Web3普法丨加密支付創業，需要什麼金融執照？

在當今互聯世界中，跨境支付是全球貿易的重要推動力，促進了國際交易和經濟成長。隨著企業擴展國際業務，支付的效率和成本效益愈發關鍵。傳統由銀行主導的領域，正因數位貨幣和穩定幣的興起而迅速變化。

數位貨幣創新地解決了跨境支付中高費用和長時間處理的問題。尤其是穩定幣，在加密貨幣的波動性與日常交易的穩定性之間架起橋樑。由於穩定幣與美元等法定貨幣掛鉤，讓轉帳更快速安全，成為全球企業的理想選擇。

然而，數位貨幣的廣泛應用雖然簡化了操作，卻也帶來了監管挑戰。各國政府和金融當局正努力跟上科技發展的腳步。曼昆香港辦公室負責人白溱將基於本文探討中國香港、新加坡、歐盟和美國的監管環境，重點分析這些地區在跨境支付中涉及的不同牌照要求。

香港

香港在數位支付創新方面處於領先地位，這得益於強有力的監管框架。香港金融管理局（HKMA）是主要的監管機構，負責監督支付系統、儲值支付工具和電子貨幣。而香港海關則負責監理貨幣服務業者（MSO）。

以下是香港主要的支付牌照總結：

• 儲值支付工具（SVF）牌照
• 貨幣服務業者（MSO）牌照

貨幣服務業者（MSO）牌照

洗錢條例，MSO牌照有若干豁免情況：
• 獲授權的機構（如銀行）；
• 經營附屬於其主營業務的貨幣服務的SFC持牌公司；
• 經營附屬於其主營業務的貨幣服務的授權保險公司；
• 經營附屬於其主營業務的貨幣服務的授權保險經紀；
• 經營附屬於其主營業務的貨幣服務的委任保險代理；
• 經營附屬於其主營業務的SVF牌照持有者；或

作為指定零售支付系統的系統運營商或結算機構，其貨幣服務附屬於其係統運營或結算業務。

目前，HKMA網站列出了12家持有SVF牌照的公司：
• 33 Financial Services Limited
• 支付寶（香港）有限公司
• 快易通有限公司
• 支付寶（香港）有限公司
• 快易通有限公司
• ePaylinks Technology Co
香港電訊支付有限公司
• 八達通卡有限公司
• 香港貝寶有限公司
• RD Wallet Technologies Limited
• TNG (Asia) Limited
• UniCard Solution Limited

信。

• 除此之外，香港的持牌銀行若發行或協助SVF且獲得HKMA認可，也被視為SVF牌照持有者。目前，這些銀行包括：
• 中國銀行（香港）有限公司
• 交通銀行（香港）有限公司
• 大新銀行有限公司

香港上海匯豐銀行有限公司

香港的SVF數量反映了SVFSV牌照過程的嚴格和高度專業化，這個過程專為管理SVF（如電子錢包和預付卡）的實體而設計。這些持牌者須遵循嚴格的資本要求、營運標準和消費者保護措施，以確保數位資金的安全處理和符合反洗錢法規。

相較之下，香港有超過一千家公司持有MSO牌照。 MSO框架更具靈活性，適用於匯款、貨幣兌換等多種貨幣服務活動，因此支援更多類型的業務。在我們最近關於場外加密貨幣交易的文章中，我們提到香港的場外虛擬資產業務不能在虛擬資產之間轉換，但允許提供虛擬資產與法定貨幣之間的轉換服務，並且必須獲得MSO牌照。

那麼，穩定幣如何融入香港的跨國支付監管框架？ 🎜🎜穩定幣作為金融領域的重要創新，尤其在跨國支付中嶄露頭角。香港金融管理局的監管框架包括一個專門的沙盒，供穩定幣項目使用，使公司可以在全面部署前在受控環境中測試其穩定幣解決方案。這種沙盒方法使發行者能夠在監控環境中解決潛在的監管和營運問題，對將穩定幣整合到跨境支付生態系統中至關重要。 2024年7月18日，包括RD InnoTech、香港電訊有限公司、渣打銀行（香港）有限公司、Animoca Brands和眾動科鏈科技香港有限公司等參與者進入了沙盒。每位參與者應展示：🎜

• Real interest and feasible plans to issue fiat-referenced stablecoins
• Concrete plans to participate in the sandbox
• Reasonable prospects of meeting regulatory requirements

It will be especially important for overseas engagement once Hong Kong’s stablecoin regulatory regime comes into effect Companies engaged in stablecoin business (such as stablecoin issuers, agents and intermediaries) that are not licensed in Hong Kong need to ensure that they do not proactively issue their fiat currency-referenced stablecoins to the Hong Kong public market, as such activity would trigger licensing requirements. The Hong Kong Monetary Authority will consider a number of factors to determine whether a person is “actively market-oriented” in issuing a fiat-referenced stablecoin to the Hong Kong public. These factors include, but are not limited to:

• The language used in marketing messages
• Whether the message is targeted at groups living in Hong Kong
• Whether the website uses a Hong Kong domain name

The Hong Kong Monetary Authority’s evolving regulation of stablecoins reflects international Align and enhance broader trends in financial stability. Recent global regulatory discussions and frameworks, such as the Basel Committee on Banking Supervision’s guidance and the Financial Action Task Force (FATF) recommendations, have influenced Hong Kong’s approach. The Hong Kong Monetary Authority’s framework aims to strike a balance between promoting innovation and maintaining strict regulatory standards, ensuring that Hong Kong remains a competitive and secure financial technology hub.

Singapore

Singapore is known for its forward-looking approach to digital finance, led by the Monetary Authority of Singapore (MAS). MAS provides clear guidelines to regulate digital payments, ensuring a safe and innovative financial environment. The cornerstone of the framework is the Payment Services Bill 2019, which consolidates payments regulations to provide a comprehensive licensing regime for various payment services, including digital and cryptocurrency transactions. In addition, the Payment Services Amendment Bill passed on January 4, 2021 aims to address development risks in the field of digital payment tokens, expand the scope of the Payment Services Bill, and impose additional measures on token service providers to reduce money laundering/terrorism financing risks and ensure the safety of all client assets.

Singapore provides three major types of license applications for payment service providers:

• Main Payment Institution (MPI) license
• Standard Payment Institution (SPI) license
• Currency Conversion (MC) license

Under the MPI license, a variety of payment services can be carried out without being affected by the following transaction volume or floating limits:

• Monthly transaction volume of NT$3 million per payment service (except electronic money account issuance and currency exchange services) Yuan.
• Two or more payment services (excluding electronic money account issuance and currency exchange services) with a monthly transaction volume of S$6 million.
• The daily outstanding electronic currency is S$5 million.

On the contrary, if the payment business is within the above threshold limits, you can apply for an SPI license.

As a premier financial centre, Singapore plays a key role in the global financial ecosystem. Its strategic location and strong infrastructure make it an ideal destination for businesses looking to leverage digital currencies.

Singapore’s adoption of digital currencies and stablecoins has grown steadily, driven by the city’s tech-savvy population and supportive regulatory environment. Stablecoins are especially popular for their efficiency and low transaction costs, making them attractive to consumers and businesses engaged in cross-border trade. However, the MAS has also expressed concerns about the price volatility of cryptocurrencies and has taken increasingly strong measures to curb retail speculation in cryptocurrencies.

EU

The Crypto-Assets on the Market Regulation (MiCA) represents an important step towards a unified regulatory framework for digital currencies and crypto-assets in the EU. MiCA aims to provide clear guidelines for the issuance, trading and custody of cryptocurrencies and other digital assets, ensuring consistency across the 27 member countries. The regulation aims to increase legal clarity, protect consumers and drive innovation in the digital asset space, while addressing potential risks such as market manipulation and fraud.

Businesses involved in crypto asset services must obtain a license from the relevant national regulatory agency in their home country. Once licensed, they can operate across the EU under the principle of mutual recognition, meaning their license is valid throughout the EU.

Companies operating Web3 digital payment systems in Europe generally need to obtain the following licenses under the Market for Cryptoassets Regulation (MiCA) and existing frameworks:

• Crypto Asset Service Provider (CASP) license. For businesses that offer services such as cryptocurrency exchanges, wallets, or payment processing using digital assets.
• Electronic Money Institution (EMI) License. For companies that perform services such as electronic account maintenance, payment facilitation, and cash transfers. The EMI license demonstrates a company's ability to operate securely and transparently within the electronic money ecosystem and ensures compliance with applicable financial regulations. Therefore, if the services involve the issuance of electronic currencies such as stablecoins or digital wallets, an EMI license is required.
• Payment Institution (PI) License. Applicable to companies that provide digital payment and currency transfer services but are not involved in issuing electronic money.

Some companies hold all three licenses in Europe, enabling them to offer a wide range of services including cryptocurrency trading, e-money issuance and digital payment facilitation. These companies can operate more flexibly in different financial activities.

The unified regulatory environment created by MiCA has a significant impact on cross-border digital payments. It enables businesses to utilize digital currencies more efficiently, streamline payment processes, and reduce transaction costs. A clear regulatory framework supports the growth of digital payment solutions and enhances trust among participants. This consolidates the EU’s leading position in integrating digital currencies into global commerce and enhances its competitiveness in the international market.

For example, Bitpanda is a prominent fiat-to-crypto broker in the European Union, which obtained a payment provider license in 2019 under Austrian financial regulations and money management laws across Europe. Recently, Bitpanda cooperated with Germany's Deutsche Bank to implement real-time payments in Germany through an API (Application Programming Interface)-based account solution, allowing Bitpanda to access Germany's international bank account numbers.

What are the positioning of stablecoins in the new MiCA and the related license requirements?

Under MiCA regulations, stablecoins are divided into two main types as means of payment and exchange:

Electronic Money Tokens (EMTs), which refer to cryptoassets that stabilize their value by anchoring to a single fiat currency. For example, Circle’s USD Coin. EMTs are based on distributed ledger technology and are backed by real-world assets.

Under the MiCA framework:

• The European Banking Authority (EBA) supervises and regulates all EMTs, requiring issuers to hold an electronic money license.
• Must be registered in an EU member state and obtain a MiCA license.
• EMT issuers need to have a registered office in the EU.
• All EMT issuances are required to provide a white paper, including those that qualify for EMT exemptions.

In addition, the EMTs license is not applicable in the following cases:

• The average outstanding amount of the EMT does not exceed 5 million euros, and the person responsible for the operation and management has not been convicted of any financial crime; or
• EMT only has For carrying out specific payment transactions:
• within a limited network of service providers or only for a limited range of goods or services, such as only available at specific retail stores; or
• for digital goods and services where the operator Not just intermediary, but adding value to services, such as providing access or search functions, provided that these goods and services are only available in digital form.

In contrast, Asset Reference Tokens (ARTs) aim to stabilize their value by referencing multiple assets (such as fiat currencies, real assets, cryptocurrencies, or a mixture of the three), such as a basket of currencies, a large commodities or other cryptoassets. Examples include PAXCG and DIAM.

Under the MiCA framework:

• Must be registered in an EU member state and obtain a MiCA license.
• All ARTs are supervised by the European Markets and Securities Authority unless deemed "significant".
• ART issuers need to have a registered office in the EU.
• ARTs not pegged to the euro are controlled to maintain the EU’s monetary dominance.
• All ART issuances are required to provide a white paper, including those that qualify for ART exemptions.

Similarly, issued ARTs licenses are not applicable if:

• ART is issued to qualified investors only, and ART can only be held by these qualified investors; or
• is issued within 12 months The total value of the ART does not exceed €5 million and the issuer is not related to other exempt issuers.

Are the regulatory requirements the same for all types of EMTs and ARTs? actually not. If ARTs and EMTs are classified as "essential" by the EBA, they will be subject to additional requirements:

• Oversight by the EBA;
• Maintenance of payroll and liquidity management policies; and
• Tighter reserve requirements and liquidity stress tests .

An EMT or ART is considered “significant” if it meets at least three of the following conditions:

• With over 10 million holders.
• Market capitalization or reserve asset size exceeds 5 billion euros.
• The average number of transactions per day exceeds 2.5 million, and the average total value of transactions exceeds 500 million euros.
• Issuers are institutions designated as “key platform service providers” under the Digital Markets Act.
• The importance of the issuer’s activities on an international scale, including for payments and remittances.
• The interconnectivity of ART or EMT and its issuers with the financial system.
• The issuer issues at least one additional ART or EMT and provides at least one crypto asset service.

USA

In the United States, digital payments businesses must navigate a complex regulatory environment to operate legally. Basically, they need to obtain a money transmission license, which is required by most states for companies involved in money transmission activities, including digital payments. Each state has its own specific requirements and regulations, making the compliance process complicated. Additionally, businesses must register as a money services business with the Financial Crimes Enforcement Network. This federal registration covers activities such as currency transactions, exchanges and currency transmissions.

Depending on the specific services provided and the state in which they operate, companies may also require additional state licenses. For example, the Office of the Comptroller of the Currency recently began offering special purpose national bank charters to fintech companies, allowing them to operate across states with a single federal charter. The move aims to provide digital payments companies with a clearer regulatory framework and streamline operations. In addition, individual states such as New York and California also have their own professional agencies, such as the New York State Department of Financial Services and the California Department of Financial Protection and Innovation, which enforce state-specific regulations and issue licenses for digital payment activities.

The digital payments regulatory environment in the United States is constantly evolving to respond to the challenges of emerging technologies and financial innovation. For example, proposed federal legislation seeks to provide clearer classification and regulatory guidance for digital assets, including stablecoins and cryptocurrencies. This evolving regulatory framework aims to find a balance between promoting innovation and protecting consumers, ensuring that digital payment systems operate within a safe and well-defined regulatory environment. Therefore, companies must keep abreast of existing and future regulatory changes to stay compliant and adapt to the changing environment.

Conclusion

As can be seen from this article, each of the jurisdictions explored has adopted different strategies for balancing innovation and regulation, reflecting their unique regulatory priorities and financial ecosystems. Hong Kong’s framework highlights the combination of innovation and strict regulatory controls through specific licensing of stored value facilities and money service operators, as well as a regulatory sandbox approach for stablecoin projects. Singapore’s Payment Services Act provides a broad and streamlined regulatory approach for various payment activities and incorporates strong anti-money laundering and counter-terrorist financing measures. The EU’s MiCA and Payment Services Directive 2 provide a comprehensive regulatory structure for digital payments and e-money, both promoting market integration and ensuring consumer protection. In the United States, a complex web of federal and state-level regulations, including money transmission licenses and Financial Crimes Enforcement Network registrations, underscore the complexity of operating across different jurisdictions. Navigating these diverse regulatory environments requires a deep understanding of each region's requirements and proactive compliance measures to ensure businesses can effectively manage their cross-border digital payments operations within a secure and regulated framework.

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