{"id":12363,"date":"2026-10-20T02:59:53","date_gmt":"2026-10-20T02:59:53","guid":{"rendered":"https:\/\/blockwind.io\/hk-zh\/?p=12363"},"modified":"2026-10-20T02:59:55","modified_gmt":"2026-10-20T02:59:55","slug":"%e8%a7%80%e9%bb%9e%ef%bc%9a2025-2026%e7%a9%a9%e5%ae%9a%e5%b9%a3%e6%95%85%e4%ba%8b%e4%b8%8d%e5%ae%b9%e6%88%91%e5%80%91%e5%bf%98%e8%a8%98%e7%9a%84%e4%b8%89%e5%a0%82%e5%90%88%e8%a6%8f%e8%aa%b2","status":"publish","type":"post","link":"https:\/\/blockwind.io\/hk-zh\/%e8%a7%80%e9%bb%9e%ef%bc%9a2025-2026%e7%a9%a9%e5%ae%9a%e5%b9%a3%e6%95%85%e4%ba%8b%e4%b8%8d%e5%ae%b9%e6%88%91%e5%80%91%e5%bf%98%e8%a8%98%e7%9a%84%e4%b8%89%e5%a0%82%e5%90%88%e8%a6%8f%e8%aa%b2\/","title":{"rendered":"\u89c0\u9ede\uff1a2025-2026\u7a69\u5b9a\u5e63\u6545\u4e8b\u4e0d\u5bb9\u6211\u5011\u5fd8\u8a18\u7684\u4e09\u5802\u5408\u898f\u8ab2"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">2026\u5e7410\u670820\u65e5<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f5c\u8005\uff1aCyrus&nbsp;Tong<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6211\u64b0\u5beb\u300aThe&nbsp;FinReg&nbsp;Chronicle\u300b\u7b2c\u4e00\u7248\u6642\uff0c\u7a69\u5b9a\u5e63\u7684\u8a0e\u8ad6\u7126\u9ede\u4ecd\u5728\u63e3\u6e2c\u76e3\u7ba1\u6846\u67b6\u662f\u5426\u7d42\u6703\u5230\u4f86\u2014\u2014\u6a5f\u69cb\u63a1\u7528\u662f\u5426\u771f\u5be6\uff0c\u4ee5\u53ca\u5408\u898f\u5c08\u696d\u4eba\u58eb\u662f\u5426\u9700\u8981\u8a8d\u771f\u5c0d\u5f85\u4e00\u500b\u5927\u591a\u6578\u540c\u696d\u4ecd\u7a31\u4e4b\u70ba\u300c\u908a\u7de3\u300d\u7684\u8cc7\u7522\u985e\u5225\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e94\u5341\u4e8c\u671f\u4e4b\u5f8c\uff0c\u9019\u4e9b\u554f\u984c\u90fd\u5df2\u4e0d\u518d\u662f\u61f8\u5ff5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u671f\u9031\u5e74\u7d00\u5ff5\u7248\u4e26\u975e\u5f15\u5165\u65b0\u7684\u6545\u4e8b\uff0c\u800c\u662f\u5be9\u8996\u904e\u53bb\u4e00\u5e74\u5728\u6240\u6709\u6211\u5011\u8986\u84cb\u7684\u53f8\u6cd5\u7ba1\u8f44\u5340\u4e2d\u4e00\u81f4\u5730\u671d\u540c\u4e00\u65b9\u5411\u4e0a\u6f14\u7684\u6545\u4e8b\uff0c\u4e26\u5f9e\u5b8c\u6574\u8ecc\u8de1\u4e2d\u63ed\u793a\u55ae\u4e00\u671f\u6578\u7121\u6cd5\u5448\u73fe\u7684\u5408\u898f\u610f\u6db5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u76e3\u7ba1\u6846\u67b6\u5230\u4f86\u4e86\u3002\u5168\u90e8\u540c\u6642\u5230\u4f86\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u904e\u53bb\u5341\u4e8c\u500b\u6708\u6700\u91cd\u5927\u7684\u4e00\u500b\u4e8b\u5be6\uff0c\u662f\u6211\u5011\u8d77\u6b65\u6642\u96e3\u4ee5\u9810\u6e2c\u7684\uff1a\u7a69\u5b9a\u5e63\u767c\u884c\u7684\u4e3b\u8981\u76e3\u7ba1\u6846\u67b6\u4e26\u975e\u4f9d\u6b21\u5230\u4f86\uff0c\u800c\u662f\u540c\u6642\u5230\u4f86\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300a\u5929\u624d\u6cd5\u6848\u300b\uff08GENIUS Act\uff09\u65bc2025\u5e747\u6708\u7c3d\u7f72\u6210\u70ba\u6cd5\u5f8b\uff0c\u78ba\u7acb\u7f8e\u570b\u9996\u500b\u652f\u4ed8\u7a69\u5b9a\u5e63\u767c\u884c\u7684\u806f\u90a6\u6846\u67b6\u3002MiCA\u7684\u904e\u6e21\u671f\u65bc2026\u5e747\u67081\u65e5\u5c46\u6eff\uff0c\u4e00\u591c\u4e4b\u9593\u6539\u8b8a\u4e86\u6b50\u6d32\u7684\u5408\u898f\u7248\u5716\uff0c83%\u7684\u5148\u524d\u8a3b\u518a\u52a0\u5bc6\u8ca8\u5e63\u516c\u53f8\u672a\u80fd\u6839\u64da\u65b0\u6a19\u6e96\u53d6\u5f97\u6388\u6b0a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9999\u6e2f\u7684\u300a\u7a69\u5b9a\u5e63\u689d\u4f8b\u300b\u65bc2025\u5e748\u6708\u751f\u6548\uff0c\u91d1\u7ba1\u5c40\uff08HKMA\uff09\u65bc2026\u5e744\u6708\u767c\u51fa\u9996\u5169\u5f35\u724c\u7167\u3002\u65b0\u52a0\u5761\u91d1\u7ba1\u5c40\uff08MAS\uff09\u7684\u300a\u652f\u4ed8\u670d\u52d9\u6cd5\u300b\u4fee\u8a02\u65bc2026\u5e749\u6708\u5c55\u958b\u8aee\u8a62\u3002FCA\u65bc2026\u5e746\u670830\u65e5\u767c\u5e03\u6700\u7d42\u7684PS26\/10\u898f\u5247\u3002\u82f1\u570b\u8207\u7f8e\u570b\u65bc2026\u5e747\u6708\u767c\u8868\u9996\u4efd\u95dc\u65bc\u7a69\u5b9a\u5e63\u7684\u96d9\u908a\u806f\u5408\u8072\u660e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0d\u5408\u898f\u5c08\u696d\u4eba\u58eb\u800c\u8a00\uff0c\u9019\u7a2e\u540c\u6b65\u6027\u5275\u9020\u4e86\u91d1\u878d\u670d\u52d9\u696d\u6b77\u53f2\u4e0a\u4efb\u4f55\u76e3\u7ba1\u8f49\u578b\u90fd\u672a\u66fe\u6709\u904e\u7684\u898f\u5283\u74b0\u5883\u3002\u6c92\u6709\u53ef\u9075\u5faa\u7684\u9818\u5148\u53f8\u6cd5\u7ba1\u8f44\u5340\uff0c\u4e5f\u6c92\u6709\u53ef\u8907\u88fd\u7684\u7bc4\u672c\u3002\u9762\u5411\u55ae\u4e00\u6846\u67b6\u63a8\u9032\u7684\u6a5f\u69cb\uff0c\u7b49\u65bc\u540c\u6642\u9762\u5411\u6240\u6709\u6846\u67b6\u63a8\u9032\uff1b\u5426\u5247\uff0c\u5c31\u662f\u540c\u6642\u843d\u5f8c\u65bc\u6240\u6709\u6846\u67b6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u7121\u4eba\u518d\u80fd\u7a31\u4e4b\u70ba\u300c\u908a\u7de3\u300d\u7684\u6a5f\u69cb\u63a1\u7528<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f34\u96a8\u76e3\u7ba1\u6846\u67b6\uff0c\u6211\u5011\u8a18\u9304\u4e86\u70ba\u671f\u5341\u4e8c\u500b\u6708\u3001\u898f\u6a21\u8db3\u4ee5\u4ee4\u300cfringe\u300d\uff08\u908a\u7de3\uff09\u4e00\u8a5e\u6c38\u9060\u9000\u51fa\u7a69\u5b9a\u5e63\u8a5e\u5f59\u8868\u7684\u6a5f\u69cb\u63a1\u7528\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OpenUSD\u65bc2026\u5e746\u670830\u65e5\u63a8\u51fa\uff0c\u7372\u8d85\u904e140\u5bb6\u516c\u53f8\u652f\u6301\uff0c\u5305\u62ec\u7dad\u85a9\uff08Visa\uff09\u3001\u842c\u4e8b\u9054\u5361\uff08Mastercard\uff09\u3001\u8c9d\u840a\u5fb7\uff08BlackRock\uff09\u3001\u9ad8\u76db\uff08Goldman&nbsp;Sachs\uff09\u3001Stripe\u3001BNY\u53ca\u6e23\u6253\uff08Standard&nbsp;Chartered\uff09\u3002\u9019\u500b\u8ca1\u5718\u9078\u64c7\u4ee5\u5171\u4eab\u5132\u5099\u6536\u76ca\u7d93\u6fdf\u5b78\uff0c\u4f5c\u70ba\u570d\u7e5e\u55ae\u4e00\u7a69\u5b9a\u5e63\u6a19\u6e96\u5c0d\u9f4a\u6a5f\u69cb\u6fc0\u52f5\u7684\u6a5f\u5236\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6a6b\u8de8\u4e94\u5927\u6d32\u7684\u4e8c\u5341\u4e00\u5bb6\u9280\u884c\u65bc2026\u5e749\u6708\u5ba3\u5e03\u7d44\u5efa\u4e00\u5bb6\u65b0\u7684\u7a69\u5b9a\u5e63\u516c\u53f8\uff0c\u4e26\u660e\u78ba\u627f\u8afe\u5f9e\u7b2c\u4e00\u5929\u8d77\u540c\u6642\u7b26\u5408\u300a\u5929\u624d\u6cd5\u6848\u300b\uff08GENIUS Act\uff09\u8207MiCA\u7684\u898f\u5b9a\uff0c\u6210\u70ba\u9996\u500b\u5728\u8a2d\u8a08\u968e\u6bb5\u5373\u4f5c\u51fa\u9019\u96d9\u91cd\u627f\u8afe\u7684\u5927\u578b\u8ca1\u5718\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">USDGO\u7684\u6d41\u901a\u4f9b\u61c9\u91cf\u5728\u4e09\u500b\u6708\u5167\u5f9e1\u5104\u7f8e\u5143\u589e\u9577\u81f310\u5104\u7f8e\u5143\uff0c\u8b49\u660e\u4e9e\u592a\u8de8\u5883\u652f\u4ed8\u8d70\u5eca\u5c0d\u5408\u898f\u3001\u7531\u6a5f\u69cb\u652f\u6301\u7684\u7a69\u5b9a\u5e63\u57fa\u790e\u8a2d\u65bd\u7684\u9700\u6c42\uff0c\u4e26\u672a\u7b49\u5f85\u6846\u67b6\u5b9a\u6848\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u532f\u8c50\u9280\u884c\uff08HSBC\uff09\u5c07\u5176\u6e2f\u5e63\u7a69\u5b9a\u5e63\u547d\u540d\u70baRedCoin\u3002HKDAP\u5728\u91d1\u7ba1\u5c40\u76e3\u7ba1\u4e0b\u63a8\u51fa\u3002\u8c9d\u840a\u5fb7\uff08BlackRock\uff09\u63a8\u51faBRSRV\uff0c\u4e00\u6b3e\u5c08\u70ba\u7b26\u5408\u300a\u5929\u624d\u6cd5\u6848\u300b\uff08GENIUS Act\uff09\u5408\u683c\u5132\u5099\u8cc7\u7522\u800c\u8a2d\u8a08\u7684\u7522\u54c1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Circle\u4ee54\u5104\u7f8e\u5143\u6536\u8cfcTazapay\uff0c\u8cb7\u4e0b\u7684\u662f\u6a6b\u8de8\u56db\u500b\u53f8\u6cd5\u7ba1\u8f44\u5340\u7684\u76e3\u7ba1\u724c\u7167\u8cc7\u7522\uff0c\u800c\u975e\u9019\u4e9b\u724c\u7167\u6240\u652f\u6490\u7684\u652f\u4ed8\u91cf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">McKinsey\u8207Artemis&nbsp;Analytics\u767c\u8868\u7684\u5206\u6790\u91cd\u65b0\u5b9a\u7fa9\u4e86\u6574\u500b\u5e02\u5834\u898f\u6a21\u7684\u8a0e\u8ad6\uff1a\u5728\u5831\u544a\u4e2d3.5\u5146\u7f8e\u5143\u7684\u7a69\u5b9a\u5e63\u4ea4\u6613\u91cf\u4e2d\uff0c\u771f\u6b63\u7684\u652f\u4ed8\u6d3b\u52d5\u50c5\u70ba3,900\u5104\u7f8e\u5143\uff0c\u4f54\u5168\u7403\u652f\u4ed8\u76840.02%\uff0c\u800c\u9019\u500b\u6578\u5b57\u4ee5\u4e00\u5e74\u5167\u7ffb\u500d\u7684\u901f\u5ea6\u589e\u9577\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u982d\u689d\u6578\u5b57\u662f\u865b\u69cb\u7684\u3002\u5e95\u5c64\u7684\u73fe\u5be6\u662f\u4e00\u5957\u5df2\u878d\u5165\u5be6\u9ad4\u7d93\u6fdf\u7684\u652f\u4ed8\u57fa\u790e\u8a2d\u65bd\uff0c\u8986\u84cbB2B\u8d70\u5eca\u3001\u8de8\u5883\u532f\u6b3e\u53ca\u5546\u5bb6\u7d50\u7b97\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u9019\u4e00\u5e74\u6559\u6703\u6211\u5011\u7684\u4e09\u5802\u5408\u898f\u8ab2<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6a6b\u8de8\u4e94\u5341\u4e8c\u671f\uff0c\u4e09\u500b\u4e3b\u984c\u53cd\u8986\u51fa\u73fe\u3001\u4e00\u81f4\u5f97\u8db3\u4ee5\u88ab\u547d\u540d\u70ba\u9019\u4e00\u5e74\u5ea6\u7684\u5408\u898f\u6559\u8a13\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(1)\u5408\u898f\u724c\u7167\u8cc7\u7522\u662f\u6838\u5fc3\u8cc7\u7522\uff0c\u800c\u975e\u71df\u904b\u6210\u672c\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Circle\u6536\u8cfcTazapay\u4ee54\u5104\u7f8e\u5143\u7684\u6a5f\u69cb\u4fe1\u5ff5\u8b49\u660e\u4e86\u9019\u9ede\u3002\u6b77\u7d93\u591a\u5e74\u3001\u9010\u4e00\u5efa\u7acb\u76e3\u7ba1\u95dc\u4fc2\u800c\u7d2f\u7a4d\u7684MAS\u3001FINTRAC\u3001AUSTRAC\u53caFinCEN\u76e3\u7ba1\u724c\u7167\uff0c\u5176\u50f9\u503c\u8d85\u904e\u4e86\u5b83\u5011\u6240\u652f\u6490\u7684250\u5104\u7f8e\u5143\u5e74\u5316\u652f\u4ed8\u91cf\u3002\u6bcf\u4e00\u4f4d\u5c31\u7a69\u5b9a\u5e63\u57fa\u790e\u8a2d\u65bd\u63d0\u4f9b\u5efa\u8b70\u7684\u5408\u898f\u5c08\u696d\u4eba\u58eb\uff0c\u90fd\u5fc5\u9808\u5167\u5316\u9019\u5957\u4f30\u503c\u6846\u67b6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(2)\u5148\u884c\u5efa\u7acb\u7684\u5408\u898f\u57fa\u790e\u8a2d\u65bd\u80fd\u7522\u751f\u6301\u4e45\u7684\u7af6\u722d\u512a\u52e2\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA\u76847\u67081\u65e5\u622a\u6b62\u65e5\u671f\u4ee5\u6700\u9bae\u660e\u7684\u65b9\u5f0f\u8b49\u660e\u4e86\u9019\u9ede\u3002\u53ca\u65e9\u6295\u8cc7\u7684\u516c\u53f8\uff08Coinbase\u3001Kraken\u3001Bitpanda\u3001Bitvavo\uff09\u7e7c\u627f\u4e86\u6b50\u6d32\u5e02\u5834\u3002\u800c\u7b49\u5f85\u78ba\u5b9a\u611f\u964d\u81e8\u624d\u958b\u59cb\u5efa\u8a2d\u7684\u516c\u53f8\uff0c\u7576\u5225\u4eba\u5df2\u5728\u8655\u7406\u4ea4\u6613\u91cf\u6642\uff0c\u624d\u525b\u525b\u905e\u4ea4\u724c\u7167\u7533\u8acb\u3002Binance\u9032\u51652026\u5e747\u6708\u6642\u5c1a\u672a\u53d6\u5f97CASP\u724c\u7167\u3002Tether\u9078\u64c7\u4e0d\u5c0b\u6c42MiCA\u6388\u6b0a\u3002\u5e02\u5834\u5c0d\u9019\u5169\u9805\u6c7a\u5b9a\u4f5c\u51fa\u4e86\u76f8\u61c9\u56de\u61c9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(3)\u76e3\u7ba1\u8da8\u540c\u662f\u771f\u5be6\u4e14\u6b63\u5728\u52a0\u901f\u7684\u3002<\/strong><\/p>\n\n\n\n<p 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