香港Stablecoin许可证：谨慎的黎明

香港的新Stablecoin法规即将启动，但许可证可能要到2026年才能到达。HKMA正在采用测量的数字化转型方法。

Hong Kong Stablecoin Licences: A Cautious Dawn

香港Stablecoin许可证：谨慎的黎明

Hong Kong is stepping into the stablecoin arena with its new regulatory regime. Licences are on the horizon, but the path is paved with caution. The HKMA is keen on a sustainable, healthy development of the industry.

香港以其新的监管制度进入Stablecoin舞台。许可证即将到来，但谨慎地铺路了。 HKMA热衷于行业的可持续健康发展。

The Starting Line: August 1st and Beyond

起跑线：8月1日及以后

Hong Kong's Stablecoins Ordinance goes live on August 1st. Any entity issuing fiat-referenced stablecoins (FRSs) needs a licence from the HKMA. But hold your horses – no licences have been issued yet.

香港的Stablecoins条例将于8月1日上线。任何发行菲亚特参考的实体都需要HKMA的许可证。但是握住马匹 - 尚未签发许可证。

A Cautious Approach

谨慎的方法

The HKMA is playing it cool, emphasizing a gradual approach to digital transformation. Darryl Chan, deputy chief executive, mentioned that large-scale adoption isn't expected immediately. The focus is on healthy growth, not explosive expansion.

HKMA正在播放它很酷，强调了一种逐步的数字化转型方法。副首席执行官达里尔·陈（Darryl Chan）提到，预计不会立即采用大规模采用。重点是健康增长，而不是爆炸性的扩张。

Licensing: A Slow and Steady Race

许可：缓慢而稳定的比赛

Don't expect a flood of licences right away. The first batch might not arrive until early 2026, and only a handful of FRS issuers will make the cut initially. The regulatory bar is high, with requirements like fully liquid reserves, a physical presence in Hong Kong, and quick customer redemption processing.

不要指望马上有大量许可。第一批可能要到2026年初才能到达，只有少数FRS发行人最初才会削减。监管栏很高，需要完全液体储备，在香港的物理存在以及快速的客户赎回处理。

What the HKMA Expects

HKMA期望的

The HKMA has issued detailed guidelines for stablecoin issuers, encouraging interested firms to reach out for guidance. They're also keeping a close eye on public communications, cautioning against unrealistic expectations and reminding market participants to exercise caution in their statements.

HKMA已为Stablecoin发行人发布了详细的指南，鼓励有兴趣的公司取得指导。他们还密切关注公共沟通，警告不切实际的期望，并提醒市场参与者在声明中谨慎行事。

A Grace Period and Strict AML

宽限期和严格的AML

Issuers already operating in Hong Kong get a six-month grace period to apply for a licence. However, those unable to meet the requirements by the end of November must wind down their operations. The AML guidelines also stand out. FRS issuers might need to verify the identity of all stablecoin holders, a stricter approach compared to most other places.

已经在香港运营的发行人获得了六个月的宽限期，以申请许可。但是，那些无法在11月底之前满足要求的人必须避开其业务。 AML指南也脱颖而出。 FRS发行人可能需要验证所有Stablecoin持有人的身份，与大多数其他地方相比，更严格的方法。

CNH-Pegged Stablecoin: A Potential Game Changer

CNH-PEGGGED Stablecoin：潜在的游戏规则改变者

While Hong Kong focuses on fiat-backed stablecoins, the rise of CNH-pegged stablecoins is worth noting. Conflux Network, AnchorX, and Eastcompeace are rolling out a stablecoin linked to the offshore yuan (CNH) to streamline payments in Belt and Road Initiative (BRI) countries. This could boost financial inclusion by providing digital financial services to unbanked regions.

尽管香港专注于菲亚特支持的稳定蛋白，但值得注意的是CNH-Peggged Stablecoins的崛起。 Conflux Network，Anchorx和EastCompeace正在推出与海上人民币（CNH）相关的Stablecoin，以简化Belt and Road Initiative（BRI）国家 /地区的付款。这可以通过向无银行地区提供数字金融服务来提高金融包容性。

Final Thoughts

最后的想法

Hong Kong is taking baby steps into the stablecoin world. While the HKMA's cautious approach might seem slow, it prioritizes stability and sustainability. It's like they're saying, "Let's not rush; let's get this right." With potential innovations like the CNH-pegged stablecoin on the horizon, the future of digital finance in Hong Kong – and beyond – is definitely something to watch. So, buckle up and enjoy the ride!

香港正在迈出小步进入Stablecoin世界。尽管HKMA的谨慎方法似乎很慢，但优先考虑稳定性和可持续性。就像他们说的是：“不要急于;让我们做对了。”随着CNH-Peggged Stablecoin的潜在创新，香港及以后的数字融资未来绝对是值得关注的东西。因此，搭扣并享受旅程！