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。
In 2008, the term Nylonkong was introduced in the United States Times weekly article, The Three Cities.
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。
It is a conglomerate of the three cities of New York, London and Hong Kong, and the financial network of the Port Nürn framework dominates the world economy and is an example of globalization.
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。
In 2018, Hong Kong's Eastern Pearl was still bright, and Victoria's Sunrise was beautiful, but Hong Kong's Financial City was undergoing profound changes.
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”。
The cities of Tokyo and Singapore are long overdue. In addition to traditional financial centres, there is a huge hidden variable, namely, the “block chain” .
它既是未来最大的科技趋势，也是金融之争最大的变数。
It is both the largest science and technology trend in the future and the biggest financial variable.
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……
What was Hong Kong's attitude towards the block chain? >..............................................................................................................
【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。
The CSRC issues a new regulation on the management of digital assets, issuing license plates for an encrypted currency exchange that is regulated by the Sandbox.
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。
"Strong" may seem to be understated in the traditional financial world, but it quietly preludes Hong Kong's final battle of "the capital of the chain of blocks".
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。
Encrypted currency transactions are at the end of the block chain food chain, with pricing rights for the digital world and links to the traditional world.
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”。
At the time of the block chain, if Hong Kong had a world-class encrypted currency exchange, it would amount to a new Hong Kong joint exchange.
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。
An encrypted currency exchange links the entire block chain to the ecology, while a block chain links the entire future financial landscape.
小小石子入水，湖面卷起涟漪。
Little stones go into the water and the lake rolls up.
…………
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。
Many scholars concerned about the future of Hong Kong were relieved and faced with the chain of blocks, Hong Kong finally took action.
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。
Over the years, Hong Kong's attention to the block chain has not matched its financial status, while other cities have already begun to have their own layout.
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。
In 2014, the United States began to reflect on the approach to the regulation of cryptographic currencies, the United States Securities and Exchange Commission (USSEC) has engaged in numerous dialogues with the world of encrypted currencies, and in recent years the SEC has approved the adoption of the SCO project and the approval of the New York Financial Service for the stabilization of currency issuances, which has been closely linked to years of research.
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。
In 2016, Hong Kong's rival Singapore introduced the Sandbox (Sandbox) mechanism for block chains, allowing conflict-of-law operations in advance of notification. today, Singapore has become a hub for encrypted money and block chain projects.
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。
In November 2018, Hong Kong began sending a signal to the block chain world:
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。
New York, Singapore, Tokyo and Hong Kong are on their way to the future capital of finance.
【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。 It is located at the strategic crossroads between China and the United States, and it is perfectly compatible with the world of blocks and chains. 美国在区块链世界处于技术思想发源地， The U.S. is in a technologically thought-provoking world in the chain of blocks. 但中国的区块链项目遍地开花。 However, China’s block chain projects are blooming everywhere. 美国的极客们把握加密货币的算法权力， In the U.S., the elites hold the power of algorithms to encrypt the currency. 而中国矿工们也掌控着算力资源。 China's miners are also in control of arithmetic resources. 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。 The United States has been concerned about the hegemonic position of encrypted currencies against the United States dollar, ranging from the FBI to the NSA. 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。 In mainland China, the concept of “de-centralization” of the block chain has been stunned in an attempt to overcome the loss of land. 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。 The future shape of the block chain is that of China and the United States. has nothing to do with other countries. Hong Kong is strategic and ready for attack. 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”。 Hong Kong is neither concerned about the impact of an encrypted currency on the dollar nor about the anarchist concept of an encrypted currency, and the future “financial giant” can be fully embraced by . 而中国和美国的项目要相互合作，借势香港是自然选择。 The projects of China and the United States, on the other hand, had to work together, and Hong Kong was a natural choice. 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。 Since 2013, no fewer than 10 block chain summits have been held each year in Hong Kong during the cold season. 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”。 One of the most important dialogues in the world of 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。 As a financial centre in Asia and the Pacific, a recognized international city, it is strategically located behind the City of Science and Technology. 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。 Hong Kong can be said to have taken over time, profit, and peace. If you do so, you can wear the crown. 天时，香港的金融属性与区块链天然吻合。 The financial attributes of Hong Kong naturally coincide with the chain of blocks. 地利，中美两个区块链大国的接壤之地。 It's a land-use zone, a border between the two large parts of the chain of Central America. 人和，香港金融人才和深圳科技人才都是强项。 People and financial talent in Hong Kong and scientific talent in Shenzhen are strong. 【03】 纽约、新加坡、东京、香港都在抢赛道。 New York, Singapore, Tokyo and Hong Kong are taking the track. 区块链到底将如何影响未来金融，没有人能够说得清楚。 It is not clear how the block chain will affect future finance. 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。 The 2017 ERC20 agreement, which was merely a small-scale test knife, was a tremendous wave. 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。 Prudential regulation, for example, in Korea, Russia; more liberal models of sandbox regulation in the United Kingdom, Singapore, Hong Kong, China; integration into securities regulatory regimes, for example, in the United States, Australia; and regulatory regulation in Japan, Malta. 区块链金融之都的战争，已经拉开帷幕。 The war on the financial capital of the block chain has begun. 从城市竞争来看，方向最明确的是纽约、新加坡、东京、香港。 In terms of urban competition, the clearest directions are New York, Singapore, Tokyo and Hong Kong. 1.美国纽约 1. New York, USA 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。 Steady currency licences such as PAX and GUSD have been issued in an attempt to use the STO as a channel between the dollar and the digital dollar. 2.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。 The Financial Services Authority (FSA) has approved and issued licences for more than 20 encrypted currency exchanges. 3.新加坡 3. Singapore 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。 The Sandbox (Sandbox) mechanism of the block chain, launched in 2016, has worked, with more than 200 Chinese companies based in Singapore. In August 2017, a position was expressed that the Esio process needed to be regulated by MAS. 4.中国香港 Hong Kong, China 在2018年11月份推出了自己的政策。 Its policy was launched in November 2018. 这里重点解读一下香港证监会虚拟资产管理新规“要点”： Here is an important reading of the "Elements" of the Hong Kong CVM's new virtual asset management regulation: 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。 Funds and brokerage agencies that invest in virtual assets need to be registered and not all are eligible to invest in virtual assets. 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。 Distribution of encrypted monetary funds, all of which are required to apply for licence plate No. 1 (System trading licence plates), are regulated by the CSRC in respect of encrypted monetary funds, which can only be sold to professional investors. 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。 If virtual assets do not fall within the legal definition of securities or futures contracts, I don't care. For example, the CSRC does not consider BTC and ETH to be securities or futures. If this is all you do, we don't need to issue No. 9 (asset management license plates) or sandbox arguments. 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。 If investments in unregulated varieties such as BTC, ETH, etc. are made at a ratio of less than 10 per cent of management assets, they may be exempted from reporting and special supervision; if investments in unregulated virtual assets such as BTC, ETH, etc., exceed 10 per cent, they will need to be reported to the CVM. 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。 As for the argument that the pre-enactment of an encrypted currency exchange was a sandbox, it was possible for the CSRC to issue a license and that an encrypted currency exchange entering the box could no longer have a self-employed plate. 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。 Sandboxes argue that they must be monitored and reviewed by the SEC if they are to be cleared, such as hosting, accounting, auditing, security, integrity, conflict of interest, KYC, anti-money-laundering, etc. 香港不愧是金融之都，监管脉络清晰，手法专业老到。 Hong Kong is a well-known capital of finance, with clear lines of supervision and professional skills. 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。 The New Deal for Virtual Currency in Hong Kong is strictly regulated by investors, exchanges and senders. The threshold for entry of 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。 Hong Kong's 100-year history of finance has been characterized by difficult demands from barren industries and by a period of monopolism. 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。 In recent years, despite the dividends of mainland business going to Hong Kong, has been too dependent on finance for its development. Capital is the most dangerous route, and there is the possibility of a major change overnight. 区块链就是新的变数，香港出手了，但后面怎么办？ The block chain is a new variable. Hong Kong's got it, but what do we do next? 【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。 Silicon Valley is starting to rob Wall Street's job. 科技金融已经成为一种世界性趋势。 Science and technology finance has become a worldwide trend. 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。 In Shenzhen, a river-separated city of technology, it has already demonstrated its strong financial power. 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。 Hong Kong has been less sensitive to block chains, registered in Hong Kong in 2013 as “Hong Kong CyberTech” and engaged in an encrypted money payment business, dealing with HSBC and HSBC financial managers, the city of finance, where it is difficult for anyone to understand the meaning of encryption money. 就算是今天，香港金融圈的朋友仍然对区块链懵懵懂懂。 Even today, friends of Hong Kong's financial community still understand the chain of blocks. 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： In September 2018, a former MP in Hong Kong's information technology community spoke about the importance of block chains for Hong Kong's financial capital, including the stability of the currency and the STO, which largely infer Hong Kong's attitude to the “block chain”: 1.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”； Hong Kong's political and economic affairs are dominated by technocrats who focus on day-to-day matters and do not have an “ambitious” view of new developments in the block chain; 2.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； 2. Hong Kong has always hoped for a civil breakthrough rather than a government-led approach to new industries; 3.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； Not excluding the “visional vision” of individual government officials in the chain of blocks, the new regulations of the Hong Kong CSRC were positive; 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； For entrepreneurs, Hong Kong is “free from the law” and public power is “unauthorized from the law”, so the status of the block chain in Hong Kong needs to be observed before optimism is too early; 4.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； 4. With regard to block chains, Hong Kong's sensitive finance community parliamentarians will take into account competition with Singapore and New York, but will also rise to higher decision-making levels; 5.2018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； 5. In 2018, more people in Hong Kong are now paying attention to the block chain, and practitioners will promote government legislation in this regard; 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。 Hong Kong’s follow-up policy remains to be seen if ‘strong’ is to be the most important voice in the chain world, a true capital of science and technology finance, and can join forces with Shenzhen in the north. 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。 If these two cities in Hong Kong, Australia, come together in a world of blocks, with both Shenzhen's technology and Hong Kong's finance, 【05】 香港证监会这次的举动，将会引发区块链生态的连锁反应。 This move by the Hong Kong CSRC will trigger a chain reaction to block chain ecology. 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。 Hong Kong is an international financial centre, and once digital asset management is complied with, a large number of Tokenfunds, money management agencies, quantitative teams, factoring platforms will flow into Hong Kong, and will become an encrypted currency capital operation centre. 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。 Once an encrypted currency trading platform has a legitimate license plate, and the regulated Token, who allows online securities, is taken for granted, the STO regulatory policy in Hong Kong will be well established, and a large number of high-quality projects will be located in Hong Kong. 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。 The future financial pattern of the layout of the block chain may lead Hong Kong to overcarriage at the following rhythms. 上面的这张生态图，我们可以详解为以下四点： This ecological map above 1.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。 1. Create a world-class encrypted currency exchange. On 6 November, Hong Kong Associated Bureau Executive Director Lee Xiaoga stated that the Hong Kong Exchange was acquiring a technology firm for block chain trading technology, which was the intention of the official exchange. 2.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。 Hong Kong's STO goes without saying that once an exchange is established, it will require more transparent listing of legal assets, moving the physical world assets to the digital world. 3.基于港币的稳定数字币非常重要，类似于KHKD\HKDT这种稳定币有可能成为香港贸易港的定海神针。 3. A stable digital currency based on a Hong Kong currency is very important and a stable currency similar to KHKD\HKDT may become a dynasty of Hong Kong's trade port. 4.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。 4. Token eco-based companies are not only on an encrypted currency exchange, but also have access to IPOs in a traditional way, which requires better regulatory strategies for currency and equity conversion in the future. 【06】 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。 Today's Hong Kong, 1,000 square kilometres of ammunition, is not an easy place to become the world's most important financial centre. 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。 Hong Kong was able to stand side by side with New York and London, but beyond the wisdom, hard work and perseverance of the Chinese people, there was a greater sense of security and courage for self-revolution. 此次区块链的“棋子”落下，金融大格局又为之一变。 The “gammon” of the block chain has fallen and the financial landscape has changed again. 此时香港的确手握一把好牌，但后面的路仍然险恶。 At this point Hong Kong does hold a good card, but the back road is still bad. 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。 It is only a small beginning, and the financial tsunami that will result from the chain of blocks will be winding up. 【本文作者简介】 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。 The country’s first block chain entrepreneur, founder of Colapay, and science fiction writer.
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