当一个资产规模接近全球央行黄金储备的一半时，它就不再是圈层里的投机工具，而是进入了国家金融战略的观察视野。 最新数据显示，全球虚拟货币总市值已经达到2.73万亿美元，比特币单体市值超过1.5万亿美元，与5.8万亿美元级别的全球黄金储备形成了结构性对比。 这种体量的存在，本身就意味着货币体系正在被重新定价。 但如果把视角放在金融结构层面来看，更准确的表述或许是：通过规则和技术控制，将高流动性的链上资产纳入既有金融秩序框架之内。 过去几年，美国在虚拟资产领域的执法案例金额持续走高。 据公开统计，2022年至2025年间，各类案件涉及没收的虚拟货币资产价值累计超过300亿美元。 其中单一案件规模动辄数十亿美元级别，陈志案没收资产规模约150亿美元，占比接近整体的一半。 这类案件的共性并非简单的司法处罚，而是资产在跨境追踪、冻结与拍卖后，最终进入美国监管体系可控范围。 从金融逻辑上拆解，这种操作依赖三层结构支撑。 第一层是技术优势，美国在链上数据分析、地址追踪与交易溯源领域占据绝对主导地位。 大量核心区块链分析公司和服务商集中在美国体系内，链上行为被实时监控并转化为可执行的法律证据。 第二层是规则绑定机制。通过反洗钱 ...

来源：每日经济新闻 2月11日，香港证监会发布一揽子新规，允许持牌虚拟资产经纪向证券保证金客户提供虚拟资产融资服 务，前提是须具备足够的抵押品及设有稳健的投资者保障。 同时，香港证监会首次为持牌虚拟资产交易平台制定了一套高层次框架，以指导它们开发仅供专业投资 者参与并属杠杆式产品的永续合约。 这是香港证监会继2025年2月发布对虚拟资产市场的监管路线图"ASPIRe"后，在数字资产领域实施的又 一轮制度补位。 在同日举行的Consensus香港大会2026上，香港证监会中介机构部执行董事叶志衡表示，香港数字资产 的发展已进入关键阶段，"（香港证监会）今年的工作重点在于提升市场流动性，战略性地扩大市场参 与并鼓励负责任的产品创新，以增加市场深度，完善价格发现机制，并提升投资者信心。" 锚定证券框架，抵押品限比特币和以太币 根据香港证监会发布的通函，香港证监会正式废除了此前关于"持牌法团或注册机构不得向客户提供任 何财务通融以让他们购买虚拟资产"的禁令，而是将允许从事证券保证金融资的虚拟资产经纪，在有充 足的证券抵押品及若干限定虚拟资产抵押品用作缓减信贷风险的情况下，就虚拟资产交易向保证金客户 提供信贷。 但此次 ...

Investment Rating - The report does not explicitly provide an investment rating for the Hong Kong Non-Bank Financials sector [20]. Core Insights - The Hong Kong Securities and Futures Commission (SFC) announced three new initiatives aimed at enhancing the virtual asset regulatory ecosystem: margin financing, perpetual contracts, and affiliated market makers [8][9]. - The SFC's ASPIRe roadmap, published in February 2025, focuses on five pillars: Access, Safeguards, Products, Infrastructure, and Relationships, to create a safe and innovative virtual asset market [10][9]. - The introduction of Hong Kong dollar-pegged stablecoins is expected to facilitate more efficient cross-border fund flows and expand stablecoin applications beyond the crypto-native ecosystem [11]. - The SFC has authorized 11 tokenized money market funds, and the global tokenized asset market is rapidly growing, with tokenized gold assets reaching an AUM of $400 million, doubling in six months [12]. - The new regulatory measures are anticipated to significantly boost trading volume and liquidity in Hong Kong's virtual asset market, with perpetual contracts expected to enhance market activity [13]. Summary by Sections New Initiatives - The three new initiatives include: - **Margin Financing**: Licensed brokers can provide margin financing to clients with strong credit, initially limited to Bitcoin and Ethereum [14]. - **Perpetual Contracts**: A regulatory framework will allow licensed platforms to offer perpetual contracts, restricted to professional investors [14]. - **Affiliated Market Makers**: Regulatory relief will permit licensed platforms to provide liquidity through affiliated market-making entities, ensuring operational independence [14]. Regulatory Framework - The ASPIRe roadmap aims to enhance global liquidity and establish a compliance framework that integrates traditional finance with blockchain technology [10][9]. - The roadmap's five pillars are designed to improve investor access, product categorization, and regulatory reporting while promoting cross-border cooperation [10]. Market Impact - The expected launch of stablecoins and the liberalization of perpetual contracts are projected to increase trading volume, with Bitcoin perpetual contracts currently accounting for 70%-80% of total trading volume globally [13].

Bithumb原计划向用户发放每人2000韩元（约1.4美元）的现金促销奖励，但系统错误导致695名用户每人至少收到2000枚比特币。该交易所在35分钟 内限制了相关账户的交易和提现功能，并已追回99.7%的错发比特币。 韩国加密货币交易所Bithumb因操作失误向用户错发价值超过440亿美元的比特币，引发平台币价暴跌，监管层已启动审查程序。 按照当前比特币价格计算，Bithumb共错发了62万枚比特币，总价值约440亿美元。促销活动原本设计为向每位用户发放不低于2000韩元的小额现金奖 励，但系统执行时将数字单位从韩元错误替换为比特币， 导致奖励金额放大数十亿倍。 交易所在发现错误后迅速采取行动，在35分钟内冻结了受影响账户的交易和提现权限。截至目前，已有99.7%的错发比特币被追回，但仍有约0.3%尚 未收回，按比例计算约价值1.32亿美元。 监管审查全面升级 韩国金融监管机构对此次事故反应迅速。金融服务委员会在紧急会议后发布声明指出，这起事件揭示了虚拟资产行业存在的系统性风险。 监管层计划对加密货币交易所的内部控制系统、虚拟资产持有情况及运营流程进行全面审查。如果在审查过程中发现违规行为或管理漏洞，将立 ...

Core Viewpoint - The People's Bank of China and eight ministries issued Document No. 42, reinforcing strict regulations on virtual currencies, including cryptocurrencies, stablecoins, and Real World Asset (RWA) tokenization, marking a significant step in establishing a regulatory framework for virtual assets in mainland China [1][2][3]. Group 1: Regulatory Framework - Document No. 42 integrates cryptocurrencies, stablecoins, and RWA into a comprehensive regulatory framework, addressing previous regulatory gaps and providing clear legal guidelines for virtual asset activities [2][5]. - The document establishes a clear distinction between different types of virtual assets, indicating a shift from a blanket prohibition to a more nuanced regulatory approach [23][26]. Group 2: Historical Context - The regulatory history includes significant milestones such as the "94 Announcement" in September 2017, which banned Initial Coin Offerings (ICOs), and the "924 Notice" in September 2021, which classified virtual currencies as illegal financial activities [4][5]. - The regulatory landscape has evolved from a patchwork of prohibitions to a more structured framework with the introduction of Document No. 42, which clarifies the status of stablecoins and RWA [5][23]. Group 3: Key Provisions of Document No. 42 - The document categorizes virtual currencies as illegal financial activities, prohibiting any form of exchange or trading within mainland China [6][7][8]. - Stablecoins are subject to a "dynamic assessment" regulatory principle, allowing for potential future issuance under strict conditions [9][10][11]. - RWA tokenization is defined and regulated, with specific guidelines for activities involving the tokenization of real-world assets, emphasizing the need for compliance with existing financial regulations [12][14][17]. Group 4: Implications for the Industry - The establishment of a regulatory framework is expected to foster innovation in the virtual asset space, particularly in the tokenization of real-world assets, while maintaining strict controls to prevent illegal financial activities [23][26]. - The regulatory approach aims to leverage blockchain technology to enhance the efficiency and cost-effectiveness of financial transactions, potentially revitalizing traditional finance and the real economy [26].

交易所在发现错误后迅速采取行动，在35分钟内冻结了受影响账户的交易和提现权限。截至目前，已有 99.7%的错发比特币被追回，但仍有约0.3%尚未收回，按比例计算约价值1.32亿美元。 韩国加密货币交易所Bithumb因操作失误向用户错发价值超过440亿美元的比特币，引发平台币价暴跌， 监管层已启动审查程序。 这起事故发生在周五，Bithumb原计划向用户发放每人2000韩元（约1.4美元）的现金促销奖励，但系 统错误导致695名用户每人至少收到2000枚比特币。该交易所在35分钟内限制了相关账户的交易和提现 功能，并已追回99.7%的错发比特币。 事故直接冲击市场信心。Bithumb平台上的比特币价格周五晚间一度暴跌17%至8110万韩元，随后有所 回升，最新交易价为1.045亿韩元。 韩国金融服务委员会等监管机构召开紧急会议后表示，这一事件"暴露了虚拟资产的脆弱性和风险"， 将对Bithumb及其他加密货币交易所的内部控制系统、资产持有和运营情况展开审查，如发现违规行为 将启动现场检查。 技术失误引发大规模错误发币 据路透报道，Bithumb将事故归因于内部操作失误。交易所在声明中强调："我们要明确表示，此 ...

（来源：吴说） 沃什曾于 2006–2011 年担任美联储理事，并曾代表美联储参与 G20 事务；此前还在白宫国家经济委员 会任职，并在摩根士丹利从事投行业务。目前，沃什为胡佛研究所访问学者、斯坦福大学商学院讲师， 并任职于杜肯家族办公室。Kevin Warsh 曾是加密项目 Basis 的早期投资人之一，并任加密风投机构 Electric Capital 的顾问。 3.香港加快完善虚拟资产与稳定币监管框架 香港财库局局长许正宇表示，香港持续推进虚拟资产监管。《稳定币条例》已生效，金管局正处理法币 稳定币发行人牌照申请；虚拟资产交易、托管、顾问及管理服务的监管制度将于今年内提交立法会。政 府亦计划落实 OECD 加密资产申报框架，预计 2028 年起开展跨境税务信息自动交换。 1.美国公布 2025 年 12 月最终需求 PPI 环比上涨 0.5% 美国公布 2025 年 12 月最终需求 PPI 环比上涨 0.5%，高于 11 月的 0.2% 和 10 月的 0.1%。其中，最终 需求服务价格环比上涨 0.7%，为主要推动因素，最终需求商品价格环比持平。剔除食品、能源和贸易 服务后的核心 PPI 环比上涨 ...

Core Viewpoint - Hong Kong is actively advancing the regulation of virtual assets, with significant legislative developments underway [1] Group 1: Regulatory Developments - The "Stablecoin Ordinance" has come into effect, and the Monetary Authority is processing license applications for fiat-backed stablecoin issuers [1] - A regulatory framework for virtual asset trading, custody, advisory, and management services is expected to be submitted to the Legislative Council within this year [1] Group 2: International Compliance - The government plans to implement the OECD's crypto asset reporting framework, with automatic exchange of cross-border tax information anticipated to commence in 2028 [1]

Group 1: Strengthening Hong Kong's Position as an International Financial Center - The Hong Kong Financial Secretary aims to enhance the stock market by implementing measures such as assisting mainland tech companies in financing, optimizing listing mechanisms, and exploring a reduction in the stock settlement cycle from T+2 to T+1 [2] - The Financial Secretary plans to submit legislative proposals to optimize tax incentives for funds and family offices, and to introduce statutory regulations for real estate investment trusts (REITs) [2] - The government will revise regulations to lower capital requirements for insurance funds participating in infrastructure financing and support local projects [3] - The Securities and Futures Commission and the Monetary Authority have announced a roadmap to position Hong Kong as a global fixed income and currency center [3] - The Financial Secretary will continue discussions with mainland institutions to enhance offshore bond futures and expand interest rate derivatives [3] Group 2: Accelerating New Growth Areas - The Financial Secretary aims to establish an international gold trading market and promote commodity trading, targeting over 2,000 tons of gold storage in three years [4] - The government will support the establishment of more recognized warehouses for commodity trading and enhance collaboration with mainland commodity markets [5] - The implementation of the Stablecoin Ordinance has begun, allowing for the licensing of fiat stablecoin issuers [5] - Legislative proposals will be submitted to implement a framework for reporting crypto assets, aiming for automatic exchange of tax information by 2028 [5] - The government is working on a regulatory framework for sustainable finance and carbon market development [6] Group 3: Enhancing International Engagement and Cooperation - The Financial Secretary is promoting the company migration mechanism, which has seen positive responses with 14 applications approved [7] - A committee has been established to study incentive policies to attract high-value industries and potential enterprises to Hong Kong [7] - The government is preparing to host the APEC Finance Ministers' Meeting in October, showcasing Hong Kong's financial development [7] - The Asian Infrastructure Investment Bank plans to establish an office in Hong Kong, with the government providing necessary support [8] Group 4: Improving Public Welfare - The government is reforming the Mandatory Provident Fund (MPF) system to ensure a smooth transition to the new platform [9] - Legislative work for the first phase of the MPF "full portability" scheme has been completed, with plans to consult on the second phase [10] - The government is drafting a bill to extend the tax exemption period for newborns from one year to two years [10]

1月26日，亚洲金融论坛在香港举行。在数智金融发展与创新分论坛上，香港财经事务及库务局常务秘书长甄美薇在发言中表示，作为全球领先的国际金融 中心，香港展现了其强劲的发展韧性与独特优势。 据甄美薇介绍，在最新全球金融中心指数中，香港位列全球第三、亚太第一，其中金融科技领域排名更是跃居世界首位。市场数据同样亮眼，2025年香港 IPO募资额达285亿美元，较上年大幅增长225%，重夺全球IPO募资额榜首宝座；股市平均每日成交额接近2500亿港元，较2024年增幅高达90%。这一系列亮 眼成绩，充分印证了香港金融市场在复杂环境下依然保持着充足的流动性与广阔的市场广度，彰显了其作为国际资本融通枢纽的核心地位。 在人工智能金融应用领域，香港同样走在前列。2024年10月，香港特区政府发布《金融市场负责任应用人工智能政策声明》，为AI在金融领域的合规应用 指明方向。香港金融管理局分别于2024年8月及2025年4月推出两轮生成式人工智能试点计划，为银行提供了风险可控的框架，助力银行业以负责任的方式测 试AI应用场景，实现创新与风险防控的平衡。 甄美薇强调，金融稳定是金融市场发展与创新的核心前提，香港将持续依托"一国两制" ...