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7moon17On the day, a heavy news detonated the Hong Kong cryptocurrency market -the Hong Kong Financial Affairs and Treasury Bureau (Treasury Bureau) and the Hong Kong Financial Administration (HKMA) to implement the legislative proposal of the regulatory system of the issuer of the stable coin issuer in Hong Kong.Published a consultation summary.
The author learned that the two -month public consultation was completed in February this year, and the consultation during the consultation period received a total of108The opinions are from market participants, industry organizations, chambers of commerce and professional groups, and other holders.With the increasing popularity and sustainable development of virtual assets, most responders recognize that they need to introduce a supervision system for the issuer of fiat currency stable currency to properly manage potential currencies and financial stability risks, and provide transparency and appropriate regulations.The respondent generally supports the supervision requirements and implementation arrangements of the proposal, and also puts forward optimized suggestions in written opinions.
Xu Zhengyu, director of the Hong Kong Treasury Bureau, said that in addition to the current virtual asset trading platform supervision system, the establishment of the issuer of the issuer of the stable coin issuer will strengthen Hong Kong’s virtual asset regulation framework, consistent with international standards, and effectively reduce the issuance of fiat currency.The risks of stablecoin -related activities to the stability of financial stability, while Yu Weiwen, president of the Hong Kong Monetary Administration, believes that a good regulatory environment can help promote the sustainable and responsible development of the stable currency ecosystem in Hong Kong.The Treasury Bureau and the HKMA will finalize the legislative suggestions to implement the regulatory system in accordance with the opinions and suggestions of the respondent, and to submit the draft regulations to the Legislative Council as soon as possible.
So, what are the specific requirements for stable currency supervision?
The Hong Kong Treasury Bureau said that in view of the fiat currency stable currencyWeb3And the important role in the virtual asset ecosystem, as well as the connection between the traditional financial system and the virtual asset market is getting closer. The SAR Government has the need to establish a supervision system on the issuer of fiat currency stable coins to supervise risks and pragmatic methods.The three main requirements include:
1, Reserve management and stability mechanism (for example, the issuer must ensure that the fiat currency stabilizer obtains high -quality and full support with high liquidity reserve assets);
2, Redemption requirements;
3, Governance, knowledge and experience regulatory requirements.
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Next, let the author interpret it one by one from three aspects: risk management, scope of supervision, and licensing system.
Risk management:The Hong Kong Treasury Bureau and the HKMA believe that the stable currency of fiat currency of a single currency and a variety of currencies is related to the traditional financial system. Both may constitute risks of financial stability, and other major international financial markets and regulatory agencies alsoThis view is generally agreed.Therefore, we think it is necessary to include all fiat currency stable currency into the proposed regulatory system.As far as the fiat currency stable currency of multiple currencies is concerned, it will formulate the requirements of the complexity of the business operation of the issuer of the fiat currency to ensure that the issuer can fully cope with the relevant risks.For example, these issuers need to consider whether there are high -quality and high -liquid asset supply of related currencies, and prove that they have the ability to properly manage assets with a variety of currency pricing, but they have no intention to regulate the reference currency of the reference currency of French currency under the regulatory system under the regulatory systemscope.
Scope of supervision:In addition, the Hong Kong Surrem Bureau and the Financial Management Bureau also said that it will retain the proposal to supervise the stable currency stabilization coins because the stablecoin of other types of stable currency (such as maintaining a stable currency with relatively stable value with the goods or precious metals),It is developed into a generally acceptable payment method, and therefore has a higher and urgent risk of currency and financial stability.In view of the sprouting stage of virtual assets and the continuous evolution of the market environment, it also intends to give regulatory agencies to expand the flexibility of the scope of regulatory stable currency. At the same time, it will pay close attention to the regulatory scope of market development and adjust the stable currency as needed.
Development system:The Hong Kong Treasury Bureau and the Financial Management Bureau pointed out that the fiat currency stable currency holders have the responsibility to maintain a stable and stable mechanism for the stable coins issued by their issuance, and the proper management and custody of reserve assets are the key.In the application for evaluation procedures for the license application, one of them is that the HKMA will examine the application of applicants to manage and reserve assets, but at present, it does not think that it is necessary to set up another license system for these activities.From the perspective of risk management and user guarantee, the importance of the storage of private keys and providing wallet services in different use scenarios, government and financial regulatory agencies are exploring the regulatory model adopted by these activities, and will be in the process.The public and related holders keep in touch.
In fact, some analysts believe that only the issuers, banks, licensed corporations, and licensed virtual asset trading platforms can be sold in Hong Kong, or they can actively promote relevant services to Hong Kong public people in Hong Kong.The regulatory system proposed by the existing stable currency issuer will also have corresponding transition arrangements.The Hong Kong Treasury Bureau also hopes that the proper and compliant fiat currency stable currency issuer’s supervision system can provide users with sufficient guarantees, cope with the potential risks that may be encountered in currency and financial stability, so that the virtual asset ecosystem of Hong Kong virtual assets can be sustainable and sustainable andDevelop responsiblely.
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What is the industry’s response?
According to the author,OSLChief Financial Officer Hu Zhenbang said that some of the most popular US dollars linked to stable coins in the market, includingUSDCAs well asUSDTWait, it has been widely used in a digital asset payment tool in all parts of the world, especially in Southern Asia, the Middle East and Africa.However, the market has a lot of questions about its publishers. Many users pay attention to the asset reserves, investment activities, solvency capabilities of stable coins issuer, and whether they can coins in an efficient way (Minting) And redemption.
If stable currency issuers are supervised by the regulatory agency in Hong Kong, they can effectively ensure the issuer’s financial and market transparency, ensure solvency and liquidity, and can connect to traditional financial institutions.Essence
Lu Zhihong, the co -person partner of Digital Assets Hong Kong Digital Assets, said that the characteristics of stable currency are stable prices. In addition to investors, they will regard it as a hedge asset, and the stable currency isWeb3The ecosystem is also very important. Stability currency has become an important alternative in global transactions, because they have fast trading speed, low cost, and “24/7“It is available, and there is no” middleman “in its blockchain function, so many institutions will use stable coins as payment tools, and are regarded as an ideal choice for international remittances and cross -border transactions.
Lu Zhihong made a metaphor, just as the regulatory casinos, customers can use funds to get funds in the casino for chips, and at the same time ensure that their chips can be exchanged for cash at any time, but if there are some unusual casinos, customers’ chips fail to be exchangedWhen it becomes cash, it will cause the market to confuse.The SAR Government to supervise in risk -based and pragmatic methods is very correct, because it can improve the clarity and security of the market, ensure that these digital assets are linked to the legal currency, and ensure that the issuer has enough reserve to cope with investors redemptionBack to protect the interests of investors.
Summarize
The importance of stable currency by regulatory is self -evident. Although stable coins are very important for the development of virtual assets in Hong Kong, it will have a counter -effect if it is urgently implemented.Obstacles potential users.The Hong Kong Special Administrative Region Government is very correct to supervise risks and pragmatic methods, because it can improve the clarity and security of the market.
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