香港金管局“降温”稳定币：不是投资或投机工具

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) emphasizes the need for cautious regulation and a clear understanding of stablecoins, highlighting their role as payment tools rather than investment or speculative instruments [1][3][4]. Regulatory Approach - The HKMA has set high thresholds for issuing licenses for stablecoin issuers, requiring real application scenarios and indicating that only a few licenses will be granted in the initial phase [1][5][7]. - The HKMA's sandbox program, which includes three initial participants, is designed to understand the business models of potential stablecoin issuers, but entry does not guarantee a license [6][7]. Definition and Characteristics of Stablecoins - Stablecoins are defined as virtual assets aimed at maintaining a stable value relative to certain assets, typically currencies, and are seen as a bridge between traditional finance and virtual assets [3][4]. - They possess unique features such as anonymity and ease of cross-border use, which present regulatory challenges, particularly in anti-money laundering [4]. Market Dynamics and Future Outlook - The future development of stablecoins will largely depend on market forces, with various new payment tools emerging alongside stablecoins, including CBDCs and tokenized deposits [3][4]. - The HKMA is actively involved in reviewing the implementation of the global regulatory framework for crypto asset activities established by the Financial Stability Board (FSB) [3][4]. Compliance and Market Sustainability - Stablecoin issuers must demonstrate capabilities in asset management, price stability mechanisms, and risk control, along with a comprehensive compliance plan if their operations involve other regions [7]. - The sustainability of a stablecoin issuer's business is influenced by factors such as user scale, application scenarios, and market conditions, necessitating a viable business plan and sufficient resources [7].