香港稳定币监管生效在即,牌照竞逐战打响

深潮Опубліковано о 2025-07-29Востаннє оновлено о 2025-07-30

金管局设限不设额,「JCOIN」及「JOYCOIN」浮出。

撰文:ChandlerZ,Foresight News

距离香港稳定币发牌机制正式生效仅有几日。香港金管局就稳定币发行人监管制度发布《持牌稳定币发行人监管指引》、《打击洗钱及恐怖分子资金筹集指引(持牌稳定币发行人适用)》、《稳定币发行人发牌制度摘要说明》和《原有稳定币发行人过渡条文摘要说明》等文件。

同时金管局召开稳定币发行人监管制度举行技术简报会,按照设定的时间表,有意申请机构需于 8 月 31 日前与监管方接洽,9 月 30 日前提交正式申请,预计首批仅发出个位数牌照,最快可于年底前落地。

在政策逐步落地的同时,市场也出现相关动作。据《明报》报道,京东旗下京东币链已注册「JCOIN」及「JOYCOIN」名称,市场推测为其稳定币名称。一个共识正在形成,香港将正式迈入稳定币监管期。合规定义逐步清晰,参与机构的意图亦开始显现。

发牌数量并未确认,初期稳定币持有人需实名

申请流程方面,香港金管局鼓励有意申请者于 2024 年 8 月 31 日前表达意愿,并于 9 月 30 日前提交正式申请材料。进入「沙盒测试」不代表自动获批牌照,未参与者亦可申请,关键在于申请方案的成熟度与合规性。监管要求涵盖储备资产管理、风险控制、企业管治、发行赎回机制、反洗钱与反恐融资等多方面内容,并须遵循国际标准如 FATF 「转账规则」。

图片来源:每日经济新闻

根据香港金管局最新说明,稳定币发行人牌照的发放目前尚未设定固定数量,将依据申请材料的成熟度、风险管理能力和业务可行性逐一评估,不设配额限制,也不以是否参与沙盒测试作为审批优先顺序。此外,金管局亦不会公开申请机构名单,强调发牌过程将保持高度审慎与非公开性。

对于稳定币锚定币种,香港金管局表示持开放态度,支持锚定单一法币或一揽子法币,但针对如人民币等非完全自由兑换货币,将依据具体使用场景与储备机制慎重评估。为照顾现有在港稳定币发行人,监管制度亦设有 「过渡安排」,合资格者可在六个月内持临时牌照继续营运。

为照顾在制度生效前已在港开展实质性业务的稳定币发行人,金管局设立过渡安排,相关机构可在条例生效后三个月内提交牌照申请,经确认具备合规能力后,获准在六个月内持临时牌照继续运营,直至最终审批完成。

与过往较为宽松的白名单模式不同,新监管机制强调强监管与高透明。持牌稳定币发行人需落实实名制管理,持有人身份须经发行人、受监管金融机构或可信第三方验证。此外,申请材料需全面覆盖储备资产安排、合规治理、反洗钱机制、技术架构与风控方案等多个维度,监管机构对申请人的运营能力提出更高要求。

值得注意的是,金管局多次指出,判断是否批牌的核心并不局限于资产储备水平,更取决于申请人提出的稳定币商业模式是否具备实际应用场景及可持续性。对此,监管方维持「先严后松」的基调,在制度初期维持发牌节奏谨慎,以防市场泡沫与概念炒作,强调稳健推进香港数字资产生态的长期可持续发展。

法规生效前夕,监管框架全部明朗

从监管架构来看,香港金管局发布的《持牌稳定币发行人监管指引》构成整个制度的核心,围绕七大领域设定了高标准、细颗粒度的合规要求,包括储备资产管理、发行与赎回机制、业务活动范围、财政资源要求、风险管理、公司治理以及经营操守。储备资产管理部分明确要求稳定币须实行 100% 全额支持,并限定储备资产类型为流动性强、低风险的现金管理类资产,例如现金、短期银行存款、高评级短期债券、隔夜逆回购等,必须经信托安排隔离托管,托管人亦需满足最低标准。此外,稳定币发行人不得向用户支付利息,须每日备好内部账目,每周对外披露核心数据,并定期接受独立审计师审查。

在发行与赎回方面,监管指引要求稳定币持牌人或其分销伙伴必须严格遵守客户适当性管理规则,不得在禁发地区提供服务,需通过身份验证、地理位置识别等技术手段防范合规风险。对赎回政策亦有细化披露要求,包括明示用户赎回权利、操作时限及费用,并要求定期审查发行与赎回机制本身的合理性与有效性。

财政资源方面,申请人必须具备不少于 2500 万港元的实缴资本,且净资产不得来源于外部借贷,体现出金管局对稳定币业务的可持续性与风险承受能力的高度重视。若申请人计划发行多币种稳定币,则需与金管局就货币构成比例、潜在错配风险等进行额外沟通。

在管理层与治理结构上,监管方明确要求申请人必须为法团机构,其董事、高管及稳定币经理需具有相关知识和经验,核心人员需常驻香港,申请阶段还可能需接受金管局的个别面谈。

结合《发牌制度摘要说明》中的申请流程,整个程序涵盖初步意向沟通、跨境监管协调(如有)、资料准备、顾问委员会审议及最终审批等五个步骤,强调审慎性与信息透明。文件同时列出详尽的申请材料清单,包括三年以上商业计划、未来三年财务预算、合规方案等。

JCOIN、JOYCOIN 浮出水面

京东旗下京东币链已注册「JCOIN」及「JOYCOIN」名称,市场推测为其稳定币名称。注册说明显示,相关服务包括通过区块链技术提供电子资金转账、加密货币金融交易等。京东币链为金管局稳定币发行人沙盒计划参与者之一,曾于去年 7 月与天星银行合作测试基于稳定币的企业跨境支付方案。

京东币链科技于 2024 年 3 月在香港注册成立,并于 7 月成为首批进入香港金管局「稳定币发行人监管沙盒」的三家机构之一。在接受《彭博商业周刊》专访时,京东币链 CEO 刘鹏表示,公司拟推出锚定港元及其他主流法币的支付型稳定币,并计划在第四季度初完成牌照申请、稳定币发行及上线合规交易平台的同步落地。

不同于加密货币的资产属性,京东稳定币被定位为「支付工具」,其发行基于公链架构,强调透明性、可审计性与监管合规。在香港《稳定币条例》于 8 月 1 日正式生效的大背景下,京东币链依托其母公司京东集团在电商、支付与供应链上的全链路资源,率先在京东全球售港澳站零售场景中进行应用测试,未来将逐步拓展至跨境贸易结算与合规投资交易场景。

技术层面,京东稳定币转账可达秒级处理,费用较传统跨境支付模式大幅下降,初步测试显示具备显著的降本增效优势。此外在刘鹏看来,当前稳定币市场虽由 USDT、USDC 主导,但以香港为枢纽、持牌机构为载体、服务传统贸易与支付企业的合规稳定币,具备开辟新战场的潜力。京东币链以合规性为核心竞争力,计划通过与合规金融机构合作,为中小企业提供链上支付和融资服务,并以定制化场景解决方案推进不同产业的资金结算效率提升。

小结

随着香港稳定币监管制度进入倒计时,市场各方的动作已然铺开,监管框架也趋于完备。在政策明晰、规则落地的当口,稳定币正从加密叙事中剥离出来,走向支付基础设施与贸易清结算的现实场景。首批持牌机构虽未揭晓,但监管部门已明确传递信号,不追求数量,而重在质量与可持续性。谁能在合规、风控与落地应用之间取得平衡,谁就有望率先打开链上金融与实体经济的真正接口。

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