华夏时报（www.chinatimes.net.cn）记者 卢梦雪 冉学东 北京报道
Summer Times (www.chinatimes.net.cn), journalist Lumongshe, Beijing News
2月10日，香港证监会发布了一份咨询文件，就监管虚拟资产交易平台的建议展开咨询，以配合将于6月1日正式生效的新发牌制度。新发牌制度生效后，所有在香港展业或向香港投资者推广的虚拟资产交易平台都需获证监会发牌。
On 10 February, the CSRC issued a consultation paper on the proposal to regulate the Virtual Asset Trading Platform, which will come into effect on 1 June.
交易所的监管情况也将在牌照生效后公布。香港证监会指出，计划申领牌照的虚拟资产交易平台（包括原有平台）应开始检视及修改有关系统及监控措施，为新制度作好准备。无意申领牌照的营运者，则应着手预备以有序方式结束其于香港的业务。
The Hong Kong CVM states that the virtual asset trading platform (including the original platform) that plans to apply for license plates should begin to review and modify systems and controls in order to prepare for the new system.
“相当于对散户的主流虚拟货币的现货交易放开了。”相关业内人士向《华夏时报》记者分析指出，持牌规则公布后，预计很多交易所会申请这个牌照，相关人员从业的法律风险也会降低，“从虚拟货币交易所类型来看，预计已在国外获得相关牌照的交易所，如Coinbase等或将成为香港新一批合规持牌机构。”
“Stand-off transactions amounting to mainstream virtual currency for the bulk households have been liberalized.” According to an analysis made by relevant industry sources to Reporters of the Summer Times, it is expected that, following the publication of the holding rules, many exchanges will apply for the license plates and that the legal risks associated with their operation will be reduced. “In terms of the type of virtual currency exchange, it is expected that exchanges that have acquired the relevant license plates abroad, such as Coinbase, will become a new group of Hong Kong compliance holders.”
拟开放虚拟货币现货交易
proposes to open up virtual currency spot trading
“鉴于虚拟资产市场近期动荡不稳及FTX等平台倒闭的情况，各地监管机构达成了明确共识，认为需要对虚拟资产领域进行监管，以确保充分保障投资者，并有效管理主要风险。”文件表示。
“In view of the recent volatility of the virtual asset market and the collapse of platforms such as FTX, there is a clear consensus among local regulators that the virtual asset area needs to be regulated to ensure that investors are adequately safeguarded and that the main risks are effectively managed.” It is stated.
从咨询文件的内容来看，“是否允许交易平台面向个人投资者；除所建议一系列妥善的投资者保障措施外，还应实行哪些措施”成为重点问题。
From the content of the advisory paper, the question of “whether to allow trading platforms to be targeted at individual investors and what measures, in addition to the recommended range of appropriate investor safeguards, should be put in place” became a priority.
香港证监会在咨询文件中称，个人投资者将被允许在获该机构许可的交易所交易较大面值的虚拟货币，前提是设置知识测试、风险简介和合理的风险敞口限制等保障措施。
In its advisory paper, CSRC stated that individual investors would be allowed to trade in virtual currencies with larger face value on an exchange licensed by the agency, provided that safeguards such as knowledge testing, risk profile and reasonable exposure limits were in place.
同时，虽未明确说明将允许个人投资者购买哪些大型虚拟货币，但该机构表示，比特币应被纳入至少两个由独立提供商提供的可接受的可投资指数，其中一个应该在传统金融领域拥有经验。
At the same time, while it was not clear which large virtual currencies would be allowed to be purchased by individual investors, the agency indicated that Bitcoins should be included in at least two acceptable investmentable indices provided by independent providers, one of which should have experience in traditional financial areas.
Web3研究机构Muse Labs负责人江金泽向《华夏时报》记者分析认为，涉及的应该是NFT，及BTC、ETH等一些常见的虚拟货币。
The director of the Web3 research institute, Muse Labs, Jiang Kinzawa, analysed with Reporters of the summer newspaper that NFT and some common virtual currency such as BTC and ETH should be involved.
“但大概率前期会像日本等国家一样，限定一部分的主流币种。”金融科技专家蔡凯龙向记者表示。
“But it is likely that some of the mainstream currencies will be limited in the same way as other countries like Japan.” The financial science and technology expert, Chai Kailong, said to journalists.
“这相当于对散户主流虚拟货币的现货交易将要放开了。”一加密货币行业资深人士在受访时向记者表示，虽未涉及合约和衍生品，但这无异于一个积极信号，对加密货币行业是重大利好。
“This is equivalent to the opening up of spot transactions in mainstream bulk money.” When interviewed, a senior member of the crypto-currency industry indicated to journalists that, while not dealing with contracts or derivatives, it was a positive signal that would be of great benefit to the crypto-currency industry.
同日，徐明星称，欧易已从2022年开始申请香港加密牌照。孙宇晨称，Huobi将申请香港加密交易牌照，并计划推出新交易所Huobi Hong Kong。
On the same day, Xu Sing said that he had applied for an encrypted Hong Kong license plate since 2022. Sun Woo-jin said that Huobi would apply for an encrypted Hong Kong trading license plate and plan to launch a new exchange, Huobi Hong Kong.
“实际上香港本身并没有太多加密用户，这个制度更多的是让加密货币交易所有一个受到监管的立足点。因此6月份持牌规则公布后，预计会有很多交易所申请这个牌照，当然，这也会让很多人规避了在国内从业的法律风险。”上述业内人士认为。
“In fact, Hong Kong does not have too many encryption users in its own right, and the system is more likely to give the crypto-currency exchange a regulated base. So, after June’s listing rules are published, it is expected that many exchanges will apply for the license plate, which, of course, would have led many people to avoid the legal risk of doing business in the country.”
重大利好
“背靠大陆是香港加密货币市场做大做强的一个重要依托，另一方面，香港试错也会对大陆政策有很好的示范作用。”中国通信工业协会区块链专委会轮值主席朱幼平向《华夏时报》记者分析指出。
“The mainland is an important pillar of Hong Kong's encoded currency market, and, on the other hand, Hong Kong's trial error will serve as a good model for mainland policy.” Chu Xiaoping, Chairman-in-Office of the China Communications Industry Association's District Chain Committee, analysed it to a reporter from the Washington Times.
朱幼平认为，发力虚拟资产是新一届香港政府的重要策略之一，这表明了香港政府支持加密货币市场的立场，吸引数字资产交易平台落户，壮大香港金融中心地位。
According to Chu Xiaoping, dynamic virtual assets are one of the key strategies of the new Hong Kong Government, demonstrating the position of the Hong Kong Government in favour of the crypto-currency market, attracting digital asset trading platforms and strengthening Hong Kong's financial centre.
此前一段时间，香港对于加密货币相关牌照的态度相对审慎，加密货币交易所制度为自愿制，仅可向专业投资者提供其服务，只限于投资组合为800万港元(约100万美元)及以上的客户。
For some time now, Hong Kong has taken a relatively cautious approach to encrypted currency-related licences. The system of encrypted currency exchanges is voluntary and offers its services only to professional investors and is limited to customers with a portfolio of HK$8 million (approximately US$ 1 million) and more.
因此至今仅两个交易所，BC科技集团旗下的OSL Digital Securities Limited和亚洲数字资产金融服务集团HashKey Group旗下的Hash Blockchain Limited，分别在2020年获和2022年获得了香港虚拟资产交易牌照。
Thus, to date, only two exchanges, OSL Digital Technologies Limited, under the banner of BC Technology, and Hash Blockchain Limited, under the banner of HashKey Group, under the banner of the Asian Digital Assets Financial Services Group, have received virtual Hong Kong asset trading licences in 2020 and 2022, respectively.
直至去年，香港的态度才有所转变。2022年10月末，香港财政司发布政策宣言，释放了对虚拟资产的开放和友好态度，并透露证监会正在就允许个人投资者买卖虚拟资产展开公众咨询。
It was not until last year that Hong Kong’s attitude changed. In late October 2022, the Hong Kong Department of Finance issued a policy declaration that released an open and friendly attitude to virtual assets and revealed that the SEC was consulting the public about allowing individual investors to buy and sell virtual assets.
“香港目前的加密货币监管政策相对灵活，保持了一定的开放性和包容性。”江金泽认为，在全球范围内，加密货币的监管政策千差万别，但对加密货币持支持态度的国家和地区偏少，对加密货币持警惕甚至反感态度的国家和地区偏多，新的发牌制度生效后，将增强对加密货币市场的监管力度，提高市场的透明度和稳定性，保护投资者的利益，“这有助于吸引更多机构投资者和散户投资者参与市场，提高市场的流动性和深度”。
“Hong Kong's current policy for the regulation of encrypted currencies is relatively flexible and remains somewhat open and inclusive.” Jiang Kinze argues that globally, there are few countries and territories with different regulatory policies for encrypted currencies, but that there are few countries and territories that are supportive of encrypted currencies, that there are too many countries and regions that are alert or even repulsive to encrypted currencies, and that the entry into force of the new licensing system will strengthen the regulation of encrypted currency markets, enhance their transparency and stability and protect the interests of investors, “helping to attract more institutional and diaspora investors to participate in the market and enhance its liquidity and depth”.
“当然，该政策也可能导致某些小型，或与监管走的比较远的交易平台面向散户投资者的业务受到限制。”江金泽指出。
“The policy may, of course, also result in restrictions on the operations of certain small or relatively distant trading platforms for bulk investors.” Jiang Kinzawa noted.
蔡凯龙则认为，新发牌制度生效后，Coinbase等在国外已经获得了牌照的机构，或将成为新一批获得监管准入的“合规”交易所。
According to Chai Kailong, following the entry into force of the new licensing system, organizations such as Coinbase, which have acquired licence plates abroad, will either become a new group of “comply” exchanges with regulatory access.
“而对于目前还没有获得牌照的交易所来说，像币安、欧易、火币等交易所，准入门槛相当于提高了。考虑到当前主流国家对这类交易所的态度，香港需关注相关的监管风险，因此预计这类机构获得香港牌照还存在一定难度，也需要一定的过程。”蔡凯龙指出，新发牌制度生效后，相当于将一些交易所在香港业务的“灰色地带”进行了界定，“逼迫”其去申请牌照进行展业。
“In the case of currently unlicensed exchanges, the entry threshold for such exchanges as currency, euro, and gun money has increased. Given the current attitude of mainstream countries toward such exchanges, Hong Kong needs to be concerned about the associated regulatory risks, and it is expected that there will be some difficulty and process for such institutions to obtain Hong Kong licence plates.” According to Cylon, the entry into force of the new licensing system would amount to a definition of the “grey zone” in which some exchanges operate in Hong Kong, “enforced” to apply for license plates.
“当然，对OSL、HashKey这种已经获得香港牌照的机构来讲，这是一个很大利好。”蔡凯龙指出，这意味着这些机构牌照的价值获得很大提升，由于合法性的界定，也将他们一些竞争对手的业务排除在外了。
“This is, of course, a great advantage for an institution such as OSL and HashKey, which has already obtained Hong Kong licence plates.” As Chai Kailong has pointed out, this means that the value of these licence plates has been greatly enhanced by excluding some of their competitors from business because of the definition of legality.
责任编辑：孟俊莲 主编：张志伟
Editor-in-chief: Zhang Zhiwei
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