（原标题：吕志宏：香港稳定币监管框架清晰 发行人须满足资本、资产及赎回等多项要求） 他补充，稳定币发行人亦需透过独立审计，向监管机构提供合规证明。以德勤等专业审计机构为例，将 会按监管要求出具审计报告，核查发行人持有的资产是否确实为低风险类别，并确保资产配置与公开披 露一致，从而加强市场信心。 吕志宏认为，香港完善的监管框架不仅保障投资者安全，同时也为稳定币与 Web3 产业的发展奠定稳固 基础，有助吸引更多国际机构在港发行或使用稳定币，推动本地虚拟资产生态圈持续发展。 资本门槛：申请者必须具备至少 2,500 万港元的资本规模，以确保具备足够的财务实力营运及应对市场 风险; 资产管理要求：发行人所收集的法币资金必须投资于高流通性、低风险资产，以确保稳定币价值能被可 靠支撑; 赎回机制：发行人需建立清晰且可执行的赎回安排，让持有人能够在短时间内以一比一兑换法币，保障 用户权益。 智通财经APP获悉，香港稳定币覆核审裁处及 Web3 发展小组成员吕志宏表示，香港在虚拟资产监管方 面已建立明确制度框架，特别是在稳定币的发行与监管层面。目前，香港仅允许以法定货币作为支撑的 "法币抵押型稳定币" 合规发行，相关机构须 ...

来源：市场资讯 2023 年 9 月 22 日，Joseph Lam 就涉嫌 JPEX 加密货币欺诈案举行新闻发布会。照片来源：HKFP。 两年过去，2025 年 11 月 5 日，警方正式检控 16 人，包括林作、YouTuber 陈怡（Chan Wing-yee，粉丝 超 10 万），罪名涉串谋诈骗、洗钱及妨碍司法公正。其中 6 名为 JPEX 核心成员、7 名为 OTC 负责人 及 KOL、3 名为名义账户持有人。国际刑事警察组织（Interpol）对 3 名逃犯（27 岁的莫俊廷、30 岁的 张俊成和 28 岁的郭浩伦）发出国际刑警红色通缉令，他们被指为主脑，已逃往海外。截至目前该案累 计逮捕 80 人，受害者超 2700 人，损失逾 16 亿港元（约 2.06 亿美元），警方冻结资产 2.28 亿港元，包 括现金、金条、名车及虚拟资产。事件暴露了无牌平台推广乱象，并促使监管部门加强虚拟资产管制。 JPEX 的崛起与幻象：高回报、伪牌照与铺天盖地宣传 JPEX 成立于 2020 年，总部设于迪拜，自称 "面向全球的数字资产加密交易平台"。其在香港通过大量 广告投放（如地铁站、公交车身、购物中心外墙）推 ...

Core Viewpoint - The securities industry is benefiting from active market trading and the release of policy dividends, with several brokerages raising the margin trading limits to meet the strong demand for credit trading [1] Group 1: Market Performance - As of November 7, the A-share margin trading balance reached 2.50 trillion yuan, with a year-on-year increase of 55% in credit business income for listed brokerages in the first three quarters [1] - The current market liquidity is loose, and the improvement in US-China relations along with strengthened policy expectations are contributing to a favorable environment for the industry [1] Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission has introduced new regulations for virtual asset supervision, allowing licensed platforms to connect with global liquidity and expand the asset access for professional investors, which is expected to enhance Hong Kong's market competitiveness [1] Group 3: Industry Outlook - The deepening of capital market reforms, the improvement of the Beijing Stock Exchange ecosystem, and the accelerated layout of medium- and long-term funds are providing further development momentum for the securities industry [1] - The Securities ETF (512880) tracks the securities company index (399975), which selects listed companies closely related to securities business from the A-share market, reflecting the overall performance of the securities industry [1]

（原标题：巴西央行进一步规范加密资产市场） 巴西综合媒体11月10日报道，巴西央行发布虚拟资产（含加密货币）交易监管规则，对虚拟资产服 务范围、机构资质、设立运营、资质审批流程和时限进行规定，明确纳入外汇市场监管的虚拟资产交易 行为。新规则将于2026年2月正式生效，要求虚拟资产服务提供商必须获得巴西央行授权才能运营，并 将现行反洗钱及反恐怖融资相关规定延伸适用于虚拟资产服务提供商。 ...

Core Viewpoint - The article emphasizes Hong Kong's commitment to establishing a balanced regulatory framework for virtual assets, focusing on both robust regulation and innovation to foster a healthy market environment [5][12][13]. Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) has introduced a "shared liquidity mechanism" to enhance overall market liquidity for virtual assets [5][10]. - The SFC has adopted a "small steps, fast running" approach to regulation, allowing compliant projects to enter the market while maintaining risk control [6][7]. - A new licensing regime for virtual asset service providers has been implemented, enabling qualified platforms to serve retail investors [9][10]. Market Context - The global trading volume of virtual assets has surpassed $70 trillion, indicating their growing influence in capital flow and asset allocation [4]. - The rapid evolution of digital technology has reshaped the financial landscape, but it has also exposed vulnerabilities within the financial system, necessitating a robust regulatory framework [4][12]. Evolution of Regulatory Framework - Hong Kong's regulatory approach has shifted from a cautious stance to a more open and interconnected framework, with significant policy developments occurring since 2018 [9][10]. - The SFC has progressively expanded its regulatory coverage, moving from a closed-loop ecosystem to a more integrated approach with international markets [9][10]. Future Directions - The SFC plans to establish a licensing system for virtual asset custodians and explore the inclusion of investment advisory services and specific asset classes under regulatory oversight [10][12]. - The regulatory framework aims to balance market stability and innovation, ensuring that the virtual asset market can grow responsibly within a clear regulatory environment [12][13].

Group 1 - Hong Kong's Securities and Futures Commission (SFC) is outlining a comprehensive regulatory framework for virtual assets, transitioning from a "safety closed-loop" model to a more open "safety connection" model while maintaining a 99.5% safety threshold for traditional finance [1] - The SFC plans to introduce innovative measures such as a "global order book" and an "accelerator program" to address liquidity and innovation efficiency challenges [1] - Upcoming priorities for Hong Kong's regulatory bodies include the swift release of consultation summaries for "digital asset trading licenses" and "custody licenses," with the Monetary Authority expected to announce the first stablecoin issuer licenses by early next year [1] Group 2 - AIMA's survey indicates that the exposure of global hedge funds to the cryptocurrency market is increasing, with 55% of hedge funds holding cryptocurrency-related assets in the first half of 2025, up from 47% the previous year [4] - The average allocation of these funds to cryptocurrencies represents 7% of their total assets [4]

Core Points - The JPEX case is described as the largest virtual asset fraud case in Hong Kong's history, involving a significant number of victims and substantial financial losses [2][4] - The case has raised concerns about the regulation of over-the-counter (OTC) platforms and has been identified as a pivotal event for regulatory strengthening in the region [4][6] Summary by Sections Case Overview - JPEX, a virtual asset trading platform established in early 2020, claimed to offer low-risk investments with returns as high as 20% [2] - The platform utilized extensive advertising, including celebrity endorsements and social media promotions, to attract investors [2] Fraud Mechanism - Victims were lured into exchanging cash for stablecoins at OTC locations, which were then used to purchase JPEX's tokens, JPC [2] - After the platform's collapse, investors found it nearly impossible to withdraw their principal due to exorbitant withdrawal fees [2] Investigation and Legal Actions - As of early November 2023, over 2,700 victims reported losses exceeding 1.6 billion HKD, with 80 individuals arrested and assets worth 228 million HKD frozen [4][6] - The Hong Kong police have initiated legal proceedings against key figures involved, including core members of the criminal group and influencers who promoted JPEX [6] Regulatory Implications - The case has highlighted the need for stricter regulations on virtual asset trading platforms, particularly in the context of OTC services [4][5] - Following the incident, all virtual asset trading platforms in Hong Kong are now subject to local securities and anti-money laundering regulations [4] Victim Compensation - The frozen assets are significantly lower than the reported losses, leading to concerns about the recovery of funds for victims [8] - A recent civil case marked a significant step for victims seeking compensation, establishing a legal precedent for pursuing claims against JPEX and its affiliates [8]

Core Insights - Hong Kong's Securities and Futures Commission (SFC) is shifting its regulatory approach for virtual assets from a "safety closed-loop" model to a more open "safety connection" model, while maintaining a 99.5% safety threshold for traditional finance [1][2][3] - The SFC's new initiatives, such as the "global order book" and "accelerator program," aim to enhance liquidity and innovation efficiency in the virtual asset market [1][3][8] Regulatory Philosophy - The SFC emphasizes the importance of the "99.5% principle," which prioritizes the stability of traditional finance over the emerging virtual asset sector [2][4] - The regulatory approach is evolving from "rule-based" to "principle-based" to better manage the risks associated with increased openness in the market [4][5] Market Connectivity - The SFC acknowledges past limitations in creating a "closed-loop" environment that restricted liquidity and competitiveness, leading to the introduction of a "global order book" to connect with international markets [3][6] - The SFC's recent circular allows authorized virtual asset trading platforms (VATPs) in Hong Kong to share a global order book with their overseas affiliates, marking a significant step towards global connectivity [3][6] Licensing and Innovation - The SFC is committed to a thorough licensing process, prioritizing quality over speed, which has led to a slower approval rate for new applications [6][8] - The SFC is also focusing on "tokenization," recognizing the slow progress in this area and emphasizing the need for market-driven innovation rather than regulatory imposition [7][8] Future Strategies - The SFC has outlined three key accelerators: expediting license issuance, launching an accelerator program to bridge regulatory and market needs, and leveraging regulatory technology to mitigate risks [8] - The SFC aims to complete its "ASPIre" roadmap, which includes expanding regulations to cover virtual asset derivatives and lending, ensuring comprehensive oversight of the ecosystem [8]

Core Insights - Hong Kong has integrated "connecting global liquidity" into its digital asset development roadmap, aiming to link local investors with global markets and attract more institutional trading to enhance market depth and liquidity [1][2] - The Hong Kong Securities and Futures Commission (SFC) plans to issue two important guidelines allowing licensed virtual asset trading platforms to connect with overseas liquidity through affiliated platforms, while implementing measures to mitigate settlement and integrity risks [1][2] Group 1 - The initial phase of Hong Kong's digital asset market faces challenges such as uneven market structure and lack of regulation among participants, prompting the SFC to prioritize the creation of a secure digital asset ecosystem [2] - The SFC will permit licensed cross-border trading platforms to share global order books with overseas affiliates as a primary step to address liquidity fragmentation and enhance market vitality [2][3] - The guidelines were developed in close collaboration with the industry, taking considerable time due to extensive communication with industry practitioners to establish clear rules and necessary safeguards for building the Hong Kong ecosystem [2][3] Group 2 - The virtual asset industry is increasingly recognizing the importance of regulation and is willing to comply with regulatory rules, as regulation adds credibility to their business [3] - The SFC is advancing two consultations to enhance the ecosystem: one for licensing virtual asset custodians and another to explore the inclusion of investment advisory services and specific asset classes under regulation to attract more overseas institutions [3] - The Hong Kong government plans to release the "Digital Asset Development Policy Declaration 2.0" in 2025, focusing on three key areas: developing trading rules for digital assets, enhancing industry interaction for market trend insights, and improving monitoring capabilities to ensure market stability amid increasing participation and trading activities [3]

吴说获悉，据香港经济日报报道，香港证券及期货事务监察委员会（证监会）正在招标虚拟资产交易监 控系统，以加强对虚拟资产交易异动的侦测能力。根据相关文件显示，此次招标截止日期为 11 月 7 日，预计将于明年上半年确定中标机构。 （来源：吴说） ...