一文梳理香港加密货币监管政策进程：香港已成加密世界的又一座宝地

Odaily星球日报Published on 2023-11-04Last updated on 2023-11-04

Abstract

伴随着 2022 年香港政府官宣对 Crypto 市场的开放和包容，许多资本又选择回归属于自己的 “战场”，那么虚拟资产在港发布一周年纪念日里，又有哪些重磅政策在推进虚拟资产的发展呢？

文章作者：Meta Era 特邀作者「Crypto 大表哥」

引言

距离 2022 年 10 月香港财经事务及库务局发布的 《有关香港虚拟资产发展的政策宣言》 已经过去整整一周年，本文将对这一年政府发布的政策和监管进行梳理。随着上一轮加密货币世界的繁荣，越来越多的市场把目光瞄准了加密货币领域，许多机构和个人投资者都跃跃欲试，但因 2021 年前后政策的不明朗，导致大量的资本和机构 “外逃” 到新加波和美国等加密货币友好国家。伴随着 2022 年香港政府官宣对 Crypto 市场的开放和包容，许多资本又选择回归属于自己的 “战场”，那么虚拟资产在港发展一周年纪念日里，又有哪些重磅政策在推进虚拟资产的发展呢？本文将一一介绍和跟进相关政策内容！

香港 Web 3.0 扶持政策盘点

香港在支持大力发展 NFT，Gamefi 等赛道后，港府首先于 2022 年 10 月 16 日宣布要推动数码港元以链接虚拟资产的第一座桥梁，随后发行政府代币化绿色债券以表明支持分布式账本技术（高效，减少成本，增加信任）。

在香港科技周（2022 年 10 月 30 日）当中，香港政府宣布将设立一个 40 亿美元的科技基金， 用于区块链、Web3 以及其他科技型企业的创业扶持，香港政府用实打实的政策去支持行业的发展。随之而来的是 ETF 的通过，

同一天，香港证监会发函授权公开发售虚拟资产期货交易所买卖基金 ETF。

一文梳理香港加密货币监管政策进程：香港已成加密世界的又一座宝地

图 1 证监会 ETF 说明函

证监会仅允许针对在传统受监管期货交易所上交易的虚拟资产期货发行指数基金，只批准在芝加哥商品交易所交易的比特币期货和以太币期货类指数基金。

建立在第一次拨款的基础上，香港财政司长陈茂波与 2023 年 4 月在拨款 5000 万港元用于 Web3 的生态建设，如果熊市能看出政府对于 Web3 的重视程度以及财政支持，相信在牛市中，各位优秀的 Web3 创业人士能获得政府更大的帮助，无论实在经济上还是政策支持上。

一文梳理香港加密货币监管政策进程：香港已成加密世界的又一座宝地

图 2 陈茂波司长就 Web3 发言

监管政策进程

早在 2019 年 11 月，香港就对加密货币交易所进行监管，只有获得牌照的 CEX 才能给投资者提供相应服务，但只有一家 CEX （OSL）获得牌照，直到香港政府官宣鼎力支持 Crypto 行业的发展，这才迎来了转机。根据香港 SFC 官网显示，现在有诸多交易所正在排队申请牌照， 2022 年获批的交易所为 HashKey ，Meex 目前是 2023 年没被驳回申请的香港交易所， 12/10/2023 之前公布申请结果。

2022 年交易所都只限专业投资者，暂不对散户开放零售业务，但在 2023 年的 8 月，香港政府宣布挂牌交易所可以对散户进行销售，足以证明香港政府在推动加密货币资产全球化的决心。

香港 SFC 颁布的牌照也有区别其中最关键的是 1 号牌和 7 号牌（分别为证劵交易和提供自动化交易服务）这是合规交易所落地的必要条件， 9 号牌照也是市场的关注点，区别是能够托管用户资金，也就是私募或者公募的必要条件，交易所不目前不需要改牌照。

对于 NFT 的监管，香港证监会 2022 年 6 月 6 日发布《提醒投资者注意 NFT 风险》的公告中说道大部分的 NFT 都拟代表其相关资产，例如是电子图像、艺术品、音乐或影片的一个独一无二的版本。整体而言，如果某 NFT 是一个真正以数码形式存在的收藏品，与之相关的活动便不属于证监会的监管范围。Gamefi 和 NFT 一样，凡事能获得收益的如 Token 都将被列入监管政策的名单，以保证消费者的权益。

交易币种方面，香港区块链协会会长唐仪说到：“比特币和以太坊这类 Token 则被定义为功能性 Token（Utility Token），因此不需要进行登记和审计。每一个在市场上流通的 Token 都需要通过独立的司法案例甚至法律诉讼，来判决它究竟是证券型通证还是功能性 Token，你可以像 Ripple 一样，向证监会提交法律意见，和证监会打官司，论证他们的解释不对”。

一文梳理香港加密货币监管政策进程：香港已成加密世界的又一座宝地

图 3 可交易币种

稳定币监管，根据香港金管局 2023 年发布的《加密资产和稳定币讨论文件》要求稳定币应全额支持和允许面值赎回，其具有⾼流动性。基于套利或算法的稳定币将被拒绝，如 DAI 等，此举将会免除 LUNA 这类算法稳定币给投资者带来的潜在财产损失。

交易所保障，根据香港证监会公布的文件要求平台营运者须时刻维持不少于 500 万港元的缴足股本(即“缴足股本最低数额＂ ) 。平台营运者应时刻在香港实益拥有具有充分流通性的资产，例如现金、存款、国库券及存款证(但非虚拟资产)，其金额应相等于平台营运者按持续基准计算至少 12 个月的实际营运开支。另外，平台营运者应在私人密钥管理方面设立并实施严格的内部监控措施及管治程序，借以确保安全地产生、储存及备份所有加密种子及私人密钥。种子及私人密钥均在香港储存。

小结

从扶持政策到监管政策的落地，可以看出香港政府对于发展虚拟资产行业的决心和态度，在扶持方面，同归开放政策和资金帮助来吸引越来越多的创业者拥抱香港加密货币行业。

从监管政策上来看，最直接的帮助就是开放散户交易许可，而不仅仅只限于专业投资者，这将大大促进香港加密货币行业的使用群体范围，同时也严格监管交易所上线币种和业务等，用户获得更多交易权利的同时，极大程度保障用户的安全，香港终将成为加密货币行业友好港湾，重回巅峰！

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