2月的 Consensus Hong Kong 2026，把一個信號集中放大：全球數字資本版圖正在重構，而香港希望把 2026 變成數字資產與 Web3 的「執行年」——不再停留在口號與試點，而是把穩定幣、RWA（現實世界資產代幣化）、託管與交易流動性這些關鍵環節，推向可規模化、可審計、可持續的市場化落地。 (香港特別行政區政府)

　這一輪「執行」，既來自外部競爭（資金、人才、項目在不同司法轄區之間重新分配），也來自內部約束（監管邊界、跨境合規、投資者保護）。香港要贏的不是「敘事」，而是規則、場景與流動性三者的閉環。

　一、全球趨勢：數字貨幣與RWA走向「制度化落地」

　從全球視角看，數字資產的主戰場正在從「價格敘事」轉向「金融基礎設施敘事」。一方面，穩定幣與各類「新型交換媒介」已進入央行與監管的主議程：有研究指出，BIS 調查中約九成央行在研究零售/批發型 CBDC；全球穩定幣種類已達約200種、總市值約 1萬億港元（截至2024年2月）。

　另一方面，RWA 代幣化正從 PoC 走向真實部署，覆蓋政府債、貨幣市場基金等更傳統的金融工具，用鏈上登記與結算提升效率、支持拆分持有並釋放流動性。香港財政司司長在會上也明確把 RWA 代幣化列為更突出的全球趨勢之一。 (香港特別行政區政府)

　二、香港的政策骨架：穩定幣先行、全鏈路補齊、流動性優先

　1）穩定幣：從立法到發牌，強調「真實用例」與「少量先行」

　香港已實施《穩定幣條例》，建立法幣掛鈎穩定幣發行人的發牌制度；特首在大會演講中提到，相關條例已在去年8月落地，首批牌照預計「下個月」發出。 (香港特別行政區政府)

　財政司司長進一步強調：首批牌照計劃在今年3月發出，但會「先少量」，並把「真實世界用例、可持續商業模式與強合規能力」作為核心門檻。 (香港特別行政區政府)

　這意味着：香港並不追求「牌照數量」，而是追求可複製的合規範式——先把發行端做「可信」，再讓支付、清算與跨境場景自然生長。

　2）交易與市場：把「深度與價差」作為競爭指標

　SFC 的 ASPIRe 路線圖把「Access（接入更深全球流動性）」放在重要位置；其後續措施之一，是允許持牌虛擬資產交易平台通過「共享訂單簿」等方式接入集團內海外流動性，目標直指：更緊價差、更好價格發現、更深機構交易。 (證監會應用程序)

　這類動作的本質，是把香港從「合規孤島」變成「合規入口」——用監管確定性換取全球訂單流與做市資源。

　3）經紀與託管：補齊「關鍵節點」的監管覆蓋

　財政司司長表示，香港正完善數字資產經紀商與託管服務提供者的新發牌制度，目標是在今年夏季推動相關立法，使監管覆蓋數字資產生態的關鍵節點。 (香港特別行政區政府)

　這與香港「同業同責、同險同規」的監管邏輯一致：當產品從「交易」延伸到「託管、借貸、衍生品、支付」，監管就必須同步擴展到全鏈路。 (香港特別行政區政府)

　三、三條主線：機構入場、AI×Web3融合、基礎設施升級

　這正對應你圖片裡提到的三塊「首日重磅亮點」，但香港官方給了更可量化的註腳：

　1）機構入場：從「試水」到「資產負債表」

　財政司司長披露：截至去年底，香港銀行體系託管的數字資產超過 140億港元，同比增長約 180%；同時，代幣化存款總值達 290億港元。 (香港特別行政區政府)

　這類數據說明：機構參與不再只發生在交易端，而是開始進入銀行託管與負債端服務，市場的「可信底座」在變厚。

　2）AI×Web3：從工具疊加到「機器經濟」的雛形

　財政司司長在演講中把 AI 與數字資產的交叉列為第三大趨勢：AI 系統將與代幣化貨幣、智能合約互動，推動部分交易與結算的自動執行；當 AI agent 具備獨立決策與執行能力，可能出現所謂「machine economy」的早期形態，同時也帶來治理、問責與網絡安全的新課題。 (香港特別行政區政府)

　對香港而言，這意味着下一階段的競爭不只是「鏈」，而是「鏈上自動化經濟體」的合規承載能力。

　3）基礎設施升級：用沙盒與政府發行把「標準」做出來

　香港用「政府發行+監管沙盒」把標準推向市場：政府已發行多批數字/代幣化綠色債券，2025年的第三次數字綠色債券發行規模達 100億港元，認購額超過 1300億港元。 (香港特別行政區政府)

　同時，HKMA 的 Project Ensemble 從沙盒走向新階段 EnsembleTX，聚焦用「實驗性代幣化存款」去結算真實價值的代幣化交易，首批重點場景包含代幣化貨幣市場基金交易等。 (香港金融管理局)

　四、追趕國際腳步：香港要解決的不是「有沒有」，而是「能不能被全球資金用」

　國際主要金融中心正在把穩定幣與加密市場納入制度軌道：

　•歐盟 MiCA 對 ART/EMT（穩定幣相關）自 2024年6月30日 起適用，並在 2024年12月30日 擴展至 CASP（服務商）框架。 (Central Bank of Ireland - English)

　•新加坡 MAS 於 2023年發布單一貨幣穩定幣監管框架。 (mas.gov.sg)

　•美國 GENIUS Act 已形成聯邦層面的支付型穩定幣監管框架（並已成為成文法）。 (國會網)

　在此背景下，香港要「追趕」的關鍵不是速度，而是可互操作的合規語言：讓全球資金在香港使用穩定幣/代幣化資產時，能清晰回答三件事——誰負責、錢在哪、出事怎麼追責。這也是香港把首批穩定幣牌照「少量先行」、強調真實用例的原因。 (香港特別行政區政府)

　五、邊界與風險：與內地「同頻」，決定香港增量空間

　「執行年」並不等於「放開年」。現實約束來自跨境合規：

　•CSRC 近期發布針對「基於境內資產、在境外發行的代幣化 ABS」的指引，強調備案、信息披露與風險約束，並點出投機與金融穩定風險。 (Reuters)

　•此前也有媒體報道，部分中資機構在港開展 RWA 相關業務曾收到「暫停/降溫」的非正式監管提示，反映內地對離岸數字資產擴張保持審慎。 (Reuters)

　與此同時，監管也在探索「可控的制度化路徑」，包括對離岸 RWA 的法律框架與合規邊界的討論（方向是「可監管、可穿透、可追責」）。 (Reuters)

　對市場參與者而言，這意味着：跨境結構設計必須把「合規可穿透」放在商業模式之前，尤其涉及境內底層資產、資金回流、投資者適當性與信息披露時，任何「類證券化」結構都要先問一句：是否經得起境內外兩套監管邏輯的同時審視。

　結語：把「執行年」做成「可複製的落地年」

　香港在 2026 年最值得期待的，不是某個爆款資產，而是三件更「基礎設施化」的成果：

　1.穩定幣牌照與真實場景跑通（支付與結算先行）； (香港特別行政區政府)

　2.交易深度與全球流動性接入形成制度化安排； (證監會應用程序)

　3.經紀、託管、發行、結算等關鍵節點監管閉環完善。 (香港特別行政區政府)

　當規則閉環與場景閉環同時成立，「追趕國際市場腳步」才會變成一句可量化的話：資本願意來、機構敢於做、項目能夠活。在全球數字資本重構的大周期里，香港的勝負手不是更激進的創新，而是把創新變成「可被信任的標準化供給」。（作者：羅柳斌、隋源）

　From “Proof-of-Concept” to a “Year of Execution”: How Hong Kong Turns Regulatory Certainty into Liquidity in Digital Assets

　Lead

　Consensus Hong Kong 2026 amplified a message the market has been sensing for months: the global map of digital capital is being redrawn, and Hong Kong wants 2026 to be a “year of execution” for digital assets and Web3—moving beyond slogans and pilots toward scalable, auditable, and sustainable market infrastructure.

　What is at stake is not narrative, but a closed loop of rules, real-world use cases, and liquidity—with stablecoins, tokenisation (including RWA), custody, and regulated trading depth as the key pillars.

　I. A Global Shift: Digital Assets Are Moving from “Price Narratives” to “Infrastructure Narratives”

　Globally, digital assets are increasingly discussed as financial infrastructure rather than speculative instruments. Research summarised in an e-HKD ecosystem report notes that central banks worldwide remain active in CBDC exploration, and that stablecoins—already numerous in type and meaningful in aggregate market size—are becoming a core topic in payments and settlement design.

　At the same time, tokenisation is evolving from concept validation to deployment, increasingly touching conventional instruments such as government bonds and money market products, where on-chain issuance and settlement can improve efficiency, enable fractional ownership, and potentially unlock liquidity.

　II. Hong Kong’s Policy Architecture: Stablecoins First, Full-Chain Coverage, Liquidity as the KPI

　1) Stablecoins: licensing with “real use cases” and a “small-batch first” approach

　Hong Kong has implemented a statutory framework for fiat-referenced stablecoin issuers, establishing a licensing regime and signalling an orderly rollout, including expectations around the first batch of licences.

　Crucially, Hong Kong’s policy tone is not “more licences,” but stronger replicable compliance—starting small and prioritising real-world use cases, sustainable models, and robust governance.

　2) Trading and market structure: tighter spreads, better price discovery, deeper institutional depth

　The SFC’s ASPIRe roadmap emphasises broader access to global liquidity and market competitiveness. Subsequent measures include allowing licensed virtual asset trading platforms to connect to group-level overseas liquidity via arrangements such as “shared order books,” with the stated goals of deeper liquidity and improved pricing.

　In substance, the strategy is to turn Hong Kong from a “compliance island” into a compliance gateway—converting regulatory certainty into institutional order flow and market-making participation.

　3) Brokerage and custody: closing regulatory gaps at key nodes

　Policy statements have also pointed to expanding licensing coverage to digital-asset brokers and custodians—aiming to regulate ecosystem “critical nodes” so that growth is not limited to the trading front-end but extends to the institutional backbone.

　III. Three Execution Tracks: Institutional Entry, AI × Web3 Convergence, and Infrastructure Upgrades

　The conference messaging can be read through three tracks—each with tangible policy and market signals.

　1) Institutional entry: from “trial participation” to balance-sheet activity

　Official remarks cite rapid growth in the scale of digital assets under bank custody in Hong Kong, alongside material expansion in tokenised deposits—suggesting institutional engagement is building beyond spot trading into bank-grade custody and deposit-linked settlement rails.

　2) AI × Web3: from “tool stacking” to early “machine-economy” logic

　Policy commentary has highlighted AI and digital assets as a converging trend: AI systems interacting with tokenised money and smart contracts could automate parts of transaction execution and settlement. This also raises new governance, accountability, and cybersecurity questions—issues that will increasingly define which jurisdictions can host “agentic” financial workflows safely at scale.

　3) Infrastructure upgrades: creating standards through government issuance and sandbox-to-market pathways

　Hong Kong has used government issuance to set reference standards for tokenised finance, including digital/tokenised green bonds, while the HKMA’s Project Ensemble has progressed from sandbox experimentation toward more structured pilots such as EnsembleTX, including settlement exploration using tokenised deposits in real-value tokenised transactions.

　IV. Keeping Pace Internationally: The Real Race Is Interoperable Compliance

　Major jurisdictions are formalising digital-asset rulebooks:

　•The EU’s MiCA regime has rolled out in stages, including stablecoin-related provisions and broader coverage for crypto-asset service providers.

　•Singapore’s MAS has issued a stablecoin regulatory framework, emphasising reserve backing and governance expectations.

　•In the U.S., federal legislative developments have advanced a framework approach for payment stablecoins.

　Against this backdrop, Hong Kong’s key challenge is less about speed and more about compliance language that global capital can use—answering three practical questions for institutional allocators: who is accountable, where the money sits, and how liability and redress work when something fails. This logic aligns with Hong Kong’s “small-batch first” licensing posture focused on real-world use cases.

　V. Boundaries and Risks: Aligning with Mainland Risk Frameworks Will Shape Hong Kong’s Incremental Space

　Execution does not mean deregulation. A central constraint is cross-border compliance—especially where underlying assets, investors, or distribution touch on mainland-linked structures. Recent reporting has noted heightened scrutiny around offshore tokenised products linked to onshore assets, with emphasis on filing, disclosure, and financial-stability risk management.

　Separate reporting has also suggested a cautious tone toward certain RWA-related expansions, underscoring that the feasible path is compliance-first, structurally transparent, and auditable.

　At the same time, policy discussion has continued around clarifying compliant frameworks for RWA tokenisation, pointing to a direction of “regulatable, look-through, and accountable” structures rather than open-ended experimentation.

　For market participants, the practical takeaway is clear: cross-border structure design must place regulatory look-through and investor protection ahead of growth narratives—particularly where products resemble securitisation-like cashflow packaging, distribution, or secondary liquidity promises.

　Conclusion: Making “Execution Year” a Replicable, Market-Grade Delivery Year

　The most meaningful outcome for Hong Kong in 2026 may not be a single headline asset, but three infrastructural deliverables:

　1.a stablecoin licensing regime that proves real-world settlement and payment value with strong governance;

　2.market-structure arrangements that deepen liquidity, tighten spreads, and improve price discovery under a regulated framework;

　3.full-chain regulatory coverage across issuance, brokerage, custody, and settlement nodes to support institutional scalability.

　When rules and use cases close the loop, “catching up with international markets” becomes measurable: capital is willing to allocate, institutions are willing to operate, and projects can survive through cycles—not by being the most aggressive, but by being the most trusted standardised supply of innovation.（Authors: Luo Liubin, Sui Yuan）