香港的Stablecoin许可制度：数字资产的新时代

香港定于2025年8月1日启动的Stablecoin许可制度标志着朝着规范数字资产创新，增强透明度并吸引全球参与者的重要一步。

Hong Kong's Stablecoin Licensing Regime: A New Era for Digital Assets

香港的Stablecoin许可制度：数字资产的新时代

Hong Kong is stepping up its game in the digital asset world! With the stablecoin licensing regime kicking off on August 1, 2025, the city is set to become a major hub for regulated digital finance. This move aims to blend financial innovation with robust risk management, paving the way for a secure and transparent Web3 ecosystem.

香港正在在数字资产世界中加强自己的游戏！随着Stablecoin许可制度于2025年8月1日开始，该市将成为受监管数字融资的主要枢纽。此举旨在将财务创新与强大的风险管理融为一体，为安全透明的Web3生态系统铺平了道路。

The August 1, 2025 Launch: What to Expect

2025年8月1日发布：期待什么

Spearheaded by the Hong Kong Monetary Authority (HKMA), the new licensing regime targets issuers of fiat-referenced stablecoins. This initiative follows the Legislative Council's passage of the Stablecoins Ordinance in May 2025. The goal? To align with global financial regulations and attract institutional players to Hong Kong's digital asset sector.

新的许可制度针对菲亚特引用的Stablecoins的发行人，由香港货币管理局（HKMA）带头。该倡议是在立法委员会于2025年5月通过《稳定条例》的通过。目标？与全球金融法规保持一致，并吸引机构参与者进入香港的数字资产行业。

Key Highlights of the Stablecoin Ordinance

Stablecoin条例的关键亮点

• 100% Reserve Requirement: A game-changer ensuring that stablecoins are fully backed by reserves.
• Licensing for Issuers: Anyone issuing fiat-referenced stablecoins in Hong Kong or pegged to Hong Kong dollars outside Hong Kong needs a license from the HKMA.
• Retail Investor Access: Only licensed institutions can offer stablecoins to Hong Kong retail investors.

Stringent Criteria for Issuers

发行人的严格标准

The HKMA isn't playing around. Issuers must meet tough criteria, including a physical presence in Hong Kong, sufficient financial resources, and solid management of reserve assets. They need to maintain a reserve pool equal to the value of outstanding stablecoins and provide redemption rights to holders.

HKMA没有玩。发行人必须符合艰难的标准，包括在香港的实物存在，足够的财务资源以及储备资产的稳定管理。他们需要维护一个等于未偿固定币的价值并为持有人提供赎回权的储备池。

The Stablecoin Issuer Sandbox: A Testing Ground for Innovation

Stablecoin发行人沙箱：创新的测试场

Launched in March 2024, the sandbox allows companies to experiment with stablecoin issuance in a controlled environment. This initiative provides valuable data for refining the regulatory framework and attracting international players to Hong Kong's Web3 market.

Sandbox于2024年3月推出，允许公司在受控环境中尝试稳定的发行。该计划为完善监管框架并吸引国际参与者进入香港的Web3市场提供了宝贵的数据。

Hong Kong's Vision: Payments, Not Speculation

香港的愿景：付款，而不是猜测

The HKMA views stablecoins primarily as payment instruments rather than investment assets. HKMA Chief Executive Eddie Yue emphasizes that this distinction is crucial for managing market expectations and risks. The focus is on practical application scenarios and business sustainability.

HKMA将Stablecoins视为支付工具，而不是投资资产。 HKMA首席执行官Eddie Yue强调，这种区别对于管理市场期望和风险至关重要。重点是实际应用方案和业务可持续性。

Challenges and the Path Forward

挑战和前进的道路

Integrating stablecoins with traditional financial systems is still a work in progress. Convenience, operability, and financial risk prevention are key. Some suggest Hong Kong could benefit from adopting the EU’s MiCA framework for better cross-border coordination.

将Stablecoin与传统金融系统集成在一起仍在进行中。便利，可操作性和预防金融风险是关键。一些人认为香港可以通过采用欧盟的云母框架来获得更好的跨境协调。

Aligning with Global Trends

与全球趋势保持一致

Hong Kong’s regulatory framework mirrors international standards, including the Financial Stability Board’s guidelines. It reflects a proactive stance amid developments like the EU’s MiCA implementation and stablecoin legislation in the U.S.

香港的监管框架反映了国际标准，包括金融稳定委员会的准则。它反映了诸如欧盟的云母实施和在美国的Stablecoin立法之类的发展中的积极立场

The Bigger Picture: Hong Kong as a Digital Asset Hub

大局：香港作为数字资产中心

With these measures, Hong Kong aims to enhance market transparency, attract global companies, and solidify its position as a hub for the Web3 industry. While strict localization requirements and capital thresholds may pose challenges for smaller startups, the overall direction is clear: Hong Kong is serious about becoming a leader in the digital asset space.

通过这些措施，香港旨在提高市场透明度，吸引全球公司并巩固其作为Web3行业枢纽的地位。尽管严格的本地化要求和资本阈值可能会对较小的初创企业构成挑战，但总体方向很明显：香港认真对待成为数字资产领域的领导者。

So, buckle up! Hong Kong's about to dive headfirst into the world of stablecoins. It's going to be an interesting ride!

所以，搭扣！香港即将跳入Stablecoins的世界。这将是一个有趣的旅程！