香港將向 11 家 VASP 發放執照，韓國將收緊穩定幣規則

幾年前，香港被認為是對數位資產業務最友善的司法管轄區。然而，價值2億美元的本地兌換騙局

Hong Kong is set to issue licenses for nearly a dozen virtual asset service providers (VASPs) by the end of the year, according to the city’s regulator.

據香港監管機構稱，香港將於今年底前為近十幾家虛擬資產服務提供者（VASP）頒發許可證。

This comes as part of a broader effort to regulate the digital asset industry in Hong Kong, following a $200 million local exchange scam that prompted regulators to become more stringent.

這是香港數位資產產業監管更廣泛努力的一部分，此前發生了價值 2 億美元的本地交易所騙局，促使監管機構變得更加嚴格。

The Securities and Futures Commission (SFC) has been conducting on-site visits and reviews of 11 VASP license applicants, with the aim of issuing them licenses this year, SFC CEO Julia Leung told local media outlet HK01 in a recent interview.

證券及期貨事務監察委員會（證監會）首席執行官梁鳳儀最近在接受當地媒體 HK01 採訪時表示，證監會已對 11 家 VASP 牌照申請人進行了現場訪問和審查，目標是在今年向他們發放牌照。

Among the applicants are Hong Kong Digital Asset EX Limited, Whalefin Markets, Panthertrade Limited and DFX Labs Limited, according to the SFC website. Notably, none of the global exchanges are on the list, despite Hong Kong being one of their biggest target markets in Asia.

據證監會網站稱，申請人包括 Hong Kong Digital Asset EX Limited、Whalefin Markets、Panthertrade Limited 和 DFX Labs Limited。值得注意的是，儘管香港是全球交易所在亞洲最大的目標市場之一，但沒有一家全球交易所上榜。

Some exchanges, including Binance, OKX, Gate.io and HTX, withdrew their applications earlier this year. Local media outlets reported that the withdrawals were due to a stipulation by the SFC that they could not serve Chinese customers under the new licensing regime.

包括 Binance、OKX、Gate.io 和 HTX 在內的一些交易所已在今年稍早撤回了申請。當地媒體報道稱，撤資是由於證監會規定他們不能在新的發牌制度下為中國客戶提供服務。

“Applicants who do not meet the requirements will lose their qualifications for licensing, while applicants who meet the requirements will be granted a license conditionally,” Leung said, without revealing the identities of the applicants.

梁說：「不符合要求的申請人將失去牌照資格，而符合要求的申請人將有條件地獲得牌照。」但他沒有透露申請人的身份。

The SFC began accepting applications for VASP licenses in August last year, following the enactment of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill in June.

《反洗錢及恐怖分子資金籌集（修訂）條例草案》於 6 月頒布後，證監會於去年 8 月開始接受 VASP 牌照的申請。

The new licensing regime is designed to bring digital asset exchanges and other service providers under the SFC’s regulatory ambit, following the collapse of several local exchanges in recent years.

在近年來數家本地交易所倒閉後，新的發牌制度旨在將數位資產交易所和其他服務提供者納入證監會的監管範圍。

Under the new regime, VASP license applicants are required to obtain a separate permit to service Hong Kong investors. Haskey and OSL became the first two exchanges under the new regime to acquire this license, and HKVAX joined them a week ago.

根據新制度，VASP牌照申請人必須獲得單獨的許可證才能為香港投資者提供服務。 Haskey 和 OSL 成為新制度下首批獲得該牌照的兩家交易所，HKVAX 一周前也加入了他們的行列。

Despite cultivating the image of a digital asset hub, Hong Kong is quite restrictive on retail traders. Before August, retailers valued at less than $1 million could only buy and sell BTC and ETH, but their options have broadened slightly to four tokens. Professional investors have a much bigger selection of tokens available to them.

儘管香港樹立了數位資產中心的形象，但它對零售交易者的限制相當嚴格。 8 月之前，價值低於 100 萬美元的零售商只能買賣 BTC 和 ETH，但他們的選擇範圍已略微擴大到四種代幣。專業投資者有更多的代幣可供選擇。

Meanwhile, South Korea is tightening its laws on stablecoins to plug any crime loopholes in cross-border funds transfers, with proposals being reviewed to extend stringent foreign exchange regulations to transactions involving fiat-pegged stablecoins.

與此同時，韓國正在收緊穩定幣法律，以堵塞跨境資金轉移中的任何犯罪漏洞，並正在審查將嚴格的外匯監管範圍擴大到涉及與法定貨幣掛鉤的穩定幣交易的提案。

The country's Ministry of Economy and Finance (MoEF) revealed the proposals on Friday, with the aim of bolstering oversight over crypto funds flowing in and out of the country.

該國經濟和財政部（MoEF）於週五公佈了這些提議，旨在加強對流入和流出該國的加密貨幣資金的監管。

The proposals are being reviewed by the Financial Services Commission (FSS), which will prioritize stablecoins in the next phase of the country’s Virtual Asset User Protection Act.

金融服務委員會（FSS）正在審查這些提案，該委員會將在該國虛擬資產用戶保護法的下一階段優先考慮穩定幣。

The FSS will initially focus on stablecoins pegged to the country’s won before extending to those pegged to the U.S. dollar and other foreign currencies.

FSS 最初將重點關注與韓元掛鉤的穩定幣，然後再擴展到與美元和其他外幣掛鉤的穩定幣。

In South Korea, most local exchanges offer their own stablecoins that are pegged to the won, but these are limited to the exchange ecosystem. Some companies have also attempted to launch broader won-pegged stablecoins with limited success.

在韓國，大多數當地交易所都提供自己的與韓元掛鉤的穩定幣，但這些僅限於交易所生態系統。一些公司也嘗試推出更廣泛的與韓元掛鉤的穩定幣，但成效有限。

However, like in most other countries, stablecoins are gaining traction for cross-border fund transfers, which poses a challenge for the government as they are harder to track than traditional methods.

然而，與大多數其他國家一樣，穩定幣在跨境資金轉移方面越來越受歡迎，這給政府帶來了挑戰，因為它們比傳統方法更難追蹤。

“International trades in stablecoins are not reflected in official statistics, which could create a loophole in the government’s policies,” said Hwang Suk Jin, a professor at Dongguk University in Seoul.

首爾東國大學教授 Hwang Suk Jin 表示：“穩定幣的國際貿易沒有反映在官方統計數據中，這可能會對政府的政策造成漏洞。”

Jin joins many other Korean economic experts, including Bank of Korea Governor Rhee Chang-yong, who fear that in times of economic crises, capital could flee the country as investors convert their won-based assets to foreign currency-pegged stablecoins.

金與包括韓國央行行長李昌鏑在內的許多其他韓國經濟專家一樣，擔心在經濟危機時期，隨著投資者將韓元資產轉換為與外幣掛鉤的穩定幣，資本可能會逃離該國。

The FSS intends to consult other jurisdictions before settling its stablecoin rules, including the European Union and neighboring Japan.

FSS 打算在製定穩定幣規則之前諮詢其他司法管轄區，包括歐盟和鄰國日本。

The latter is strict with stablecoins and only allows banks, trust companies and fund transfer services to issue these tokens.

後者對穩定幣的要求嚴格，只允許銀行、信託公司和資金轉帳服務機構發行這些代幣。