香港领导着正式通过Stablecoin立法，针对菲亚特·皮格（Fiat Peggg）的稳定者

尽管美国稳定法案在参议院取得了进展，但香港领先于正式通过Stablecoin立法。

The Hong Kong Legislative Council has passed the Stablecoin Bill, further establishing a licensing system for issuers of legal currency stablecoins in Hong Kong and improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability and promote financial innovation. The bill is expected to take effect this year.

香港立法委员会已通过了《稳定法案》，进一步建立了一个在香港的法定货币发行人的许可系统，并改善了香港虚拟资产活动的监管框架，以维持金融稳定并促进金融创新。该法案预计今年将生效。

At present, the regulatory authorities have carried out certain supervision and testing on the operating plans of the three institutions in the sandbox.

目前，监管机构已经对沙箱中三个机构的运营计划进行了某些监督和测试。

The Stablecoin Draft Regulations clearly state that the following three types of activities require a license:

《稳定法规草案法规》清楚地指出，以下三种活动需要许可证：

1. Issue fiat stablecoins in Hong Kong

1。在香港发行菲亚特·稳定

2. Issuing Hong Kong dollar stablecoins in or outside Hong Kong

2。在香港或外部或外部发行香港美元的稳定币

3. Actively promote the issuance of its fiat stablecoin to the Hong Kong public

3。积极地向香港公众宣传其菲亚特·稳定的发行

According to Caixin, citing the sandbox participant "Yuanbi Technology", the draft lists four important requirements for issuers:

根据Caixin的说法，援引沙盒参与者“ Yuanbi Technology”，该草案列出了发行人的四个重要要求：

* First, in terms of reserves, licensees must maintain a sound stablecoin mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets (such as assets that may include cash, bank deposits, government bonds, repurchase agreements, reverse repurchase agreements, and money market funds invested in the above assets), and are equal to the face value of the circulating fiat stablecoins at all times, and are properly separated and kept.

* First, in terms of reserves, licensees must maintain a sound stablecoin mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets (such as assets that may include cash, bank deposits, government bonds, repurchase agreements, reverse repurchase agreements, and money market funds invested in the above assets), and are equal to the face value of the circulating fiat stablecoins at all times,并正确分开并保存。

* Second, stablecoin holders have the right to redeem stablecoins at par from the issuer. Redemption requests must be free of charge and processed within a reasonable time.

*其次，稳定持有人有权从发行人处兑换stablecoins。赎回请求必须是免费的，并在合理的时间内进行处理。

* Third, they must comply with a series of requirements related to combating money laundering, risk management, disclosure, and auditing appropriate personnel.

*第三，他们必须遵守一系列与打击洗钱，风险管理，披露和审计适当人员有关的要求。

* Fourth, transactions must be conducted on licensed virtual asset trading platforms.

*第四，必须在许可的虚拟资产交易平台上进行交易。

The draft shows that in terms of issuer qualifications, the license holder must have sufficient financial resources and liquid assets, including a share capital of at least HK$25 million. The license does not have a fixed validity period, that is, the license will remain valid unless it is revoked, or the license holder is liquidated and its registration qualification with the Hong Kong Companies Registry is revoked.

草案显示，就发行人的资格而言，许可证持有人必须拥有足够的财务资源和流动资产，包括至少2500万港元的股本。许可证没有固定的有效期期限，也就是说，除非被吊销，否则许可证将保持有效期，或者已清算许可证持有人，并且吊销了其在香港公司注册表的注册资格。

To protect the public and investors, the draft stipulates that only designated licensed institutions are allowed to sell legal currency stablecoins in Hong Kong, and only legal currency stablecoins issued by licensed issuers can be sold to retail investors. The above-mentioned designated licensed institutions that can sell stablecoins in Hong Kong include: stablecoin issuers licensed by the Monetary Authority, banks, institutions issued with a Type 1 license (securities trading) by the Hong Kong Securities and Futures Commission, and virtual asset trading platforms licensed in Hong Kong.

为了保护公众和投资者，该草案规定只有指定的许可机构可以在香港出售法定货币稳定股，并且只有持牌发行人发行的合法货币稳定股权才能出售给零售投资者。可以在香港出售稳定机构的上述指定的机构包括：由货币管理局，银行，带有1型许可证（证券交易）的机构许可的稳定的发行人，由香港证券和期货委员会和宽阔的资产交易平台获得了Hong Kong Kong Kong Kong kong Kong Kong Kong Kong Kong Kong。

In order to effectively deter, the draft bill sets clear punishment rules for violations. Conducting regulated stablecoin activities without a license: a fine of HK$5 million and seven years in prison; selling stablecoins by non-designated licensed institutions: a fine of HK$5 million and seven years in prison, etc.

为了有效地阻止，法案草案制定了明确的侵犯规则。没有许可证进行监管的稳定活动：罚款500万港元和七年徒刑；通过未指定的许可机构出售稳定的机构：罚款500万港元和七年监禁，等等。

As early as October 2022, the Hong Kong SAR Government issued the Policy Statement on the Development of Virtual Assets in Hong Kong, outlining its determination to improve the regulatory framework for virtual assets. In response to the policy statement, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) (the Anti-Money Laundering Ordinance) was amended in December 2022 to introduce a licensing system for virtual asset service providers to ensure that virtual asset trading platforms must comply with international regulations on combating money laundering and terrorist financing and protect investors. Following the virtual asset trading platform licensing system taking effect in June 2023, Hong Kong is working to further improve the regulatory framework for virtual asset activities, including introducing a licensing system for issuers of fiat stablecoins.

早在2022年10月，香港政府就发表了有关香港虚拟资产发展的政策声明，概述了其改善虚拟资产监管框架的决心。为了应对政策声明，对反货币洗涤和反恐融资条例（第615章）（第615章）（《反货币洗钱条例》）于2022年12月进行了修订，以介绍虚拟资产服务提供商的许可系统，以确保虚拟资产贸易平台必须与国际货币融资和投资构成融合和投资者和恐怖分子的融合和投资者。在2023年6月的虚拟资产交易平台许可系统生效之后，香港正在努力进一步改善虚拟资产活动的监管框架，包括为FIAT StableCoins发行人提供许可系统。

In December 2023, Hong Kong announced that it would enact new legislation to implement a licensing system for fiat stablecoin issuers. Subsequently, the regulatory sandbox approved three institutions to participate in the test on July 18, 2024, and the draft text was published in December of the same year, and was finally passed by the Legislative Council on May 21, 2025.

2023年12月，香港宣布将制定新的立法，以实施菲亚特·斯塔布尔卡因发行人的许可系统。随后，监管沙箱批准了三个机构参加了2024年7月18日的测试，并于同年12月发布了文本草案，并最终于2025年5月21日通过立法委员会通过。

At present, the Hong Kong Monetary Authority (HKMA) has launched a sandbox for stablecoin issuers to understand the business model of institutions that intend to issue fiat stablecoins in Hong Kong, and to convey regulatory expectations and provide guidance to them. The first batch of three participating institutions were admitted to the sandbox on July 18, 2024. They include Standard Chartered Hong Kong, Animoca Brands, a group consisting of Hong Kong Telecom, JD CoinChain Technology (Hong Kong), and Yuancoin Innovation Technology.

目前，香港货币管理局（HKMA）为Stablecoin发行人推出了一个沙箱，以了解打算在香港颁发菲亚特·稳定的机构的商业模式，并传达监管期望并向他们提供指导。 2024年7月18日，将第一批参与机构送入沙箱。它们包括标准特许香港，Animoca Brands，该集团由香港电信，JD Coinchain Technology（Hong Kong）和Yuancoin Innovation Technology组成。

At present, the regulator has carried out certain supervision and testing on the operating plans of issuers in the sandbox.

目前，监管机构已经对沙箱中发行人的运营计划进行了某些监督和测试。

It is worth mentioning that JD Technology Group has recently released a number of RWA-related job recruitment information, clearly requiring that product design must be seamlessly connected with JD Stablecoin and digital RMB. At

值得一提的是，JD Technology Group最近发布了许多与RWA相关的工作招聘信息，显然要求产品设计必须与JD Stablecoin和Digital RMB无缝连接。在