《香港稳定币条例》（下称《条例》）是亚洲首个针对稳定币的综合性监管框架。这部法律不仅重塑香港虚拟资产监管格局，更在跨境协调、监管创新与制度设计上提供了独特的“东方方案”。
（一）跨境发行监管：挂钩港元的“长臂管辖”
《条例》创新性地创设“跨境监管触发器”——只要稳定币“部分或全部”挂钩港元（第5(1)(a)(ii)条），无论发行主体是否在香港，均须受香港监管。这一设计直击USDT、USDC等主流稳定币的跨境流通特性，避免监管套利。对比新加坡《支付服务法》（PSA）仅监管境内活动，香港展现出更强的司法进取性。
（二）境外实体指定制度：监管防火墙
为管理离岸风险，《条例》第101条授权金管局“指定境外稳定币实体”，强制其遵守香港规则（第107条）。这与欧盟《加密资产市场法案》（MiCA）的“通行证制度”形成互补——MiCA允许欧盟内合规主体自由展业，而香港则对境外机构设置主动审查门槛，更接近美国纽约州“BitLicense”的严格准入模式。
（三）反洗钱跨境协作：信息穿透机制
《条例》构建三层防御网：
链上追踪：要求持牌人提供“信息系统内数据”（第127条），为链上分析奠基
司法互助：允许向“获授权公职人员”（第158条）披露加密交易信息，打通跨境情报共享
联合制裁：第137条授权对境外实体的高级人员实施处罚，呼应FATF“旅行规则”
如：针对类似Tether境外发行但港元挂钩场景，金管局可援引第5条要求其申牌，并依据第110条调取储备金审计报告，实现跨境监管穿透。
（一）监管沙盒的隐性空间
尽管《条例》未明示“沙盒”，但预留三大创新接口：
豁免权：第13条授权金管局对特定稳定币活动豁免许可，为实验性项目开绿灯
准则变通：第99条允许调整“最低准则”，可针对算法稳定币等新模型差异化监管
指定权：第4(2)条赋予金管局定义新型稳定币类别的弹性，适应技术迭代
（二）RegTech合规监控的强制化
《条例》将科技合规从倡议升级为法定义务：
实时报告：第27条要求持牌人自动报送“重大变更”，推动API直连监管系统
链上审计：第111条明确金管局有权审查“簿册及帐目”，涵盖区块链浏览器等工具
储备金穿透：第17(2)(b)条要求储备资产“可验证”，预设了链上证明技术的应用
（三）生态演进的三阶段图景
（一） “相同业务、相同风险、相同监管”原则的落地
《条例》彻底践行此理念：
业务穿透：将“显示自己从事受规管活动”（第8(2)条）纳入监管，覆盖DeFi平台
风险分级：根据稳定币锚定资产类型（单一货币/一篮子资产）设定差异化管理（第4条）
监管统一：持牌银行与非银机构适用同一套“最低准则”（附表2），消除套利空间
（二）全球稳定币监管的东方样板
香港方案区别于欧美路径：
（三）对内地数字人民币与监管的启示
跨境场景对接：香港持牌稳定币可作为e-CNY离岸流通载体，依托条例第9条“认可提供者”制度建立合规通道
监管科技共享：香港的链上分析框架（第116-129条调查权）可为内地提供跨境资金监控模板
立法技术借鉴：香港对“分布式账本”（第3(3)条）的法律定义，消除技术中性原则下的监管模糊
《香港稳定币条例》的价值不仅在于其完备的监管框架——从发行许可（第14条）、储备金管理（第17条）到危机处置（第80条法定管理人）——更在于其展现的监管哲学：以严格准入控制系统性风险，以规则弹性释放创新活力。
条例官方链接：中华人民共和国香港特别行政区立法会《稳定币条例》：https://www.legco.gov.hk/tc/legco-business/council/bills.html?bill_key=10009&session=2025
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