香港步履蹒跚之际，新加坡稳步推进数字资产中心雄心

新加坡于 2024 年向一系列加密货币运营商发放了 13 个加密货币许可证，其中包括顶级交易所 OKX 和 Upbit，以及全球重量级交易所 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 年继续努力将自己打造成数字资产中心，尽管竞争对手金融中心香港在获得吸引力方面遇到了困难。

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.

新加坡于 2024 年向一系列加密货币运营商颁发了 13 个加密货币许可证，其中包括顶级交易所 OKX 和 Upbit，以及全球重量级交易所 Anchorage、BitGo 和 GSR。这是该城邦去年颁发的许可证的两倍多。香港类似的许可制度进展缓慢。

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.

这两个城市都在竞相通过专门的制度、代币化项目和监管沙箱吸引数字资产公司来到自己的海岸。地方当局看到加密货币有潜力提升各自司法管辖区作为全球商业中心的吸引力，但进展并不均衡。

“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.”

咨询公司 TRM Labs 的高级政策顾问 Angela Ang 表示：“香港的交易所监管制度在许多重要方面都更加严格，例如客户资产的托管以及代币上市和退市政策。” “这可能使天平向有利于新加坡的方向倾斜。”

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.

香港的审批速度比预期慢，监管机构已表示打算在年底前授权更多交易所。该市目前总共已获得七个平台的全面许可，其中四个平台已于 12 月 18 日获得批准（尽管有一些限制）。另外七个平台持有临时许可证。但 OKX 和 Bybit 等知名交易所撤回了香港牌照申请。

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.

该市还只允许交易最具流动性的加密货币，例如比特币和以太币，禁止投资者押注于较小且波动性较大的代币，即山寨币。

“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 是一家香港连锁店，提供现金和加密货币之间的场外兑换服务，其联合创始人 Roger Li 表示：“要达到并实现盈利，这是一个相当高的标准。”

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.

数字资产高管考虑在亚洲扩张的另一个因素是中国的影响力，中国禁止加密货币交易。已在新加坡申请牌照的做市商 B2C2 Ltd. 区域首席执行官 David Rogers 表示，与其他国家相比，香港的特别行政制度具有不同的风险状况。

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.”

罗杰斯表示，新加坡的支持性数字资产环境使其成为区域中心的“安全、长期选择”。 “这是我们在这里采取的一种风险调整方法。”

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

在批发方面，两个城市都可以指出在让受监管的金融机构试验区块链软件方面取得的进展。

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.

新加坡金融管理局于 11 月宣布计划通过两项国家支持的举措支持资产代币化的商业化：Project Guardian 和 Global Layer 1。与此同时，香港通过使用汇丰控股有限公司的代币化平台。

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，香港还在 4 月份推出了比特币和以太币 ETF 现货，但它们未能激起美国同类产品买家所表现出的热情。该市的比特币和以太币 ETF 总计已积累了约 5 亿美元，而美国发行人持有的 1200 亿美元以上的资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.”

“新加坡的框架鼓励新进入者和老牌机构之间的互动，”欧洲工商管理学院 (INSEAD) 金融学副教授本·查罗恩旺 (Ben Charoenwong) 表示。香港对老牌金融机构的关注“为新进入者创造了更少的机会，并限制了创新的范围”。

--With assistance from Sidhartha Shukla.

——在悉达多舒克拉的帮助下。

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