簡慧敏：虛擬資產監管與發展的進行式（下）-中國國家行政學院（香港）工商專業同學會

簡慧敏：虛擬資產監管與發展的進行式（下）

2025-04-28 18:00

上期與大家探討了虛擬資產的現行監管制度，今期將會深入探究虛擬資產的發展現况、挑戰和機遇。&nbsp; 根據證監會文件顯示，截至2024年，全球虛擬資產市場的價值已超過3萬億美元，成為全球金融體系中的一股潛在變革力量。&nbsp; 香港作為國際金融中心，近年來積極推動虛擬資產生態圈發展，然而，如何結合傳統金融服務優勢與虛擬資產領域的技術創新，並提高實體經濟活動的安全和靈活性，不但是本港即將發表的第二份發展虛擬資產政策宣言的方向，也是香港正在面臨的挑戰。 不少業界反映，本港目前僅有4種加密貨幣（比特幣、以太坊、雪崩幣（AVAX）、Chainlink（LINK））獲准開放予零售投資者 交易，專業投資者的選擇也相對有限，在一定程度上抑制了投資者的參與意欲，進而影響交投活躍度。市場規模的限制同樣不容忽視，香港本地零售市場相對較小，且未能連接內地市場，散戶可從傳統券商買賣主流加密貨幣，變相令虛擬資產交易平台 （VATP）的業務空間受限。&nbsp; 加上不低的合規成本，要求本地託管、本地造市商等的監管框架，也是國際平台進軍香港市場時的顧慮因素。&nbsp; 發布ASPIRe路線圖 開放虛擬資產質押&nbsp; 為應對這些挑戰，證監會於今年2月發布“ASPIRe”路線圖（ASPIRe），以五大支柱（連接、保障、產品、基建、聯繫）推動虛 擬資產市場發展。其中，證監會明確會研究制訂與證券市場風險管理保障措施一致的虛擬資產保證金融資規定，在清晰的託管和營 運指引下提供質押及借/貸服務等措施，藉以擴大VATP的業務範圍，提升市場活力。 其後，證監會於4月7日進一步發出監管指引，在符合特定條件下允許VATP提供質押服務，以及投資虛擬資產的證監會認可基金參 與質押活動，在平衡創新與合規的前提下，強化ASPIRe中擴大產品與服務範疇的支柱內容。&nbsp; 雖然隨着虛擬資產監管制度的持續完善和ASPIRe的發布，料將吸引更多資金流入本地市場，不過環球監管形勢不斷演變，特區政府必須以動態方式檢視現行的虛擬資產監管制度，做到與時俱進、張弛有度，以應對DeFi（去中心化金融）等新興技術的挑戰，並在保持風險可控的前提下，為創新留有適當空間。&nbsp; 未來須擴產品種類 提升市場流動性&nbsp; 展望未來，香港虛擬資產市場的發展將取決於幾個關鍵因素。首先是產品種類的持續擴充，尤其是針對專業投資者的創新產品；其次是市場流動性的提升，例如引入國際平台擴大市場參與度和交易深度。 此外，香港可發揮“一國兩制”獨特優勢，探索成為國家虛擬資產“風險可控”的試驗場，為未來可能的政策放寬鋪路。 這場“進行式”的改革，其意義不僅在於虛擬資產本身，更在於它可能為香港國際金融中心的地位注入新的內涵。 當傳統金融與數字金融的邊界日漸模糊，香港能否發展為全球虛擬資產中心？端看香港能否在這場國際競逐中精準落子、掌握先機 。 轉載自：明報《Money Monday》 <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">簡慧敏女士<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">中國國家行政學院（香港）工商專業同學會榮譽顧問&nbsp;<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">香港立法會議員<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">立法會保安事務委員會主席<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">中華全國婦女聯合會港區特邀代表<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">深圳市政協委員<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">中國銀行(香港)有限公司總法律顧問 <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:16px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:right; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">轉載自：<a href="https://bau.com.hk/app/article/1366419769447829504/app/content_1366419769447829504.html?from=share">紫荊雜誌：簡慧敏：虛擬資產監管與發展的進行式（下）</a> <section contenteditable="false" data-arttype="divider_1" data-attr="[{&quot;border_type&quot;:{&quot;type&quot;:&quot;style_wrap&quot;,&quot;val&quot;:&quot;solid&quot;}},{&quot;border_size&quot;:{&quot;type&quot;:&quot;style_wrap&quot;,&quot;val&quot;:&quot;1&quot;}},{&quot;border_color&quot;:{&quot;type&quot;:&quot;style_wrap&quot;,&quot;val&quot;:&quot;#999999&quot;}},{&quot;margin_lr&quot;:{&quot;type&quot;:&quot;padding_wrap&quot;,&quot;val&quot;:&quot;20&quot;}},{&quot;padding_top&quot;:{&quot;type&quot;:&quot;padding_wrap&quot;,&quot;val&quot;:&quot;20&quot;}},{&quot;padding_bottom&quot;:{&quot;type&quot;:&quot;padding_wrap&quot;,&quot;val&quot;:&quot;20&quot;}}]" data-insertafter="true" data-readonly="true" style="margin:27px 0;"> <section class="atrWidget widget_divider_1"> <section class="j_margin_lr j_padding_top j_padding_bottom" style="margin:0 20px;padding-top: 20px;padding-bottom: 20px;"> &nbsp; </section> </section> </section> <span style="box-sizing:border-box; color:#191919; font-family:&quot;&quot;,-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif; letter-spacing:0.3px; text-align:justify; white-space-collapse:preserve-breaks; width:auto">中國國家行政學院（香港）工商專業同學會（簡稱“CAGA同學會”）於2011年5月在香港成立，成員由來自香港各行各業的工商專業人士組成，目前已彙集近800位國家行政學院的校友，包括港區全國人大代表、全國政協及各級政協委員、香港政府主要官員、立法會議員、太平紳士，受勳嘉獎人士。 2022年CAGA丘應樺同學獲委任為香港特別行政區商務及經濟發展局局長。 2021年CAGA有7名同學當選第七屆立法會議員（其中陳振英同學還擔任了立法會財委會主席）有50多名同學獲委任不同界別選委，分別來自商界（第二）、商界（第三）、金融界、金融服務界、酒店界、保險界、旅遊界、航運交通界、醫學及衛生服務界、科技創新界、宗教界、立法會議員、內地港人團體代表、「港區全國人大代表、港區全國政協委員」、有關全國性團體香港成員的代表界別。 同學會充分發揮專業優勢，分析和研究內地及香港有關工商及經濟政策的發展方向，為祖國和香港的經濟發展建言獻策。 目前CAGA同學會已成為香港社會中有能力、有實力、有擔當的中堅力量。 <p style="-webkit-text-stroke-width:0px; background-color:#ffffff; box-sizing:border-box; color:#000000; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-size:17px; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; line-height:1.67; margin-bottom:0px; margin-left:0px; margin-right:0px; margin-top:27px; orphans:2; padding:0px; text-align:center; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px"><span style="-webkit-text-stroke-width:0px; background-color:#ffffff; box-sizing:border-box; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:center; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">攜手打造共享平台<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; box-sizing:border-box; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:center; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">爭當經濟領域主角<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; box-sizing:border-box; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:center; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">——————————<br style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: &quot;Microsoft YaHei&quot;, Tahoma, Verdana, STHeiTi, simsun, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: auto;"> <span style="-webkit-text-stroke-width:0px; background-color:#ffffff; box-sizing:border-box; color:#000000; display:inline !important; float:none; font-family:&quot;Microsoft YaHei&quot;,Tahoma,Verdana,STHeiTi,simsun,sans-serif; font-style:normal; font-variant-caps:normal; font-variant-ligatures:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:center; text-decoration-color:initial; text-decoration-style:initial; text-decoration-thickness:initial; text-indent:0px; text-transform:none; white-space:normal; widows:2; width:auto; word-spacing:0px">以上圖片及內容由中國國家行政學院（香港）工商專業同學會（簡稱CAGA）秘書處整理發出，版權所有，僅供CAGA內部交流分享。