中文原文，《香港的区块链“棋局”》，中文作者：罗金海，英文简译：林永青
【概要】2018年11月6日，香港证监会发布数字资产管理新规，对通过“沙盒监管”的加密货币交易所发放牌照。这在传统金融界看起来可能轻描淡写，却悄悄拉开了香港决战“区块链之都”的序幕。加密货币交易处于区块链食物链项端，掌握着数字世界的定价权，连接区块链与传统世界。区块链时代，如果香港拥有一家世界级加密货币交易所，相当于再造一个“香港联合交易所”......
In 2008, the term "Nylonkong" was proposed in the American "Time" weekly article "Three Cities".
It is a combination of three cities: New York, London and Hong Kong. The financial network of Nuremberg dominates the world economy and is a model of globalization.
In 2018, the Pearl of the Orient of Hong Kong is still shining, and the sunrise in Victoria Harbour is still beautiful, but Hong Kong's financial city is undergoing profound changes.
After ten years, can Newport Harbor dominate the financial world? Cities like Tokyo and Singapore have long been eyeing. In addition to the battle of the traditional financial center, there is also a huge hidden variable, which is the “blockchain”.
It is not only the biggest technological trend in the future, but also the biggest variable in the financial dispute.
Regarding the blockchain, what kind of attitude is Hong Kong? It has been quietly not talking...
01
In November 2018, Hong Kong shot.
The Hong Kong Securities Regulatory Commission issued a new digital asset management regulation to issue licenses for cryptocurrency exchanges that are subject to “sandbox regulation”.
This may seem to be an understatement in the traditional financial world, but it has quietly opened the prelude to Hong Kong's decisive battle "blockchain capital".
The cryptocurrency transaction is at the end of the blockchain food chain, grasping the pricing power of the digital world, connecting the blockchain and the traditional world.
In the blockchain era, if Hong Kong has a world-class cryptocurrency exchange, it is equivalent to re-creating a "Hong Kong Stock Exchange."
The cryptocurrency exchange links the entire blockchain ecosystem, while the blockchain links the entire future financial landscape.
Small stones into the water, the lake rolled up.
...........
Many scholars who are concerned about the future of Hong Kong are relieved. In the face of the blockchain, Hong Kong has finally got an action.
Over the years, Hong Kong's focus on blockchain has not matched its financial position, and other cities have already begun to have their own layout.
In 2014, the United States began to think about cryptocurrency regulation. The SEC (US Securities and Exchange Commission) has repeatedly talked with the cryptocurrency world. In recent years, the SEC has approved the STO project, and the New York Financial Bureau has approved the issuance of stable currency. Research is closely related.
In 2016, Hong Kong's rival Singapore launched the “Sandbox” mechanism of the blockchain, allowing for conflicts with the law in case of prior filing. Today, Singapore has become a concentration of cryptocurrency and blockchain projects.
In November 2018, Hong Kong began to signal the blockchain world: embrace the new era of finance.
On the way to the future financial capital, New York, Singapore, Tokyo, and Hong Kong are on the same starting line.
02
This awkward Oriental Pearl should have been the natural "blockchain capital".
It is located in a strategic intersection between China and the United States, and it can be found in the world of blockchain.
The United States is at the birthplace of technological ideas in the blockchain world.
But China's blockchain projects are everywhere.
American geeks grasp the algorithmic power of cryptocurrency,
The Chinese miners also control the computing resources.
The United States has been worried that cryptocurrencies will impact the hegemony of the dollar, from the FBI to the NSA on cryptocurrency.
In mainland China, the concept of “decentralization” of blockchain is thorny in the body, and it is hoped that it will refuse to retreat.
The future big pattern of the blockchain is the wrestling between China and the United States. There is no other country, Hong Kong is a strategic place, and it can be attacked and retreated.
Hong Kong is not worried about the impact of cryptocurrency on the dollar, nor the anarchist concept of cryptocurrency. It can fully accept this future "financial behemoth".
The projects between China and the United States must cooperate with each other. Hong Kong is a natural choice.
Therefore, most people take it for granted that Hong Kong is the "land of consensus" of the blockchain and the "city of blockchains".
From 2013 onwards, in the colder season, there are no fewer than 10 blockchain summits held in Hong Kong each year.
The most important dialogue in the world of Bitcoin was also chosen to be held in Hong Kong: In February 2016, representatives from the two power centers of Bitcoin World gathered in Hong Kong Cyberport, one of which was a Chinese miner who controlled more than 70% of the world's computing power; It is a programmer from the United States who controls the bitcoin core code Bitcoin-Core team, where they reach the "Hong Kong Consensus" of the Bitcoin world.
As the financial center of Asia-Pacific, the recognized international city is located in a strategic place, backed by the city of technology.
Hong Kong can be said to have occupied the best of time, place and people. Take advantage of the trend, the layout of the first hand, you can wear a crown.
Timing, Hong Kong's financial attributes are in line with the blockchain.
Place, the border between China and the United States, two blockchain powers.
People, Hong Kong financial talents and Shenzhen science and technology talents are strengths.
03
New York, Singapore, Tokyo, and Hong Kong are all robbing the track.
No one can make it clear how the blockchain will affect future finances.
But blockchain as a low-level technology, the financial community is increasingly aware that it will become the "Tianwang Mountain" in the future.
Technology finance is an unstoppable trend, even technology > finance.
In 2017, the blockchain ERC20 agreement set off a big wave, which is just a small test.
Visionary cities and regions are in the layout.
Cautiously regulated such as South Korea and Russia; the more relaxed regulatory sandbox model of the United Kingdom, Singapore, Hong Kong, China; the securities regulatory system such as the United States and Australia; and the regulated Japan and Malta.
The war of the blockchain financial capital has already begun.
From the perspective of urban competition, the most clear directions are New York, Singapore, Tokyo, and Hong Kong.
❶New York, USA
Has begun to issue PAX, GUSD and other stable currency licenses, trying to use STO to open the French dollar and digital dollar channel.
❷Tokyo, Japan
The Financial Services Authority (FSA) has approved and issued licenses for more than 20 cryptocurrency exchanges.
❸ Singapore
The blockchain “Sandbox” mechanism launched in 2016 played a role, with more than 200 Chinese companies coming to Singapore. In August 2017, the position was stated and the Axis process needed to be regulated by MAS.
❹Hong Kong, China
In November 2018, it launched its own policy.
Here we will focus on the "points" of the new regulations of the Hong Kong Securities Regulatory Commission on virtual asset management:
Funds and brokerage institutions that invest in virtual assets need to register, and not everyone is eligible to invest in virtual assets.
❷ Allocating cryptocurrency funds must apply for No. 1 (Securities Trading Licence); cryptocurrency funds regulated by the Securities and Futures Commission can only be sold to professional investors.
If the virtual assets are not within the legal definition of securities or futures contracts, you should not play with me. For example, the Hong Kong Securities and Futures Commission believes that BTC and ETH are not securities or futures. If you only play this, we do not need to issue the 9th card (asset management license), nor the sandbox argument.
❹ If you invest only in unregulated varieties such as BTC and ETH at a ratio of less than 10% of the assets under management, you can waive the filing and special supervision; if you invest more than 10% of the unregulated virtual assets such as BTC and ETH, you need to The CSRC reported.
❺ For the cryptocurrency exchange, the previous period was only a sandbox argument. In the sandbox experiment, it was found that your exchange is not bad. The Hong Kong Securities Regulatory Commission is likely to issue a license. The cryptocurrency exchange entering the sandbox cannot have a self-operated market.
If the sandbox argument is to be approved, it must be supervised and reviewed by the CSRC, such as custody, accounting, auditing, security, integrity, conflict of interest, KYC, anti-money laundering, etc. The regulatory standards for sandboxes are quite high, and the CSRC requires “no lower than the Blackpool trading platform”.
Hong Kong is not only the financial capital, but also has a clear regulatory background and a well-rounded professionalism.
Hong Kong's "virtual currency new deal" has strictly regulated investors, exchanges and money-issuers. Investors have increased access thresholds. Exchanges must not have self-employment (cannot be judges and athletes), which is defined as securities. The currency items of the futures contract will be regulated and not subject to the regulations of the licensed exchange.
It has strengthened the serious attitude of this financial center and also demonstrated the positive will of Hong Kong.
Hong Kong's centuries-old financial history has had a difficult search for a wild pioneer, and it has also a prosperous period.
In recent years, although there have been dividends for mainland companies to go public in Hong Kong, they are too dependent on the development of finance. The capital road is the most dangerous, and there may be a big change overnight.
Blockchain is a new variable, Hong Kong shot, but what to do next?
04
Regarding the blockchain, Hong Kong's life is not about finance, but about the lack of technical sensitivity.
Silicon Valley has begun to rob Wall Street's rice bowl.
Technology finance has become a worldwide trend.
A city across the river, this city of technology has already demonstrated its strong financial power.
Hong Kong has always been less sensitive to the blockchain. In 2013, Hong Kong registered Hong Kong Bit Network Technology Co., Ltd. to carry out cryptocurrency payment business and deal with financial managers such as HSBC and Hang Seng Bank. It is hard to understand this financial city. The meaning of cryptocurrency.
Even today, friends in the Hong Kong financial circle still understand the blockchain.
In September 2018, a former member of the Hong Kong information technology community talked about the importance of the blockchain to Hong Kong's financial capital, including stable currency and STO, which can roughly infer Hong Kong's attitude towards the "blockchain":
Hong Kong's political and economic affairs are mainly technocrats, focusing on solving daily affairs, and there is no “ambition” in the new things in the blockchain;
On the issue of facing new industries, Hong Kong has always hoped that the people will first break through, rather than being led by the government;
Do not rule out the “foresight and vision” of individual government officials in the blockchain. The new rules of the Hong Kong Securities Regulatory Commission are positive;
For entrepreneurs, Hong Kong is “there is no prohibition for the law”, and for public power it is “the law is not authorized to prohibit it”, so the blockchain needs to be observed in Hong Kong, so don’t be too optimistic;
Regarding the blockchain, Hong Kong's sensitive financial sector councillors will consider competition issues with Singapore and New York, but they will rise to a higher decision-making level;
In 2018, more people in Hong Kong are now paying attention to the blockchain, and practitioners will promote the legislation of the government department in this regard;
The follow-up policy of Hong Kong remains to be seen. If you want to occupy the most important voice in the blockchain world and become the real capital of science and technology finance, you can join forces with Shenzhen in the north.
If the cities in the Guangdong, Hong Kong and Macao big bends are joined together in the blockchain world, there are both Shenzhen's technology and Hong Kong's finance. There are two different economic systems coexisting, and the prospects are limitless.
05
The Hong Kong Securities Regulatory Commission's move this time will trigger a chain reaction in the blockchain ecology.
Hong Kong is an international financial center. Once digital asset management is compliant, a large number of Tokenfund, asset management, quantitative teams and factoring platforms will flood into Hong Kong, and Hong Kong will become a cryptocurrency capital operation center.
Once the cryptocurrency exchange has undergone a "sandbox regulation" to obtain a legal license, Hong Kong can become a stronghold of a world-class exchange. It is easy to recreate a Coinbase in Hong Kong based on the experience and technical strength of the China Exchange.
Once the cryptocurrency trading platform obtains a legal license and the regulated Token, which is of a securities nature, is taken for granted, then the STO regulatory policy that belongs to Hong Kong will be logical, and a large number of high-quality projects will land in Hong Kong.
Layout blockchain future financial landscape, Hong Kong may bend over the road according to the following rhythm.
The above ecological map, we can explain the following four points:
❶ Create a world-class cryptocurrency exchange. Li Xiaojia, chief executive of the Hong Kong Stock Exchange, said on November 6 that the Hong Kong Stock Exchange is acquiring a technology company with blockchain trading technology, which is intended to lay out the official exchange.
S Hong Kong's STO will not say, once the exchange is established, it needs more transparent legal assets to go public and move the physical world assets to the digital world.
It is very important to stabilize the digital currency based on Hong Kong dollars. A stable currency like KHDK\HDKT may become the pinnacle of Hong Kong trading port.
ToThe Token-based company is not only on the cryptocurrency exchange, but also can carry out the IPO in the traditional way. This requires a better regulatory strategy for the combination of currency reform and share reform in the future.
06
Today's Hong Kong, the 1,000 square kilometer projectile, has become a pivotal financial center in the world.
The reason why Hong Kong can stand shoulder to shoulder with New York and London is that in addition to the wisdom, hard work and perseverance of the Chinese, there is a spirit of peace of mind and self-revolution.
The "chess" of the blockchain has fallen, and the financial structure has changed.
At this time, Hong Kong did hold a good hand, but the road behind it was still sinister.
Now is only a small start, and the financial tsunami brought by the blockchain will be surging.
香港的“区块链”棋局，罗金海
2008年，美国《时代》周刊文章《三城记》中提出了纽伦港（Nylonkong）这个名词。
它是纽约、伦敦、香港三座城市的合体，纽伦港构架的金融网主导了世界经济，是全球化的典范。
2018年，香港这座东方之珠仍旧灿然生光，维多利亚港的日出照样绚丽，但香港的金融之城在经历着深刻变化。
十年后，纽伦港还能主导金融世界吗？东京、新加坡这些城市早就虎视耽耽。除了传统金融中心的抢位之战，还隐藏着一个巨大的隐变量，那就是“区块链”。
它既是未来最大的科技趋势，也是金融之争最大的变数。
对于区块链，香港到底是什么样的态度，它一直静悄悄没有说话……
01
2018年11月，香港出手了。
香港证监会发布数字资产管理新规，对通过“沙盒监管”的加密货币交易所发放牌照。
这在传统金融界看起来可能轻描淡写，却悄悄拉开了香港决战“区块链之都”的序幕。
加密货币交易处于区块链食物链项端，掌握着数字世界的定价权，连接区块链与传统世界。
区块链时代，如果香港拥有一家世界级加密货币交易所，相当于再造一个“香港联合交易所”。
加密货币交易所连接着整个区块链生态，而区块链连接的是整个未来金融格局。
小小石子入水，湖面卷起涟漪。
…………
很多关注香港未来的学者松了一口气，面对区块链，香港终于有了动作。
这些年来，香港对区块链的关注与它的金融地位并不匹配，而其他城市早就已经开始有了自己的布局。
2014年，美国已经开始思考加密货币监管之策，SEC（美国证券交易委员会）多次与加密货币世界进行对话，近年来SEC审批通过STO项目，纽约金融局批准稳定币发行，都与多年来的研究密切相关。
2016年，香港的对手新加坡推出区块链的“沙盒（Sandbox）”机制，在事先报备情况下，允许从事和法律有冲突业务。今天，新加坡已成加密货币和区块链项目集中地。
2018年11月，香港开始对区块链世界发出信号：拥抱金融新时代。
争压未来金融之都的路上，纽约、新加坡、东京、香港又站在同一起跑线。
02
这颗璀璨的东方之珠，本应该是天然的“区块链之都”。
它地处中国和美国的战略交汇之地，完全可以在区块链世界左右逢源。
美国在区块链世界处于技术思想发源地，
但中国的区块链项目遍地开花。
美国的极客们把握加密货币的算法权力，
而中国矿工们也掌控着算力资源。
美国一直担心加密货币冲击美元的霸权地位，从FBI到NSA对加密货币防范有加。
中国大陆则对区块链“去中心化”理念芒刺在身，欲迎还拒进退失据。
区块链的未来大格局，就是中国和美国的角力。没有其它国家什么事，香港是战略重地，进可攻退可守。
香港既不担心加密货币冲击美元地位，也不用担心加密货币的无政府主义理念，完全可以全身心接纳这个未来的“金融巨兽”。
而中国和美国的项目要相互合作，借势香港是自然选择。
所以大多数人也理所当然地认为香港是区块链的“共识之地”，是“区块链之城”。
从2013年开始，再寒冷的季节，每年在香港举办的区块链峰会也不少于10场。
比特币世界最重要的一次对话也选择在香港举办：2016年2月，来自比特币世界两大权力中心的代表相聚香港数码港会谈，一方是控制着全球70%以上算力的中国矿工；一方是来自美国控制着比特币核心代码Bitcoin-Core团队的程序员，他们在这里达成比特币世界的“香港共识”。
作为亚太的金融中心，公认的国际都市，身处战略之地，背靠科技之城。
香港可以说占尽了天时、地利、人和。顺势而为，布局先手，即可戴上王冠。
天时，香港的金融属性与区块链天然吻合。
地利，中美两个区块链大国的接壤之地。
人和，香港金融人才和深圳科技人才都是强项。
03
纽约、新加坡、东京、香港都在抢赛道。
区块链到底将如何影响未来金融，没有人能够说得清楚。
但区块链作为一种底层技术，金融界越来越意识到它将成为未来的“天王山”。
科技金融是不可阻挡的趋势，甚至科技>金融。
2017年区块链一纸ERC20协议就掀起了惊天大浪，这仅仅只是小试牛刀。
具有远见的城市和地区都在布局。
谨慎监管的如韩国、俄罗斯；较为宽松的监管沙盒模式的英国、新加坡、中国香港；纳入证券监管制度的如美国、澳大利亚；规范监管的日本、马耳他。
区块链金融之都的战争，已经拉开帷幕。
从城市竞争来看，方向最明确的是纽约、新加坡、东京、香港。
❶美国纽约
已经开始发放PAX、GUSD等稳定币牌照，试图利用STO打通法币美元与数字美元通道。
❷日本东京
金融服务局（FSA）已经批准20多家加密货币交易所的牌照申请并下发牌照。
❸新加坡
2016年推出的区块链“沙盒（Sandbox）”机制发挥了作用，200多家中国公司落地新加坡。2017年8月表明立场，艾西欧流程需要接受MAS的监管。
❹中国香港
在2018年11月份推出了自己的政策。
这里重点解读一下香港证监会虚拟资产管理新规“要点”：
❶投资虚拟资产的基金和经纪机构需要注册，不是人人都有资格投资虚拟资产。
❷分销加密货币基金，都必须申请1号牌（证券交易牌照）；受证监会监管的涉加密货币基金，只能对专业投资者出售。
❸假如虚拟资产不属于证券或期货合约的法律定义范围，你们随便玩我不管。例如香港证监会认为BTC和ETH不是证券或期货，如你们只玩这个，我们不需要发9号牌（资产管理牌照），也不沙盒论证。
❹如果仅以管理资产10%以下的比例投资BTC、ETH等不受监管品种，则可以豁免报备和特别监管；投资于BTC、ETH等不受监管的虚拟资产价值超过10%，则需要向证监会报备。
❺对于加密货币交易所前期只是沙盒论证，在沙盒实验验证发现你这交易所还不错，香港证监会才有可能颁发牌照，进入沙盒的加密货币交易所不可以再有自营盘。
❻沙盒论证如果要通过审核、必须受到证监会监督和审查，例如托管、会计核算、审计、安全、廉洁、利益冲突、KYC、反洗钱等。沙盒的监管标准相当高，证监会要求“不能低于黑池交易平台”的监管标准。
香港不愧是金融之都，监管脉络清晰，手法专业老到。
香港的“虚拟货币新政”对投资者、交易所和发币方三者做了严格监管，投资者准入门槛提高，交易所不得有自营盘（不能当裁判又当运动员），被定义为证券和期货合约的发币项目将被监管，不符合规定的不许上有牌照的交易所。
既强化了这座金融重镇的严肃态度，同时也表明了香港的积极意愿。
香港的百年金融史，有过蛮荒拓业的艰难求索，也有独领风骚的鼎盛时期。
近年来虽然有大陆企业赴港上市的红利，但过于依赖金融的发展之路步步惊心，资本之路最为凶险，一夜之间就有可能出现大变局。
区块链就是新的变数，香港出手了，但后面怎么办？
04
关于区块链，香港的命门不在于金融，而在于技术敏感度偏弱。
硅谷已经开始在抢夺华尔街的饭碗了。
科技金融已经成为一种世界性趋势。
一河之隔的深圳，这座科技之城已经在展示出它强大的金融威力。
香港对区块链一直不太敏感，2013年在香港注册“香港比特网络科技”公司，开展加密货币支付业务，跟汇丰银行、恒生银行这些金融经理打交道，这座金融之城，很难有人明白加密货币的意义。
就算是今天，香港金融圈的朋友仍然对区块链懵懵懂懂。
2018年9月份，与香港信息科技界一位前议员谈到区块链对于香港金融之都的重要性，包括稳定币和STO，大致可以推断出香港对于“区块链”的态度：
❶香港政经事务以技术官僚为主，专注于解决日常事务，对区块链新事物并无“野心”；
❷香港在面向新产业问题上一直希望民间首先突破，而不是由政府来主导；
❸不排除个别政务官员在区块链上的“远见卓识”，此次香港证监会新规是态度积极；
❹对于企业家而言，香港是“法无禁止即可为”，对于公权力则是“法无授权即禁止”，所以区块链在香港地位还需观察，别乐观太早；
❺关于区块链，香港敏感的金融界议员会考虑到与新加坡以及纽约的竞争问题，但还至于上升到更高决策级别；
❻2018年，现在香港有更多人开始关注区块链，从业者会推动政务部门在这方面的立法；
香港后续政策还有待观察，如果要在区块链世界占据最重要话语权，成为真正的科技金融之都，可以和北边的深圳联手。
这两个处地粤港澳大弯区的城市如果在区块链世界联起手来，既有深圳的科技，也有香港的金融，更是共存了两种不同的经济制度，前景不可限量。
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香港证监会这次的举动，将会引发区块链生态的连锁反应。
香港是国际金融中心，一旦数字资产管理合规化，大量Tokenfund、资管机构、量化团队、保理平台都会涌入香港，香港会成为加密货币资本运营中心。
一旦加密货币交易所经历“沙盒监管”获得合法牌照，香港完全可以成为世界级交易所的据点，以中国交易所的经验和技术实力，在香港再造一个Coinbase易于反掌。
而一旦加密货币交易平台获得合法牌照，允许上线属于证券性质的受监管的Token也就变得理所当然，那么属于香港的STO监管政策也会顺理成章，一大批优质项目将会落地香港。
布局区块链未来金融格局，香港可能会按照以下节奏弯道超车。
上面的这张生态图，我们可以详解为以下四点：
❶打造一个世界级的加密货币交易所。香港联交所行政总裁李小加11月6日表示，香港交易所正在收购一家区块链交易技术的科技公司，这是要布局官方交易所的意图。
❷香港的STO就不说了，交易所一旦建立，就需要更多透明的合法资产上市，将物理世界资产搬到数字世界。
❸基于港币的稳定数字币非常重要，类似于KHDK\HDKT这种稳定币有可能成为香港贸易港的定海神针。
❹基于Token生态的公司不仅仅只是上加密货币交易所，同时也可以通过传统方式进行IPO，这就需要未来有更好的关于币改和股改结合的监管策略。
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今天的香港，这个1000平方公里的弹丸之地，成为全世界举足轻重的金融中心，实属不易。
香港之所以能与纽约、伦敦比肩而立，除了华人的智慧、勤劳、百折不挠的毅力，更有居安思危的精神，自我革命的勇气。
此次区块链的“棋子”落下，金融大格局又为之一变。
此时香港的确手握一把好牌，但后面的路仍然险恶。
现在只是小小的开局，区块链带来的金融海啸将会风起云涌。
【本文中文作者简介】
罗金海，2140社区发起人，居于深港两地。国内最早的区块链创业者，币须网创始人，ColaPay创始人，科幻作家。著有《算》《人人都懂区块链》等作品。
