引 言
香港正朝着为稳定币发行人建立全面监管框架迈出重大步伐。财经事务及库务局（“财库局”）和香港金融管理局（“金管局”）于2023年12月27日联合发表有关香港稳定币发行人拟议监管制度的咨询文件（“咨询文件”），并于两个月的咨询期结束后于2024年7月17日联合发表咨询总结文件（“咨询总结”）。
本文概述立法建议的主要方面，包括拟议监管制度的范围和覆盖范围、发牌准则和条件以及赋予金管局的权力。
01
涵盖范围
“稳定币”及 “法币稳定币”的定义
在咨询文件中，“稳定币”的定义为符合但不限于以下说明的加密保护数码形式价值 —
(a) 以计算单位或经济价值的储存形式表述；
(b) 作为或拟作为公众接受的交易媒介，用于为货品或服务付款、清偿债务和/或投资；
(c) 可透过电子方式转移、储存或买卖；
(d) 使用不由发行人单独控制的分布式帐本或类似技术；及
(e) 宣称或看来是与某特定资产、一组或一篮子资产维持相对稳定价值。
“法币稳定币”的定义为特定资产为单一或多个法币的稳定币。
咨询文件回应者普遍同意拟议的定义。将某些已受现行监管制度覆盖的金融工具（如存款、认可集体投资计划、认可结构性产品、储存于储值支付工具的任何储值金额等）排除在“稳定币”的定义之外的建议也得到了广泛共识。
考虑到拟议监管制度主要规管使用去中心化方式运作的帐本上所发行的形式价值，咨询总结中指出，“稳定币”的定义中的第(d)项将会修改以订明监管制度涵盖“使用去中心化方式运作的分布式分类账本或类似技术”发行的稳定币。而“去中心化方式运作的分布式分类账”指并无任何人士有单方面控制或实质改变其分类账的功能或运作的权力。
受监管活动的范围
咨询文件建议，监管制度将优先监管法币稳定币的发行活动，因为与其他类型的虚拟资产相比，法币稳定币更有可能被用作普遍接受的支付方式。绝大多数回应者同意这种处理方法。
至于什么构成“发行”活动，咨询总结中厘清这一般会因应相关事实与情况作个别决定。监管制度实施后将会发布进一步的指引，以为业界提供进一步指导。
02
监管框架
咨询文件中建议在拟议的法币稳定币发行人发牌制度下，除非是持有金管局批出法币稳定币发行人牌照的公司，否则任何人不得：
(i) 在香港发行或显示自己发行法币稳定币；
(ii) 发行或显示自己发行宣称或看来是与港元维持相对稳定价值的稳定币；或
(iii) 向香港公众人士积极推广其法币稳定币的发行。
“积极推广”可包括频密地联络香港公众人士及推广其服务及进行以香港公众人士为对象的大众传媒宣传计划或网上活动等。
拟议的监管制度范围获得普遍认同。至于如何确定某人是否向香港公众“积极推广”法币稳定币的发行，咨询总结中厘清金管局将考虑多项因素，例如推广信息所用的语言、该信息是否针对居于香港的人群以及其网站是否使用香港域名等。
03
发牌准则及条件
根据拟议的监管制度，任何在香港发行法币稳定币的人均须获得金管局的牌照。咨询文件中建议的一些主要发牌准则和条件（并在咨询总结中进行了修改，如适用）大致概述如下：
全额储备支持：法币稳定币发行人必须确保法币稳定币的储备资产总值在任何时候都至少相等于流通法币稳定币的面额。
投资限制：储备资产必须优质、具高流动性，并只涉及极少市场、信用及集中风险。
分隔及保管储备资产：法币稳定币发行人必须确保储备资产与其他资产分隔保管，并用作满足赎回要求，以及在发行人一旦无力偿债时，确保法币稳定币用户对储备资产的法定权利及优先索偿权。
风险管理及管控程序：法币稳定币发行人必须制定健全政策、指引及管控措施以妥善管理所有有关储备资产管理的投资活动。法币稳定币发行人亦必须确保有足够资金及流动资产应付流通法币稳定币的赎回要求。
披露及汇报：法币稳定币发行人必须定期向公众披露流通法币稳定币的总额、储备资产的市值及储备资产的组成。金管局将会与业界讨论以确定及提供更详尽的披露要求。
禁止支付利息：来自储备资产的任何收入或损失（例如利息、股息或资本收益或损失）均归于法币稳定币发行人所有。法币稳定币发行人不得向法币稳定币用户支付任何利息。
有效的稳定机制：法币稳定币发行人必须对其发行的法币稳定币的稳定机制的有效运行负最终责任，即使有聘任第三方执行。
赎回要求：法币稳定币用户应有权向法币稳定币发行人按面额赎回法币稳定币，并对储备资产或（在法币稳定币发行人不能履行其赎回义务时）对法币稳定币发行人有索偿权。任何赎回要求必须在不附带不合理费用的情况下及时获得处理，并不可附带任何不合理的条件。咨询总结中指出，在正常情况下，金管局会要求法币稳定币发行人在收到赎回要求后的一个工作天内履行赎回要求。
业务活动的限制 （不适用于已受金管局监管的认可机构（“认可机构”）） ：法币稳定币发行人在开始任何新业务前须得到金管局批准。法币稳定币发行人应向金管局证明其有足够资源用于发行和维护法币稳定币，以及新业务不会为其带来额外风险，并不会影响其履行法币稳定币发行人职能的能力。
在香港有实体存在（不适用于认可机构） ：法币稳定币发行人必须是根据香港法律成立的公司，并设有香港注册办事处。其行政总裁、高级管理团队及主要人员必须常驻香港
财政资源要求（不适用于认可机构）：法币稳定币发行人必须具备充足财政资源以经营其法币稳定币发行业务。咨询总结中指出，金管局会设定最低缴足股本的要求为 (i) 港币 2,500 万元；或 (ii) 其流通法币稳定币面额的1%，以较高者为准。
披露要求：法币稳定币发行人必须发布白皮书，以披露该发行人的一般资料、法币稳定币用户的权利与责任、法币稳定币稳定机制等资料。发行人必须在发布白皮书前通知金管局。
管治、知识及经验：法币稳定币发行人的控权人、行政总裁及董事必须为适当人选，而该等人士的委任以及法币稳定币发行人拥有权或管理层的变动均须事先获得金管局批准。法币稳定币发行人必须有一个稳健的企业管治架构及具备所需知识与经验的人员以有效地履行职责。
审计规定：法币稳定币发行人须每年向金管局提交经审计的财务报表。
打击洗钱及恐怖分子资金筹集规定：法币稳定币发行人的发行业务的设计和实施备须有健全和适当的管控制度，以防止或打击可能涉及洗钱及恐怖分子资金筹集的活动。
04
金管局的权力
咨询文件建议赋予金管局对持牌法币稳定币发行人适当的监管权力，例如有权在情况需要时干预持牌法币稳定币发行人的运作、有权要求持牌人提供资料或文件、有权在持牌人的处所进行现场审查、有权指示持牌人采取行动使其遵守法定义务、有权根据拟议的法律框架制定规例及发出指引等。
咨询文件亦建议赋予金管局权力，当有合理理由相信有人可能触犯拟议监管制度下的罪行时，金管局可进行调查。
回应者普遍支持拟议的金管局监管及调查权力，因此建议将按计划推行。
05
下一步
咨询文件和咨询总结中概述的监管建议反映了香港致力于营造安全、稳健和透明的法币稳定币发行环境并为法币稳定币用户提供充分保护，同时保持香港作为国际金融中心的地位并在不断发展的数字金融格局中促进创新。
咨询总结指出，金管局将于今年稍后拟备条例草案并提交立法会审议以落实拟议的稳定币监管制度。金管局亦会发出牌照及监管指引，方便申请人了解及遵守相关规定。
杨杨朱律师事务所有限法律责任合伙与北京天达共和（香港）律师事务所联营。
本篇文章仅是对有关题目提供的一般概述，并非旨在成为可依赖的专业意见。请联系我们获取进一步的具体法律意见。
Proposed Regulatory Regime for Stablecoin Issuers in Hong Kong: An Overview
Introduction
Hong Kong is taking significant strides towards establishing a comprehensive regulatory framework for stablecoin issuers. The Financial Services and the Treasury Bureau (“FSTB”) and the Hong Kong Monetary Authority (“HKMA”) jointly issued a consultation paper on 27 December 2023 on the proposed regulatory regime for stablecoin issuers in Hong Kong (“Consultation Paper”) and jointly published the consultation conclusions on 17 July 2024 (“Consultation Conclusions”) following the end of the two-month consultation period.
This article summarises the key aspects of the legislative proposal, including the scope and coverage of the proposed regulatory regime, the licensing criteria and conditions and the powers granted to the HKMA.
01
Scope and Coverage
Definitions of “stablecoin” and “fiat-referenced stablecoin” (“FRS”)
In the Consultation Paper, “stablecoin” is defined as a cryptographically secured digital representation of value that, among other things, —
(a) is expressed as a unit of account or a store of economic value;
(b) is used, or is intended to be used, as a medium of exchange accepted by the public, for the purpose of payment for goods or services; discharge of a debt; and/or investment;
(c) can be transferred, stored or traded electronically;
(d) uses a distributed ledger or similar technology that is not controlled solely by the issuer; and
(e) purports to maintain a stable value with reference to a specified asset, or a pool or basket of assets.
“FRS” is defined as a stablecoin where the specified asset is one or more fiat currencies.
The respondents to the Consultation Paper generally agree to the proposed definitions. The proposed exclusion of certain financial instruments that are already covered by existing regulatory regimes (such as deposits, authorised collective investment schemes, authorised structured products, float stored in stored value facilities, etc.) from the definition of “stablecoin” has also received broad consensus.
Considering that the proposed regulatory regime intends to primarily focus on representations of value which rest on ledgers that are operated in a decentralised manner, it is concluded in the Consultation Conclusions that limb (d) of the definition of “stablecoin” will be amended to specify that the stablecoins subject to the proposed regulatory regime are those “operated on a decentralised distributed ledger or similar technology”. A “decentralised distributed ledger” refers to a distributed ledger in which no person has the unilateral authority to control or materially alter its functionality or operation.
Scope of regulated activity
It is proposed in the Consultation Paper that the regulatory regime will prioritise regulation of FRS issuance activity, considering that FRS has a higher potential to be used as a commonly acceptable means of payment, as compared with other types of virtual assets. A significant majority of respondents agree with this approach.
With regard to what constitutes an “issuance” activity, it is clarified in the Consultation Conclusions that it is generally decided on a case-by-case basis with respect to specific facts and circumstances. Further guidelines will be issued upon the implementation of the regulatory regime to provide further guidance to the industry.
02
Regulatory Framework
In the Consultation Paper, it is proposed that under the proposed licensing regime for FRS issuers, no person shall:
(i) issue, or hold oneself out as issuing, an FRS in Hong Kong;
(ii) issue, or hold oneself out as, issuing a stablecoin that purports to maintain a stable value with reference to the value of the Hong Kong dollar; or
(iii) actively market its issuance of FRS to the public of Hong Kong;
unless it is a company that holds an FRS issuer licence granted by the HKMA.
“Actively market” may include frequently calling on members of the Hong Kong public and marketing their services and running a mass media programme or Internet activities targeting the Hong Kong public, etc.
The proposed scope of the regulatory regime is generally agreed. On the question of how to determine whether a person is “actively marketing” an issuance of FRS to the Hong Kong public, it is clarified in the Consultation Conclusions that the HKMA will take into account multiple factors such as the language used in the marketing messages, whether the messages are targeted at people that resides in Hong Kong and whether a Hong Kong domain name is used for its website, etc.
03
Licensing Criteria and Conditions
Under the proposed regulatory regime, any person who issues FRS in Hong Kong will be required to obtain a licence from the HKMA. Some of the key licensing criteria and conditions as proposed in the Consultation Paper (and modified in the Consultation Conclusions, if applicable) are broadly summarised below:
Full backing: The FRS issuer must ensure that the value of the reserve assets backing an FRS is at least equal to the par value of the FRS in circulation at all times.
Investment limitations: The reserve assets must be of high quality and high liquidity with minimal market, credit and concentration risk.
Segregation and safekeeping of reserve assets: The FRS issuer must ensure that the reserve assets are segregated from other assets and are available to satisfy FRS holders’ redemption as well as their legal right and priority claim of the reserve assets in the event of the FRS issuer’s insolvency.
Risk management and controls: The FRS issuer must formulate adequate policies, guidelines and controls for the proper management of all investment activities associated with the management of the reserve assets. The FRS issuer must also ensure that there will be sufficient funds and liquid assets to meet the requests for redemption of FRS in circulation.
Disclosure and reporting: The total amount of the FRS in circulation, the mark-to-market value of reserve assets and the composition of reserve assets must be disclosed regularly to the general public. The HKMA will further discuss with the industry to confirm and provide more detailed disclosure requirements.
Prohibition on paying interest: Any income or loss from the reserve assets (such as interest payments, dividends or capital gains or losses) must be attributed to the FRS issuer. The FRS issuer must not pay any interest to FRS users.
Effective stabilisation: The FRS issuer must be ultimately responsible for ensuring the effective functioning of the stabilisation mechanism of the FRS it issues, even if third parties are engaged.
Redemption requirements: FRS users should have the right to redeem their FRS at par value with the FRS issuer and have a claim on the reserve assets or (if the FRS issuer is not able to meet redemption obligations) the FRS issuer. Any redemption requests must be processed without undue costs on a timely basis and without any unreasonable condition. It is concluded in the Consultation Conclusions that the HKMA, under normal circumstances, will require the FRS issuer to fulfil a redemption request within one business day after the day of receipt of such redemption request.
Restriction on business activities (not applicable to authorised institutions which are already subject to the supervision of the HKMA (“AIs”)): The FRS issuer must seek the HKMA’s approval before commencing any new line of business. The FRS issuer should demonstrate to the HKMA that it has adequate resources for the issuance and maintenance of FRS, the new business will not bring significant risks to itself and the new business activities will not impair its ability to perform its functions as an FRS issuer.
Physical presence in Hong Kong (not applicable to AIs): The FRS issuer must be a company incorporated in Hong Kong and have a Hong Kong registered office. Its chief executive, senior management team and key personnel must be based in Hong Kong.
Financial resources requirements (not applicable to AIs): The FRS issuer must have adequate financial resources for operating its FRS issuance business. In the Consultation Conclusions, it is concluded that the HKMA will impose a minimum paid-up share capital requirement of either (i) HKD25,000,000; or (ii) 1% of the par value of FRS in circulation, whichever is higher.
Disclosure requirements: The FRS issuer must publish a white paper to disclose information such as the FRS issuer’s general information, the rights and obligations of the FRS users, the FRS stabilisation mechanism, etc. The FRS issuer must notify the HKMA before such publication.
Governance, knowledge and experience: Controllers, chief executives and directors of the FRS issuer must be fit and proper persons and their appointment and any changes in ownership or management of the FRS issuer would require the prior consent of the HKMA. The FRS issuer must also have a robust corporate governance structure and personnel with the necessary knowledge and experience to enable the effective discharge of responsibilities.
Audit requirements: The FRS issuer must submit audited financial statements to the HKMA each year.
Anti-Money Laundering and Counter-Financing of Terrorism requirements: The design and implementation of the FRS issuer’s issuance business must have in place adequate and appropriate systems of control for preventing or combating possible money laundering and terrorist financing activities.
04
Powers of the HKMA
In the Consultation Paper, it is proposed that the HKMA should be vested with the appropriate supervisory powers on licensed FRS issuers such as the power to intervene in the operations of a licensed FRS issuer where the circumstances so warrant, the power to request information or documents from licensees, the power to conduct on-site examinations at the premises of licensees, the power to direct licensees to take action to bring them into compliance with the statutory obligations and the power to make regulations and issue guidelines under the proposed legislative framework, etc.
It is also proposed in the Consultation Paper that the HKMA should be empowered to conduct investigations where it has reasonable cause to believe that an offence under the proposed regulatory regime may have been committed.
The respondents are generally supportive of the proposed supervisory and investigation powers of the HKMA and as such the proposal will be taken forward accordingly.
05
Way Forward
The regulatory proposal outlined in the Consultation Paper and the Consultation Conclusions reflect Hong Kong’s commitment to fostering a secure, robust and transparent environment for FRS issuance and providing adequate protection to FRS users while maintaining Hong Kong’s status as an international financial centre and promoting innovation within the evolving landscape of digital finance.
It is indicated in the Consultation Conclusions that a bill will be prepared and introduced into the Legislative Council later this year to implement the proposed stablecoin regulatory regime. The HKMA will also issue licensing and supervisory guidelines to facilitate applicants’ understanding of, and compliance with, the relevant requirements thereunder.
YYC Legal LLP is in Association with East & Concord Partners (Hong Kong) Law Firm.
This material has been prepared for general informational purposes only and is not intended to be relied upon as professional advice. Please contact us for specific advice.
胡铭深
Sam Wu
天达共和香港联营所
杨杨朱律师事务所 合伙人
samwu@east-concord.com.hk
+852 3797 8237
胡铭深律师的执业范围主要集中在公司和商业事务以及交易项目。他在处理跨境并购、企业重组和私募股权交易方面拥有丰富的法律经验，并经常就监管合规、公司治理、金融科技法规、雇佣法、数据保护和隐私法提供法律意见。
胡律师曾代表不同行业领域的上市公司、跨国公司、国有企业、金融机构、科技巨头和私募股权基金处理多项大型交易。
胡律师于2024年度ALB香港法律大奖中荣获提名“年度金融科技律师”；而由他经办的其中一个项目获得“2024年度LegalOne Merits (典范)”奖项及荣登“LegalOne 2023年度中国区杰出交易及案例”榜单。
在加入本所之前，胡律师任职于其他香港大型律师事务所。
胡律师精通英语、普通话及粤语。
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