Imithetho ye-Stablecoin emhlabeni wonke kanye ne GENIUS Act

A stablecoin yi-crypto-asset eyenziwe ukubamba inani eliqinile ngokumelene nempahla yokubhekisela, cishe njalo imali engenayo esemthethweni eyodwa. Njengoba i-fiat-backed stablecoins isebenza njengemali engenayo yedijithali, abaqondisi baqhubeka bebhekana nabashicileli babo kakhulu njengamaqembu wezimali ze-e noma amabhange ancane kunezinkampani zezobuchwepheshe.

Lo mhlahlandlela uqhathanisa izimo eziyinhloko ze-emittent ngaphandle kwe-United States futhi uchaza ukuthi kungani i-US GENIUS Act inemiphumela engaphezu kwemigwaqo yase-US. Ayichazi indlela yokuthola ilayisense lase-US. Ukushintshana kwe-crypto, abalondolozi naba brokers e-EU, bona umhlahlandlela ohlukile kulabo abahlinzeka ngezinsizakalo ze-crypto-asset ngaphansi kuka-MiCA.

I-baseline yamazwe omhlaba

NgoJulayi 2023 iBhodi Yokuqiniswa Kwezimali yashicilela iziphakamiso ezisezingeni eliphakeme zezinhlelo ze-stablecoin. Ababini kubo bahlela cishe yonke imithetho yezwe. Abasebenzisi kufanele babe necala eliqinile lomthetho kulowo oshicilelayo nokubuyiselwa ngesikhathi, elinganayo kwi-fiat ye-stablecoins yemali eyodwa. Nohlelo kumele luhlangabezane nazo zonke izimfuneko ezisebenzayo zendawo yokulawula ngaphambi kokuba iqale ukusebenza khona.

Imithetho yezwe yaqala ukuhlanganisa isisekelo esikwazi ukuphawulwa:

Isidingo	EU (MiCA, EMTs)	i-Hong Kong	i-Singapore (iphrojekthi)	UK (izimiso ze-FCA)	i-UAE (CBUAE)
Ubani ongakwazi ukushicilela	Amabhange kanye nezinhlangano zemali ye-elekthronikhi	Abakhiqizi abanelayisense (inkampani yasendaweni noma inhlangano egunyazwe)	abashicileli abalawulwa yi-MAS	Abashicileli base-UK abagunyaziwe yi-FCA	Abakhiqizi be-token yokukhokha ababhalisiwe noma abanelayisense
Usizo lwe-reserve	Imali ikhuselekile; okungenani u-30% ezimalini zebhange	I-pool ye-reserve ilingana nenani le-par	Izinkokhelo ezigcinwe ngokuqinile	Ukuxhasa izimpahla ezingaphansi komthetho we trust	Ibekwe yimithetho
Ukubuyiselwa	Nganoma yisiphi isikhathi, ngokulinganayo, akukho zindleko	Ngokuvamile ngaphakathi kwezinsuku ezingu-1 zomsebenzi	Izinsuku ezingu-5 zomsebenzi	Ngokuphela kosuku lomsebenzi olulandelayo (T+1)	Ibekwe yimithetho
Izifiso zabanikazi	Ingavunyelwa	Ingavunyelwa	Ukunqunywa kokungasebenzi (2026)	Umkhiqizi angasadlulisa imali engenayo exhasa izimpahla	Ingavunyelwa

Ithebula liyisishwankathelo. Uhlelo ngalunye lunemithetho ecacisiwe mayelana nempahla ye-reserve efanelekayo, ukugcinwa, ukuhlolwa nokukhishwa okuxoxwa ngawo ngezansi.

i-European Union: amathokheni emali ye-e kanye namathokheni abhekiswe kumasevisi

MiCA, Inqubomgomo (EU) 2023/1114, yasetshenziswa kuma-stablecoins kusukela ngoJuni 30, 2024. Yazihlukanisa zibe izinhlobo ezimbili. I-e-money token (EMT) ibhekisa kuxabiso lemali esemthethweni eyodwa. I-asset-referenced token (ART) ibhekisa kuwo wonke amanye amanani noma amalungelo, noma ukuhlanganisa, njengebhokisi lama-currency noma ama-commodity.

E-money tokens. Ngokusho kwesigaba 48, inhlangano yemali ekhokhelwayo kuphela noma inhlangano yemali ekhokhelwayo nge-elekthronikhi inganikela nge-EMT kubantu abaningi noma ifune ukuvunyelwa kwayo ukuthengiswa, futhi kufanele kuqala imemezele iphepha elimhlophe. I-EMTs ithathwa njengemali ekhokhelwayo nge-elekthronikhi. Isigaba 49 sinikeza abanikazi inkokhelo kulowo okhiphayo futhi sidinga ukukhishwa ngokufanayo lapho kufinyelelwa imali kanye nokubuyiselwa imali nganoma yisiphi isikhathi, ngokufanayo futhi ngaphandle komshwalense. Isigaba 54 sidinga ukuthi cishe amaphesenti angama-30 wezimali ezifunyenwe zigcinwe kuma-akhawunti ahlukene emabhange, kanti okushiwo kuphephile, kunomthelela omncane, kunezimpahla ezincibilikayo kakhulu ngemali efanayo.

Amathokheni abhekiswe kuma-asset. Umkhiqizi we-ART kufanele abe ngumnikazi weEU ogunyaziwe ngaphansi kwesigaba 21 noma inhlangano yemali (Isigaba 16). Kudingeka ukuthi igcine imali yayo ephansi kakhulu ye-EUR 350,000, 2% yomthamo wokugcina, noma isigamu semali engenayo (Isigaba 35), futhi igcine imali yokugcina ehlukaniswe ngokusemthethweni nempahla yayo (Isigaba 36).

Ukwehluleka ukukhokha inkokhelo. Amathuluzi angama-40 nama-50 avimbela abashicileli kanye ne-CASPs ekubeni bakhokhele inkokhelo kuma-ARTs noma kuma-EMTs. Nanoma yimiphi inzuzo ehlobene nokuthi isikhathi esingakanani umnikazi ogcina i-token ibalwa njengenkokhelo.

Imikhawulo yokusetshenziswa kwe-non-euro. Isigaba 23 sidinga ukuthi umkhiqizi we-ART agweme ukukhishwa uma ukusetshenziswa okulinganiselwa njengendlela yokushintshana ngaphakathi kwendawo yemali eyodwa kungaphezu kwezinkokhelo ezizigidini ezingama-1 kanye ne-EUR 200 million ngosuku ngesilinganiso senyanga ngayinye. Isigaba 58(3) sifaka isakhiwo esifanayo kuma-EMTs abizwa ngemali engakhombisi imali esemthethweni yezwe lilungu. Lolu hlelo lubalulekile kumadola ase-US stablecoins ajikeleza e-EU.

Ama-Tokens abalulekile. Ama-Tokens angaphezu kwezinkomba ezifana namamilione angama-10 abanikazi noma ama-EUR ayizigidi ezingama-5 ngexabiso, phakathi kwamanye amanani esigaba 43, angahlukaniswa njengezinto ezibalulekile futhi aqondiswe yi EBA. Kwezi-ARTs ezibalulekile, iphesenti lezimali zabo zikhuphuka kusuka ku-2% kuya ku-3% ye-reserve (Isigaba 45(5)).

I-Hong Kong: imithetho yokugunyaza ngaphansi kweStablecoins Ordinance

I-Hong Kong's Stablecoins Ordinance (Cap. 656) yaqala ukusebenza ngomhla ka-Agasti 1, 2025. Ukukhishwa kwe-stablecoins ebhekiswe ku-fiat manje kuyimisebenzi elawulwayo edinga ilayisense kusuka ku-HKMA.

Ngokusho kwe- HKMA’s Explanatory Note on Licensing, ilayisense lidinga ukukhishwa kwe-stablecoin ecacisiwe e-Hong Kong, noma ukukhishwa kwanoma yikuphi okubhekisela ku-Hong Kong dollar. Ukumaketha okusheshayo komsebenzi onjalo kubantu base-Hong Kong kubalwa futhi. Izimo eziyinhloko zokugunyazwa:

• Inhlangano yasekhaya. Umfakisicelo kumele abe yinkampani yaseHong Kong noma inhlangano egunyazwe efakwe ngaphandle kweHong Kong. Amaqembu angaphandle angaba nebhange kufanele avule inkampani encane yasekhaya.
• Capital. Abafaki-sicelo abangekho ebhange badinga ikapitali yesethi ekhokhiwe engaphansi kuka-HKD 25 million, noma ezinye izimpahla zezimali ezigunyaziwe yi HKMA.
• Reserves. Uhlobo ngalunye lwe-stablecoin ludinga i-reserve pool yayo ehlukanisiwe, egcinwe ngumphathi oqeqeshiwe. Inani layo lemakethe kufanele lifane nanoma yisiphi isikhathi nenani elilinganayo lemali engenayo e circulation, nge-over-collateralization efanele, ngokuvamile ngemali efanayo.
• Redemption. Abanikazi kumele bakwazi ukubuyisela nge-par. Izicelo ezisebenzayo kufanele ziqhubekelwe phambili ngosuku olulodwa lwebhizinisi.
• Akukho nzuzo. Umnikazi welayisense akufanele akhokhele, noma avumele ukuthi akhokhwe, noma yiziphi izinzuzo ze-stablecoins yayo, futhi imali engenayo evela ekusebenzeni kwe-reserve idluliselwa kumkhiqizi.

I HKMA yathola izicelo ezingu-36 eqenjini layo lokuqala. Ngomhla ziyi-10 kuNhlangulana 2026 yanikela ngelayisensi ezimbili zokuqala, ku-Anchorpoint Financial Limited, ibhizinisi elihlangene leStandard Chartered Bank (Hong Kong), HKT neAnimoca Brands, kanye neThe Hongkong and Shanghai Banking Corporation. Zonke zihlela ukukhishwa kwe-Hong Kong dollar stablecoins kuqala. Izibonakaliso zemiphumela yokukhethwa ukuthi i-HKMA ibheka lokhu njengebha ephezulu, ebhekene nokuthola ilayisense lebhange kunenombolo yobhaliso.

iSingapore: kusuka ku-framework kuya ekusebenzeni

I-Money Authority yaseSingapore iqedile iphrojekthi yayo ye-stablecoin ngo15Agasti 2023. Isebenza kuma-stablecoins wemali eyodwa ehlobene nedola laseSingapore noma i-G10 yemali ekhishwa eSingapore. Issuers must meet reserve, capital and disclosure standards and return par value within five business days of a redemption request. Ama-token ahambisanayo kuphela angaphawulwa ngokuthi “ama-stablecoins alawulwa yi-MAS”.

Ngomhla 1 Septemba 2026 MAS wavula ukuxoxisana, okuzovala ngo-16 Okthoba 2026, mayelana nokuguqulwa kwe-Act of Payment Services 2019 ukuze kufakwe iphrojekthi yomthetho. Iziphakamiso eziyinhloko zihlanganisa:

• ukuqapha inani elilinganiselwe lama-stablecoins akhishwa kwamanye amazwe alawulwa ngaphansi kwephrojekthi yangaphandle elinganisekayo;
• ukuvumela ama-stablecoins akhishwa ngokuhlanganyela yiSingapore namanye amazwe ukuthi alawulwa yiMAS lapho izingozi ziphansi khona;
• ukuvimbela inkokhelo ku-stablecoins elawulwa yi-MAS;
• ukudinga ukuhlolwa kwengcindezi, ukubuyiswa kanye nezinhlelo ezifanele zokuvalwa, nokulondoloza imali yomthengi etholakele ngaphambi kokukhululwa.

Ukuxoxisana akubeke usuku lokumiswa kwemithetho. Abafuna umsebenzi kufanele bathathe iphrojekthi ka-2023 njengencazelo yamanje yezidingo MAS.

i-United Kingdom: izimiso zokugcina ngaphambi kokuqala ngo-2027

I-UK ilawula ukukhishwa kwe-stablecoin ngaphansi kwezinsizakalo zezezimali kanye nemithetho yemakethe ka-2000, ngoMthetho we-Cryptoassets 2026 (SI 2026/102). FCA's isinqumo senqubomgomo PS26 / 10 sibeka izinqubomgomo zokugcina ze-non-systemic UK-ekhishwe ezifanelekayo ze-stablecoins. Lezo zihlanganisa ukukhishwa, ukuxhasa ama-assets, ukubuyiselwa, ukuvikelwa nokukhululwa, futhi zibekwe ukuba zisebenze ngo-Okthoba 25, 2027 nengxenye yohlelo olusha lwe-crypto.

Izici ezibalulekile zemithetho ye FCA zifaka phakathi ukuxhasa izimpahla ezigcinwe ngaphansi kwe-trust esemthethweni, isilinganiso esivunyelwayo esingaphezu kuka-5% ku-backing asset pool, kanye nokubuyiselwa emuva ngokuphela kosuku lwebhizinisi olulandelayo. Ihora le-T+1 liqala manje lapho ukuhlola okwaziyo-umthengi wakho kwenziwa khona. Abakhiqizi bangasadlulisa intshisekelo noma imali engenayo evela ekuxhaseni izimpahla kubanikazi, naphezu kokuthi amanye amaqembu angakhokhela abathengi babo abawinayo kusuka kwi-akhawunti yabo, njengemiklomelo esekelwe ekuthengiseni.

I-Stablecoins eyaziwayo yi-HM Treasury njenge-systemic ivela ngaphansi kokulawula okuhlangene kwe- FCA ne-Bank of England. Njenge-PS26/10 iqoqa isitatimende senqubomgomo yebhange ngoJuni 2026 kanye nemithetho yohlelo, umkhiqizi we-systemic uzobhekana nobukhulu be-70% yokuxhaswa ngemali engenayo yezwe le-UK encane kakhulu, okungenani ngama-30% emigodini yebhange eliphakathi, ukubuyiselwa ngaphakathi kwe-T + 0, izimfuneko zezimali kanye nemikhawulo yesikhathi sokukhishwa kwe-coin ngayinye.

i-United Arab Emirates: i-dirham kanye namathokheni wokukhokha kwamanye amazwe

I-Central Bank of the UAE ilawula ama-stablecoins we-fiat njenge "ama-token wokukhokha" ngaphansi kwe-Payment Token Services Regulation , okusebenza kusukela ngomhla ka-Agasti 31, 2024. Ama-token wokukhokha we-Dirham akhishwa ngabakhiqizi abanelayisense abahlali base-UAE. Ama-token emali yangaphandle akhishwa ngabakhiqizi be-token yokukhokha yangaphandle ababhalisiwe.

Isigaba 2 sivimbela indlela ama-token ezimali zakwamanye amazwe angasetshenziswa ngayo emfuleni: abagqugquzeli bangavumelanisa ukudluliswa kwabo kuphela njengendlela yokukhokha izimpahla zedijithali noma izici zawo. Ama-algorithmic stablecoins nama-privacy tokens avunyelwe. Isigaba 12 sivimbela abakhiqizi ekukhokheni inkokhelo noma noma yiluphi usizo oluhlobene nesikhathi sokugcina, futhi sivumela ibhange eliphakathi ukuthi libeke umkhawulo kumavolumu kanye namanani omthengisi.

I GENIUS Act nemiphumela yayo ngaphandle kwe-United States

I-Guiding and Establishing National Innovation for U.S. Stablecoins Act, Public Law 119-27, yaba umthetho ngoJulayi 18, 2025. Kuxoxwa lapha kuphela ngoba idola laseMelika lilawula amamakethe we-stablecoin, ngakho izimiso zayo zifinyelela abakhiqizi nabaphakathi emhlabeni wonke.

Usuku olusebenzayo. Ngokusho kwesigaba 20, lo Mthetho uqala ukusebenza kuleso sinqumo esidlule phakathi kuka 18 amasonto ngemuva kokufaka umthetho noma 120 izinsuku ngemuva kokuthi abaqondisi besifundazwe abaphambili bakhiphe izimiso zokugcina zokuphatha. Umthetho ocelwe yi-Treasure 2026 ngo-Agasti usho ukuthi usuku olusebenzayo lulindeleke ukuba lube ngu 18 January 2027.

Izinkomba zemali egcinwe Isiqephu 4 sidinga ama-reserve angaphansi kuka-1 kuya ku-1 ngemali engenayo, izinkokhelo, izimali zezimali ezincane, ezinye izivumelwano zokuthenga kabusha ngobusuku bonke, izikweletu zemakethe yemali yombuso kanye nempahla efana nayo. Isiqephu 4(a)(11) sivimbela abakhiqizi, kufaka phakathi abakhiqizi bangaphandle, ekukhokheleni abanikazi noma yiziphi izinzuzo noma izinzuzo kuphela ngenxa yokuphatha, ukusebenzisa noma ukugcina imali eqinile yokukhokha.

The foreign issuer gateway. Isigaba 3 sikwenza kube yingozi, kusukela eminyakeni emithathu ngemuva kokufaka umthetho, ukuthi umhlinzeki wenkonzo yempahla yedijithali anikezele noma athengise imali ethe xaxa yokukhokha kumuntu e-United States ngaphandle kokuthi umkhiqizi ovunyelwe ayikhiphe. Isigaba 18 sinikeza isinqumo esihlukile kubakhiqizi bezimali zakwamanye amazwe. Kudingeka baqondiswe ezweni elinendlela yokuziphatha lapho uSekela Wezezimali ekhetha khona ukuqhathaniswa, babhalise noMphathiswa Wemali, bagcine ama-reserve emabhange ase-US afinyeleleka izifiso zezimali zamaklayenti ase-US ngaphandle kokuthi isixazululo esifanayo sinikeze okuthile, futhi ngeke sibe nesisekelo ezweni eligunyaziwe.

Umhlinzeki noma umphathi wase-Afrika angacela ukucaciswa kokuqhathaniswa, futhi iKhabhinethi kumele ithathe isigqibo ngaphakathi 210 kwezinsuku zokufuna okuphelele. I-Treasury kufanele ishicilele ubufakazi bayo futhi igcine uhlu lwamazwe atholakalayo. Isiqephu 3(b)(2) sidinga futhi ukuthi ama-stablecoins akhiqizwa yinkampani yangaphandle abe nobuchwepheshe obukwazi ukuhlangabezana nemithetho esemthethweni, njengengcindezi.

Ngabe lokhu kubalulekile kwezinye izindawo. Ukuhlolwa kokuqhathaniswa kunikeza abaqondisi bangaphandle isizathu sokubambisana kwe-reserve, ukubuyiselwa, inkokhelo kanye nemithetho ye- AML ngemodeli yase-US. Ukuvimbela inkokhelo, ukuxhaswa okugcwele kwe-reserve kanye nokubuyiselwa okwesikhashana kwefenisha okwamanje ebonakale eHong Kong, e-UK, e-UAE naseSingapore iziphakamiso zibonisa indlela efanayo. Isinqumo se- MAS sokuqaphela ama-stablecoins angaphandle alinganisekayo sibonisa lo mqondo ofanayo kusuka kwenye indawo.

Iyini inkinga

• Khetha imithetho ngemali kanye nemakethe. I-euro token yabasebenzisi be-EU idinga ibhange le-EU noma inhlangano yezimali ze-e. I-Hong Kong dollar token idinga HKMA ilayisense lapho ikhishwa khona.
• Ukulindela izimali zebhange kanye nokulawula. Hong Kong HKD 25 million floor futhi MiCAimithetho yezimali ze-ART ziphansi; abaphathi babheka futhi ukuphathwa, ukulawula umngcipheko kanye AML amathuluzi.
• Izinkontileka zezimali ezigcinwe ezweni eliqinile kakhulu. Abakhiqizi abavela emigwaqweni eminingana kufanele balungiselele ama-pools ahlukanisiwe, izimpahla ezigcinwe ngemali eyodwa kanye nesikhathi esincane sokubuyiselwa okusebenzayo.
• Drop yield features. Inzuzo noma ukuphatha izinzuzo zezimali eziqinile zokukhokha zivunyelwe noma kuphakanyiswe ukuthi zivunyelwe emiphakathini eminingi ehlobene lapha.
• Bona ukuphawula okudlula umkhawulo. isinqumo se-Singapore GENIUS Act inqubo yokuqhathaniswa izohlela ukuthi iziphi izithonjana ezingakwazi ukujikeleza ngaphesheya kwemigwaqo.