以技术赋能打破传统金融壁垒 香港成稳定币合规化“全球范本”｜聚焦稳定币

Core Viewpoint - Stablecoins are becoming a core variable in reshaping the global financial landscape through a dual-driven model of "technological innovation + regulatory development" [1] Group 1: Stablecoin Regulation and Market Impact - The implementation of the "Stablecoin Ordinance" in Hong Kong is expected to solidify and enhance its status as an international financial center, with significant changes anticipated in the financial market ecosystem [2] - The ordinance features a "dual-track" regulatory approach, allowing only approved stablecoin issuers to offer retail stablecoins, while unapproved stablecoins can only be traded among professional investors [6][7] Group 2: Technological Maturity and Financial Inclusion - Stablecoins are breaking down traditional financial barriers, with USDT (Tether) having circulated globally for over 10 years, significantly contributing to financial inclusion [4] - In Africa, approximately 60% of the population lacks bank accounts, yet they can access stablecoin systems via mobile wallets, enabling "account-free cross-border payments" [4] - For Chinese cross-border e-commerce, stablecoins like USDT are becoming essential tools for trade facilitation, with a significant increase in their usage among small merchants [4] Group 3: Role of Hong Kong's Digital Currency Exchanges - HashKey Exchange is positioned as a key player in Hong Kong's virtual asset trading landscape, acting as a "two-way connector" between fiat and stablecoin systems [6][7] - The exchange is implementing stringent KYC and anti-money laundering mechanisms to ensure compliance while facilitating stablecoin transactions [7] Group 4: Pathways for RMB Stablecoin Implementation - The discussion around the impact of the "Stablecoin Ordinance" on the internationalization of the RMB has led to proposals for a "three-phase strategy" for the implementation of RMB stablecoins [8] - The strategy includes issuing offshore RMB stablecoins initially for institutional clients, followed by integration with free trade account systems in specific regions, and eventually launching onshore RMB stablecoins [10]