香港正在加快为香港美元稳定的监管框架的建设。

最近，香港立法委员会的相关法案委员会正在审查2025年最受期待的新法规之一

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，香港立法委员会的相关法案委员会已开始审查2025年最受期待的新法规之一 - “ Stablecoin法案”。货币管理局负责人（数字金融）希望立法委员会今年通过该法案。之后，货币当局将发布监管指南，以解释如何解释法律，包括有关发行人业务运营监管的详细信息，并将及时实施一个系统，以为有兴趣的参与者开放许可申请。

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.

香港正在加快为香港美元稳定的监管框架的建设。 2月26日，香港的财政部长陈·莫博（Chen Maobo）也表示，香港政府将要发布其关于虚拟资产发展的第二份政策宣言，探索如何将传统金融服务的优势与虚拟资产领域的技术创新相结合。此外，香港政府已向立法委员会提交了一项法案，涉及引入菲亚特·斯塔布尔卡因发行人的监管体系。法案通过后，货币当局将加快许可申请的批准。

Stablecoin "Sandbox" Participants Accelerate Issuance Plans

Stablecoin“沙盒”参与者加速发行计划

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，香港政府发布了“ Stablecoin法案”，并于12月18日将其提交了立法委员会的第一读（该法案必须经过三本阅读，然后签署为法律）。

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.

据报道，“ Stablecoin法案”旨在防止指定的稳定者对货币政策，金融稳定和投资者保护带来的潜在风险，以促进香港在虚拟资产领域的监管框架的进一步改善，并与虚拟资产开发和法规中的全球趋势保持一致。该系统建立在许多其他关键系统上，包括2023年6月1日生效的虚拟资产交易平台的许可系统。

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，香港货币管理局宣布了Stablecoin发行人“ Sandbox”参与者的名单，其中包括三个参与者：JD Coin Chain Technology（Hong Kong）Co.，Ltd。; Yuan Coin Innovation Technology Co.，Ltd。;标准特许银行（香港）有限公司，Animoca Group Limited和香港电信有限公司（后三个是单个参与者）。

Image source: Hong Kong Monetary Authority official website

图片来源：香港货币管理局官方网站

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，这三个参与实体的Stablecoin业务正在发展。 JD Coin Chain Technology去年宣布，它将与Star Bank共同推出JD Stablecoin（Jingdong Stablecoin），该银行以1：1的比例将其固定在香港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硬币创新技术正在完全促进HKDR Stablecoin的发行进度，并计划在将来根据以太坊发布Stablecoin，并在许可的虚拟资产交易平台Hashkey Exchange上正式启动它。

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，标准特许银行（香港）有限公司“ SCBHK”，Animoca Brands和香港电信已签署了共同建立合资企业的协议，计划在香港货币当局的新监管框架下申请许可证，以发行香港娃娃币造成的稳定稳定的稳态。

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.

重要的是要强调，参与沙箱不是申请Stablecoin许可证的必要途径。沙盒参与者仍然需要提交正式申请。

International Voices on Hong Kong Dollar Stablecoin and Related Legislation

关于香港美元稳定股和相关立法的国际声音

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，国际货币基金会（IMF）在与香港地区的第四篇文章磋商期间评论说：“香港最近为加强迅速发展的加密资产中介机构的监管而付出的努力值得称赞，应该是全面的监管策略的一部分，其中包括一项基于风险的努力，以确保稳固的企业进行管理，并确保对稳固的企业进行管理，并在进行稳定的企业，并在不断地进行管理，并继续进行稳定的企业，并在进行稳定的策略，以确保稳定的企业，即将继续进行管理，即将进行，即将进行构成稳定的策略，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，即将进行，构成稳定的策略，构成了构成稳定的策略。适当。”

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.

美国金融分析公司S＆P Global Ratings在最近的一份Stablecoin报告中指出，Stablecoins的快速增长吸引了监管机构的注意。欧盟，香港和新加坡等司法管辖区正在其地区采取全面的措施，而美国在推进加密货币监管方面却落后于其他主要市场。其中，香港的Stablecoin监管以其合理的治理结构和风险管理框架给人留下了深刻的印象。去年12月推出的“ Stablecoin法案”预计将于今年初通过。旨在通过引用单一或篮子菲亚特货币来维持稳定价值的Stablecoins属于该法案的范围。受监管的活动包括在香港发行稳定币，并发行引用香港境外香港的稳定币。

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.

英国区块链分析公司Elliptic对香港即将到来的“ Stablecoin法案”的评论：香港在促进（Stablecoin）立法方面取得的进步进一步增强了香港在建立综合法规的范围内的地狱 - 太平洋地区的前沿，以允许启动无处不在的统治者，以允许英国统一的构建统治者构成无限制的统治者。