记者 卢梦雪 冉学东 北京报道
近日，香港证监会就虚拟资产交易平台的监管发表咨询总结，表示将落实有关容许持牌虚拟资产交易平台向零售投资者提供服务的建议。
The Hong Kong CVM recently issued an advisory summary on the regulation of the Virtual Asset Trading Platform, indicating that it would implement the recommendation to allow licensed virtual asset trading platforms to provide services to retail investors.
香港虚拟资产交易平台的牌照申请也将于6月1日开放，这意味着香港散户下半年有望在更多的持牌交易所买卖虚拟资产。
The Hong Kong Virtual Asset Trading Platform licence application will also open on 1 June, which means that the Hong Kong Diaspora is expected to buy and sell virtual assets on more licensed exchanges in the second half of the year.
但新规则允许零售投资者交易的是BTC和ETH等主流加密货币，暂时禁止稳定币、自营交易和借贷等服务。香港证监会特别强调，尚未批准任何虚拟资产交易平台向零售投资者提供服务，且现有大部分公众可接触的虚拟资产交易平台均不受香港证监会监管。
However, the new rules allow retail investors to trade in mainstream encrypted currencies, such as BTC and ETH, and temporarily prohibit the stabilization of currency, self-employment, and lending services. The Hong Kong CVM stresses that no virtual asset trading platforms have been approved to provide services to retail investors, and that most of the existing virtual asset trading platforms that are accessible to the public are not regulated by the Hong Kong CVM.
“提供清晰的监管规则方能促进负责任的发展。”香港证监会行政总裁梁凤仪表示。业内人士认为，香港证监会在可行且谨慎的框架下接纳行业的反馈，从而对监管规定作出相应调整，体现了其对虚拟资产行业日益开放的态度。
“The Hong Kong CVM’s Executive Director, Liang Feng Yi, has expressed the view that the Hong Kong CVM’s increasing openness to the virtual asset industry is reflected in the adaptation of its regulatory provisions by incorporating industry feedback within a feasible and prudent framework.
平衡平台与散户利益
Balance platform with dispersed interests
今年2月20日，香港证监会曾发布一份咨询文件，就适用于持牌虚拟资产交易平台营运者（虚拟资产交易平台）的建议监管规定，邀请公众提出意见。
On 20 February this year, the CVM issued a consultation paper inviting the public to comment on the proposed regulatory provisions applicable to the operators of the licensed virtual asset trading platform (the virtual asset trading platform).
本次发布的正是对上述咨询文件的总结。香港证监会表示，回应者普遍支持适用于持牌虚拟资产交易平台的建议监管规定。许多意见都要求就技术及实施细节作出厘清。主要意见关乎零售投资者使用持牌虚拟资产交易平台，代币纳入准则，针对与保管客户虚拟资产所涉及的风险而设的补偿安排，虚拟资产衍生工具的交易，实施细节以及过渡安排。
The Hong Kong CVM has indicated that there is general support for the proposed regulatory provisions applicable to licensed virtual asset trading platforms. Many comments have called for clarification on technology and details of implementation.
在本次总结中，香港证监会对其中的10个主要问题进行了总结并做出了回应，同步对相关监管规定进行了调整，其对虚拟资产交易的开放态度更加明确，监管思路更加清晰。
In this summary, the Hong Kong CSRC summarized and responded to 10 of the key issues, adapting the regulatory provisions in question in parallel with a clearer approach to virtual asset transactions and a clearer approach to regulation.
值得一提的是，针对持牌平台营运者是否应获准向零售投资者提供服务的问题，香港证监会表示，“注意到回应者大力支持允许持牌虚拟资产交易平台向零售投资者提供服务。本会将落实有关容许持牌虚拟资产交易平台向零售投资者提供服务的建议。”
It is worth mentioning that, in response to the question whether a licensed platform operator should be allowed to provide services to retail investors, the Hong Kong CVM stated that “noting the strong support of respondents for allowing a licensed virtual asset trading platform to provide services to retail investors, it would implement the recommendation to allow a licensed virtual asset trading platform to provide services to retail investors.”
但香港证监会同时对持牌虚拟资产交易平台提出了几条具体要求，要求持牌虚拟资产交易平台遵守一系列保障措施以保障零售投资者利益。
At the same time, however, the Hong Kong CVM imposed several specific requirements on the licensed virtual asset trading platform, requiring the licensed virtual asset trading platform to comply with a range of safeguards to safeguard the interests of retail investors.
“持牌虚拟资产交易平台在向零售投资者提供交易服务前，应遵从一系列涵盖与客户建立业务关系、管治、披露以及代币尽职审查和纳入的妥善投资者保障措施。”香港证监会回应称。
“The licensed virtual asset trading platform shall, before providing trading services to retail investors, be subject to a range of appropriate investor safeguards covering business relations with customers, governance, disclosure, and due diligence review and incorporation of tokens.” The Hong Kong CSRC responded.
具体来看，一方面，持牌交易平台应对零售投资者进行相应的知识及风险评估和投资者培训，确保他们对虚拟资产有充分认识。
Specifically, on the one hand, licensed trading platforms should provide retail investors with corresponding knowledge and risk assessment and investor training to ensure that they are fully aware of virtual assets.
另一方面，在代币准入和信息披露方面，持牌交易平台应在纳入每个虚拟资产之前进行尽职调查，做好信息披露工作，确保披露的特定产品信息不虚假、偏颇、具有误导性或欺骗性。
On the other hand, in terms of currency access and information disclosure, a licensed trading platform should conduct due diligence prior to the inclusion of each virtual asset and conduct information disclosure to ensure that product-specific information disclosed is not false, biased, misleading or deceptive.
值得关注的是，对于“要求非证券型代币具有至少12个月历史记录的建议”，香港证监会回应称，相关规定是针对平台运营者在进行审查期间可能遇到的困难而设立的。
It is a matter of concern that the Hong Kong CSRC responded to the “recommendation requiring a record of at least 12 months of non-securitized tokens”, stating that the relevant provisions were established in response to difficulties that might be encountered by platform operators during their review.
“虽然12个月的规定可能无法防止一些代币近期发生的崩盘事件，但设立该规定的目的是降低难以合理检测的欺诈风险，并减少代币首次发售前进行的市场推广。”香港证监会表示。
“Although the 12-month rule may not prevent the recent collapse of some tokens, the purpose of the provision is to reduce the risk of fraud, which is difficult to reasonably detect, and to reduce market promotion prior to the first sale of the tokens.” The CSRC stated.
“市场原来预期即将发布的指引会删除咨询文件中的‘对于规定非证券型代币须具有至少12个月往绩纪录的意见’，但最终这条建议仍旧保留了。”资深加密行业从业人士、Muse Labs理事长宋双杰在接受《》记者采访时认为，这将极大的限制交易平台可上非证券型代币的数量，不利于交易平台的盈利预期。
“The market had anticipated that the guide to be issued would delete the `observation that requires a record of performance of at least 12 months for non-synchronous currencies' from the advisory paper, but the proposal was eventually retained.” Senior encryption industry practitioner, Mr. Muse Labs, Chairman Song Junjie, in an interview with
此外值得注意的是，新规则允许零售投资者交易的是BTC和ETH等主流加密货币，暂时禁止稳定币、自营交易和借贷等服务。
In addition, it is noteworthy that the new rules allow retail investors to trade in mainstream encrypted currencies such as BTC and ETH, and temporarily prohibit services such as stable currency, self-employment and lending.
香港将迎来更多“持牌”交易所
Hong Kong will welcome more 本次咨询总结发布的同时，香港证监会表示，《适用于虚拟资产交易平台营运者的指引》将于6月1日生效。 At the same time as this advisory summary was issued, the CVM indicated that the Guide for Operators of the Virtual Asset Trading Platform would enter into force on 1 June. 香港证监会将于2023年5月25日在宪报刊登虚拟资产交易平台申领《证券及期货条例》及《打击洗钱及恐怖分子资金筹集条例》下的相关牌照的申请表格，并将于2023年6月1日开始接受申请。 On 25 May 2023, the CSRC will publish the application form of the Virtual Asset Trading Platform for relevant licence plates under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing Ordinance, and will accept the application on 1 June 2023. 这意味着6月1日以后，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香港证监会发牌。 This means that, after 1 June, all virtual asset trading platforms operating in Hong Kong or promoting to Hong Kong investors will be licensed by the Hong Kong CVM. 香港证监会中介机构部临时主管蔡钟辉表示，暂时未有平台可给予散户投资者买卖虚拟资产，预料在指引生效后，散户最快在今年下半年，可于获发牌的交易平台进行买卖。 The Interim Head of the SEC Intermediary Department of Hong Kong, Choi Chung Hui, stated that for the time being, there was no platform to buy and sell virtual assets to bulk investors, and that it was expected that after the entry into force of the guidance, the bulk of the stock could buy and sell at a trading platform that had been awarded cards as soon as possible in the second half of the year. “若本地虚拟资产平台并非在条例实施前已经运作，或者海外平台在指引实施后仍没有牌照，都不能在香港进行虚拟资产交易业务，亦不能在港宣传推广，否则需负上刑事责任；而现正营运的平台可于条例指引生效后9个月内申请牌照。”蔡钟辉强调，获发牌的平台亦需确保其客户有没有透过“翻墙”进行交易，并确保IP地址是否来自不能买卖虚拟资产的地区，强调需要遵守相关地区的规定。 “If the local virtual asset platform is not operational prior to the implementation of the regulations, or if the overseas platform does not have a licence plate after the implementation of the guidelines, it cannot conduct virtual asset trading operations in Hong Kong, or disseminate it in Hong Kong, it may incur criminal liability; while the platform currently in operation may apply for a licence plate within nine months of the entry into force of the regulations. Tsai Chung-fui stressed that the licensed platform also needs to ensure that its customers “turn over the wall” and that the IP address comes from areas where virtual assets cannot be bought or sold, stressing the need to comply with the requirements of the area concerned. “对交易平台来讲，从悲观来说，这将排除来自中国大陆的用户；从乐观来说，说明基于中国香港的交易平台可以进行全球展业。”宋双杰向《 “In terms of pessimism, this would exclude users from mainland China; in terms of optimism, it would mean that a trading platform based in Hong Kong, China, could perform a global exhibition.” According to the journalist “It is clear that the SEC has, within a viable and prudent framework, accepted industry feedback, thus adjusting the regulatory provisions accordingly (e.g., by removing the VASP requirement to obtain a Hong Kong legal opinion prior to the upper currency).” Lennix, the KPSC's Chief Business Officer, told 》记者指出。 announced plans to launch a virtual asset trading service to retail investors. By working with the local licensed virtual asset exchange, the Bank will seek regulatory approval to enable retail investors to buy and sell virtual assets using the legal currency of ZA Bank App.</p><p> 在此之前，香港只有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两个交易所，分别在2020年和2022年获得了香港虚拟资产交易牌照。</p><p>Prior to this, there were only two exchanges in Hong Kong, under the banner of the BC Technology Group, OSL Digital Technologies Limited, and Hash Blockchain Limited under the banner of the Asian Digital Assets Financial Services Group, HashKey Group, which received virtual Hong Kong asset trading licences in 2020 and 2022, respectively.</p><p> 但当前，已有OKX、Huobi等多家虚拟资产交易所表示将申请香港加密牌照。</p><p>At present, however, several virtual asset exchanges, such as OKX and Huobi, have indicated that they will apply for Hong Kong encryption plates.</p><p> “显然证监会在可行且谨慎的框架下有接纳行业的反馈，从而对监管规定作出相应调整(例如取消了VASP在上币前需要取得香港法律意见书的要求)。”OKX的首席商务官Lennix告诉《<img style=)
》记者，香港证监会公布的监管规定和咨询总结大致上符合OKX对香港监管制度的期望，OKX在今年初宣布成立了香港公司，从而申请将于今年6月1日生效的香港新监管制度下的VASP牌照。, that the regulatory provisions and advice published by the KCVS largely meet the expectations of KOKX for Hong Kong's regulatory system, and that the HKOX announced the establishment of the Hong Kong company at the beginning of this year, thereby applying for a VASP license under the new Hong Kong regulatory regime, which will enter into force on 1 June this year.</p><p> “我们很高兴看到香港政府对虚拟资产行业的态度日益开放，显示了把香港拓展为亚洲区块链技术枢纽的决心。”Lennix表示，OKX谨慎乐观地认为金管局将在不久将来推出有关稳定币的监管措施，届时也会逐步开放容许散户交投稳定币。</p><p>“We are pleased to see the increasing openness of the Government of Hong Kong to the virtual asset industry, demonstrating its determination to expand Hong Kong into a technology hub for Asian block chains.” Lennix stated that it was cautiously optimistic that the Hong Kong Monetary Authority would introduce regulatory measures to stabilize the currency in the near future and that it would gradually open up to the transfer of stable currency to the diaspora.</p><p> “大公司、大集团、背景干净，在加密货币早已有布局的机构获得牌照会较为容易。”宋双杰认为，香港的牌照相对较为复杂，新发牌制度生效后，预计9号牌照的持有者将大大增加。</p><p>“A large company, a large group, a clean background makes it easier to obtain a card note in an institution whose encoded currency already has a layout.” According to Sang-jie Song, Hong Kong's cards are more complex and the number of holders of licence plate No. 9 is expected to increase significantly after the new licensing system comes into effect.</p></p>
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