香港《稳定币条例草案》正式通过，与美国《GENIUS法案》监管有何不同？

概 览
2025年5月21日，香港立法会正式通过《稳定币条例草案》（下称“《条例草案》”），标志着香港在全球虚拟资产监管领域迈出了里程碑式的步伐。香港作为国际金融中心，本次立法通过不仅是对虚拟资产监管框架的完善，也为亚洲虚拟资产监管树立了标杆，彰显了香港作为全球金融中心的敏锐洞察力和高效执行力。《条例草案》已于宪报刊登，预计将于2025年内正式生效，开启香港稳定币市场的黄金时代。
On May 21, 2025, the Hong Kong Legislative Council officially passed the Stable-Currency Bill (the "Bill"), marking a landmark step in the global virtual asset regulation field. As an international financial center, the passage of this legislation not only improves the regulatory framework for virtual assets, but also sets a benchmark for virtual asset regulation in Asia, demonstrating Hong Kong's keen insight and efficient execution as a global financial center. The Bill has been published in the Gazette and is expected to come into force in 2025, ushering in a golden era for Hong Kong's stablecoin market.
就在此前两天，2025年5月19日，美国参议院以66票对32票通过了《2025年美国稳定币引导与创新法案》（下称“《GENIUS法案》”），是美国首个针对稳定币的联邦监管框架。该法案的提出旨在明确稳定币的监管框架，为稳定币市场提供合法性和安全性，以确保美元在数字时代的金融主导地位。
Just two days earlier, on May 19, 2025, the U.S. Senate voted 66-32 to pass the U.S. StablingCoin Guidance and Innovation Act of 2025 (the "GENIUS Act"), the first federal regulatory framework for stablingcoins in the United States. The proposed bill aims to clarify the regulatory framework for stablecoins and provide legitimacy and security to the stablecoin market to ensure the financial dominance of the US dollar in the digital age.
一、香港《稳定币条例草案》主要内容 I. Main contents of Hong Kong's Stablecoin Bill
香港《条例草案》的基本逻辑为采用集中统一监管模式，由金融管理专员主导，以“风险为本”为原则平衡金融稳定与创新，构建“同业同规”的监管闭环，支持锚定港元、美元等多法币的稳定币发行，打造国际化多元稳定币生态。《条例草案》通过发牌制度、储备管理、赎回规定等保障消费者权益，如设置2500万港元最低股本、100%高流动性储备资产、72小时强制赎回等要求，只允许持牌发行人发行的稳定币销售给零售投资者，保障消费者的资金安全和赎回权利。其基本内容如下：
The basic logic of Hong Kong's Bill is to adopt a centralized and unified supervision model, led by the Commissioner of Financial Regulation, balance financial stability and innovation on the principle of "risk-based", build a closed loop of supervision with "same regulations among the same industry", support the issuance of stablecoins anchored in Hong Kong dollar, US dollar and other legal currencies, and build an international and diversified stablecoin ecosystem. The Bill protects consumers' rights and interests through the licensing system, reserve management, redemption requirements, such as setting a minimum share capital of HK $25 million, 100% highly liquid reserve assets, and 72-hour mandatory redemption requirements, and only allows stable-coins issued by licensed issuers to be sold to retail investors to protect consumers' fund security and redemption rights. The basic contents are as follows:
（一）发牌制度
(1) Licensing system
任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳定币，必须向金融管理专员申领牌照。持牌人会受到金融管理专员的持续监管，对于违规行为，金融管理专员有权暂时吊销或撤销牌照，以及施加罚款。只有由持牌发行人所发行的法币稳定币方可销售予零售投资者。
Anyone who issues fiat stablecoins in Hong Kong in the course of business, or issues fiat stablecoins in Hong Kong or outside Hong Kong that claim to anchor the value of the Hong Kong dollar, must apply for a licence from the Monetary Authority. Licensees are subject to ongoing supervision by the Financial Authority, who has the power to suspend or revoke licences and impose fines for non-compliance. Only fiat stablecoins issued by licensed issuers can be sold to retail investors.
（二）储备管理与赎回
(2) Reserve management and redemption
持牌发行者需建立一个稳健的储备机制，确保稳定币储备资产优质、高流动性，且确保按面值能及时赎回稳定币。强调100%储备与隔离保管，储备资产需等于流通稳定币面值，且必须与发行人的其他资产隔离保管，以确保稳定币的稳定性。
Licensed issuers are required to establish a robust reserve mechanism to ensure the high quality and liquidity of stable-coin reserve assets and timely redemption of stable-coin at face value. Emphasize 100% reserve and isolated storage. Reserve assets must be equal to the face value of the circulating stable currency and must be isolated from other assets of the issuer to ensure the stability of the stabilitoin.
（三）信息披露与合规要求
(3) Information disclosure and compliance requirements
要求持牌人定期报告财务状况、变更信息，确保储备资产独立隔离，禁止虚假宣传和欺诈行为。重视投资者保护，稳定币持有者有权向发行者按面额赎回稳定币，且需要在合理的时间内处理。严格合规框架，要求遵守反洗钱和风险管理措施、披露义务、审计要求和关键人员的适当性标准。
The licensee is required to report financial status, change information on a regular basis, ensure the independent isolation of reserve assets, and prohibit false publicity and fraud. Attaching importance to investor protection, stabilitoin holders have the right to redeem stabilitoin at face value from the issuer, which needs to be processed within a reasonable time. A strict compliance framework that requires compliance with anti-money laundering and risk management measures, disclosure obligations, audit requirements and key personnel adequacy standards.
（四）跨境适用
(4) Cross-border application
对香港以外发行稳定币或提供相关服务的实体，若影响香港金融稳定，可纳入监管。
Entities that issue stablecoins or provide related services outside Hong Kong could be subject to regulation if they affect Hong Kong's financial stability.
与此同时，《条例草案》创新监管措施如下：
At the same time, the innovative regulatory measures of the Bill are as follows:
（五）全面监管框架
(5) Comprehensive regulatory framework
构建了从稳定币的发行、流通到储备管理、赎回等全流程的监管体系，确保了监管的全面性和有效性。特别是对跨境稳定币业务的监管，体现了香港作为国际金融中心的视野和担当。
It has built a regulatory system for the whole process from the issuance and circulation of stable-coin to reserve management and redemption, ensuring the comprehensiveness and effectiveness of supervision. In particular, the regulation of cross-border stablecoin business reflects Hong Kong's vision and responsibility as an international financial center.
（六）“同业同规”监管闭环
(6) Closed loop of "same trade and same regulation" supervision
将稳定币业务纳入金融管理局的统一监管范围，与其他金融业务实行“同业同规”的监管模式，避免了监管套利，提高了监管效率，同时也为稳定币业务的合规发展提供了清晰的指引。
The stable-coin business is included in the unified supervision scope of the Monetary Authority, and the supervision mode of "same industry and same regulation" is implemented with other financial businesses, which avoids regulatory arbitrage, improves regulatory efficiency, and also provides clear guidance for the compliance development of stable-coin business.
（七）支持多法币稳定币发行
(7) Support the issuance of multi-fiat stablecoins
支持锚定港元、美元等多法币的稳定币发行，打造国际化多元稳定币生态，这不仅体现了香港的国际化视野，也为全球稳定币市场提供了更多的选择和竞争机会。
Support the issuance of stablecoins anchored in Hong Kong dollar, US dollar and other legal currencies, and build an international and diversified stablecoin ecosystem, which not only reflects Hong Kong's international vision, but also provides more choices and competition opportunities for the global stablecoin market.
（八）过渡安排与灵活性
(8) Transitional arrangements and flexibility
设置了过渡安排，生效前已运营的机构可申请临时牌照，逐步符合新规，体现了监管的灵活性和人性化，有助于稳定币市场的平稳过渡。
A transitional arrangement has been set up so that institutions that have been in operation before it takes effect can apply for temporary licenses and gradually comply with the new regulations, which reflects the flexibility and humanization of supervision and contributes to the smooth transition of the stablecoin market.
二、美国《GENIUS法案》主要内容 II. Main contents of the GENIUS Act in the United States
美国《GENIUS法案》通过明确监管框架，为稳定币市场提供合法性与安全性，吸引传统金融机构参与，进而实现稳定币市场与传统金融的融合发展。同时，限制科技巨头发行稳定币，防止其垄断金融基础设施，以维护金融市场的公平竞争环境。《GENIUS法案》赋予稳定币持有人在发行方破产时对其他所有债权的优先受偿权，且储备资产被排除在破产财产之外，赎回不受破产自动中止限制，确保了持有人的资金安全。明确支付稳定币不属于证券或商品，且不享受联邦保险，使投资者对稳定币的风险有清晰认知。此外，要求发行人遵守《银行保密法》，制定反洗钱和制裁合规计划，维护了金融体系的稳定和安全。其基本内容如下：
By clarifying the regulatory framework, the GENIUS Act of the United States provides legitimacy and security for the stablecoin market, attracts the participation of traditional financial institutions, and thus realizes the integrated development of the stablecoin market and traditional finance. At the same time, the issuance of stablecoins by tech giants should be restricted to prevent them from monopolizing financial infrastructure, so as to maintain a level playing field in the financial market. The GENIUS Act gives stablement holders priority over all other claims in the event of the issuer's bankruptcy, and reserve assets are excluded from the bankruptcy property, and redemption is not subject to automatic suspension of bankruptcy, ensuring the security of holders' funds. It is clear that payment stablecoins are not securities or commodities and are not federally insured, so that investors have a clear understanding of the risks of stablecoins. In addition, requiring issuers to comply with the Bank Secrecy Act and developing anti-money laundering and sanctions compliance programs have maintained the stability and security of the financial system. The basic contents are as follows:
（一）发行许可与储备要求
(1) Issuance license and reserve requirements
稳定币发行人必须获得联邦或州级许可。发行规模低于100亿美元的发行人可选择州级监管，超过100亿美元的发行人则需接受联邦监管。稳定币需以至少1:1的比例由高流动性资产支持，包括美元现金、通知存款、93天内到期的美国国债、回购协议、逆回购协议、仅投资前述资产的货币市场基金等，且储备资产不得被重复抵押或挪用。
Stablecoin issuers must be federally or state-licensed. Issuers with less than $10 billion in issuance can opt for state regulation, while those with more than $10 billion are subject to federal regulation. Stablecoins need to be backed by highly liquid assets at a ratio of at least 1:1, including US dollar cash, notice deposits, US Treasury bonds maturing within 93 days, repurchase agreements, reverse repurchase agreements, money market funds that invest only in the aforementioned assets, and reserve assets must not be double-mortgaged or misappropriated.
（二）信息披露要求
(2) Information disclosure requirements
发行人需公开披露赎回政策，明确规定及时赎回的清晰程序，并以简明语言公开披露购买或赎回稳定币的所有费用，费用变更需提前7天通知消费者。发行人需每月公开披露储备资产的规模和结构，并由注册公共会计事务所审查，首席执行官和首席财务官需认证其准确性。发行规模超过500亿美元且非SEC报告公司的发行人，须进行年度财务报表审计。
Issuers are required to publicly disclose redemption policies, specify clear procedures for timely redemption, and publicly disclose in plain language all fees for purchasing or redeemingstablesoins, with seven days' notice of fee changes to consumers. Issuers are required to publicly disclose the size and structure of reserve assets on a monthly basis, which is reviewed by a registered public accounting firm and certified for accuracy by the CEO and CFO. Issuers with more than $50 billion in issuance that are not SEC reporting companies are required to audit their annual financial statements.
（三）反洗钱与技术能力要求
(3) Anti-money laundering and technical capability requirements
发行人须遵反洗钱（AML）和了解客户（KYC）合规要求，需具备技术能力以响应行政命令，包括发行人没收、冻结、销毁或阻止其发行的支付稳定币的转移。
Issuers are required to comply with anti-money laundering (AML) and know your customer (KYC) compliance requirements and have the technical capability to respond to administrative orders, including issuers confiscating, freezing, destroying or blocking the transfer of payment staboins issued by them.
（四）其他条款
(4) Other provisions
法案禁止曾被判犯有特定金融犯罪的个人担任发行方的高管或董事。稳定币向美国境内的“发行和销售”需在法案生效后三年内仅限于合规的美国境内发行方，除非与被认定为监管“可比”美国的司法管辖区达成“互惠”协议。
It prohibits individuals who have been convicted of certain financial crimes from serving as officers or directors of issuers. The "issuance and sale" of stabcoins into the US will be limited to compliant US issuers for a period of three years after the act takes effect, unless a "reciprocal" agreement is reached with a jurisdiction deemed to be regulated "comparable" to the US.
三、美国《GENIUS法案》和香港《条例草案》在多个方面存在差异，以下是具体对比：III. There are differences between the GENIUS Act of the United States and the Stable-Currency Bill of Hong Kong in many aspects. The following are specific comparisons:
（一）监管目标
(1) Regulatory objectives
美国《GENIUS法案》：巩固美元全球主导地位，平衡创新与金融稳定，支持总统特朗普“让美国成为全球加密之都”的国家战略。
The US GENIUS Act: Solidifies the global dominance of the US dollar, balances innovation with financial stability, and supports President Trump's national strategy to "make America the Crypto capital of the world".
香港《条例草案》：强化香港亚洲金融枢纽的地位，推动虚拟资产的发展并防控风险，与欧盟MICA框架等接轨，打造内地以及国际的数字桥梁。
Hong Kong Bill: Strengthen Hong Kong's position as an Asian financial hub, promote the development of virtual assets and prevent and control risks, integrate with the EU MICA framework and other digital Bridges between the mainland and the international community.
（二）监管内容和范围
(2) The content and scope of supervision
美国《GENIUS法案》：限定“支付型稳定币”，即锚定美元等法定货币、承诺1:1可兑回、不得附带利息收益的稳定币，强调其非证券属性。
GENIUS Act of the United States: limits "payment stablecoins", that is, stablecoins anchored to legal tender such as the US dollar, promising 1:1 redeeability and no interest income, emphasizing their non-security attributes.
香港《条例草案》：支持港元稳定币、有望涵盖美元稳定币和人民币稳定币。
Hong Kong Bill: Support Hong Kong dollar stablecoins, expected to cover US dollar stablecoins and renminbi stablecoins.
（三）发行人要求
(3) Request of the issuer
美国《GENIUS法案》：采用“联邦-州”双轨制，银行或其子公司申请发行稳定币，受美联储、FDIC等银行监管机构监管；非银行机构可向OCC申请成为联邦许可发行人，或通过州监管机构获取牌照。
GENIUS Act of the United States: a dual-track "federal-state" system is adopted, in which banks or their subsidiaries apply to issue stable-coin, subject to the supervision of bank regulators such as the Federal Reserve and FDIC; Nonbanks can apply to the OCC to become a federally licensed issuer or obtain a license through state regulators.
香港《条例草案》：由金管局统一发牌，且要求无论稳定币发行方是否设于香港，只要锚定港元或主动向香港公众提供服务就须申请许可。
Hong Kong Bill: Uniformly licensed by the HKMA and requires stablecoin issuers to apply for a license as long as they anchor the Hong Kong dollar or actively provide services to the public in Hong Kong, regardless of whether they are based in Hong Kong.
（四）储备要求
(4) Reserve requirements
美国《GENIUS法案》：明确限定合格储备资产类型，包括T-bills、现金及回购协议等，并要求每月审计。
GENIUS Act in the United States: clearly defines the types of eligible reserve assets, including T-bills, cash and repurchase agreements, and requires monthly audits.
香港《条例草案》：要求审计与隔离托管，但储备资产种类并未完全限定。
Hong Kong Bill: Audit and segregated custody are required, but the types of reserve assets are not fully limited.
（五）境外发行人管理
(5) Administration of overseas issuers
美国《GENIUS法案》：明确禁止未许可的海外稳定币在美国市场流通，授权财政部设立“非合规稳定币名单”，并通过美国数字资产服务商阻断其流通路径。
The GENIUS Act of the United States: explicitly prohibits the circulation of unlicensed overseas staboins in the United States market, authorizes the Treasury Department to establish a list of "non-compliant staboins" and block their circulation through American digital asset service providers.
香港《条例草案》：主要聚焦锚定港元的稳定币，对非港元稳定币保持开放。
Hong Kong Bill: Mainly focused on stablecoins anchored to the Hong Kong dollar, remaining open to non-Hong Kong dollar stablecoins.
（六）消费者保护
(6)Consumer protection
美国《GENIUS法案》：赋予稳定币持有者在发行方破产时对其他所有债权的优先受偿权，明确稳定币不属于证券或商品，不享受联邦保险。
The GENIUS Act of the United States: gives stabocoin holders priority over all other claims in the event of the issuer's bankruptcy, making it clear that stabocoins are not securities or commodities and are not subject to federal insurance.
香港《条例草案》：通过发牌制度、储备管理、赎回规定等保障消费者权益，只允许持牌发行人发行的稳定币销售给零售投资者。
Hong Kong's draft regulations: through licensing, reserve management, and redemption rules, such as guaranteed consumer rights, only the stable COINS issued by issuers are sold to retail investors.
综上，《条例草案》完善了香港虚拟资产监管框架，推动金融创新，将会吸引更多相关企业，进一步巩固香港国际金融中心地位，促进稳定币及数码资产生态圈健康发展，还将增强投资者和机构对本地虚拟资产市场的信任度，吸引更多合规企业选择香港作为业务发展基地，丰富香港的数字金融生态。香港作为亚洲Web3桥头堡，香港的立法为国际投资者和创新者提供了广阔的稳定币市场机遇，其清晰的监管框架有望成为吸引发行商的重要磁石，与其他主要经济体的监管形成互补与竞争关系，共同推动全球稳定币市场的规范发展。
To sum up, the Bill improves the regulatory framework for virtual assets in Hong Kong and promotes financial innovation. It will attract more relevant enterprises, further consolidate Hong Kong's status as an international financial center, promote the healthy development of stabecoin and digital asset ecosystem, enhance the trust of investors and institutions in the local virtual asset market, and attract more compliant enterprises to choose Hong Kong as a business development base. Enrich Hong Kong's digital financial ecosystem. As a Web3 bridgehead in Asia, Hong Kong's legislation provides a broad stablecoin market opportunity for international investors and innovators. Its clear regulatory framework is expected to become an important magnet for attracting issuers, form a complementary and competitive relationship with the regulation of other major economies, and jointly promote the normative development of the global stablecoin market.
《GENIUS法案》使美国强化了美元的全球影响力，稳定币的100%美元储备要求进一步增强了美元在国际支付和储备中的地位，推动稳定币市场规范化发展，为更广泛的加密市场立法铺平道路。对国际金融市场而言，可能成为全球数字资产监管的标杆，促使其他国家加速稳定币相关立法，形成“合规稳定币联盟”，改变全球金融市场格局。美元稳定币的全球使用可能进一步扩大美元的主导地位，但也可能引发其他国家对货币主权的担忧，从而推动非美元稳定币的发展。
The GENIUS Act enables the US to strengthen the global influence of the US dollar, the 100% US dollar reserve requirement for stablecoins further enhances the position of the US dollar in international payments and reserves, promotes the standardized development of the stablecoin market, and paves the way for broader crypto market legislation. For the international financial market, it may become a benchmark for global digital asset regulation, prompting other countries to accelerate stablecoins related legislation, form a "compliant stablecoin alliance", and change the pattern of the global financial market. The global use of US dollar stablecoins could further extend the dominance of the US dollar, but it could also raise concerns about monetary sovereignty in other countries, thereby driving the development of non-US dollar stablecoins.