香港刚刚通过了加密货币法案。这是企业家应该做的

5月21日，香港立法委员会第二次通过了三本读书法案，隔壁的加密货币贸易集团的评论完全疯了

Author: Shao Jiayi

On May 21, the second the Hong Kong Legislative Council passed the coin offering bill in the third reading, the comments in the crypto trading group next door went completely crazy:

5月21日，香港立法委员会第二次通过了三本读书法案，隔壁的加密货币贸易集团的评论完全疯狂：

"The licensing era has officially begun, and small players have no chance to play!"

“许可时代已经正式开始，小玩家没有机会参加比赛！”

“Issuing stablecoins now? If you are not brave enough, don't do it!"

“现在发行稳定的人吗？如果您不够勇敢，不要这样做！”

“PayFi is the real gold mine. If we don't act now, all the soup will be gone!”

“ Payfi是真正的金矿。如果我们现在不采取行动，所有的汤将消失！”

There was a mixture of noise, anxiety, and excitement. But the real Web3 veterans were unusually calm at this moment. They knew that the passage of the ordinance was not the end, but the moment when the new rules of the game started. When those giant stablecoin issuers began to line up to apply for the "Hong Kong ID card", a deep and quiet wealth restructuring drama around the stablecoin ecosystem had just begun.

噪音，焦虑和兴奋混合在一起。但是真正的Web3退伍军人目前非常平静。他们知道该条例的通过不是终点，而是游戏新规则开始的那一刻。当那些巨大的Stablecoin发行人开始排队以申请“香港ID卡”时，在Stablecoin生态系统周围刚刚开始了一部深厚而安静的财富重组戏剧。

Entrepreneurs, don't just watch the giants fight, open your eyes and look under their feet - countless new tracks are opening up there, waiting for you to grab a spot and make money!

企业家，不要只看巨人队的战斗，睁开眼睛，看着他们的脚下 - 无数的新曲目在那里开放，等待您抓住一个地方并赚钱！

Stablecoin "dealing game": hell mode is on, and the novice village is closed!

Stablecoin的“交易游戏”：地狱模式已经开始，新手村已关闭！

Let's be frank: If you are still thinking about "getting rich overnight by issuing a stablecoin in Hong Kong", I advise you to give up this idea as soon as possible. This track has been locked into a "copy exclusively for krypton gold players". What is the specific difficulty? Let me count for you:

让我们坦率地说：如果您仍在考虑“在香港发行稳定的稳定币，一夜之间”，我建议您尽快放弃这个想法。该曲目已被锁定为“专门为K Gold Players的副本”。具体困难是什么？让我数你：

(I) Sandbox players: the "chosen ones" who have been ahead for two years

（i）沙盒玩家：已经领先两年的“选择的人”

The regulatory sandbox of the Hong Kong Monetary Authority is like a "stablecoin preschool". As early as two years ago, a group of "top students" were recruited for training, such as JD's stablecoin project and Yuanbi's stablecoin project. These players have polished the system development, compliance process, and risk control system in the sandbox. Once the regulations are implemented, they will directly "graduate" with a license, which is equivalent to being two laps ahead of the newcomers. How can you, a small team that has just entered the market, compete with them? They have written tens of thousands of lines of code, and you are still studying how to pass the compliance review. The gap is even greater than that between the top scorer in the college entrance examination and the poor student.

香港货币当局的监管沙盒就像是“ Stablecoin幼儿园”。早在两年前，就招募了一群“顶级学生”进行培训，例如JD的Stablecoin项目和Yuanbi的Stablecoin项目。这些参与者在沙箱中打磨了系统开发，合规过程和风险控制系统。一旦实施了法规，他们将直接使用许可证“毕业”，这相当于在新移民之前是两圈。您怎么能，一个刚进入市场并与他们竞争的小型团队？他们已经写了成千上万行的代码，您仍在研究如何通过合规性审查。该差距比大学入学考试和贫穷学生的最高得分手之间的差距更大。

(II) Devil’s Clauses: Specially Designed to Cure All Kinds of “Garage Startup” Fantasies

（ii）魔鬼条款：专门设计用于治愈各种“车库启动”幻想

The "sufficient financial resources" written in the regulations are no joke. For example, if you want to issue a stablecoin in Hong Kong, the registered capital alone must be 25 million Hong Kong dollars, and you must have proof of sustained profitability - this one item can block 99% of grassroots entrepreneurs. Not to mention "setting up a local physical company", you have to rent an office in Hong Kong, hire a compliance team, and support technical personnel, and the cost alone is several million per year. This is not entrepreneurship, it's clearly a "money-burning competition"! Think about the days when USDT could start in a garage, which are long gone. Now it's a "financial aristocratic game". Don't touch it if you don't have a lot of money.

法规中写的“足够的财务资源”不是开玩笑。例如，如果您想在香港签发一个稳定的人，仅注册资本就必须是2500万个香港美元，并且必须拥有持续盈利能力的证明 - 这项项目可以阻止99％的基层企业家。更不用说“建立本地物理公司”，您必须在香港租用办公室，雇用合规团队并支持技术人员，仅费用是每年数百万。这不是企业家精神，这显然是一项“燃钱的比赛”！考虑一下USDT可以从早已不见了的车库开始的日子。现在这是一款“金融贵族游戏”。如果您没有很多钱，请不要触摸它。

(III) Supervision is so detailed that it can lead to failure if one is not careful.

（iii）监督是如此详细，以至于如果不小心，它可能会导致失败。

In the past, when issuing stablecoins, some "sexy operations" might be done secretly, such as holding up the reserve fund if it was insufficient, but this is no longer possible. The regulations require that the reserve assets must be 100% equal, and can only be used to buy highly liquid assets such as cash and short-term government bonds. Want to use stocks or real estate to make up for the number? No way! What's more terrible is that the custodian and the issuer must be strictly separated, and the audit must be real-time and transparent - to put it bluntly, every penny of your money must be put on the table for supervision to watch, and even the two decimal places cannot be wrong. If you don't have a professional financial team and technical system, problems will be found in minutes, and fines are light, and you may even have to face lawsuits.

过去，在发行稳定的人时，可能会秘密地进行一些“性感的操作”，例如，如果不够的话，请持有储备金，但这是不可能的。法规要求储备金必须100％相等，并且只能用于购买高度流动资产，例如现金和短期政府债券。是否想使用股票或房地产来弥补这个数字？决不！更糟糕的是，必须严格分开保管人和发行人，审计必须是实时的和透明的 - 要坦率地说，您的每一分钱都必须放在桌子上以进行监督，甚至两个小数的小数位置也不是错误的。如果您没有专业的金融团队和技术系统，将在几分钟内发现问题，而罚款很轻，甚至可能必须面临诉讼。

(IV) Policy risks are more stimulating than cryptocurrency speculation, and ordinary people cannot afford it

（iv）政策风险比加密货币投机更具刺激性，普通百姓负担不起

Stablecoins involve monetary sovereignty. How can the Hong Kong government issue licenses casually? In the next few years, it will definitely be "pilot first, steady progress". Only a few companies may be approved each year, and the competition is as fierce as "thousands of troops crossing a single-plank bridge". Moreover, policies may change at any time. The business allowed today may be tightened tomorrow. You are a small team that has worked hard for a year, but in the end you didn't get a license, but

稳定币涉及货币主权。香港政府如何随便发行许可？在接下来的几年中，这绝对是“飞行员首先，稳定的进步”。每年只有少数公司可以获得批准，并且比赛与“成千上万的越过单铺桥的部队”一样激烈。此外，政策可能随时改变。今天允许的业务明天可能会收紧。您是一支努力工作一年的小团队，但最终您没有获得许可，但是