标准特许银行和OKX在迪拜启动“附带镜子计划”，为高方风险的问题提供了务实的解决方案

在当今迅速发展的加密货币市场中，在为机构客户服务时，我经常听到一个共同的问题：高方的风险和很大的安全风险阻止了许多机构从数字资产中脱离。

Today's rapidly developing cryptocurrency market is often limited by high counterparty risk and great security risks, deterring many institutions from digital assets. In 2022, the bankruptcy of the crypto exchange FTX caused billions of dollars in losses, highlighting the severity of the crisis of trust.

当今迅速发展的加密货币市场通常受到高方风险和巨大的安全风险的限制，阻止了许多机构从数字资产中。 2022年，加密交易所FTX的破产造成了数十亿美元的损失，强调了信任危机的严重性。

To solve this problem, Standard Chartered Bank and OKX launched the “Collateral Mirror Program” in April 2025 in Dubai. It uses the custody services of global systemically important banks (G-SIBs) combined with cryptocurrencies and tokenized funds to create a safe and compliant trading environment for institutional clients.

为了解决这个问题，标准特许银行和OKX于2025年4月在迪拜启动了“抵押镜像计划”。它使用全球重要的银行（G-SIB）的监护权服务，结合加密货币和标记资金，为机构客户创造安全且合规的交易环境。

Its operating mechanism is as follows: institutional clients deposit cryptocurrencies (such as Bitcoin, Ethereum) or tokenized money market funds at Standard Chartered Bank, which acts as an independent trustee, and OKX records these assets through “mirror” technology to facilitate over-the-counter (OTC) transactions.

它的运营机制如下：机构客户存入加密货币（例如比特币，以太坊）或标准特许银行的标记货币市场资金，该银行充当独立的受托人，OKX通过“镜像”技术记录了这些资产，以促进非处方（OTC）交易。

For example, an institution wants to exchange $50 million worth of Bitcoin for Ethereum. They deposit the Bitcoin at Standard Chartered Bank, OKX handles the exchange, and the Bitcoin is safely returned after completion. The whole process is efficient and secure, without the risk of who pays first.

例如，一个机构希望将价值5000万美元的比特币换成以太坊。他们将比特币存放在标准特许银行，OKX处理交易所，并且在完成后安全退回了比特币。整个过程是有效且安全的，而没有首先支付谁的风险。

This program is jointly supervised by the Dubai Virtual Asset Regulatory Authority (VARA) and the Dubai Financial Services Agency (DFSA). VARA licenses and supervises virtual asset service providers (VASPs) such as OKX, while DFSA regulates Standard Chartered Bank's custodial services.

该计划由迪拜虚拟资产监管局（VARA）和迪拜金融服务局（DFSA）共同监督。 VARA许可并监督虚拟资产服务提供商（VASP），例如OKX，而DFSA则监管标准特许银行的托管服务。

VARA's supervision is based on:

Vara的监督基于：

- Virtual Asset Regulation Law No. 4 of 2022: Defines virtual assets and authorizes VARA to regulate VASPs.

- 虚拟资产法规法第4号法律：定义虚拟资产并授权VARA调节VASP。

- "Regulations on Virtual Assets and Related Activities 2023": Detailed regulations on trading, brokerage, custody and other activities.

- “关于虚拟资产和相关活动2023的法规”：有关交易，经纪，监护和其他活动的详细规定。

- Cabinet Resolution No. 111/2022: Prohibiting unlicensed virtual asset activities and strengthening compliance thresholds.

- 内阁决议编号111/2022：禁止无执照的虚拟资产活动和加强合规性阈值。

DFSA's supervision is based on:

DFSA的监督基于：

- Standard Chartered Bank's banking license in the DIFC.

- 标准特许银行在DIFC中的银行许可证。

- Its custody service must comply with DFSA regulations and relevant laws and regulations.

- 其监护权服务必须遵守DFSA法规以及相关法律和法规。

The two regulators coordinate on common goals of anti-money laundering and investor protection to form a "double insurance". For example, the DFSA has an information sharing mechanism with the UAE Financial Intelligence Unit to ensure AML/CFT compliance.

两个监管机构协调反洗钱和投资者保护的共同目标，以形成“双重保险”。例如，DFSA与阿联酋金融情报部门具有信息共享机制，以确保AML/CFT合规性。

This regulatory synergy allows the program to maintain a high degree of credibility while innovating.

这种监管协同作用使该计划在创新时可以保持高度的信誉。

Compared with Hong Kong's TUSD-FDT on the Misappropriation of Reserves: The "Vulnerabilities" and Inspirations of Hong Kong's Crypto Trust Supervision, Dubai's dual regulatory framework targets both virtual assets and traditional financial services, forming a relatively complete regulatory system.

与香港关于盗用储量的TUSD-FDT相比，迪拜的双重监管框架针对的是“脆弱性”和香港加密信任监督的灵感，构成了相对完整的监管系统。

I personally think that this product innovation has indeed solved some obstacles in many business scenarios. Based on my past experience in serving customers, I think the following are several typical scenarios:

我个人认为，在许多业务情况下，这种产品创新确实解决了一些障碍。根据我过去在为客户服务的经验，我认为以下几种典型情况：

1) Cross-border investment: A European pension fund wants to diversify its portfolio by investing in tokenized money market funds from Franklin Templeton in the U.S. To minimize counterparty risk, the pension fund prefers to deposit and withdraw in Euros at Standard Chartered Bank in Paris, and the money market fund trades in U.S. dollars on the blockchain.

1）跨境投资：欧洲退休金基金希望通过投资于美国的富兰克林·邓普顿（Franklin Templeton）来使其投资组合多样化，以最大程度地降低对手风险，养老基金更喜欢将欧元存入和撤离巴黎的标准包机，以及货币市场基金的货币市场基金，交易货币市场基金以不一致的票房交易。

2) Interoperability of tokenized assets: A hedge fund in Hong Kong has bought Bitcoin and wants to exchange it for Ethereum to arbitrage price differences. They prefer to transact in Hong Kong dollars with low latency and use a trusted intermediary for counterparty risk.

2）令牌化资产的互操作性：香港的对冲基金购买了比特币，并希望将其换成以太坊以换取套利价格差异。他们更喜欢以低潜伏期的香港进行交易，并使用受信任的中介机构来承担对手风险。

3) Integration of traditional and digital assets: An asset management company in Singapore manages a multi-asset portfolio with stocks, bonds and tokenized assets. They wish to consolidate reporting and custody with a single bank and have a dedicated contact person for service.

3）传统资产和数字资产的集成：新加坡的一家资产管理公司通过股票，债券和令牌资产管理多资产投资组合。他们希望与一家银行合并报告和监护权，并拥有专门的联系人员进行服务。

4) Stability and liquidity in volatile markets: During periods of market turmoil, institutions may face difficulties in buying and selling cryptocurrencies at desired prices due to volatility. In April 2025, Standard Chartered Bank and OKX launched the "Collateral Mirror Program" in Dubai to provide a pragmatic solution to this problem.

4）波动市场的稳定性和流动性：在市场动荡时期，机构可能会因波动性而以所需价格出售和销售加密货币面临困难。 2025年4月，标准特许银行和OKX在迪拜启动了“附带镜子计划”，以解决此问题的实用解决方案。

These scenarios highlight the increasing demand from institutions for safe, compliant and efficient ways to participate in digital assets. The Collateral Mirror Program aims to bridge this gap by combining the strengths of traditional finance and new technologies.

这些方案强调了机构对参加数字资产的安全，合规和有效的方式的需求不断增长。附带镜子计划旨在通过结合传统金融和新技术的优势来弥合这一差距。

Its potential lies in:

它的潜力在于：

- Attracting more institutions to enter the digital asset market. Many banks and asset management companies are cautious about cryptocurrencies due to security and compliance risks. Standard Chartered Bank's custody services (regulated by the DFSA) and VARA's strict supervision provide institutions with a trusted environment, and Franklin Templeton's tokenized money market fund adds a stable option.

- 吸引更多机构进入数字资产市场。由于安全和合规风险，许多银行和资产管理公司对加密货币持谨慎态度。标准特许银行的监护权服务（由DFSA监管）和VARA的严格监督为机构提供了可信赖的环境，而富兰克林·邓普顿（Franklin Templeton）的标记货币市场基金则增加了一个稳定的选择。

- Expanding market participation. Institutions like Brevan Howard Digital participated in the pilot

- 扩大市场参与。像布雷文·霍华德（Brevan Howard Digital）这样的机构参加了飞行员