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</div><p style="margin-left:0px;">In early 2024, the cryptocurrency market continued to be lively, with the price of Bitcoin approaching $46,000. However, while the public's attention was focused on investing in cryptocurrencies, the Hong Kong government released a public consultation paper on December 27th, proposing legislative recommendations for regulating stablecoin issuers and seeking opinions. Some people pointed out that these measures could be aimed at restricting the activities of trading stablecoins such as USDT, which can still be traded over-the-counter. The consultation paper also mentioned that in the future, only licensed institutions, including licensed banks, would be able to purchase stablecoins.</p><p style="margin-left:0px;">Based on the author's reading of the legislative proposals, the main content can be divided into three aspects: firstly, the introduction of new regulations to implement an issuance system, requiring qualified fiat-backed stablecoin issuers to obtain a license issued by the Commissioner of Financial Management; secondly, stipulating that only specific licensed institutions can provide services for purchasing fiat-backed stablecoins, including licensed exchanges and licensed banks, which undoubtedly impacts unlicensed over-the-counter exchanges; finally, even licensed institutions can only sell fiat-backed stablecoins registered in Hong Kong to professional investors.</p><p style="margin-left:0px;">Clearly, the last point mentioned above indicates that unless Tether, the company behind USDT, successfully applies for a license, only professional investors with over 8 million HKD in liquid capital can purchase USDT on licensed exchanges in Hong Kong. This clearly implies that the Hong Kong government aims to weaken the position of USDT in the cryptocurrency market.</p><p style="margin-left:0px;">Furthermore, the government consultation paper also mentioned that in the future, only licensed institutions, including licensed banks, would be able to purchase stablecoins. These two measures lead the author to speculate that while the consultation paper is nominally about the issuance of fiat-backed stablecoins, it may actually be preparing for the introduction of a digital Hong Kong dollar or even planning to sell digital Renminbi within Hong Kong banks, to curtail the liquidity of USDT.</p><p style="margin-left:0px;">Frankly speaking, if the Hong Kong government ultimately implements regulatory measures based on the consultation paper, it will definitely hinder the development of cryptocurrencies in Hong Kong. On the surface, the participation of licensed institutions can provide more protection for investors, but in reality, it is a monopolistic means to restrict other companies from developing their own products that are not recognized by the market. It should be noted that cryptocurrency investors rely heavily on USDT because of its liquidity status in various investment areas, including centralized and decentralized exchanges, which cannot be replaced by legislation and regulation.</p><p style="margin-left:0px;">Regardless of whether the Hong Kong government's intention is to target unlicensed exchanges or to specifically target USDT, the author hopes that the government will listen to industry opinions and not act unilaterally. Otherwise, blindly pursuing regulatory actions may cause fiat-backed stablecoins to lose their original effectiveness and ultimately become a laughingstock in the cryptocurrency community, ending up as a crypto-monstrosity.</p>

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</div><p>2024 年初，加密货币市场继续热络，比特币价格逼近 46,000 美元。然而，在大众关注投资加密货币的同时，香港政府于 12 月 27 日发表了一份公众咨询文件，对监管稳定币发行人提出了立法建议，并征求意见。一些人指出，这些措施可能是为了限制目前仍然可以在场外交易 USDT 等稳定币的活动。该咨询文件中还提到，未来只有持牌机构，包括持牌银行，才能购买稳定币。</p><p><br>根据笔者对立法建议的细阅，主要内容可分为三个方面：首先，引入新的法规，实施发牌制度，要求符合条件的法币稳定币发行人获得金融管理专员发出的牌照；其次，规定只有特定的持牌机构，才能提供购买法币稳定币的服务，这些持牌机构包括持牌交易所和持牌银行，这无疑对无牌场外交易所造成了打击；最后，即使是持牌机构，只有在港注册的法币稳定币，才能销售给专业投资者。</p><p><br>明显地，以上提及的最后一点表明，除非 USDT 的发行公司泰达公司成功申请牌照，否则在香港，只有拥有超过 800 万港币流动资金的专业投资者，才能在持牌交易所购买 USDT。这显然意味着香港政府希望削弱 USDT 在加密货币市场的地位。</p><p><br>此外，政府咨询文件还提到，未来只有持牌机构，包括持牌银行，才能购买稳定币。这两项措施让笔者猜测，这份咨询文件的名义是关于法币稳定币发行的，但实际上可能是在为引入数码港元做准备，甚至可能计划在香港银行中销售数码人民币，以制度骑劫USDT 的流动性。</p><p><br>坦白说，如果香港政府最终按照咨询文件推出监管措施，那绝对会阻碍加密货币在香港的发展。表面上，持牌机构的参与可以为投资者提供更多保护，但实际上这是一种垄断手段，以限制其他公司发展自己未被市场认可的产品。需要知道的是，加密货币投资者大量使用 USDT，是因为它在中心化和去中心化交易所等各个投资领域的流动性地位，这是立法和监管无法取代的。</p><p><br>不管港府目的为打击无牌交易所，或有意打击USDT 也好，笔者希望港府能多听从业界意见，不要一意孤行，否则只盲目追求监管行动，却令法币稳定币失去其原有功效，最终只会雷声大雨点小，搞不好变成加密怪胎，成为币圈笑话。</p>

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</div><p>2024 年初，加密貨幣市場繼續熱絡，比特幣價格逼近 46,000 美元。然而，在大眾關注投資加密貨幣的同時，香港政府於 12 月 27 日發表了一份公眾諮詢文件，對監管穩定幣發行人提出了立法建議，並徵求意見。一些人指出，這些措施可能是為了限制目前仍然可以在場外交易 USDT 等穩定幣的活動。該諮詢文件中還提到，未來只有持牌機構，包括持牌銀行，才能購買穩定幣。</p><p><br>根據筆者對立法建議的細閱，主要內容可分為三個方面：首先，引入新的法規，實施發牌制度，要求符合條件的法幣穩定幣發行人獲得金融管理專員發出的牌照；其次，規定只有特定的持牌機構，才能提供購買法幣穩定幣的服務，這些持牌機構包括持牌交易所和持牌銀行，這無疑對無牌場外交易所造成了打擊；最後，即使是持牌機構，只有在港註冊的法幣穩定幣，才能銷售給專業投資者。</p><p><br>明顯地，以上提及的最後一點表明，除非 USDT 的發行公司泰達公司成功申請牌照，否則在香港，只有擁有超過 800 萬港幣流動資金的專業投資者，才能在持牌交易所購買 USDT。這顯然意味著香港政府希望削弱 USDT 在加密貨幣市場的地位。</p><p><br>此外，政府諮詢文件還提到，未來只有持牌機構，包括持牌銀行，才能購買穩定幣。這兩項措施讓筆者猜測，這份諮詢文件的名義是關於法幣穩定幣發行的，但實際上可能是在為引入數碼港元做準備，甚至可能計劃在香港銀行中銷售數碼人民幣，以制度騎刧 USDT 的流動性。</p><p><br>坦白說，如果香港政府最終按照諮詢文件推出監管措施，那絕對會阻礙加密貨幣在香港的發展。表面上，持牌機構的參與可以為投資者提供更多保護，但實際上這是一種壟斷手段，以限制其他公司發展自己未被市場認可的產品。需要知道的是，加密貨幣投資者大量使用 USDT，是因為它在中心化和去中心化交易所等各個投資領域的流動性地位，這是立法和監管無法取代的。</p><p><br>不管港府目的為打擊無牌交易所，或有意打擊 USDT 也好，筆者希望港府能多聽從業界意見，不要一意孤行，否則只盲目追求監管行動，卻令法幣穩定幣失去其原有功效，最終只會雷聲大雨點小，搞不好變成加密怪胎，成為幣圈笑話。</p><p>&nbsp;</p>

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