香港的新稳定规则旨在增强市场完整性

这项法律标志着将香港迈向数字金融枢纽的一步。根据此规则，机构可以在年终之前申请许可以签发稳定。

Hong Kong's Stablecoin Bill has passed its final vote and the law is now in place, according to a post by Johnny Ng Kit-chong.

根据Johnny Ng Kit-chong的帖子，香港的Stablecoin法案已通过了最后一票，法律现已就位。

The Hong Kong Stablecoin Bill, which will allow institutions to apply for licenses to issue stablecoins by year-end, is part of broader efforts to turn Hong Kong into a hub for digital finance. The goal is to attract international players and expand blockchain applications in the region.

香港Stablecoin法案将允许机构申请许可证以年底签发Stablecoins，是将香港变成数字金融枢纽的更广泛努力的一部分。目标是吸引国际参与者并扩大该地区的区块链应用。

Hong Kong's stablecoin rules provide clear guidelines for the issuance and management of specified stablecoins. A specified stablecoin maintains its value by reference to fiat currency or other stable assets.

香港的Stablecoin规则为发行和管理指定的Stablecoins提供了明确的指南。指定的Stablecoin通过参考法定货币或其他稳定资产来维持其价值。

Stablecoins backed by central banks or covered by existing rules, such as those relating to collective investment schemes or futures contracts, are not included. Only stablecoins pegged to official currencies fall under this regulatory framework, which aims to safeguard the interests of stablecoins' token holders and ensure that stablecoin operations are transparent.

不包括由中央银行或现有规则涵盖的稳定币，例如与集体投资计划或期货合约有关的规则。只有与官方货币挂钩的稳定币属于该监管框架，该框架旨在维护Stablecoins代币持有人的利益，并确保Stablecoin运营透明。

Regulators are keen to avoid the risks posed by unbacked or poorly managed tokens. They emphasize that any entity wishing to issue stablecoins must first obtain approval from the monetary authority before commencing such activities.

监管机构渴望避免由无抵抗或管理不良的令牌带来的风险。他们强调，任何希望发行稳定的实体都必须在开始此类活动之前先获得货币当局的批准。

Unlicensed parties are prohibited from offering, applying for, or advertising any services relating to specified stablecoins to the public.

禁止未经许可的当事方向公众提供与指定的Stablecoins有关的任何服务。

Moreover, any person who is granted a license to issue stablecoins must register as a corporation and maintain strong financial reserves. Specifically, a licensed issuer must hold readily available liquid assets in an amount not less than the total value of the stablecoins that it has issued at all times.

此外，任何获得签发Stablecoins许可的人都必须注册为公司并保持强大的财务储备。具体而言，获得许可的发行人必须持有随时发行的Stablecoins的总价值，可随时持有液体资产。

These reserve assets must be capable of being converted into usable cash quickly and without loss or material depreciation. Furthermore, these assets must be kept separate and distinct from any other assets of the corporate issuer.

这些储备资产必须能够快速转换为可用现金，而不会损失或物质折旧。此外，这些资产必须与公司发行人的任何其他资产保持分开和不同。

The rules are designed to protect stablecoins' token holders in the event that an issuer faces insolvency. Issuers must also comply with reporting requirements, such as submitting detailed financial reports to the regulator regularly.

该规则旨在在发行人面临破产的情况下保护Stablecoins的代币持有人。发行人还必须遵守报告要求，例如定期向监管机构提交详细的财务报告。

In addition, a person who is granted a license to issue stablecoins must enable the stablecoins to be redeemed by token holders on fair and clear terms. In insolvency situations, token holders can access the reserve assets in proportion to their respective stablecoins' token holdings.

此外，获得签发Stablecoins许可证的人必须使STABLECOINS能够由代币持有者以公平而明确的条件兑换。在破产情况下，令牌持有人可以按照各自的稳定代币的持有量成比例地访问储备金。

Issuers must also publish white papers detailing their operations, risk management practices, and risk control measures relating to the issuance and management of specified stablecoins. These documents must explain the procedures for redeeming stablecoins and managing reserve assets clearly.

发行人还必须发表白皮书，详细介绍其运营，风险管理实践以及与特定稳定的发行和管理有关的风险控制措施。这些文件必须说明清楚赎回稳定币和管理储备资产的程序。

Issuers must alert the regulator without delay about any material changes in their organization or management. They also need approval before appointing or terminating any key senior executive in their firm. This focus on transparency aims to maintain holders' confidence in stablecoins' issuers' practices.

发行人必须在其组织或管理层的任何重大变化时立即提醒监管机构。在任命或终止其公司的任何主要高级主管之前，他们还需要批准。对透明度的重点旨在维持持有人对稳定发行人的做法的信心。

Regulators can require extra disclosures if risks appear significant in any situation. The monetary authority has the power to grant, suspend, or revoke licenses, appoint managers to manage the affairs of a licensed person, and investigate any suspected illegal activity or potential legal breaches.

如果在任何情况下风险显着，监管机构可能需要额外的披露。货币当局有权授予，中止或撤销许可证，任命管理人员管理许可人的事务，并调查任何可疑的非法活动或潜在的法律违规行为。

Penalties may apply for serious violations of the stablecoin provisions. The law sets up a Stablecoin Review Tribunal to review and determine any appeal relating to a decision, direction, or refusal by the monetary authority.

处罚可能适用于严重违反稳定条款的行为。该法律设立了一个稳定的审查法庭，以审查和确定与货币当局有关决定，指示或拒绝的任何上诉。

Parties unhappy with tribunal rulings can appeal to the local court of appeal. This layered review system seeks to keep decisions accountable and transparent.

对法庭裁决不满意的当事人可以向地方上诉法院上诉。这种分层的审核系统旨在使决策负责和透明。

Strong oversight aims to reinforce trust in the stablecoin issuance process. Transparent enforcement helps protect market integrity and consumer interests effectively.

强有力的监督旨在增强对Stablecoin发行过程的信任。透明执法有助于有效地保护市场完整性和消费者利益。

Passing this law would open up potential initiatives, according to Johnny Ng.

根据约翰尼·诺格（Johnny Ng）的说法，通过这项法律将开放潜在的举措。

"It feels surreal to announce that the Hong Kong Stablecoin Bill has passed its final vote and become law!" shared Johnny Ng Kit-chong, a Hong Kong legal professional.

“宣布香港稳定法案已通过了最后一票并成为法律，这真是超现实！”共享香港法律专业人士Johnny Ng Kit-chong。

"This legislation marks a significant step toward realizing the vision of establishing Hong Kong as a leading hub for digital finance. The law provides a clear regulatory framework for institutions to apply for licenses to issue specified stablecoins by year-end.

“这项立法标志着实现建立香港作为数字融资领先的枢纽的愿景迈出的重要一步。该法律为机构提供了一个明确的监管框架，以申请许可证以按年底发布指定的Stablecoins。

"This move will not only attract international players in the digital asset space but also foster the growth of blockchain applications and use cases in Hong Kong. As the legal and regulatory landscape evolves, we can expect to see more diverse and innovative use cases emerging in the months and years to come."

“这一举动不仅将吸引数字资产领域的国际参与者，而且还可以促进香港区块链应用和用例的增长。随着法律和法规景观的发展，我们可以期望在未来几个月和几年中看到更多的多样化和创新性用例。”

The new framework could facilitate Hong Kong's crypto adoption across various market sectors. Clear laws help investors feel more secure about using virtual asset offerings.

新的框架可以促进香港在各个市场领域采用的加密货币。明确的法律可以帮助投资者对使用虚拟资产产品更加安全。

Global companies interested in stablecoin services may choose Hong Kong as a base. Small startups might face high compliance costs under stringent regulations.

对Stablecoin服务感兴趣的全球公司可能会选择香港作为基础。在严格的法规下，小型初创公司可能会面临高合规成本。

Still, a strong legal foundation can improve trust and reduce overall financial risks. Experts compare this model favorably with other Asia Pacific regulatory systems. As Hong Kong finalizes these rules, it could lead the region in virtual asset growth.

尽管如此，强大的法律基础仍可以改善信任并降低整体财务风险。专家将该模型与其他亚太地区的监管系统进行比较。随着香港最终确定这些规则，它可能会带领该地区的虚拟资产增长。