对香港地区数字金融监管框架的思考和展望

Core Viewpoint - The article discusses the regulatory framework for digital finance and cryptocurrency in Hong Kong, particularly in the context of the "FIT21" Act passed by the U.S. Congress, highlighting the need for a comprehensive regulatory approach to digital assets and stablecoins in the region [3][6]. Group 1: Regulatory Developments - In August 2023, China's Ministry of Industry and Information Technology and other departments released a plan to strengthen blockchain standardization, promoting high-quality development of the blockchain industry [2]. - Hong Kong was one of the first regions to propose comprehensive investor protection policies for digital finance in 2018 and has since developed a regulatory framework for stablecoin issuers, with a consultation document released in December 2023 [2][6]. Group 2: Cryptocurrency and Stablecoins - Cryptocurrency is a subset of digital assets, lacking a unified definition, and includes various types such as investment tokens, stablecoins, functional tokens, and non-fungible tokens [4]. - Stablecoins are directly linked to traditional finance, typically pegged to fiat currencies or a basket of assets, but currently lack a mature regulatory framework, leading to instances of instability, such as the collapse of the Terra Luna stablecoin in May 2022 [4][5]. Group 3: Hong Kong's Regulatory Framework - The Hong Kong Monetary Authority (HKMA) has been researching distributed ledger technology (DLT) since 2016 and has initiated several projects to explore the application of central bank digital currencies in cross-border payments [6]. - The proposed regulatory framework for digital assets in Hong Kong focuses on three main aspects: the stability of the monetary and financial system, investor protection, and the prevention of fraud and money laundering activities [7]. - The upcoming regulatory measures will emphasize the regulation of payment-use digital stablecoins, investor protection in the cryptocurrency sector, and the oversight of related businesses to ensure the stability of Hong Kong's monetary and banking systems [7].