Readiness申请准备清单Readiness Checklist
申请前应先确认Before Filing
- 必须为香港注册成立的公司，或在香港注册的认可机构
- 须设实质性本地业务运营，仅设立空壳实体不符合资格
- 须具备稳健的公司治理架构与管理团队
- The applicant must be a Hong Kong incorporated company or an authorised institution registered in Hong Kong.
- The applicant must maintain substantive local operations; a shell entity is not sufficient.
- A sound corporate governance framework and management team are required.
监管重点Regulatory Focus
- 储备资产：必须以高流动性、低风险资产 100% 全额支持，并与发行人自有资产分隔
- 赎回权：持有人有权按面值随时赎回，赎回须及时处理
- 储备资产须由独立托管并定期审计
- Reserve assets must be fully backed by high-quality, highly liquid and low-risk assets, and segregated from the issuer's own assets.
- Redemption right: holders should be able to redeem at par value, with redemption handled in a timely manner.
- Reserve assets should be independently custodied and regularly audited.
交付材料Delivery Workstream
- 发行架构与储备资产合规方案设计
- 治理框架、合规及风险政策全套起草
- 与 HKMA 预申请沟通及问题答询
- AML/CFT 框架搭建与 Travel Rule 合规
- Issuance structure and reserve asset compliance design.
- Governance, compliance and risk policy drafting.
- HKMA pre-application communication and response support.
- AML/CFT framework build-out and Travel Rule compliance.
监管机构与法律依据Regulator & Statutory Basis
- 监管机构：香港金融管理局（Hong Kong Monetary Authority, HKMA）
- 法律依据：《稳定币条例》（Stablecoins Ordinance, Cap. 656），于 2025 年 8 月 1 日生效
- 配套指引：HKMA《稳定币发行人发牌及监管指引》《稳定币发行人监管制度的发牌准则》
- 里程碑：HKMA 于 2026 年 4 月 10 日授予首批两张牌照，分别为汇丰（HSBC）及 Anchorpoint Financial Limited（渣打银行、香港电讯 HKT 与 Animoca Brands 合资）
- Regulator: Hong Kong Monetary Authority (HKMA).
- Statutory basis: Stablecoins Ordinance (Cap. 656), effective 1 August 2025.
- Supporting guidance: HKMA Guideline on Supervision of Licensed Stablecoin Issuers and licensing criteria for the stablecoin issuer regime.
- Milestone: HKMA granted the first two licences on 10 April 2026 to HSBC and Anchorpoint Financial Limited, a joint venture involving Standard Chartered Bank, HKT and Animoca Brands.
HKMA 《稳定币条例》（Stablecoins Ordinance, Cap. 656），2025 年 8 月 1 日生效Stablecoins Ordinance (Cap. 656), effective 1 August 2025
适用业务范围Permitted Activities
- 在香港发行指明稳定币（specified stablecoin）
- 在香港境外发行但锚定港元的稳定币
- 向香港公众主动推广稳定币发行
- 制度仅适用于锚定法定货币的法币稳定币（Fiat-Referenced Stablecoins, FRS）；锚定加密资产或算法稳定币不在发牌范围内
- Issuing a specified stablecoin in Hong Kong.
- Issuing a stablecoin outside Hong Kong that references the Hong Kong dollar.
- Actively marketing a stablecoin issuance to the Hong Kong public.
- The regime applies to fiat-referenced stablecoins (FRS). Crypto-referenced or algorithmic stablecoins are outside the core licensing perimeter.
申请人资格Applicant Eligibility
- 必须为香港注册成立的公司，或在香港注册的认可机构
- 须设实质性本地业务运营，仅设立空壳实体不符合资格
- 须具备稳健的公司治理架构与管理团队
- 须委任合资格的行政总裁、合规及风险管理人员
- The applicant must be a Hong Kong incorporated company or an authorised institution registered in Hong Kong.
- The applicant must maintain substantive local operations; a shell entity is not sufficient.
- A sound corporate governance framework and management team are required.
- Qualified chief executive, compliance and risk management personnel must be appointed.
资本要求Capital Requirements
- 最低缴足股本：不低于 HK$25,000,000（或流通稳定币票面总值的 1%，以较高者为准）
- 须持续维持充足财务资源以应对赎回与运营
- Minimum paid-up share capital: not less than HKD 25,000,000, or 1% of the par value of stablecoins in circulation, whichever is higher.
- The issuer must continuously maintain sufficient financial resources to support redemption and operations.
关键合规要求Key Compliance Obligations
- 储备资产：必须以高流动性、低风险资产 100% 全额支持，并与发行人自有资产分隔
- 赎回权：持有人有权按面值随时赎回，赎回须及时处理
- 储备资产须由独立托管并定期审计
- 完整 AML/CFT 框架，包括客户尽职调查、交易监控、Travel Rule
- 稳健的风险管理、网络安全与业务连续性安排
- Reserve assets must be fully backed by high-quality, highly liquid and low-risk assets, and segregated from the issuer's own assets.
- Redemption right: holders should be able to redeem at par value, with redemption handled in a timely manner.
- Reserve assets should be independently custodied and regularly audited.
- A complete AML/CFT framework is required, including customer due diligence, transaction monitoring and Travel Rule controls.
- Robust risk management, cybersecurity and business continuity arrangements are expected.
时间表Timeline
- 预申请准备期：3 - 6 个月（储备方案、治理架构、IT 系统、政策文件）
- 正式申请至发牌：HKMA 采审慎逐批发牌，首批仅授予极少数申请人；整体周期视申请人完备程度而定，一般 9 - 18 个月
- Pre-application preparation: 3-6 months for reserve design, governance, IT systems and policy documents.
- Formal application to grant: HKMA adopts a cautious batch-based approach. Overall timing depends on applicant readiness and is commonly 9-18 months.
政府收费Government Fees
- 申请费及监管费以 HKMA 最新公布的收费表为准
- Application and supervisory fees are subject to HKMA's latest published fee schedule.
持续合规义务Ongoing Obligations
- 储备资产组合月度披露与定期独立审计
- 重大事项及股权/管理层变动通知
- 持续维持最低资本及赎回能力
- 年度审计报告
- Monthly disclosure and regular independent audit of reserve assets.
- Notification of material events and changes in ownership or management.
- Continuous maintenance of minimum capital and redemption capacity.
- Annual audited reports.
典型申请人画像Typical Applicant Profile
- 持牌银行、认可机构拟发行港元/美元稳定币
- 大型支付平台、金融科技集团拟切入受规管稳定币业务
- 已在其他司法管辖区运营稳定币、拟进入亚太市场的发行人
- Licensed banks or authorised institutions seeking to issue HKD or USD stablecoins.
- Large payment platforms or fintech groups entering regulated stablecoin issuance.
- Stablecoin issuers already operating in other jurisdictions and entering the Asia-Pacific market.
Spark Advisory 服务范围Our Engagement Scope
- 发行架构与储备资产合规方案设计
- 治理框架、合规及风险政策全套起草
- 与 HKMA 预申请沟通及问题答询
- AML/CFT 框架搭建与 Travel Rule 合规
- 发牌后持续合规与监管申报支持
- Issuance structure and reserve asset compliance design.
- Governance, compliance and risk policy drafting.
- HKMA pre-application communication and response support.
- AML/CFT framework build-out and Travel Rule compliance.
- Post-licence compliance and regulatory filing support.