香港通过“ Stablecoin法案”，建立了菲亚支持的Stablecoin许可系统

5月21日，即参议院通过了《美国稳定法案天才法案》仅两天后，香港特别行政区的立法委员会通过了“ Stablecoin法案”。

The Legislative Council of the Hong Kong Special Administrative Region passed the "Stablecoin Bill," which will establish a fiat-backed stablecoin licensing system in Hong Kong to improve the regulatory framework for virtual asset activities in the region.

香港特殊行政区的立法委员会通过了“ Stablecoin法案”，该法案将在香港建立菲亚大学支持的Stablecoin许可系统，以改善该地区虚拟资产活动的监管框架。

As Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA) is responsible for regulating virtual assets with financial attributes, including stablecoins.

作为香港中央银行，香港货币管理局（HKMA）负责使用包括稳定股份在内的财务属性来调节虚拟资产。

The Hong Kong government stated that it will continue to support the development of virtual assets. With the implementation of the regulatory framework for virtual asset trading platforms and stablecoin issuers, the government will soon consult on over-the-counter (OTC) trading of virtual assets and custodial services, and will issue a second policy declaration on the development of virtual assets.

香港政府表示，它将继续支持虚拟资产的发展。通过实施虚拟资产交易平台和Stablecoin发行人的监管框架，政府将很快就虚拟资产和托管服务的非处方交易（OTC）交易，并就虚拟资产的发展发布第二项政策声明。

Excerpt from the regulations: Conditions for issuing and selling stablecoins in Hong Kong

摘自《法规：在香港发行和销售Stablecoins的条件》的条件

1. Licensing requirements for issuers

1。发行人的许可要求

After the implementation of the "Stablecoin Bill," anyone who issues fiat-backed stablecoins in Hong Kong during their business process, or issues fiat-backed stablecoins claiming to be pegged to the value of the Hong Kong dollar in or outside Hong Kong, must apply for a license from the Financial Commissioner.

在实施“ Stablecoin法案”之后，任何在其业务过程中在香港发行菲亚特支持的Stablecoins的任何人，或者发出菲亚特支持的稳定的稳定股权，声称声称自己属于香港或外部香港的价值，必须申请金刚的许可证。

License holders will be subject to ongoing supervision by the Financial Commissioner. The Financial Commissioner has the authority to temporarily suspend or revoke licenses and impose fines for violations by license holders, designated stablecoin entities, and their senior personnel.

许可证持有人将受到财务专员的持续监督。财务专员有权暂时暂停或撤销许可证，并对许可证持有人，指定的Stablecoin实体及其高级人员罚款。

The regulations only allow designated licensed institutions to sell fiat-backed stablecoins in Hong Kong, and only fiat-backed stablecoins issued by licensed issuers can be sold to retail investors.

该法规仅允许指定的有执照的机构在香港出售菲亚特支持的稳定股，并且只能将获得许可发行人发行的菲亚特支持的稳定股份出售给零售投资者。

In addition, to prevent fraud, at any time (including the 6-month transition period), only advertisements related to licensed fiat-backed stablecoin issuance will be permitted. Citizens should pay attention to these matters and remain cautious when receiving advertisements or information related to fiat-backed stablecoins.

此外，为防止欺诈，任何时候（包括6个月过渡期），仅允许与允许菲亚大学支持的Stablecoin发行有关的广告。公民应关注这些事项，并在收到与菲亚支持的稳定股相关的广告或信息时保持谨慎。

* 3 "sandbox" companies still need to apply for licenses

* 3“沙盒”公司仍然需要申请许可证

Previously, the HKMA launched a stablecoin issuer sandbox arrangement as early as March 2024, providing interested issuers with the opportunity to pilot the issuance of stablecoins in a limited and controlled risk environment before the relevant legislation comes into effect.

此前，HKMA早在2024年3月就发起了Stablecoin发行人沙箱安排，使有兴趣的发行人有机会在相关立法生效之前，在有限且受控的风险环境中试行在有限和受控的风险环境中发行Stablecoins。

As of now, the HKMA has announced three "sandbox" participant companies: JD Coin Chain, Yuan Coin Technology, and a joint venture of Standard Chartered Bank, Animoca, and HKT.

截至目前，HKMA宣布了三家“沙盒”参与者公司：JD Coin Chain，Yuan Coin Technology以及一家标准特许银行，Animoca和HKT的合资企业。

The regulations for the "sandbox" state that approval to participate in the sandbox arrangement does not imply recognition or regulation of the relevant stablecoin projects by the HKMA or other financial regulatory bodies. Once the stablecoin issuer licensing system is officially introduced, sandbox participants will still need to submit license applications to the HKMA.

“沙箱”的法规表明，参加沙箱安排的批准并不意味着HKMA或其他金融监管机构对相关的Stablecoin项目的认可或法规。一旦正式引入了Stablecoin发行者许可系统，沙箱参与者仍将需要向HKMA提交许可申请。

2. Other requirements for issuers

2。发​​行人的其他要求

Issuers must comply with regulations regarding reserve asset management and redemption, including properly segregating customer assets, maintaining sound stabilization mechanisms, and processing redemption requests from stablecoin holders at face value under reasonable conditions.

发行人必须遵守有关储备资产管理和赎回的法规，包括适当地隔离客户资产，维护稳定机制以及在合理条件下以面值的稳定持有人的赎回请求。

Issuers must also meet a series of requirements related to anti-money laundering and counter-terrorism financing, risk management, disclosure regulations, and auditing and appropriate personnel. The Financial Commissioner will consult further on the detailed regulatory requirements of the system in due course.

发行人还必须满足与反洗钱和反恐怖主义融资，风险管理，披露法规以及审计和适当人员有关的一系列要求。财务专员将在适当的时候就系统的详细监管要求进行咨询。

Specifically, according to the "Legislative Council Reference Material Summary," the licensing criteria for stablecoin issuers include the following key elements:

具体而言，根据“立法委员会参考材料摘要”，Stablecoin发行人的许可标准包括以下关键要素：

(a) Management of reserve assets and stabilization mechanisms: The market value of the reserve assets backing the stablecoin must always be at least equal to its circulating value. License holders must have robust stabilization mechanisms, proper segregation and management arrangements for reserve assets, and adequate disclosure policies;

（a）储备金和稳定机制的管理：支持稳定的储备金的市场价值必须始终至少等于其循环价值。许可证持有人必须具有强大的稳定机制，适当的隔离和储备资产的管理安排以及足够的披露政策；

(b) Redemption: To ensure that holders of the specified stablecoin are adequately protected, license holders must pay the face value of the specified stablecoin to holders who submit valid redemption requests, without imposing overly cumbersome conditions or unreasonable fees. The redemption procedures, timelines, any conditions or fees involved, and rights must also be clearly disclosed for holders' reference;

（b）赎回：为了确保指定的Stablecoin的持有人得到充分保护，许可证持有人必须向指定有效的赎回请求的持有人支付指定的Stablecoin的面值，而不会征收过于麻烦的条件或不合理的费用。还必须明确披露赎回程序，时间表，任何条件或费用以及权利；

(c) Physical presence in Hong Kong: To ensure effective supervision and enforcement by the Financial Commissioner, license holders must have a physical presence in Hong Kong;

（c）在香港的身体存在：为了确保财务专员的有效监督和执行，许可证持有人必须在香港有实体席位；

(d) Financial resources: License holders must have sufficient financial resources to operate their business, including a minimum paid-up capital requirement of HKD 25 million;

（d）财政资源：许可证持有人必须拥有足够的财务资源来经营其业务，包括最低付费资本要求2500万；

(e) Appropriate personnel: The controlling persons, CEOs, and directors of license holders must be appropriate candidates, and personnel responsible for managing and operating regulated stablecoin activities must possess the necessary knowledge and experience; and

（e）适当的人员：许可证持有人的控制人员，首席执行官和董事必须是适当的候选人，负责管理和操作受监管的Stablecoin活动的人员必须拥有必要的知识和经验；和

(f) Prudential and risk management: License holders must have appropriate risk management policies and procedures to manage risks arising from their business operations, and these policies and procedures must be commensurate with the scale and complexity of their operations. License holders should also have sound and appropriate control systems to prevent and combat potential money laundering and terrorist financing activities.

（f）审慎和风险管理：许可证持有人必须具有适当的风险管理政策和程序，以管理其业务运营引起的风险，这些政策和程序必须与运营的规模和复杂性相称。许可证持有人还应拥有合理和适当的控制系统，以预防和打击潜在的洗钱和恐怖融资活动。

3. Temporary licenses during the transition period

3。过渡期间的临时许可

The "Stablecoin Bill" is expected to come into effect in 2025, allowing the industry sufficient time to understand the requirements under the licensing system

预计“ Stablecoin法案”将于2025年生效，使行业足够的时间了解许可系统下的要求