香港步履蹣跚之際，新加坡穩步推動數位資產中心雄心

新加坡於 2024 年向一系列加密貨幣業者發放了 13 個加密貨幣許可證，其中包括頂級交易所 OKX 和 Upbit，以及全球重量級交易所 Anchorage、BitGo 和 GSR。

Singapore pressed ahead in 2024 with efforts to establish itself as a digital-assets hub, even as rival financial center Hong Kong encountered difficulties in gaining traction.

新加坡在 2024 年繼續努力將自己打造成數位資產中心，儘管競爭對手金融中心香港在獲得吸引力方面遇到了困難。

Singapore awarded 13 crypto licenses in 2024 to a range of crypto operators including top exchanges OKX and Upbit, as well as global heavyweights Anchorage, BitGo and GSR. That’s more than double the licenses awarded by the city-state the previous year. A similar licensing regime in Hong Kong has been slow to progress.

新加坡於 2024 年向一系列加密貨幣業者頒發了 13 個加密貨幣許可證，其中包括頂級交易所 OKX 和 Upbit，以及全球重量級交易所 Anchorage、BitGo 和 GSR。這是該城邦去年頒發的許可證的兩倍多。香港類似的許可製度進展緩慢。

Both cities are bidding to entice digital-asset firms to their shores with dedicated regimes, tokenization projects and regulatory sandboxes. Local authorities see in crypto the potential to boost the allure of their respective jurisdictions as global business hubs, but progress has been uneven.

這兩個城市都在競相透過專門的製度、代幣化項目和監管沙箱吸引數位資產公司來到自己的海岸。地方當局看到加密貨幣有潛力提升各自司法管轄區作為全球商業中心的吸引力，但進展並不均衡。

“Hong Kong’s regulatory regime for exchanges is more restrictive in a number of ways that matter — such as custody of customer assets and token listing and delisting policies,” said Angela Ang, senior policy adviser at consultancy TRM Labs. “This may have tipped the balance in Singapore’s favor.”

諮詢公司 TRM Labs 的高級政策顧問 Angela Ang 表示：“香港的交易所監管制度在許多重要方面都更加嚴格，例如客戶資產的託管以及代幣上市和退市政策。” “這可能使天平向有利於新加坡的方向傾斜。”

Approvals in Hong Kong have come slower than expected and regulators had signaled their intent to authorize more exchanges by year-end. The city has now fully licensed seven platforms in total, with four of those given the green light — albeit with some restrictions — on Dec. 18. A further seven hold provisional permits. But prominent exchanges such as OKX and Bybit withdrew their applications for Hong Kong licenses.

香港的審批速度比預期慢，監管機構已表示打算在年底前授權更多交易所。該市目前總共已獲得七個平台的全面許可，其中四個平台已於 12 月 18 日獲得批准（儘管有一些限制）。但 OKX 和 Bybit 等知名交易所撤回了香港牌照申請。

The city also allows trading in only the most liquid cryptocurrencies such as Bitcoin and Ether, barring investors from punting on smaller and more volatile tokens, known as altcoins.

該市也只允許交易最具流動性的加密貨幣，例如比特幣和以太幣，禁止投資者押注於較小且波動性較大的代幣，即山寨幣。

“It’s quite a high standard to meet and be profitable,” said Roger Li, co-founder of One Satoshi, a chain of stores in Hong Kong offering over-the-counter conversions between cash and crypto.

One Satoshi 是一家香港連鎖店，提供現金和加密貨幣之間的場外兌換服務，其聯合創始人 Roger Li 表示：“要達到並實現盈利，這是一個相當高的標準。”

Another factor for digital-asset executives mulling expansion in Asia is the influence of China, where crypto trading is banned. Hong Kong’s special administrative regime has a different risk profile compared to other countries, said David Rogers, regional chief executive at market maker B2C2 Ltd., which has applied for a license in Singapore.

數位資產高層考慮在亞洲擴張的另一個因素是中國的影響力，中國禁止加密貨幣交易。已在新加坡申請牌照的做市商 B2C2 Ltd. 區域執行長 David Rogers 表示，與其他國家相比，香港的特別行政制度具有不同的風險狀況。

Singapore’s supportive digital-asset environment makes it a “safe, long-term choice” for a regional hub, Rogers said. “It is a risk-adjusted approach we’re taking here.”

羅傑斯表示，新加坡的支持性數位資產環境使其成為區域中心的「安全、長期選擇」。 “這是我們在這裡採取的一種風險調整方法。”

On the wholesale side, both cities can point to progress in getting regulated financial institutions to experiment with blockchain software.

在批發方面，兩個城市都可以指出讓受監管的金融機構試驗區塊鏈軟體方面取得的進展。

The Monetary Authority of Singapore in November announced plans to support the commercialization of asset tokenization through two state-backed initiatives: Project Guardian and Global Layer 1. Meanwhile, Hong Kong oversaw the sale of HK$6 billion ($770 million) of digital green bonds using HSBC Holdings Plc’s tokenization platform.

新加坡金融管理局於 11 月宣布計劃透過兩項國家支持的舉措支持資產代幣化的商業化：Project Guardian 和 Global Layer 1。

Hong Kong also notably rolled out spot-Bitcoin and Ether ETFs in April, but they have failed to stoke the kind of enthusiasm displayed by buyers of equivalent products in the US. The city’s Bitcoin and Ether ETFs combined have amassed about $500 million, a fraction of the more than $120 billion held by US issuers.

值得注意的是，香港也在 4 月推出了比特幣和以太幣 ETF 現貨，但它們未能激起美國同類產品買家所表現出的熱情。該市的比特幣和以太幣 ETF 總計已累積了約 5 億美元，而美國發行人持有的 1,200 億美元以上的資金只是其中的一小部分。

“Singapore’s framework encourages interaction between new entrants and established institutions,” said Ben Charoenwong, associate professor of finance at INSEAD. Hong Kong’s focus on established financial institutions “creates fewer opportunities for new entrants and limits the scope of innovation.”

「新加坡的框架鼓勵新進業者和老牌機構之間的互動，」歐洲工商管理學院 (INSEAD) 金融學副教授 Ben Charoenwong 表示。香港對老牌金融機構的關注「為新進入者創造了更少的機會，並限制了創新的範圍」。

--With assistance from Sidhartha Shukla.

——在悉達多舒克拉的幫助下。

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