳定的建议。

Tech giant Ant Group has announced its plans to apply for a stable token issuance license in Hong Kong, planning to apply for the fiat-referenced stablecoins (FRS) issuer’s license once the process is open after the Stablecoins Ordinance takes effect on August 1.

Tech Giant Ant Group已宣布计划在香港申请稳定的代币发行许可证，并计划在8月1日生效后开放该程序后，申请了菲亚特引入的稳定者（FRS）发行人的许可证。

Why This Matters

为什么这很重要

Hong Kong isn't just containing risk; it's creating conditions for the stable, trusted use of stablecoins in the real economy, not just the crypto echo chamber. The definition of a “stablecoin” is functional rather than ideological, focusing on digital assets used as a medium of exchange that maintains a stable value.

香港不仅包含风险；它创造了在实际经济中稳定，可信赖的稳定使用的条件，而不仅仅是加密货币室。 “ Stablecoin”的定义是功能性的，而不是意识形态，重点是用作维持稳定价值的交换媒介的数字资产。

The Hong Kong Monetary Authority (HKMA) has the power to designate additional stablecoin issuers, activities, or even specific tokens as in-scope without rewriting legislation. Alongside the bill, it released two major consultation papers: one on AML/CFT obligations, the other on supervisory guidelines for licensees.

香港货币管理局（HKMA）有权指定额外的Stablecoin发行人，活动，甚至是特定的代币，无需重写立法。除了该法案外，它还发表了两份主要的咨询文件：一项关于AML/CFT义务，另一个关于被许可人的监督指南。

This bill is part of a longer game. If Hong Kong wants to remain a relevant international financial center, it needs to define what finance means in the next decade — not just replicate the old. Stablecoins, properly regulated, could become part of the city’s broader strategy to modernize payments, increase financial transparency, and play a meaningful role in the global fintech economy.

该法案是更长游戏的一部分。如果香港想保持相关的国际金融中心，它需要定义未来十年的财务意义，而不仅仅是复制旧的。适当监管的Stablecoins可能会成为该市更广泛的付款，提高财务透明度并在全球金融科技经济中发挥有意义作用的更广泛战略的一部分。

The Bigger Picture

更大的图片

While other regions dither, Hong Kong is quietly putting down guardrails for a new category of regulated finance, not by making loud promises, but by setting high expectations.

虽然其他地区抖动，但香港却悄悄地为新类别的受监管金融类别放下护栏，而不是通过大声诺言，而是通过设定高期望。

There will be critics, of course. Some will say the rules are too strict. Others will argue they’re not strict enough. But most of them will be reacting to the headlines. The real work, as always, is happening in the footnotes.

当然会有批评家。有人会说规则太严格了。其他人会说他们不够严格。但是他们中的大多数都会对头条新闻反应。与往常一样，真正的工作正在脚注中进行。

Hong Kong has written a new kind of story — not just about crypto, but about credibility. And in an industry full of volatility, that kind of boring is exactly what’s needed.

香港写了一种新的故事 - 不仅是关于加密货币，而且是关于信誉。在充满波动的行业中，这种无聊的正是所需要的。

So, keep your eyes on Hong Kong. They're not just playing the game; they're changing the rules. And who knows? Maybe one day, we'll all be using stablecoins to buy our morning coffee. Wouldn't that be something?

因此，请注意香港。他们不只是玩游戏；他们正在改变规则。谁知道？也许有一天，我们所有人都会使用稳定币购买早晨的咖啡。那不是吗？