香港稳定币监管 五大重点问题

The original author, lawyer Jin Jianzhi, is still making efforts to become a global center in the last few days of the new year. This time, the goal is to stabilize the supervision of the currency, not to mention the huge advantages of the stable currency compared with the traditional payment methods. Just looking at the heady financial statements of the issuer, the annual net profit of US$ 100 million has to make people sigh that the stable currency is really good, and the Hong Kong government feels the same way. In order to maintain the status of international finance centre and promote the sustainable and responsible development of the virtual asset ecosystem in Hong Kong. The government decided to endorse the issue of stable currency by supervision. The Financial Affairs and the Treasury Bureau and the Hong Kong Monetary Authority jointly issued a public consultation document, hereinafter referred to as the stable currency consultation document, and began to collect opinions on the legislative proposals for regulating the issuer of stable currency. Lawyer Man Kun King interpreted the key points that everyone cares about. Will it be regulated as long as stable currency is issued in Hong Kong? Yes, but it is not necessary to apply for a license. The definition of stable currency by the Hong Kong government is In accordance with but not limited to the following description, the digital form value is expressed in the form of storage of calculation unit or economic value, and it is used or intended to be used as a publicly accepted trading medium to pay for goods or services, pay off debts and/or invest, and can be transferred, stored or traded by electronic means, using decentralized books or similar technologies that are not controlled by the issuer alone and claiming or appearing to maintain a relatively stable value with a certain group or basket of assets, that is, as long as it is conducted with real-world assets. Virtual assets that are anchored and have the possibility of payment may be regarded as stable currencies by the Hong Kong government, following the same business, the same risk and the same supervision principle. All stable currencies will fall into the supervision scope. Naturally, the first to bear the brunt is the legal tender stable currency, including the algorithmic stable currency. However, as long as the issuance of the stable currency is not open to the public and only to professional investors, the relevant parties of the stable currency may not apply for a license, but it must be clearly stated that the legal tender stable currency is not issued by the licensed legal tender stable currency issuer and which Hong Kong is the supervision department. The Monetary Authority follows the international mainstream view that stable currency is regarded as a commodity rather than a securities, so it is not subject to the supervision of the CSRC. The Hong Kong Government has also made it clear that in order to avoid making the issuer of legal currency stable currency subject to multiple supervision systems, it is suggested that the issuance of legal currency stable currency by licensed issuers will be excluded from some supervision systems, such as those applicable to securities, including collective investment plans and stored value payment instruments. Of course, the market is changing rapidly, and the Hong Kong Government has not ruled out other financial supervision institutions joining the supervision of stable currency in the future. However, in the foreseeable future, compared with multi-head supervision, flexible supervision is what Raymond Yue, president of the Hong Kong Monetary Authority, called the regulatory sandbox arrangement set up by the Hong Kong Monetary Authority, because the regulatory sandbox can not only ensure financial stability but also prevent innovation. Do foreign entities need to apply again if they get a license in other countries? Do they need to apply for a license from the Hong Kong Monetary Authority as long as they conduct stable currency business in Hong Kong? First of all, major countries and regions have not issued stable currency. Therefore, the effective laws and regulations have not yet obtained a license in the field of stable currency supervision. Secondly, no country or region will give up its right to speak in the financial field. Even if the United States, the European Union or Japan and Singapore license the stable currency in the near future, the Hong Kong government will not be exempted from the obligation to apply for a license in Hong Kong, and it is even impossible to implement a local simplified license process for foreign entities that have obtained relevant licenses in other countries or regions. Can banks issue stable currency? The legal tender in digital form issued by or on behalf of the central bank, such as digital Hong Kong dollars and digital RMB, is not within the scope of supervision mentioned by the Hong Kong Government this time. Moreover, the supervision faced by commercial banks in issuing stable currency is different from that faced by ordinary companies. The consultation document on stable currency suggests that banks issuing stable currency should not restrict their business activities and do not require banks to pay in their registered capital, because licensed banks have been supervised by the banking supervision system in these aspects and their supervision is more stringent. For the sake of strictness, whether to issue stable currency as a commercial bank or to set up another company to issue stable currency is a question worth pondering. How high is the compliance cost, but it may still be cost-effective compared with the income. Specifically, for issuers who want to issue stable currency to the public in Hong Kong, the following are the main hard compliance indicators: a Hong Kong company with a registered office, its chief executive officer, senior management team and key personnel. Must be resident in Hong Kong, paid-in registered capital is not less than HK$ or the denomination of currency in circulation. The total value of reserve assets is at least equal to the denomination of currency in circulation. Complete risk control procedures include but are not limited to external audit, independent custody redemption policy, etc. As for the cost of soft compliance indicators, such as business activities, the consultation document on currency in circulation points out that issuers should not engage in lending and other activities that are subject to financial intermediation. Regulatory activities, such as those listed in Chapter of the Securities and Futures Ordinance, Chapter of the Mandatory Provident Fund Scheme Ordinance or Chapter of the Insurance Ordinance, the issuer of legal tender stable currency must obtain the approval of the Monetary Authority before starting any new business, and avoid it through other legal or commercial arrangements. Whether these soft compliance indicators are more cost-effective depends on more factors. The stable currency operator with the largest market value in the world has not yet responded to the consultation document on stable currency, but the operation of the second largest stable currency in the world. The merchants expressed their support. Whether they support or not, if they want to continue to do stable currency business in Hong Kong, they must support supervision. As for the degree of supervision, we can discuss it again before the boots land. Then if the compliant stable currency is coming, will it be far behind? 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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