瑞士展開穩定幣監管諮詢 專家認為有助鞏固瑞士法郎地位
瑞士近日正式展開針對穩定幣的公開諮詢,提出一套全新監管框架,將由瑞士金融市場監管局(FINMA)負責監督發行商。
瑞士啟動穩定幣發牌諮詢 冀完善監管制度
瑞士監管機構於10月22日發表有關文件,邀請公眾及業界就建立受監管的穩定幣支付工具框架提供意見。雖然瑞士在推動穩定幣監管方面較新加坡、杜拜等其他金融中心略為落後,但業界專家認為,瑞士的審慎步伐讓其能借鑒他國經驗,避免初期錯誤,最終受益於穩定幣的發展。
瑞士將發出穩定幣發行牌照
根據這份建議,瑞士將為發行「價值穩定的區塊鏈代幣」的支付機構創設新牌照類別。發行商必須以高質素流動資產作全額儲備,維持獨立分隔的儲備資產,並公開披露關鍵資訊,所有資料需經FINMA審核白皮書並公開發佈。
同時,瑞士對於只在本地交易、由境外發行的穩定幣,將視為加密資產而非法定支付工具。只要這些境外發行商不在瑞士本土發行代幣,亦無需在瑞士設立分支或重複持有儲備。
草案亦規定,發行商需在發行穩定幣前最少60日通知FINMA,並確保持有人可於短期內按面值贖回代幣,保障投資者權益。
Fireblocks政策總監Dea Markova向《金融時報》表示,瑞士吸收了歐盟、美國等地的經驗,穩定幣有望成為瑞士資產及債券市場數碼化的「遊戲規則改變者」。她指出:「要建立這個市場,必須有鏈上現金,而這正是新框架的重點。」
21Shares創辦人Hany Rashwan亦認為,穩定幣將有助提升瑞士法郎的穩定性與主權地位。
是次諮詢將開放至2026年2月,之後瑞士政府預計會最終敲定法例並推動落實。
穩定幣早已滲透瑞士生活 監管框架終於落地
事實上,穩定幣早已是瑞士加密生態的一部分,廣泛應用於零售支付、電子商貿、甚至市政稅項及跨境金融。不過,過去穩定幣只受現行金融法如銀行法、反洗黑錢法規範,並無針對穩定幣作為支付工具的專屬發牌制度。
去年,FINMA曾發佈穩定幣發行指引,聚焦相關風險及挑戰。現時瑞士多間獲牌銀行如Sygnum、SEBA及Amina,已將穩定幣納入結算、交易及機構服務之中。
全球穩定幣監管浪潮加速
隨著穩定幣需求急升,全球多地均加快監管步伐。美國於2025年7月通過GENIUS法案,確立法幣支持穩定幣的聯邦規則,促使歐盟、日本、英國、新加坡、香港等地亦相繼推出發行、託管、贖回等標準。
這股監管浪潮反映穩定幣已成為全球金融科技發展的關鍵戰場,各國爭相制定標準,爭奪話語權。
編輯評論:瑞士的「慢」其實是策略?穩定幣監管為法郎帶來新契機
從香港角度觀察,瑞士今次推動穩定幣監管,表面上是「慢人一步」,但其實是精於策略的體現。瑞士金融市場一向以穩健見稱,今次在吸收歐盟、美國、新加坡等地的經驗後,才推出針對穩定幣的專屬監管框架,既可減少試錯成本,又可提升國際信心。
更值得關注的是,瑞士並非單純視穩定幣為加密資產,而是積極將其納入主流金融體系,並以保障法郎地位為目標。這種策略對於一向以金融創新自豪的香港,無疑值得參考——我們應思考如何將數碼貨幣、穩定幣與本地貨幣體系結合,為港元注入新動力。
此外,瑞士將外地穩定幣與本地發行嚴格區分,避免監管重疊,亦有助吸引國際資本和創新企業。這種靈活而審慎的監管思維,或許正是香港在Web3、數碼資產監管新時代必須學習的地方。
總括而言,穩定幣監管已成全球大勢,瑞士今次的動作,既是「後發先至」,亦為法郎及金融市場注入新活力。香港若要保持競爭力,必須及早規劃,發揮自身國際金融中心優勢,積極擁抱數碼貨幣新時代。
![{
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",
"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra during her sacred milk bath beauty ritual, embodying divine femininity, sensual elegance, and timeless power.",
"angle": "Close-up beauty editorial captured at a refined 3/4 angle, focusing on her face, shoulders, and upper chest with extreme clarity and no blur.",
"pose": {
"body_position": "She is partially submerged in a luxurious milk bath, her shoulders and collarbones emerging gracefully from the surface.",
"hands": "One hand gently rests at the edge of the bath with milk droplets on her fingers, while the other lightly touches her neck adorned with subtle gold jewelry.",
"expression": "Soft yet commanding gaze directed toward the camera—calm, confident, intimate, and hypnotic."
}
},
"appearance": {
"outfit": "A barely-there, ritual-style ivory silk drape partially submerged in the milk bath, clinging softly to her skin. The fabric is delicate and translucent, edged with fine gold-thread embroidery for a sensual, sacred aesthetic.",
"accessories": "Minimal ritual jewelry—thin gold collar necklace resting above the milk surface, delicate arm cuff, subtle finger ring—kept refined to maintain focus on beauty and skin.",
"hair": "Her hair is sleek and ritual-polished, partially damp and slicked back at the crown, with soft wet strands framing her face naturally, reflecting candlelight.",
"makeup": "High-fashion Cleopatra beauty makeup with ceremonial artistry—perfectly sculpted brows, elongated black kohl eyeliner, vibrant eyeshadow layered in turquoise, teal, emerald, sapphire blue, and metallic gold. Beneath the eyes, subtle artistic ink-inspired accents echo ancient Egyptian symbolism. Her skin is luminous and dewy, cheeks softly flushed, and lips finished in a nude-rose satin sheen."
},
"ritual_props": {
"bath": "A carved alabaster bathtub filled with warm milk infused with honey, almond oil, and lotus essence.",
"floating_elements": [
"Fresh lotus flowers",
"Soft white rose petals",
"Delicate gold flakes shimmering on the milk surface"
],
"beauty_products": [
"Small golden perfume vial with lotus and myrrh oil",
"Alabaster bowl of honey and milk mixture",
"Clay jar of mineral kohl and pigment powders"
]
},
"background": {
"macro_environment": "An intimate royal bathing chamber within Cleopatra’s palace, designed as a sacred beauty sanctuary.",
"midground_details": "Soft linen curtains, glowing oil lamps, tall candles, and subtle steam rising from the bath, creating a warm and sensual atmosphere.",
"micro_elements": "Milk ripples around her skin, floating petals touching her shoulders, tiny droplets of moisture on her collarbones, reflections of candle flames on gold jewelry, visible stone texture on the tub, and delicate fabric translucency—every detail sharply rendered with zero blur."
},
"lighting": {
"type": "Warm cinematic candlelight combined with soft ambient palace glow.",
"effect": "Golden highlights sculpt her face and skin while gentle shadows enhance depth, intimacy, and divine beauty."
},
"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "85mm prime lens for beauty editorial compression",
"aperture": "f/8 for maximum facial and detail sharpness",
"iso": 100,
"shutter_speed": "1/160s",
"focus": "Extreme sharp focus on facial features, skin texture, makeup details, and milk surface, no bokeh, no blur"
},
"style": "Luxury beauty editorial, sacred milk bath ritual, ancient Egyptian goddess realism, intimate yet powerful, ultra-detailed, luminous skin focus, cinematic elegance"
}](https://ssfuture.shop/wp-content/uploads/ai_gen_1766006026-300x167.png)
