香港正在加快為香港美元穩定的監管框架的建設。

最近，香港立法委員會的相關法案委員會正在審查2025年最受期待的新法規之一

Recently, the relevant bill committee of the Hong Kong Legislative Council has begun reviewing one of the most anticipated new regulations for 2025 - the "Stablecoin Bill." The head of the Monetary Authority (Digital Finance) is hoping that the Legislative Council will pass the bill this year. Afterwards, the Monetary Authority will issue regulatory guidelines explaining how the law will be interpreted, including details on the regulation of issuers' business operations, and will timely implement a system to open up license applications for interested participants.

最近，香港立法委員會的相關法案委員會已開始審查2025年最受期待的新法規之一 - “ Stablecoin法案”。貨幣管理局負責人（數字金融）希望立法委員會今年通過該法案。之後，貨幣當局將發布監管指南，以解釋如何解釋法律，包括有關發行人業務運營監管的詳細信息，並將及時實施一個系統，以為有興趣的參與者開放許可申請。

Hong Kong is accelerating the construction of a regulatory framework for the Hong Kong dollar stablecoin. On February 26, the Financial Secretary of Hong Kong, Chen Maobo, also stated that the Hong Kong SAR government is about to publish its second policy declaration on the development of virtual assets, exploring how to combine the advantages of traditional financial services with technological innovations in the virtual asset field. In addition, the Hong Kong SAR government has submitted a bill to the Legislative Council regarding the introduction of a regulatory system for fiat stablecoin issuers. Once the bill is passed, the Monetary Authority will expedite the approval of license applications.

香港正在加快為香港美元穩定的監管框架的建設。 2月26日，香港的財政部長陳·莫博（Chen Maobo）也表示，香港政府將要發布其關於虛擬資產發展的第二份政策宣言，探索如何將傳統金融服務的優勢與虛擬資產領域的技術創新相結合。此外，香港政府已向立法委員會提交了一項法案，涉及引入菲亞特·斯塔布爾卡因發行人的監管體系。法案通過後，貨幣當局將加快許可申請的批准。

Stablecoin "Sandbox" Participants Accelerate Issuance Plans

Stablecoin“沙盒”參與者加速發行計劃

On December 6, 2024, the Hong Kong SAR government released the "Stablecoin Bill" and submitted it for a first reading in the Legislative Council on December 18 (the bill must go through three readings before being signed into law).

2024年12月6日，香港政府發布了“ Stablecoin法案”，並於12月18日將其提交了立法委員會的第一讀（該法案必須經過三本閱讀，然後簽署為法律）。

It is reported that the "Stablecoin Bill" aims to prevent potential risks posed by designated stablecoins to monetary policy, financial stability, and investor protection, in order to promote further improvement of Hong Kong's regulatory framework in the virtual asset field and align with global trends in virtual asset development and regulation. This system is built on many other key systems, including the licensing system for virtual asset trading platforms that took effect on June 1, 2023.

據報導，“ Stablecoin法案”旨在防止指定的穩定者對貨幣政策，金融穩定和投資者保護帶來的潛在風險，以促進香港在虛擬資產領域的監管框架的進一步改善，並與虛擬資產開發和法規中的全球趨勢保持一致。該系統建立在許多其他關鍵系統上，包括2023年6月1日生效的虛擬資產交易平台的許可系統。

On July 18, 2024, the Hong Kong Monetary Authority announced the list of stablecoin issuer "sandbox" participants, which includes three participants: JD Coin Chain Technology (Hong Kong) Co., Ltd.; Yuan Coin Innovation Technology Co., Ltd.; Standard Chartered Bank (Hong Kong) Limited, Animoca Group Limited, and Hong Kong Telecommunications Limited (the latter three are a single participant).

2024年7月18日，香港貨幣管理局宣布了Stablecoin發行人“ Sandbox”參與者的名單，其中包括三個參與者：JD Coin Chain Technology（Hong Kong）Co.，Ltd。; Yuan Coin Innovation Technology Co.，Ltd。;標準特許銀行（香港）有限公司，Animoca Group Limited和香港電信有限公司（後三個是單個參與者）。

Image source: Hong Kong Monetary Authority official website

圖片來源：香港貨幣管理局官方網站

Currently, the stablecoin businesses of the three participating entities are progressing. JD Coin Chain Technology announced last year that it will jointly launch the JD Stablecoin (JINGDONG Stablecoin) with Star Bank, which is pegged to the Hong Kong dollar (HKD) at a 1:1 ratio.

目前，這三個參與實體的Stablecoin業務正在發展。 JD Coin Chain Technology去年宣布，它將與Star Bank共同推出JD Stablecoin（Jingdong Stablecoin），該銀行以1：1的比例將其固定在香港Dollar（HKD）。

Yuan Coin Innovation Technology is fully promoting the issuance progress of the HKDR stablecoin, with plans to issue the stablecoin based on Ethereum in the future and to officially launch it on the licensed virtual asset trading platform HashKey Exchange.

Yuan硬幣創新技術正在完全促進HKDR Stablecoin的發行進度，併計劃在將來根據以太坊發布Stablecoin，並在許可的虛擬資產交易平台Hashkey Exchange上正式啟動它。

Recently, Standard Chartered Bank (Hong Kong) Limited "SCBHK," Animoca Brands, and Hong Kong Telecommunications have signed an agreement to jointly establish a joint venture, planning to apply for a license under the new regulatory framework of the Hong Kong Monetary Authority to issue a Hong Kong dollar-backed stablecoin.

最近，標準特許銀行（香港）有限公司“ SCBHK”，Animoca Brands和香港電信已簽署了共同建立合資企業的協議，計劃在香港貨幣當局的新監管框架下申請許可證，以發行香港娃娃幣造成的穩定穩定的穩態。

It is important to emphasize that participating in the sandbox is not a necessary path to apply for a stablecoin license; sandbox participants still need to submit formal applications.

重要的是要強調，參與沙箱不是申請Stablecoin許可證的必要途徑。沙盒參與者仍然需要提交正式申請。

International Voices on Hong Kong Dollar Stablecoin and Related Legislation

關於香港美元穩定股和相關立法的國際聲音

Recently, the International Monetary Fund (IMF), during its Article IV consultations with the Hong Kong region, commented: "Hong Kong's recent efforts to strengthen the regulation of rapidly developing crypto asset intermediaries are commendable and should be part of a comprehensive regulatory strategy that includes a risk-based approach to stablecoin issuers, close inter-agency monitoring, and ongoing regulatory efforts to ensure that financial institutions manage risks appropriately."

最近，國際貨幣基金（IMF）在與香港地區的第四條磋商期間評論說：“香港最近為加強迅速發展的密碼資產中介機構的監管而付出的努力值得稱讚，應該是全面的監管策略的一部分，該策略包括基於風險的努力，以確保穩定穩定的企業，以確保穩定範圍進行管理，並在進行管理方面，並在進行穩定的範圍內，並在進行了穩定的範圍，並在進行了不斷的管理範圍。

S&P Global Ratings, a U.S. financial analysis firm, stated in a recent stablecoin report that the rapid growth of stablecoins has attracted the attention of regulators. Jurisdictions such as the EU, Hong Kong, and Singapore are taking comprehensive measures in their regions, while the U.S. is lagging behind other major markets in advancing cryptocurrency regulation. Among them, Hong Kong's stablecoin regulation impresses with its sound governance structure and risk management framework. The "Stablecoin Bill," launched in December last year, is expected to pass early this year. Stablecoins that aim to maintain stable value by referencing a single or a basket of fiat currencies fall within the scope of this bill. Regulated activities include issuing stablecoins in Hong Kong and issuing stablecoins referencing the Hong Kong dollar outside of Hong Kong.

美國金融分析公司S＆P Global Ratings在最近的一份Stablecoin報告中指出，Stablecoins的快速增長吸引了監管機構的注意。歐盟，香港和新加坡等司法管轄區正在其地區採取全面的措施，而美國在推進加密貨幣監管方面卻落後於其他主要市場。其中，香港的Stablecoin監管以其合理的治理結構和風險管理框架給人留下了深刻的印象。去年12月推出的“ Stablecoin法案”預計將於今年初通過。旨在通過引用單一或籃子菲亞特貨幣來維持穩定價值的Stablecoins屬於該法案的範圍。受監管的活動包括在香港發行穩定幣，並發行引用香港境外香港的穩定幣。

Elliptic, a UK blockchain analytics company, commented on Hong Kong's upcoming "Stablecoin Bill": The progress made by Hong Kong in promoting (stablecoin) legislation further strengthens the view that Hong Kong is at the forefront of the Asia-Pacific region in formulating comprehensive regulatory approaches that allow cryptocurrency and blockchain innovators to launch products locally under strong regulatory controls.

英國區塊鏈分析公司Elliptic對香港即將到來的“ Stablecoin法案”的評論：香港在促進（Stablecoin）立法方面取得的進步進一步增強了香港在建立綜合法規的範圍內的地獄 - 太平洋地區的前沿，以允許啟動無處不在的統治者，以允許英國統一的構建統治者構成無限制的統治者。