对话香港最大持牌虚拟资产交易所：稳定币启航，如何行稳致远？

Core Viewpoint - The global stablecoin landscape is undergoing significant transformation, with the U.S. Stablecoin Act accelerating the tokenization process dominated by the dollar, while adjustments in Singapore's crypto ecosystem create development opportunities for Hong Kong [2][3]. Group 1: Hong Kong's Regulatory Framework - Hong Kong's Stablecoin Regulation came into effect on August 1, with the Hong Kong Monetary Authority (HKMA) indicating that institutions wishing to apply for licenses must express their intent by the end of August and submit applications by September 30 [2]. - The HKMA plans to issue the first phase of licenses by early 2026, with the initial number expected to be in single digits [2]. - HKMA's President emphasized the positive implications of stablecoins as emerging payment tools but cautioned against excessive market speculation, advocating for a prudent and sustainable approach to implementing the Stablecoin Regulation [2]. Group 2: HashKey Exchange's Position - HashKey Exchange, as Hong Kong's largest licensed virtual asset exchange, aims to avoid excessive speculation on stablecoins, focusing instead on sustainable innovation within a compliant framework [3][4]. - The exchange has established partnerships with traditional financial institutions, simplifying fiat-to-crypto processes and facilitating the tokenization of money market fund ETFs [4]. - HashKey's CEO noted a significant increase in stablecoin usage for cross-border payments, particularly in large trade settlements, highlighting the exchange's plans to collaborate with stablecoin license applicants to list HKD stablecoins [5]. Group 3: Market Dynamics and Opportunities - Stablecoins have emerged as a crucial alternative for cross-border payment settlements, especially in countries with unstable local currencies, where they serve as a financial substitute [5][12]. - The U.S. Treasury estimates that the stablecoin market could grow from approximately $250 billion to $2 trillion, creating a substantial buyer market for U.S. Treasury bonds [13]. - The potential for RMB internationalization could be enhanced through stablecoins, particularly with the introduction of offshore RMB stablecoins, which may improve payment efficiency and coverage [14][15]. Group 4: Competitive Landscape - Hong Kong's rapid advancement in stablecoin regulation positions it favorably against Singapore, which has tightened regulations on non-compliant entities, inadvertently benefiting Hong Kong's digital asset ecosystem [17]. - The Middle East, particularly Dubai, poses a competitive challenge to Hong Kong, with its more flexible regulatory environment and aggressive push for blockchain integration in financial services [18]. - HashKey's diverse ecosystem includes digital asset trading, asset management, and on-chain services, which distinguishes it from other exchanges and enhances its competitive edge [10][21]. Group 5: Compliance and Innovation - HashKey emphasizes compliance as a competitive advantage, implementing stringent KYC and anti-money laundering measures that exceed traditional banking standards [6][20]. - The exchange's commitment to compliance has fostered trust among institutional clients, enabling it to navigate regulatory challenges while pursuing innovative solutions [20]. - The company actively engages with regulators to optimize operational costs and enhance service offerings, ensuring that innovation aligns with compliance requirements [20].