两个司法管辖区的故事:香港和英国的加密货币监管对比

Thomas Burgess , Jingru Liu
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摘要

本文探讨了香港和英国对加密货币的监管方法,重点介绍了它们不同的监管理念和框架。香港已采取全面而积极的规管方法,为虚拟资产交易平台设立双重发牌制度,涵盖证券型和非证券型代币,并根据《证券及期货条例》修订现有发牌架构,以因应管理和分销投资于虚拟资产的投资组合的风险。这种慎重的方法优先考虑投资者保护、市场诚信和金融犯罪预防,同时营造一个有利于创新的环境。相反,英国采取了保守的立场,将加密货币监管纳入现有的金融体系,并优先考虑稳定性、消费者保护和对投机风险的控制。英国的框架强调反洗钱和反恐融资合规性,加密相关活动的注册以及对散户投资者高风险产品的限制。通过比较分析,本文说明了两个司法管辖区如何平衡监管监督与金融创新,以及它们的监管战略如何反映其经济和金融优先事项。调查结果表明,香港灵活、前瞻性的方法,以专门的许可、积极的监管和量身定制的投资者保护为特征,使其在不断发展的加密领域中成为一个敏捷的参与者。相比之下,英国的监管框架严重依赖于稳定性和消费者保障。最终,香港将成为一个新兴的亚洲加密中心,拥抱增长和创新,而英国则专注于加强其监管防御。这种比较揭示了区域优先事项如何影响加密货币监管,为更广泛的全球监管格局提供了见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A tale of two jurisdictions: Contrasting cryptocurrency regulations in Hong Kong and the United Kingdom
This article examines the regulatory approaches of Hong Kong and the United Kingdom (UK) towards cryptocurrencies, highlighting their distinct regulatory philosophies and frameworks. Hong Kong has adopted a comprehensive and proactive regulatory approach, creating a dual-licensing regime for virtual asset trading platforms covering security and non-security tokens and tailoring the existing licensing framework under the Securities and Futures Ordinance to risks in managing and distributing portfolios that invest in virtual assets. This measured approach prioritises investor protection, market integrity, and financial crime prevention while fostering an innovation-friendly environment. Conversely, the UK has taken a conservative stance, integrating cryptocurrency regulation into existing financial systems and prioritising stability, consumer protection, and control over speculative risks. The UK’s framework emphasises Anti-Money Laundering and Counter-Terrorism Financing compliance, registration for crypto-related activities, and restrictions on high-risk products for retail investors. Through comparative analysis, this article illustrates how both jurisdictions balance regulatory oversight with financial innovation and how their regulatory strategies reflect their economic and financial priorities. The findings suggest that Hong Kong’s flexible, forward-looking approach, characterised by dedicated licensing, proactive regulation, and tailored investor protection, positions it as an agile player in the evolving crypto landscape. In contrast, the UK’s framework leans heavily on stability and consumer safeguards. Ultimately, Hong Kong emerges as a rising Asian crypto hub, embracing growth and innovation, while the UK focuses on reinforcing its regulatory defences. This comparison sheds light on how regional priorities shape cryptocurrency regulation, offering insights into the broader global regulatory landscape.
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