CBSR · 证据资料库
香港特别行政区稳定币监管证据 | CBSR 历史快照
浏览 14 条香港特别行政区稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
香港档案分别记录《稳定币条例》的牌照范围、境外港元参考发行、要约限制、储备保障与不计息条件。首批牌照等观察属于运营事实，不能替代对其他发行人或产品的法律测试。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
hk-frs-issuer_pathway-001
记录将本地发行、境外港元参考发行与向香港公众积极营销列入牌照讨论；关于当时牌照批次的描述仅是有日期的历史观察。
快照记录原文 · 不是法条逐字引文
A licence is required for (1) FRS issuers in Hong Kong, (2) issuers outside HK of stablecoins referencing the HK dollar, and (3) entities actively marketing FRS to the HK public. Eligible applicants are companies incorporated in HK under the Companies Ordinance, or authorised institutions (banks / restricted-licence / deposit-taking companies under the Banking Ordinance). Shell entities or mere pre-1-Aug-2025 establishment do not qualify for transitional treatment. The first-licence cohort (10 Apr 2026) was HSBC and Anchorpoint Financial Limited (a Standard Chartered (HK)–HKT–Animoca JV intending HKDAP on a B2B2C model); no PRC-connected entities were licensed.储备与资产支持
hk-frs-reserve_backing-001
快照摘要记录全额支持、短期限低风险资产、隔离与信托安排；应结合已记录的来源定位与逾期复核状态核对，而非依此直接批准储备安排。
快照记录原文 · 不是法条逐字引文
100% backing at all times; the market value of reserve assets must equal or exceed the par value of circulating stablecoins, with HKMA expecting overcollateralisation. Acceptable assets: cash, bank deposits (term <= 3 months), government and central-bank securities (residual maturity <= 1 year), and tokenised forms of the foregoing. Reserves must be strictly segregated from the issuer's other assets and protected against creditor claims via statutory trust.允许活动与收益边界
hk-frs-permitted_activity_yield-001
来源定位为《稳定币条例》附表 2 第 15 条不计息条件；原记录讨论持牌人向稳定币持有人直接支付利息的禁止。
快照记录原文 · 不是法条逐字引文
The Stablecoins Ordinance Schedule 2 Section 15 (Non-interest bearing) provides that the licensee must not pay any interest on issued stablecoins. Direct payments from issuer to holder are reached by the prohibition.货币主权与跨境准入
hk-frs-monetary_sovereignty-001
记录区分港元参考代币的境外牌照范围与非港元代币的分销限制，不把香港描述成 MiCA 式数量上限制度。
快照记录原文 · 不是法条逐字引文
Hong Kong does not impose a quantitative non-domestic-currency usage cap of the MiCA Article 23 type, but it draws a sovereignty-adjacent line through distribution: foreign-based issuers of non-HKD-linked FRS may offer to professional investors only, while HKD-referencing stablecoins (including those issued offshore) are pulled fully inside the licensing perimeter. The effect is to privilege the domestic-currency instrument for retail use without a numeric ceiling.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | AMLO + Ordinance AML obligations on licensees | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Licensing of issuers (bank and non-bank); not bank-only | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | HK$25m paid-up capital (statutory) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 跨境数据 | PDPO (Cap. 486) data obligations; HKMA outsourcing/data guidance | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 披露与报告 | Disclosure, reserve attestation and supervisory reporting | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | permitted-offeror closed loop; HK$5m / 7-year offence | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 实施状态 | Timeline Jan 2022 -> Q3 2026; first cohort 10 Apr 2026 | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | licensable regulated activities; s.8(1) licensing offence | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 货币主权与跨境准入 | offshore HKD-referencing issuance is licensable; non-HKD FRS offering limited | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 允许活动与收益边界 | Sch. 2 s.15 (no interest on issued stablecoins) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 赎回 | par redemption within 1 business day | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 监管机构 | HKMA as the licensing/supervisory authority | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 储备与资产支持 | 100% backing; same-currency reserve with HKD/USD exception; segregation/trust | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 证券属性认定 | HKMA stablecoin perimeter vs. the SFO securities/futures definitions | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |