新财观 | 虚拟资产监管创新与深化：强化稳定币双重角色 香港数字金融生态将步入新阶段

Group 1 - The global virtual asset market is expected to exceed $3 trillion by 2024, with stablecoins serving as a bridge between traditional finance and the crypto world [1] - Hong Kong's Legislative Council has passed the "Stablecoin Bill," marking a significant step in virtual asset regulation and enhancing Hong Kong's attractiveness in the global Web3.0 and virtual asset competition [1] - Stablecoins play a dual role in the virtual asset market, acting as both a value stabilizer and an ecosystem connector, facilitating DeFi lending and cross-border payments [1] Group 2 - As of April 2025, Hong Kong has 10 licensed virtual asset trading platforms, with HashKey being the largest, managing assets worth HKD 10 billion and facilitating over HKD 600 billion in trading volume [2] - The Hong Kong Monetary Authority is actively promoting fintech platform development through sandbox initiatives, with the Ensemble project focusing on wholesale wCBDC based on blockchain technology [2] Group 3 - The first three issuers in the stablecoin sandbox include JD Coin Chain Technology, Yuan Coin Innovation Technology, and a joint application from Standard Chartered Bank, ANZ Group, and Hong Kong Telecom, all planning to launch HKD-pegged stablecoins [3] - JD stablecoin (JD-HKD) is in the second phase of sandbox testing, targeting retail and institutional applications for cross-border payments and investment transactions [3] Group 4 - Hong Kong's regulatory framework for stablecoins allows for multi-currency pegging, aligning with its status as an international financial center and facilitating the internationalization of the Renminbi [4] - Compared to the EU's MiCA, Hong Kong's principle-based regulatory approach is more flexible, focusing on risk characteristics and allowing for greater technological innovation [5] Group 5 - The credibility and safety of stablecoins are essential for market acceptance, with credit rating agencies potentially playing a role in assessing licensed stablecoin issuers [5] - Establishing globally recognized stablecoin rating standards can enhance market transparency and investor confidence [5]