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多家机构备战香港稳定币牌照,“重构国际货币体系”言之尚早
Di Yi Cai Jing· 2025-07-07 12:43
Core Viewpoint - The article discusses the ongoing competition for stablecoin licenses in Hong Kong, highlighting the limited availability of these licenses and the intense interest from major financial institutions and tech companies. It emphasizes that while stablecoins are expected to enhance cross-border payment efficiency, their actual impact may be overstated, as they fundamentally extend the functions of fiat currencies rather than disrupt the existing monetary system [1][6]. Group 1: Stablecoin License Competition - The stablecoin license in Hong Kong is scarce and highly sought after, with only a few licenses expected to be granted despite over 40 companies preparing applications [1][2]. - Major players in the market include JD.com, Standard Chartered, and Circle, while many smaller firms face challenges in qualifying for applications [2][3]. - The competition is primarily among China's largest financial institutions and internet companies, indicating a significant interest in stablecoin operations [2][3]. Group 2: Market Expectations and Realities - There is a growing expectation that stablecoins could reconstruct the global monetary system, but experts caution that this view is exaggerated [6]. - Stablecoins are anchored to sovereign currencies and serve as an extension of fiat currency functions, lacking the ability to disrupt the existing financial framework [6][7]. - Research indicates that the actual cost of cross-border payments using stablecoins may approach 1%, contrary to the low-cost narrative often promoted [6][7]. Group 3: Industry Dynamics and Challenges - Companies exploring stablecoin applications fall into two main categories: those involved in cross-border payments and those focused on issuing and circulating stablecoins [3][5]. - Traditional payment institutions face challenges in adapting to blockchain technology and require "chain abstraction" to lower the barriers for using stablecoin products [4][5]. - The stablecoin business demands interdisciplinary collaboration, necessitating knowledge in finance, technology, and crypto assets [5]. Group 4: Future of Stablecoins - The potential for offshore RMB stablecoins is being discussed, with a focus on leveraging Hong Kong as a testing ground for international financial systems [8]. - The development of a RMB stablecoin could enhance cross-border payment capabilities and support the internationalization of the RMB [8]. - A pragmatic approach is needed to balance the development of stablecoins with actual market demands and avoid overextending beyond current capabilities [8].
金融科技的未来引擎,蚂蚁国际用“区块链 + AI”重塑全球资金管理
Sou Hu Cai Jing· 2025-07-04 14:56
Core Insights - The digital asset sector has seen significant milestones since 2025, including the U.S. Senate passing the GENIUS Act and Hong Kong introducing regulations for stablecoins, indicating a growing institutional interest in digital assets [2] - The future of stablecoins and blockchain finance is driven not by speculative market activities but by a revolution in corporate treasury management, which is becoming a critical area for financial technology [3][17] - Ant International is positioning itself as a digital technology partner within regulatory frameworks, focusing on enhancing the resilience and inclusivity of financial systems rather than being a disruptor [17] Group 1: Market Developments - Major companies like SpaceX and Stripe are actively engaging with stablecoin payment platforms, highlighting the practical applications of stablecoins in global fund settlement [2] - Ant International is accelerating its investment in global treasury management, aiming to leverage AI, blockchain, and stablecoin innovations for large-scale applications [2][3] - The anticipated cost savings from tokenized cross-border payments could exceed $50 billion for enterprises by 2030, driven by the need for efficient treasury management solutions [7][12] Group 2: Challenges in Treasury Management - Companies face significant challenges in cross-border payments, including high transaction costs and delays due to complex processes and centralized infrastructures [3][4] - Inefficient foreign exchange management strategies can lead to additional costs of 1.5% to 3% for enterprises, particularly affecting small and medium-sized businesses in emerging markets [4] Group 3: Technological Innovations - Ant International's Whale platform is designed to facilitate real-time, secure fund management across different financial institutions, significantly reducing settlement times from days to seconds [13] - The integration of AI with blockchain technology is transforming corporate treasury operations, enabling data-driven decision-making and enhancing cash flow management [15][18] - The AI-driven foreign exchange demand forecasting model, named "Falcon," achieves over 90% accuracy in predicting cash flow and foreign exchange exposure, allowing companies to optimize their financial strategies [15] Group 4: Regulatory Engagement - Ant International is actively participating in regulatory innovation initiatives in Singapore and Hong Kong, positioning itself as a key player in the evolving digital asset landscape [16][17] - The collaboration with major banks and financial institutions to implement the Whale platform demonstrates the growing acceptance of blockchain technology in global financial services [17]
许正宇:香港完善数字资产监管 稳定币发牌制度助力行业腾飞
智通财经网· 2025-07-04 11:00
Core Viewpoint - Hong Kong is actively promoting the development of digital assets, establishing a regulatory framework that balances risk management and investor protection, aiming to position itself as a leading digital asset center in Asia [1][2][7] Regulatory Framework - The Hong Kong government has implemented a licensing system for stablecoin issuers, which will take effect next month, enhancing the regulatory environment for digital assets [1][2] - A comprehensive regulatory framework for digital asset service providers is being developed, covering trading platforms, stablecoin issuers, and custodians [3][4] Tokenization and Product Expansion - The government has issued tokenized green bonds and plans to regularize the issuance of tokenized government bonds, providing incentives for the tokenization of real-world assets [4] - The framework aims to expand the variety of tokenized products, including potential exemptions from stamp duty for tokenized ETFs [4] Use Cases and Collaboration - The stablecoin licensing system is expected to facilitate practical applications and address challenges faced by the real economy [5] - Hong Kong is leading discussions on the use of stablecoins as a cost-effective alternative in financial markets, with a focus on enhancing their stability and reliability [5] AI Integration - Hong Kong's financial institutions have the highest usage rate of generative AI (38%) among global markets, indicating a strong trend towards AI integration in financial services [6] - The "LEAP" framework includes a focus on talent and partnership development to foster AI expertise and collaboration between industry and academia [6][7] Support for Startups - The Digital Port has launched a pilot funding scheme for blockchain and digital asset startups, providing financial support to encourage innovative solutions that integrate with the real economy [7]
许正宇:8月1日起香港金管局将开始接受稳定币牌照申请 欢迎机构按实际业务需要申请
Zhi Tong Cai Jing· 2025-07-02 07:59
原文如下: 立法会五题:推动稳定币的发展 以下是今日(七月二日)在立法会会议上吴杰庄议员的提问和财经事务及库务局局长许正宇的答覆: 问题: 本年五月通过的《稳定币条例草案》旨在于香港设立法币稳定币发行人的发牌及监管制度。有意见认为 这是全球Web3发展的里程碑,也是香港成为国际Web3中心的重要一步。就此,政府可否告知本会: 7月2日,香港财经事务及库务局局长许正宇就立法会会议上吴杰庄议员的提问答覆表示,今年五月,立 法会通过了《稳定币条例草案》,为香港引入锚定法定货币的稳定币发行人发牌制度。条例进一步完善 香港数字资产活动的监管框架,以保障货币和金融稳定,并巩固提升香港国际金融中心的地位。《稳定 币条例》将于今年八月一日生效,届时香港金融管理局(金管局)将开始接受牌照申请。目前,金管局正 就落实条例的具体指引进行市场谘询,争取尽快订立指引。 (一)如何推动稳定币应用场景的拓展,包括推动稳定币发行机构与内地应用场景连结,以促进稳定币从 监管合规到商业生态落地; 香港的稳定币发行人发牌制度具灵活性和开放性,允许持牌发行人可选择不同法币币种,作为发行稳定 币的锚定法币。欢迎全球不同地方的机构按实际业务需要申请牌照 ...
万和财富早班车-20250630
Vanho Securities· 2025-06-30 01:56
Core Insights - The report highlights the recent developments in the financial market, including the performance of major indices and sector trends [4][12]. - It emphasizes the impact of government policies on various industries, particularly in the context of digital assets and environmental initiatives [6][8]. Financial Market Overview - The Shanghai Composite Index closed at 3424.23, down 0.7%, while the Shenzhen Component Index rose by 0.34% to 10378.55 [4]. - The report notes a total trading volume of 15,411 billion, with 3,227 stocks rising and 1,662 falling, indicating a slight contraction in market activity [12]. Industry Developments - Hong Kong has introduced a new digital asset policy, accelerating the ecosystem for stablecoin applications, with related stocks including Jingbeifang (002987) and Sifang Jingchuang (300468) [8]. - The offshore engineering equipment industry is being catalyzed by new policies, with companies like Hailanxin (300065) and Yaxing Maolian (601890) positioned to benefit [8]. - Platinum prices have surged to a 10-year high, significantly outpacing gold, with related stocks such as Gebijia (835438) and Guiyan Platinum (600459) highlighted [8]. Company Focus - Wenkang New Energy (688779) is focusing on the development of solid-state battery materials, achieving cumulative shipments of over 100 kilograms for some products [10]. - Zhongji Renjian (301508) has established a testing facility for new energy batteries, capable of meeting the demands for solid-state battery testing [10]. - Changliang Technology (300348) is actively researching digital solutions related to stablecoins [10]. Market Review and Outlook - The report indicates that the market is experiencing a slight contraction, with a notable performance in industrial metals and technology sectors, while banking and oil sectors are facing declines [12][13]. - The report suggests that the market is showing resilience, with strong support levels for the Shanghai Composite Index, indicating a lower probability of significant downturns in the short term [12]. - There is a strong interest in technology sectors such as chips and lithium batteries, suggesting a continued aggressive investment approach in these areas [13].
香港发表数字资产发展政策宣言2.0 稳定币成重点
Core Viewpoint - The Hong Kong Special Administrative Region government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset sector, with a focus on stablecoins and tokenized real-world assets (RWA) as core pillars of the policy [1][2][4] Group 1: Policy Upgrades - The new declaration represents a systematic upgrade from the 2022 version, transitioning from a "testing ground" for digital assets to a more institutionalized, scaled, and global approach [1] - The declaration is structured around the "LEAP" strategy, focusing on compliance regulation, asset tokenization, scenario expansion, and talent development [1] Group 2: Terminology Shift - A significant change in terminology from "virtual assets" to "digital assets" reflects a broader regulatory perspective and a shift in focus, encompassing cryptocurrencies, stablecoins, and various forms of tokenized real assets [2] Group 3: Stablecoin Regulation - The declaration emphasizes support for stablecoins and other tokenized projects, particularly exploring the use of stablecoins as payment tools, which could revolutionize payment systems, supply chain management, and capital market activities [2] - A regulatory framework for stablecoin issuers will be implemented starting August 1, 2025, establishing requirements for reserve asset management, stability mechanisms, redemption processes, and prudent risk management [2][4] Group 4: Tokenization of Assets - The Hong Kong government plans to regularize the issuance of tokenized government bonds and promote the tokenization of a wider range of assets and financial instruments, including precious metals and renewable energy [3] - The declaration positions the tokenization of RWA as a key industry development direction, aiming to bridge the gap between the virtual economy and the real economy [4] Group 5: Institutional Innovations - The declaration outlines a clear timeline for stablecoin regulation, with Hong Kong set to become one of the few jurisdictions to provide a "landing pass" for stablecoins, facilitating their legalization and standardization [4] - Tokenized ETFs and digital asset funds, if legislated, will enjoy the same stamp duty and profits tax exemptions as traditional ETFs, significantly reshaping financial market rules and attracting international capital to Hong Kong [4]
香港数字资产框架升级至2.0,稳定币和RWA成重点
Core Viewpoint - Hong Kong has upgraded its digital asset policy framework to 2.0, aiming to establish itself as a global innovation center in the digital asset field [1][3]. Group 1: Policy Framework Overview - The new framework is summarized by the acronym "LEAP," which stands for Legal optimization, Expend tokenized product categories, Advance application scenarios and cross-industry collaboration, and People development [1][4]. - The policy emphasizes stablecoins and Real World Asset (RWA) tokenization as key application areas [1][5]. Group 2: Transition from 1.0 to 2.0 - The previous 1.0 phase focused on introducing innovative products like digital asset ETFs and expanding investor channels through retail participation [3]. - The transition to 2.0 reflects the need for a new framework to adapt to compliance requirements and balance investor interests with competitiveness [3][4]. Group 3: Key Innovations in 2.0 - The regulatory framework will see the Hong Kong Securities and Futures Commission as the main regulator for digital asset service providers and custodians [4]. - The government plans to regularize the issuance of tokenized government bonds and incentivize RWA tokenization to enhance liquidity and accessibility [4][5]. - A clear timeline for stablecoin regulation is established, with implementation starting on August 1 [5][7]. Group 4: Market Implications - The policy aims to attract international capital by offering tax exemptions for tokenized ETFs and digital asset funds, aligning them with traditional ETFs [7]. - Companies like Lakala and major internet firms are exploring opportunities in stablecoin issuance and digital currency applications in cross-border scenarios [7].
伊克斯:激活黄金生命力,引领价值步入可编程的未来
Sou Hu Cai Jing· 2025-06-27 12:33
Core Viewpoint - The emergence of IXUS represents a pivotal moment for gold as it adapts to the accelerating digitalization of assets, merging traditional value systems with decentralized finance [1][3][10] Group 1: Market Context - The global digitalization of assets is rapidly evolving, creating new opportunities for gold as a long-standing value anchor [1] - Gold, historically viewed as a stable and inflation-resistant asset, faces challenges in the digital age, including high investment barriers and limited cross-border usability [4][5] Group 2: IXUS Overview - IXUS is strategically initiated by HEX TRUST, a licensed digital asset custodian in Asia, which manages over $5 billion in assets for more than 300 institutions [6] - The platform aims to reconstruct the mechanisms and functions of gold, enhancing its efficiency and accessibility in the digital landscape [5][6] Group 3: Technological Integration - IXUS leverages blockchain technology to transform gold into a more accessible and efficient asset, allowing for fractional ownership and participation without traditional banking requirements [8][9] - The platform targets over 2.5 billion unbanked individuals globally, providing them with a breakthrough in financial access and wealth preservation [8] Group 4: Future Vision - IXUS envisions gold not just as a store of wealth but as an integral part of the global digital economy, facilitating asset digitization and value circulation [10] - The initiative aims to evolve from a platform to a collaborative ecosystem, enhancing cross-border settlement and decentralized governance [10]
人民币强势升破7.16,香港推数字资产新政
Hua Tai Qi Huo· 2025-06-27 05:12
FICC日报 | 2025-06-27 人民币强势升破7.16,香港推数字资产新政 市场分析 国内5月经济仍待夯实。5月国内数据好坏参半,5月投资数据整体走弱,尤其是地产边际压力再增,后续或将拖累 财政收入,及整个地产链条;同时出口也略有承压,5月"抢出口"成色一般,叠加美国5月零售销售走弱,前期需 求透支下,后续外需预计将承压;5月仅有消费表现韧性,第三批消费品以旧换新资金将于7月下达。中国央行公 开市场6月26日净投放3,058亿元,创4月30日来最高。香港特区政府发表《香港数字资产发展政策宣言2.0》,将推 动黄金等贵金属、有色金属、新能源代币化。在岸、离岸人民币对美元汇率升破7.16,创逾7个月新高。香港金管 局两年来首次买入港元以维护联系汇率。面对关税下的外需压力和内部的稳增长诉求,关注财政进一步加码的可 能。6月9-10日,中美经贸磋商机制首次会议在英国伦敦举行,落实两国元首6月5日通话重要共识和巩固日内瓦经 贸会谈成果的措施框架达成原则一致,就解决双方彼此经贸关切取得新进展。关于7月9日到期的关税延后政策,6 月12日特朗普政府首次公开承认其关税时间表存在灵活性。美国暂缓关税的截止日逼近,欧盟准 ...
影响市场重大事件:中国香港特别行政区政府发表数字资产发展政策宣言2.0
Mei Ri Jing Ji Xin Wen· 2025-06-27 01:00
Group 1 - The Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field [1] - The new policy declaration builds on the first declaration from October 2022, emphasizing the government's vision for digital asset development and the practical application of tokenization [1] - The declaration aims to create a robust digital asset ecosystem that integrates with the real economy and social life, reinforcing Hong Kong's position as an international financial center [1] Group 2 - The National Financial Regulatory Administration and the People's Bank of China jointly issued the "Implementation Plan for High-Quality Development of Inclusive Finance," targeting the establishment of a high-quality inclusive financial system within five years [2] - The plan focuses on optimizing the inclusive financial service system, enhancing the inclusive credit system, and strengthening the inclusive insurance system to support private enterprises [2] Group 3 - China Mobile is seeking nationwide partners for the "RWA Ecological Cooperation" initiative to promote the digitalization and capitalization of real-world assets (RWA) [3] - The initiative will select 20 units to form the "RWA Joint Laboratory," focusing on data resource integration, technology research and development, and funding support [3] Group 4 - The Ministry of Commerce announced plans to implement an integrated action for domestic and foreign trade, aiming to cultivate leading enterprises in this area [4] - The ministry will host over 330 events for foreign trade promotion and enhance policy support for enterprises facing difficulties [4] Group 5 - The National Development and Reform Commission plans to implement a loan interest subsidy policy for equipment updates to reduce financing costs for businesses [5] - The sales of related products for the "old-for-new" policy have exceeded 1.4 trillion yuan this year [5] Group 6 - The National Medical Insurance Administration has included a commercial health insurance innovation drug directory in the 2025 adjustment plan, highlighting the growing role of commercial health insurance in the multi-tiered medical security system [6] Group 7 - A new generation of domestically developed CPU, the Longxin 3C6000, was released, which does not rely on any foreign supply chains and meets various computing needs [7][8] Group 8 - The Central and State Offices issued opinions to advance flood control reservoir construction and improve the flood control engineering system [9] Group 9 - The National Development and Reform Commission announced additional central budget investments to support local implementation of labor substitution projects, aiming to address employment and income issues for key groups [10] Group 10 - Shanghai is focusing on industries such as cell and gene therapy, quantum technology, and 6G, aiming to enhance its technological innovation and research capabilities [11]