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</div><p><span style="background-color:transparent;color:#000000;font-size:11pt;">In today's increasingly digital and technology-driven world, artificial intelligence (AI) technology is becoming a core component across various industries. As AI technology rapidly advances, the demand for AI Software as a Service (SAAS) products is also on the rise. Some companies even developed different APIs and mobile apps to allow users from regions unable to access ChatGPT to experience AI products. While the benefits of such endeavours are apparent, people often focus solely on whether the functions meet their needs, and overlook issues such as data leaks and other privacy and security concerns when choosing AI products.</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Earlier this year, the world AI industry leader, NVIDIA, released an AI development system called the "MeMo Framework." Yet, as reported by the Financial Times in June 2023, researchers at Robust Intelligence in San Francisco found that they could easily breach the so-called safeguards put in place to ensure the safe use of the AI system. Furthermore, reports from Forbes and The Wall Street Journal have indicated that major banks like Citi, JPMorgan, and Goldman Sachs, along with tech giants including Apple, Samsung, and Amazon, have banned or restricted their employees from using third-party AI products like ChatGPT and Github's Copilot, underscoring the security concerns even among global leaders and tech giants.</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">In fact, the application of AI technology is not uncommon among businesses in Hong Kong. A market leader in the aviation industry recently procured an AI chatbot for internal use by its staff. The AI is powered by Microsoft Azure OpenAI and can respond to inquiries based on information uploaded by the client. Given the sensitive nature of the information involved, the client reached out to UD's expert team for a code review and security testing to ensure safe and secure usage of the AI product by their employees.</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Since the usage of unsecured AI products can lead to serious problems, including data leaks and PR crises that can significantly impact a company's reputation, code review and audit are necessary steps for any company to safely utilize AI products. In this era full of challenges and opportunities, UD is dedicated to providing you with secure and reliable AI solutions, helping your business succeed in the digital transformation journey. Our professional team offers comprehensive support, ensuring your AI applications are both functional and secure, adding greater value to your business. Let's work together to establish a secure and reliable AI future!</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">As your trusted partner, UD understands the importance of AI security. Whether you're exploring UD Private Mini AI with dedicated servers or conducting security assessments for your existing AI products, our expert team is ready to provide solutions, ensuring your business can use AI with confidence. Contact our expert team now to tailor an exclusive AI solution for your enterprise!</span></p><p>&nbsp;</p><h2 style="text-align:center;"><span style="background-color:transparent;color:#000000;font-size:11pt;">AI Code Review &amp; Security Assessments</span></h2><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal green" data-cta="Service-Enquiry" href="https://wa.link/z6kx47">Find Out More</a></div><h2 style="text-align:center;"><span style="background-color:transparent;color:#000000;font-size:11pt;">Private Mini AI</span></h2><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal green" data-cta="Service-Enquiry" href="https://wa.link/vig6ix">Find Out More</a></div>

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</div><p><span style="background-color:transparent;color:#000000;font-size:11pt;">在当今日益数位化和科技驱动的世界中，人工智慧（AI）技术正成为各行各业的核心。然而，随着AI的快速发展，儘管市场上对AI SAAS产品的需求日益增加。为吸纳居住于不能使用ChatGPT的国家和地区的用户，一些公司甚至开发了不同的API和手机APP，好让用户体验AI产品。这样做的好处显然易见，但人们通常只关注功能是否符合关键需求，数据洩漏和其他隐私和安全问题似乎并没有得到应得的关注。</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">其实早前，世界AI产业领军者英伟达（NVIDIA）就推出了一个名为「MeMo Framework」的AI开发系统。然而，根据《金融时报》于2023年6月的报导，位于美国三藩市的Robust Intelligence的研究人员发现他们可以轻易突破旨在确保AI系统能够安全使用的所谓的防护措施。此外，《福布斯》和《华尔街日报》的报道中亦有提到包括花旗、摩根大通及高盛等大行，以及一众包括苹果、三星及亚马逊等科技巨头已明令禁止或限制员工使用包括ChatGPT和Github’s Copilot在内的第三方AI产品。这意味着即使是世界级大行及AI科技巨头在开发和使用新的AI技术时也会面临安全问题。</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">AI的应用在香港企业间并不少见，一个香港航空业的市场领导者最近就採购了一个供员工内部使用的AI聊天机器人。该客户的AI由Microsoft Azure OpenAI驱动，可以根据客户上传的信息回答查询。由于涉及敏感资讯，为了能让员工更安心、安全地使用该AI产品，他们就联繫到UD的专家团队进行了一次代码审查和安全测试。</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">由于使用不安全的AI产品可能导致包括数据洩漏和公关危机等严重问题，这可能严重影响企业的声誉。因此，代码审查和审核是任何企业安全使用AI产品的必要步骤。在这个充满挑战和机遇的时代，UD致力于为您提供安全可靠的AI解决方案，帮助您的企业在数字转型的过程中获得成功。我们的专业团队将为您提供全方位的支持，确保您的AI应用能够兼具功能和安全性，为您的业务带来更大的价值。让我们携手建立一个安全可靠的AI未来！</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">UD作为您可信赖的伙伴，深知AI安全问题的重要性，无论您体验有专属伺服器的UD Private Mini AI，抑或为现有的AI产品进行安全评估，我们的专家团队都乐意为您提供解决方案，确保您的企业在使用AI时能够安心无忧。立即联络我们的专家团队，为您的企业找出专属的AI方案！</span></p><p>&nbsp;</p><h2 style="text-align:center;"><span style="background-color:transparent;color:#000000;font-size:11pt;">AI代码审查及安全评估</span></h2><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal green" data-cta="Service-Enquiry" href="https://wa.link/7eedm9">了解更多</a></div><h2 style="text-align:center;"><span style="background-color:transparent;color:#000000;font-size:11pt;">商用独立AI系统 Private Mini AI</span></h2><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal green" data-cta="Service-Enquiry" href="https://wa.link/tfiqw2">了解更多</a></div>

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</div><p><span style="background-color:transparent;color:#000000;font-size:11pt;">在當今日益數位化和科技驅動的世界中，人工智慧（AI）技術正成為各行各業的核心。然而，隨著AI的快速發展，儘管市場上對AI SAAS產品的需求日益增加。為吸納居住於不能使用ChatGPT的國家和地區的用戶，一些公司甚至開發了不同的API和手機APP，好讓用戶體驗AI產品。這樣做的好處顯然易見，但人們通常只關注功能是否符合關鍵需求，數據洩漏和其他隱私和安全問題似乎並沒有得到應得的關注。</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">其實早前，世界AI產業領軍者英偉達（NVIDIA）就推出了一個名為「MeMo Framework」的AI開發系統。然而，根據《金融時報》於2023年6月的報導，位於美國三藩市的Robust Intelligence的研究人員發現他們可以輕易突破旨在確保AI系統能夠安全使用的所謂的防護措施。此外，《福布斯》和《華爾街日報》的報道中亦有提到包括花旗、摩根大通及高盛等大行，以及一眾包括蘋果、三星及亞馬遜等科技巨頭已明令禁止或限制員工使用包括ChatGPT和Github’s Copilot在內的第三方AI產品。這意味著即使是世界級大行及AI科技巨頭在開發和使用新的AI技術時也會面臨安全問題。</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">AI的應用在香港企業間並不少見，一個香港航空業的市場領導者最近就採購了一個供員工內部使用的AI聊天機器人。該客戶的AI由Microsoft Azure OpenAI驅動，可以根據客戶上傳的信息回答查詢。由於涉及敏感資訊，為了能讓員工更安心、安全地使用該AI產品，他們就聯繫到UD的專家團隊進行了一次代碼審查和安全測試。</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">由於使用不安全的AI產品可能導致包括數據洩漏和公關危機等嚴重問題，這可能嚴重影響企業的聲譽。因此，代碼審查和審核是任何企業安全使用AI產品的必要步驟。在這個充滿挑戰和機遇的時代，UD致力於為您提供安全可靠的AI解決方案，幫助您的企業在數字轉型的過程中獲得成功。我們的專業團隊將為您提供全方位的支持，確保您的AI應用能夠兼具功能和安全性，為您的業務帶來更大的價值。讓我們攜手建立一個安全可靠的AI未來！</span></p><p>&nbsp;</p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">UD作為您可信賴的夥伴，深知AI安全問題的重要性，無論您體驗有專屬伺服器的UD Private Mini AI，抑或為現有的AI產品進行安全評估，我們的專家團隊都樂意為您提供解決方案，確保您的企業在使用AI時能夠安心無憂。立即聯絡我們的專家團隊，為您的企業找出專屬的AI方案！</span></p><p>&nbsp;</p><h2 style="text-align:center;"><span style="background-color:transparent;color:#000000;font-size:11pt;">AI代碼審查及安全評估</span></h2><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal green" data-cta="Service-Enquiry" href="https://wa.link/6z17r3">了解更多</a></div><h2 style="text-align:center;"><span style="background-color:transparent;color:#000000;font-size:11pt;">商用獨立AI系統 Private Mini AI</span></h2><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal green" data-cta="Service-Enquiry" href="https://wa.link/odao2f">了解更多</a></div>

Revealing the Hazards of AI: UD Ensures Your Secure Handling of AI Technology

AI的隐患揭秘 - UD助您安心驾驭AI技术

AI的隱患揭秘 - UD助您安心駕馭AI技術

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</div><p style="margin-left:0px;">Sam Altman's cryptocurrency project, Worldcoin, immediately sparked conversation upon its launch. With Altman's reputation and influence as CEO of OpenAI, he was able to attract a lot of attention and investment for the project, and successfully transform the hype into actual funding.</p><p style="margin-left:0px;">Altman's role as CEO of OpenAI has given him significant influence in the AI and tech investment fields. Although he is not the founder of ChatGPT and is technically just a senior employee, ChatGPT's fame and influence undoubtedly facilitated Altman's promotion of the Worldcoin project and increased investor acceptance compared to a typical project.</p><p style="margin-left:0px;">Worldcoin's goal is to establish an identity and financial network connecting billions of people in the AI era. This vision aligns well with Altman's work philosophy at OpenAI and demonstrates his ambitious desire to create a new financial system.</p><p style="margin-left:0px;">Worldcoin's "sticker effect" from ChatGPT is one attraction, and its unique distribution method is another. Users can receive 25 $WLD airdrops simply by undergoing iris scan authentication. This innovative approach not only enables Worldcoin to quickly attract a large number of users, but also opens up a new user market.</p><p style="margin-left:0px;">According to data from the on-chain analysis platform Dune Analytics, the number of $WLD claimed has exceeded 64.9 million, with 257,205 participating addresses. In addition, the number of registrations for the WorldApp wallet has rapidly climbed to nearly one million.</p><p style="margin-left:0px;">The speed at which Worldcoin was listed on major exchanges is also remarkable, and this is due to the skilled market-making team that was able to capture the project's global launch moment and drive up the price before airdrop recipients could cash out.</p><p style="margin-left:0px;">It is worth noting that Worldcoin's market capitalization was once on par with that of OpenAI, but its fully diluted valuation has now reached $24 billion while the current price is $2.28. Whether this market capitalization can be sustained remains to be seen.</p><p style="margin-left:0px;">Overall, Sam Altman was able to successfully launch the Worldcoin cryptocurrency project with the help of his reputation at OpenAI and transform the hype into funding. However, the project's technology seems to have little connection to OpenAI, so further observation and validation are needed to determine whether it can continue to grow in the future.</p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>OpenAI 执行长 Sam Altman 的加密货币项目 Worldcoin 世界币，在上线之后立即引爆话题。在 Sam Altman 的名声与影响力的推动下，该项目成功吸引了大量的关注与投资，并且顺利地将这股热潮转化为实实在在的资金。</p><p>Sam Altman 在 OpenAI 担任 CEO 的身分，使他在 AI 和科技投资领域中具有重要的影响力。虽然 ChatGPT 他并不是始创人，理论上他只是高级员工一名，然而 ChatGPT 的名气和影响力，无疑为 Sam 在推广 Worldcoin 项目时带来许多便利，投资人对其接受度，亦比一般项目高很多。</p><p>Worldcoin 的目标是在 AI 时代，建立一个连接数十亿人的身分和金融网路。这个愿景非常符合 Sam 在 OpenAI 的工作理念，也显示了他对于开创新型金融系统的雄心壮志。</p><p>Worldcoin 有来自 ChatGPT 的贴金效应，另一吸引力还在于其独特的发行方式。用户只要进行虹膜扫描认证，就可以获得 25 枚的 $WLD 空投，这种创新的方式，不仅使得 Worldcoin 能够迅速吸引大量的使用者，也为其打开了一个全新的使用者市场。</p><p>根据链上分析平台 Dune Analytics 的数据，目前已申领 $WLD 数量已突破 649 万枚，参与申领地址为 257,205 个。另外，WorldApp 钱包的注册数量，也迅速攀升至接近 100 万。</p><p>Worldcoin 上架各大交易所的速度亦令人侧目，这点笔者觉得不得不赞叹其造市团队，能捕捉项目在全球触目的时间点上架，趁拿空投的人未来得及到交易所套现先炒上一波，手法纯熟。</p><p>值得注意的是，目前 Worldcoin 的市值一度与 OpenAI 相当，但其完全稀释估值已高达 240 亿美金，而目前的价格为 2.28 美元。这个市值是否能够持续，仍然有待时间证明。</p><p>总的来说，Sam Altman 借助他在 OpenAI 的名声，成功推出了 Worldcoin 这个加密货币项目，并成功地将这股热潮转化为资金。然而，这个项目技术上似乎跟 OpenAI 未有太大关联，未来是否能够持续成长，仍然需要进一步的观察与验证。</p><p>&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>OpenAI 執行長 Sam Altman 的加密貨幣項目 Worldcoin 世界幣，在上線之後立即引爆話題。在 Sam Altman 的名聲與影響力的推動下，該項目成功吸引了大量的關注與投資，並且順利地將這股熱潮轉化為實實在在的資金。</p><p>Sam Altman 在 OpenAI 擔任 CEO 的身分，使他在 AI 和科技投資領域中具有重要的影響力。雖然 ChatGPT 他並不是始創人，理論上他只是高級員工一名，然而 ChatGPT 的名氣和影響力，無疑為 Sam 在推廣 Worldcoin 項目時帶來許多便利，投資人對其接受度，亦比一般項目高很多。</p><p>Worldcoin 的目標是在 AI 時代，建立一個連接數十億人的身分和金融網路。這個願景非常符合 Sam 在 OpenAI 的工作理念，也顯示了他對於開創新型金融系統的雄心壯志。</p><p>Worldcoin 有來自 ChatGPT 的貼金效應，另一吸引力還在於其獨特的發行方式。用戶只要進行虹膜掃描認證，就可以獲得 25 枚的 $WLD 空投，這種創新的方式，不僅使得 Worldcoin 能夠迅速吸引大量的使用者，也為其打開了一個全新的使用者市場。</p><p>根據鏈上分析平台 Dune Analytics 的數據，目前已申領 $WLD 數量已突破 649 萬枚，參與申領地址為 257,205 個。另外，WorldApp 錢包的註冊數量，也迅速攀升至接近 100 萬。</p><p>Worldcoin 上架各大交易所的速度亦令人側目，這點筆者覺得不得不讚嘆其造市團隊，能捕捉項目在全球觸目的時間點上架，趁拿空投的人未來得及到交易所套現先炒上一波，手法純熟。</p><p>值得注意的是，目前 Worldcoin 的市值一度與 OpenAI 相當，但其完全稀釋估值已高達 240 億美金，而目前的價格為 2.28 美元。這個市值是否能夠持續，仍然有待時間證明。</p><p>總的來說，Sam Altman 借助他在 OpenAI 的名聲，成功推出了 Worldcoin 這個加密貨幣項目，並成功地將這股熱潮轉化為資金。然而，這個項目技術上似乎跟 OpenAI 未有太大關聯，未來是否能夠持續成長，仍然需要進一步的觀察與驗證。</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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OpenAI CEO uses ChatGPT fame to push his own project WorldCoin

OpenAI CEO借ChatGPT名气推自家项目WorldCoin　成功将掌声折现

OpenAI CEO借ChatGPT名氣推自家項目WorldCoin　成功將掌聲折現

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</div><p>The Captainz NFT series, promoted by Memeland and available on OpenSea, sold out within 12 minutes when it was launched earlier this year. The project earned a significant profit of 9999 ETH for the 9gag team. After a six-month wait, the project finally unveiled its offerings, which resulted in dissatisfaction among supporters and triggered a panic sell-off. The floor price dropped from 9 ETH to approximately 6.2 ETH at the time of writing. So why did the project experience such a significant drop? Surprisingly, the reason was attributed to the team's unconventional approach.</p><p>Captainz is positioned as a Profile Picture (PFP) project, intended for use as avatars. However, many supporters expressed disappointment after the unveiling, stating that the NFT image designs were too simplistic and highly repetitive, resulting in instances of "image collision." This means that multiple individuals ended up with the same NFT, lacking uniqueness for use as avatars.</p><p>The project team, on the other hand, stated that Captainz NFTs are different from traditional PFPs as they belong to an intelligent series of PFPs. They possess innovative interchangeability, allowing NFTs of the same category to exchange traits, and the base images can be modified through tasks like collateralization. Therefore, the occurrence of duplicates upon unveiling was not an error but part of a planned implementation of various functionalities. The team even compared holding Captainz NFTs to owning franchise rights, highlighting its distinctiveness from regular PFPs.</p><p>From a personal standpoint, the author is grateful for the team's bold innovation. In reality, the lifespan of simple PFP avatar NFT projects has been progressively short, with most participants solely driven by speculative trading rather than genuine use of avatars. It is rare to see a team making new breakthroughs, even though the functionalities have yet to be fully realized. Nonetheless, it can be seen as opening Pandora's box.</p><p>Regarding the strong reaction from supporters, the author believes that this incident reflects the prevalence of speculative traders rather than faithful believers in the current NFT market. The uncertainty surrounding a project can easily trigger panic emotions.</p><p>Despite multiple clarifications from the Captainz team to alleviate market sentiment, they have been unable to stabilize the hearts of their supporters. After all, in the NFT world, "what you see is what you get." It's disheartening to see one's NFT being exactly the same as a much less rare one. It appears that Captainz needs to regain the confidence of its supporters by accelerating the deployment of the intelligent aspects of their NFTs and introducing new functionalities to restore the project's prospects.</p><p>Overall, although the innovative design of Captainz NFTs has caused a rattling effect, there are still many shortcomings that need to be addressed. If the project can utilize this opportunity to upgrade and improve, there is still a chance to regain favor in the market. Otherwise, it may become a cautionary tale in the NFT industry.</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>由&nbsp;Memeland&nbsp;推的船长&nbsp;Captainz NFT&nbsp;系列，年初开售 12 分钟即售罄，项目方 9gag 大赚 9999 eth，等了足足半年，近日终于解盲，却引起支持者不满，出现大量恐慌行情，地板价由 9 颗以太币，大跌至执笔时约 6.2 颗以太币。到底项目为何大跌？原因竟然是团队太新潮！</p><p>Captainz 的定位是 PFP ，理论上用作头像，然后不少支持者表示解盲后发现 NFT 图像设计过于简单，且高重复率，直白说就是出现「撞图」，我跟你跟隔离小王都拿同一款 NFT，没有差异性，不能用作头像。</p><p>项目方则表示，Captainz NFT 跟过往 PFP 不同，是智能系列的 PFP， 具有创新的互换性质，同一品类的 NFT 可以互换特质，基础图片亦可通过做抵押等任务改变图像，因此解盲即出现重复并非错误，而是为了有计划在未来实现各项功能。团队更以特许经营权作比喻，表示持有 Captainz 等同持有特许经营权，与一般 PFP 截然不同。</p><p>站在个人立场，笔者对于团队勇于创新感恩惠。事实上，单纯的 PFP 头像系列 NFT，项目生命周期愈来愈短，大家都纯粹为炒卖心态，多于真心使用头像，难得有团队作出新突破，虽然功能尚未兑现，但总算是打开了潘朵拉的盒子。</p><p>对于支持者的强烈反应，笔者认为此事反映出，目前 NFT 市场炒卖者多于信仰支持者，因为对于项目出现不确定性，即引发恐慌情绪。</p><p>即使 Captainz 团队为缓和市场情绪作出多次澄清，还是未能稳住支持者的心，始终 NFT 世界「所见即所得」，眼见自己的 NFT 跟比我稀有度低很多的一张是一模一样，心里很不是味儿。看来 Captainz 需要在恢复支持者信心，要加速部署其 NFT 的智能部分方面，以全新功能挽回项目前景。</p><p>总体而言，Captainz NFT 创新设计虽带来 rattling effect，但仍存在诸多短板需要修复。项目如果能借此进行升级改善，仍有机会重新获得市场青睐，否则很可能成为 NFT 行业的一个警世例子。</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>由&nbsp;Memeland&nbsp;推的船長&nbsp;Captainz NFT&nbsp;系列，年初開售 12 分鐘即售罄，項目方 9gag 大賺 9999 eth，等了足足半年，近日終於解盲，卻引起支持者不滿，出現大量恐慌行情，地板價由 9 顆以太幣，大跌至執筆時約 6.2 顆以太幣。到底項目為何大跌？原因竟然是團隊太新潮！</p><p>Captainz 的定位是 PFP ，理論上用作頭像，然後不少支持者表示解盲後發現 NFT 圖像設計過於簡單，且高重複率，直白說就是出現「撞圖」，我跟你跟隔離小王都拿同一款 NFT，沒有差異性，不能用作頭像。</p><p>項目方則表示，Captainz NFT 跟過往 PFP 不同，是智能系列的 PFP， 具有創新的互換性質，同一品類的 NFT 可以互換特質，基礎圖片亦可通過做抵押等任務改變圖像，因此解盲即出現重複並非錯誤，而是為了有計劃在未來實現各項功能。團隊更以特許經營權作比喻，表示持有 Captainz 等同持有特許經營權，與一般 PFP 截然不同。</p><p>站在個人立場，筆者對於團隊勇於創新感恩惠。事實上，單純的 PFP 頭像系列 NFT，項目生命周期愈來愈短，大家都純粹為炒賣心態，多於真心使用頭像，難得有團隊作出新突破，雖然功能尚未兌現，但總算是打開了潘朵拉的盒子。</p><p>對於支持者的強烈反應，筆者認為此事反映出，目前 NFT 市場炒賣者多於信仰支持者，因為對於項目出現不確定性，即引發恐慌情緒。</p><p>即使 Captainz 團隊為緩和市場情緒作出多次澄清，還是未能穩住支持者的心，始終 NFT 世界「所見即所得」，眼見自己的 NFT 跟比我稀有度低很多的一張是一模一樣，心裡很不是味兒。看來 Captainz 需要在恢復支持者信心，要加速部署其 NFT 的智能部分方面，以全新功能挽回項目前景。</p><p>總體而言，Captainz NFT 創新設計雖帶來 rattling effect，但仍存在諸多短板需要修復。項目如果能藉此進行升級改善，仍有機會重新獲得市場青睞，否則很可能成為 NFT 行業的一個警世例子。</p><div class="raw-html-embed"><div style="text-align: center;">
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NFT blue-chip project Captainz's innovation causes panic, team urgently clarifies. | CEO Insights | UD Blockchain

NFT蓝筹项目Captainz创新惹恐慌　团队急澄清 | CEO 专栏 | UD Blockchain

NFT藍籌項目Captainz創新惹恐慌　團隊急澄清 | CEO 專欄 | UD Blockchain

NFT blue-chip project Captainz's innovation causes panic, team urgently clarifies.

NFT蓝筹项目Captainz创新惹恐慌　团队急澄清

NFT藍籌項目Captainz創新惹恐慌　團隊急澄清

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</div><p>The Hong Kong Monetary Authority (HKMA) has recently exerted pressure on three major issuing banks in Hong Kong, namely HSBC, Standard Chartered, and Bank of China (Hong Kong), to open their banking services to accommodate clients from the rapidly growing cryptocurrency industry.</p><p>The Hong Kong government has been actively promoting the development of the cryptocurrency sector. The HKMA recently sent inquiries to these three banks, questioning why they do not accept cryptocurrency-related businesses as clients. The HKMA encouraged the banks to conduct due diligence on potential customers without imposing "unnecessary burdens" on them, especially those "seeking opportunities to establish offices in Hong Kong."</p><p>Historically, these three banks have avoided conducting business with cryptocurrency exchanges due to concerns that if the exchange platforms are used for money laundering or other illegal activities, the banks themselves could face significant risks, including hefty fines, if their procedures are found to be faulty.</p><p>I have a friend who informed me that he simply transferred tens of thousands of Hong Kong dollars to a personal bank account in Hong Kong for stablecoin transactions, only to have his account canceled by the bank. He was left in despair. Recently, there have been rumors that the HKMA is encouraging these banks not to fear the cryptocurrency industry, which is considered significant support for the sector.</p><h2>Indirectly encouraging cryptocurrency firms to establish a presence in Hong Kong</h2><p>As I mentioned earlier, earlier this month, the U.S. Securities and Exchange Commission (SEC) filed lawsuits accusing two major global cryptocurrency exchanges, Binance and Coinbase, of violating U.S. securities laws. However, with a Hong Kong Legislative Council member inviting Coinbase and other exchanges to open offices in Hong Kong after the lawsuits, it shows a sign of enthusiasm for the cryptocurrency industry in Hong Kong.</p><p>Regarding the pressure from the HKMA, Standard Chartered responded to the reports by stating that they "regularly engage in dialogue with regulatory bodies on various topics." HSBC, on the other hand, stated that they are "closely monitoring the cryptocurrency market and related regulatory developments." Bank of China (Hong Kong) did not comment on the matter.</p><p>The HKMA's positive stance could have a significant impact on Hong Kong's cryptocurrency industry and indirectly encourage more cryptocurrency firms to establish their bases in the city. It can be seen as a morale boost for the cryptocurrency industry in Hong Kong!</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>香港金融管理局（金管局）近期向汇丰、渣打和中银香港这三间香港最大的发钞银行施压，要求它们开放银行服务，以迎合正处于蓬勃发展阶段的加密资产公司客户。</p><p>近日港府大力推动加密行业落地，金管局更去信质询这三间银行，为何不接受加密行业作为客户，并鼓励银行对潜在客户进行的尽职调查不应对客户造成「不必要的负担」，特别是那些「正在为在香港设立办事处寻找机会的人」。</p><p>一直以来，这三间银行避免与加密货币交易所建立业务往来，担心如果交易所平台被用于洗钱或其他非法活动，银行亦会遭到火烧连环船，更可能因程序出错，而面临高额罚款的风险。</p><p>笔者有位友人告知，他只是单纯转出港币数万元，到一个本港个人银行户口交易稳定币，却惨遭银行取消户口，欲哭无泪。而近来有传金管局出面鼓励这些银行不要害怕加密货币行业，对行业来说算是极大的支持。</p><h2>间接鼓励加密资产公司在港设基地</h2><p>笔者早前亦提及，本月早些时候，美国证券交易委员会（SEC）提起诉讼，指控全球两大加密货币交易所币安和 Coinbase 违反美国证券法。然而，有香港立法会议员邀请 Coinbase 和其他交易所在提起诉讼后，来香港开设办事处，显示出对香港加密货币行业充满热情的迹象。</p><p>对于金管局的施压，渣打银行回应报道时表示，「定期就不同的议题与监管机构进行对话」。汇丰银行则表示，「密切关注加密货币市场和相关监管发展」。中银香港未对此事置评。</p><p>金管局的正面态度可能对香港的加密货币行业产生重大影响，间接鼓励更多加密资产公司在港建设基地，算是为本港加密行业打了一支强心针！</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>香港金融管理局（金管局）近期向滙豐、渣打和中銀香港這三間香港最大的發鈔銀行施壓，要求它們開放銀行服務，以迎合正處於蓬勃發展階段的加密資產公司客戶。</p><p>近日港府大力推動加密行業落地，金管局更去信質詢這三間銀行，為何不接受加密行業作為客戶，並鼓勵銀行對潛在客戶進行的盡職調查不應對客戶造成「不必要的負擔」，特別是那些「正在為在香港設立辦事處尋找機會的人」。</p><p>一直以來，這三間銀行避免與加密貨幣交易所建立業務往來，擔心如果交易所平台被用於洗錢或其他非法活動，銀行亦會遭到火燒連環船，更可能因程序出錯，而面臨高額罰款的風險。</p><p>筆者有位友人告知，他只是單純轉出港幣數萬元，到一個本港個人銀行戶口交易穩定幣，卻慘遭銀行取消戶口，欲哭無淚。而近來有傳金管局出面鼓勵這些銀行不要害怕加密貨幣行業，對行業來說算是極大的支持。</p><h2>間接鼓勵加密資產公司在港設基地</h2><p>筆者早前亦提及，本月早些時候，美國證券交易委員會（SEC）提起訴訟，指控全球兩大加密貨幣交易所幣安和 Coinbase 違反美國證券法。然而，有香港立法會議員邀請 Coinbase 和其他交易所在提起訴訟後，來香港開設辦事處，顯示出對香港加密貨幣行業充滿熱情的跡象。</p><p>對於金管局的施壓，渣打銀行回應報道時表示，「定期就不同的議題與監管機構進行對話」。滙豐銀行則表示，「密切關注加密貨幣市場和相關監管發展」。中銀香港未對此事置評。</p><p>金管局的正面態度可能對香港的加密貨幣行業產生重大影響，間接鼓勵更多加密資產公司在港建設基地，算是為本港加密行業打了一支強心針！</p><div class="raw-html-embed"><div style="text-align: center;">
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Hong Kong banks be "ordered" to support the cryptocurrency industry | CEO Insights | UD Blockchain

香港银行「奉旨」支持加密产业 | CEO 专栏 | UD Blockchain

香港銀行「奉旨」支持加密產業 | CEO 專欄 | UD Blockchain

Hong Kong banks be "ordered" to support the cryptocurrency industry

香港银行「奉旨」支持加密产业

香港銀行「奉旨」支持加密產業

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</div><p>The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against cryptocurrency exchanges Binance and Coinbase for two consecutive days, causing shockwaves in the global cryptocurrency industry. The SEC's actions indicate an increase in regulatory scrutiny on the cryptocurrency industry and may also accelerate the industry's move towards standardization and compliance.</p><p>In fact, the SEC's lawsuits have sparked significant controversy in the market, especially regarding the classification of cryptocurrencies as securities. Popular tokens such as BNB, BUSD, SOL, ADA, MATIC, which are widely recognized in the industry as utility tokens, are disputed by the SEC's classification as securities. This categorization has had a significant short-term impact on the market, as other exchanges have had to decide whether to delist these tokens classified as securities.</p><h2><strong>Hearings may bring clarity to the industry</strong></h2><p>However, it is believed that while the SEC's actions have caused short-term market volatility, they are unlikely to have a long-term impact on the prices of the mentioned tokens. Instead, project teams may seek redefinition through court hearings, which could bring clarity to the industry.</p><p>Furthermore, the SEC has criticized Binance and Coinbase for offering a mix of exchange, brokerage, and clearing functions and has demanded that they register these corresponding businesses separately according to the law. This may indicate that the U.S. government intends to require cryptocurrency exchanges to gradually separate and standardize their operations and complete individual registrations to meet regulatory requirements.</p><p>Moreover, the SEC has accused Binance and Coinbase of depriving investors of protection and aims to encourage cryptocurrency exchanges to strengthen risk controls and information disclosure.</p><p>It is believed that although the SEC's actions may seem aggressive, compared to an ambiguous stance, taking legal action against exchanges may not necessarily be a bad thing. Through the litigation process, the industry can gain clearer guidance and promote the compliance of the cryptocurrency industry. While there may be some short-term volatility, in the long run, compliance will benefit the healthy development of the cryptocurrency industry.<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>美国证券交易委员会（SEC）连续两日对加密货币交易所币安和 Coinbase 提起诉讼，引起全球加密货币行业的震惊。SEC 的行动显示其正在加大对加密行业的监管力度，同时也可能推动行业加速迈向标准化和合规化。</p><p>事实上，<a href="https://www.sec.gov/">SEC</a>&nbsp;的诉讼在市场上引起极大争议，尤其是对于被列为证券的加密代币的定义，例如 BNB、BUSD、SOL、ADA、MATIC 等在业界普通认同其具功能性，不应算是证券的热门代币。SEC 将以上代币分类为证券，短期内对市场产生巨大影响，其他交易所或不得不决定是否下架这些被归为证券的代币。</p><h2><strong>听证或为业界带来清晰指引</strong></h2><p>然而，笔者认为 SEC 的行动虽然为市场带来短期震荡，但不会对上述代币价格产生长期影响，反而项目方或能通过法庭听证争取为代币重新定义，亦为业界带来清晰指引。</p><p>另外，SEC 也批评<a href="https://www.binance.com/zh-CN">币安</a>和 <a href="https://www.coinbase.com/">Coinbase</a> 混合提供交易所、经纪和清算等功能，要求其依法分开注册相应业务。这可能意味着，美国政府有意要求加密交易所逐步拆分和标准化其业务，逐一完成注册，以达到监管要求。</p><p>此外，SEC 也指责币安和 Coinbase 剥夺了投资者的保护，旨在推动加密交易所加强风险控制和信息披露。</p><p>笔者认为，SEC 此次行动虽然看似荒蛮，但相比起无棱两可的态度，粗暴对交易所提诉未必是坏事，业界可随着诉讼过程，为行业带来更清晰的指引，亦促使加密行业推进合规化。虽然短期内可能会面临一定的波动，但长远而言，合规化将有利于加密行业的健康发展。<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>美國證券交易委員會（SEC）連續兩日對加密貨幣交易所幣安和 Coinbase 提起訴訟，引起全球加密貨幣行業的震驚。SEC 的行動顯示其正在加大對加密行業的監管力度，同時也可能推動行業加速邁向標準化和合規化。</p><p>事實上，<a href="https://www.sec.gov/">SEC</a>&nbsp;的訴訟在市場上引起極大爭議，尤其是對於被列為證券的加密代幣的定義，例如 BNB、BUSD、SOL、ADA、MATIC 等在業界普通認同其具功能性，不應算是證券的熱門代幣。SEC 將以上代幣分類為證券，短期內對市場產生巨大影響，其他交易所或不得不決定是否下架這些被歸為證券的代幣。</p><h2><strong>聆訊或為業界帶來清晰指引</strong></h2><p>然而，筆者認為 SEC 的行動雖然為市場帶來短期震盪，但不會對上述代幣價格產生長期影響，反而項目方或能通過法庭聆訊爭取為代幣重新定義，亦為業界帶來清晰指引。</p><p>另外，SEC 也批評<a href="https://www.binance.com/zh-TC">幣安</a>和&nbsp;<a href="https://www.coinbase.com/">Coinbase</a>&nbsp;混合提供交易所、經紀和清算等功能，要求其依法分開註冊相應業務。這可能意味著，美國政府有意要求加密交易所逐步拆分和標準化其業務，逐一完成註冊，以達到監管要求。</p><p>此外，SEC 也指責幣安和 Coinbase 剝奪了投資者的保護，旨在推動加密交易所加強風險控制和信息披露。</p><p>筆者認為，SEC 此次行動雖然看似荒蠻，但相比起無棱兩可的態度，粗暴對交易所提訴未必是壞事，業界可隨著訴訟過程，為行業帶來更清晰的指引，亦促使加密行業推進合規化。雖然短期內可能會面臨一定的波動，但長遠而言，合規化將有利於加密行業的健康發展。<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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SEC settles the score! It has filed lawsuits against Binance and Coinbase. | CEO Insights | UD Blockchain

美国证监秋后算帐！　起诉币安与Coinbase | CEO 专栏 | UD Blockchain

美國證監秋後算帳！　起訴幣安與Coinbase | CEO 專欄 | UD Blockchain

SEC settles the score! It has filed lawsuits against Binance and Coinbase.

美国证监秋后算帐！　起诉币安与Coinbase

美國證監秋後算帳！　起訴幣安與Coinbase

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</div><p><span style="background-color:transparent;color:#000000;font-size:11pt;">The article titled "Data: BRC-20 token Ordi broke through $10 in a short-term, and its market value exceeded $200 million" has been circulating in various communities, as if everyone is celebrating the success story of this BRC-20 token. However, upon closer examination of liquidity and transaction records, it is not difficult to notice that these token holders are only wealthy on the blockchain, and creating a myth is not that easy. Let's set aside the dream of getting rich for now and take a look at what opportunities BRC-20 has brought to the Bitcoin network.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Often referred to as “digital gold”, Bitcoin has a unique and irreplaceable position in the cryptocurrency market. However, with the introduction of Ethereum’s ERC-20 protocol, which allowed anyone to create tokens, and the global phenomenon of non-fungible tokens (NFTs), the Bitcoin network started to seem somewhat outdated. In reality, Bitcoin's innovation has been progressing slowly but steadily, as seen in the introduction of layers such as the&nbsp; Lightning Network, Stacks, and the Ordinals protocol. With the two upgrades SegWit and Taproot, Bitcoin has finally achieved the ability to record arbitrary data on the blockchain.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">BRC-20 is an experimental standard for issuing fungible tokens on the Bitcoin network, created by Twitter user @domodata on March 8th of this year using the Ordinals protocol. Bitcoin can finally have its own token standard, just like Ethereum!</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">However, due to the lack of support for smart contracts on the Bitcoin network, BRC-20 can only utilize the Ordinals protocol for token contracts, minting, and transfers. Nevertheless, a method has been found to enable Bitcoin to play with fungible tokens, marking a new milestone on the Bitcoin network.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Recently, the daily transaction volume on the Bitcoin chain has reached new heights, with nearly 670,000 transactions in a single day, and over 60% of these transactions linked to the Ordinals protocol. Transaction fees and block rewards have also skyrocketed, making miners the biggest beneficiaries of this innovation.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Although many opportunities have been created by the recent BRC-20 hype, I’m still more concerned about the regulatory risks this entails. It should be noted that the reason Bitcoin has not attracted the attention of the SEC is due to its "inherent limitations," and BRC-20 attempts to remove said limitations. Technically, it has not yet surpassed Ethereum, but it could potentially become an unregistered securities market in the eyes of the SEC, just like Ethereum, which could be a blessing or a curse that cannot be avoided.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Without a doubt, BRC-20 adds some fun to the Bitcoin network, but the associated risks should not be ignored. Investors should not blindly follow the trend due to FOMO (fear of missing out) and always remember to DYOR (do your own research). After all, in the world of cryptocurrency, opportunities and risks always go hand in hand.</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">「BRC20 代币 Ordi 价格突破 10 美元，市值突破 2 亿美元」的文章，在各大社群流传，仿佛大家都在歌颂这个 BRC20 代币的成功故事。然后，细心看看流动性与交易记录，不难发现这些代币持有人，只是链上富贵，神话恐怕没有那么容易创造。我们暂且放下创富梦，先看看 BRC-20 究竟对比特币网路带来了什么机遇。</span></p><p><span style="font-size:15px;">比特币在加密货币市场的地位无可取替，有「加密黄金」之美称。然而，当以太坊在玩转智能合约时，创造出人人皆可发币的 ERC20 协议，以及风靡全球的非同质化代币 NFT，比特币网路似乎显得有些落伍。</span></p><p><span style="font-size:15px;">事实上，比特币的创新也在缓慢前进，比如闪电网路、Stacks，以及 Ordinals 协议，经过 Segwit 和 Taproot 两次升级，比特币终于实现了在区块链上记录任意数据的功能。</span></p><p><span style="font-size:15px;">而 BRC20 是比特币网路上发行同质化代币的实验性格式标准，由 Twitter 用户 @domodata 于本年 3 月 8 日以 Ordinal 协议创建。终于，比特币也能像以太坊一样，拥有自己的铸币标准！</span></p><p><span style="font-size:15px;">不过，因为比特币网路不支持智能合约，所以 BRC-20 只能利用 Ordinal 协议来实现代币合约、铸造和转移。不管怎样，总算是找到了一个让比特币玩起同质化代币的办法，为比特币网路上创造出一个新的里程碑。</span></p><p><span style="font-size:15px;">近日比特币链上日交易量屡创新高，单日交易量达到近 67万笔，而当中超过 60% 的交易量，均与 Ordinals 协议相关，手续费和区块奖励也大幅飙升，矿工可谓此次创新的最大得益者。</span></p><p><span style="font-size:15px;">对于近日 BRC-20 的热潮，除了机遇外，笔者更关注是当中引伸的监管风险。要知道，比特币之所以没被 SEC 盯上，是因为它的「先天不足」，而 BRC-20 去补救了其「先天不足」，技术上目前未看到超越以太坊之处，却可能如以太坊一样，变成 SEC 眼中的一个未注册证券市场，那就真的是福不是祸，是祸挡不过了。</span></p><p><span style="font-size:15px;">BRC-20 无疑令比特币网路多了几分趣味，然而其引伸的风险也不容忽视。投资者别因为一时的 FOMO 而盲目跟风，时刻紧记 DYOR，毕竟在加密产业的世界中，机遇与风险总是相伴而行。</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">「BRC20 代幣 Ordi 價格突破 10 美元，市值突破 2 億美元」的</span><a href="https://news.cnyes.com/news/id/5167338"><span style="font-size:15px;">文章</span></a><span style="font-size:15px;">，在各大社群流傳，仿佛大家都在歌頌這個 BRC20 代幣的成功故事。然後，細心看看流動性與交易記錄，不難發現這些代幣持有人，只是鏈上富貴，神話恐怕沒有那麼容易創造。我們暫且放下創富夢，先看看 BRC-20 究竟對比特幣網絡帶來了什麼機遇。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">比特幣在加密貨幣市場的地位無可取替，有「加密黃金」之美稱。然而，當以太坊在玩轉智能合約時，創造出人人皆可發幣的 ERC20 協議，以及風靡全球的非同質化代幣 NFT，比特幣網絡似乎顯得有些落伍。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">事實上，比特幣的創新也在緩慢前進，比如閃電網絡、Stacks，以及 Ordinals 協議，經過 Segwit 和 Taproot 兩次升級，比特幣終於實現了在區塊鏈上記錄任意數據的功能。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而 BRC20 是比特幣網絡上發行同質化代幣的實驗性格式標準，由 Twitter 用戶 </span><a href="https://twitter.com/domodata"><span style="font-size:15px;">@domodata</span></a><span style="font-size:15px;"> 於本年 3 月 8 日以 Ordinal 協議創建。終於，比特幣也能像以太坊一樣，擁有自己的鑄幣標準！</span></p><p style="margin-left:0px;"><span style="font-size:15px;">不過，因為比特幣網絡不支持智能合約，所以 BRC-20 只能利用 Ordinal 協議來實現代幣合約、鑄造和轉移。不管怎樣，總算是找到了一個讓比特幣玩起同質化代幣的辦法，為比特幣網絡上創造出一個新的里程碑。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近日比特幣鏈上日交易量屢創新高，單日交易量達到近 67萬筆，而當中超過 60% 的交易量，均與 Ordinals 協議相關，手續費和區塊獎勵也大幅飆升，礦工可謂此次創新的最大得益者。</span><br><br><span style="font-size:15px;">對於近日 BRC-20 的熱潮，除了機遇外，筆者更關注是當中引伸的監管風險。要知道，比特幣之所以沒被 </span><a href="https://www.sec.gov/"><span style="font-size:15px;">SEC </span></a><span style="font-size:15px;">盯上，是因為它的「先天不足」，而 BRC-20 去補救了其「先天不足」，技術上目前未看到超越以太坊之處，卻可能如以太坊一樣，變成 SEC 眼中的一個未註冊證券市場，那就真的是福不是禍，是禍擋不過了。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">BRC-20 無疑令比特幣網絡多了幾分趣味，然而其引伸的風險也不容忽視。投資者別因為一時的 FOMO 而盲目跟風，時刻緊記 DYOR，畢竟在加密產業的世界中，機遇與風險總是相伴而行。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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Opportunities of BRC-20: Making Bitcoin Play the Game of Smart Contracts | CEO Insight | UD Blockchain

BRC-20 的机遇 — 让比特币也玩得起智能合约 | CEO 专栏 | UD Blockchain

BRC-20 的機遇 — 讓比特幣也玩得起智能合約 | CEO 專欄 | UD Blockchain

Opportunities of BRC-20: Making Bitcoin Play the Game of Smart Contracts

BRC-20 的机遇 — 让比特币也玩得起智能合约

BRC-20 的機遇 — 讓比特幣也玩得起智能合約

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</div><p style="margin-left:0px;"><span style="font-size:15px;">萬眾期待的香港全新虛擬資產服務提供商發牌制度（VASP）咨詢期限已經截止，目前大家都靜待證監會發布最新消息，然而，政府早已為條例訂下死線為 2023 年 6 月 1 日，距離死線只有兩個月左右的時間，估計政策上不會有重大變化。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">可預視 2023 年 6 月 1 日後，所有在香港經營業務的虛擬資產交易所，都將需要獲取</span><a href="https://www.sfc.hk/TC/"><span style="font-size:15px;">證監會</span></a><span style="font-size:15px;">發牌並受其監管。從另一個角度說，代表香港正式給予虛擬資產交易所一個名份。港府對虛擬資產交易所的態度由忽視、冷處理，到今天突然給予名份，目的何在？目前又有什麼政策配合？</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>吸引加密行業資金　更吸引傳統證券交易所轉營</strong></span></h2><p style="margin-left:0px;"><span style="font-size:15px;">港府為虛擬資產交易所給予名份，最顯然易見的目的，就是吸引整個產業資金。有了正式的牌照，代表虛擬資產交易所可以在港正式經營，配合香港的低稅制，從成本角度吸引原本在海外經營的交易所；更重要的是，目前牌照申請的門檻也不難，只是在一般證券及股票交易所的基礎上微調。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近月筆者已聽到不少傳統證券交易所投資人蠢蠢欲動，紛紛希望在虛擬資產交易所行業上分一杯羹。</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>敵人的敵人是朋友？</strong></span></h2><p style="margin-left:0px;"><a href="https://www.cftc.gov/"><span style="font-size:15px;">美國商品期貨交易委員會（CFTC）</span></a><span style="font-size:15px;">主席 Rostin Behnam 近日再強調「以太幣是商品」的觀點，以及</span><a href="https://www.sec.gov/"><span style="font-size:15px;">美國證券交易委員會（SEC）</span></a><span style="font-size:15px;">主席 Gary Gensler 在被問及對此事有何看法時，他更表示權益證明（PoS）代幣應被視為證券，再加上證交會預告起訴美國上市的虛擬資產交易所 </span><a href="https://www.coinbase.com/"><span style="font-size:15px;">Coinbase</span></a><span style="font-size:15px;">，美國證券交易委員會一直在加大打擊加密行業的力度，其態度曖昧，界線不清晰。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而港府此時對行業釋出善意，兩者呈強烈對比。近日本港不少銀行如交通銀行、ZABank 均相繼宣布允許虛擬資產公司在港開立銀行戶口，對比起美國銀行業近月連環爆雷，本港銀行的配合，更能令資金結存回流本港。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">筆者認為，虛擬資產行業正面臨東升西降，香港的虛擬資產行業迎來了新的時代，未來將會支援更多的海外 Web3.0 企業落戶香港，推動香港成為全球領先的虛擬資產中心。如果作為商家想要部署投身虛擬資產行業，目前是一個絕佳的時機。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">万众期待的香港全新虚拟资产服务提供商发牌制度（VASP）咨询期限已经截止，目前大家都静待证监会发布最新消息，然而，政府早已为条例订下死线为 2023 年 6 月 1 日，距离死线只有两个月左右的时间，估计政策上不会有重大变化。</span></p><p><span style="font-size:15px;">可预视 2023 年 6 月 1 日后，所有在香港经营业务的虚拟资产交易所，都将需要获取证监会发牌并受其监管。从另一个角度说，代表香港正式给予虚拟资产交易所一个名份。港府对虚拟资产交易所的态度由忽视、冷处理，到今天突然给予名份，目的何在？目前又有什么政策配合？</span></p><p><span style="font-size:15px;"><strong>吸引加密行业资金　更吸引传统证券交易所转营</strong></span></p><p><span style="font-size:15px;">港府为虚拟资产交易所给予名份，最显然易见的目的，就是吸引整个产业资金。有了正式的牌照，代表虚拟资产交易所可以在港正式经营，配合香港的低税制，从成本角度吸引原本在海外经营的交易所；更重要的是，目前牌照申请的门槛也不难，只是在一般证券及股票交易所的基础上微调。</span></p><p><span style="font-size:15px;">近月笔者已听到不少传统证券交易所投资人蠢蠢欲动，纷纷希望在虚拟资产交易所行业上分一杯羹。</span></p><p><span style="font-size:15px;"><strong>敌人的敌人是朋友？</strong></span></p><p><span style="font-size:15px;">美国商品期货交易委员会（CFTC）主席 Rostin Behnam 近日再强调「以太币是商品」的观点，以及美国证券交易委员会（SEC）主席 Gary Gensler 在被问及对此事有何看法时，他更表示权益证明（PoS）代币应被视为证券，再加上证交会预告起诉美国上市的虚拟资产交易所 Coinbase，美国证券交易委员会一直在加大打击加密行业的力度，其态度暧昧，界线不清晰。</span></p><p><span style="font-size:15px;">而港府此时对行业释出善意，两者呈强烈对比。近日本港不少银行如交通银行、ZABank 均相继宣布允许虚拟资产公司在港开立银行户口，对比起美国银行业近月连环爆雷，本港银行的配合，更能令资金结存回流本港。</span></p><p><span style="font-size:15px;">笔者认为，虚拟资产行业正面临东升西降，香港的虚拟资产行业迎来了新的时代，未来将会支援更多的海外 Web3.0 企业落户香港，推动香港成为全球领先的虚拟资产中心。如果作为商家想要部署投身虚拟资产行业，目前是一个绝佳的时机。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">萬眾期待的香港全新虛擬資產服務提供商發牌制度（VASP）咨詢期限已經截止，目前大家都靜待證監會發布最新消息，然而，政府早已為條例訂下死線為 2023 年 6 月 1 日，距離死線只有兩個月左右的時間，估計政策上不會有重大變化。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">可預視 2023 年 6 月 1 日後，所有在香港經營業務的虛擬資產交易所，都將需要獲取</span><a href="https://www.sfc.hk/TC/"><span style="font-size:15px;">證監會</span></a><span style="font-size:15px;">發牌並受其監管。從另一個角度說，代表香港正式給予虛擬資產交易所一個名份。港府對虛擬資產交易所的態度由忽視、冷處理，到今天突然給予名份，目的何在？目前又有什麼政策配合？</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>吸引加密行業資金　更吸引傳統證券交易所轉營</strong></span></h2><p style="margin-left:0px;"><span style="font-size:15px;">港府為虛擬資產交易所給予名份，最顯然易見的目的，就是吸引整個產業資金。有了正式的牌照，代表虛擬資產交易所可以在港正式經營，配合香港的低稅制，從成本角度吸引原本在海外經營的交易所；更重要的是，目前牌照申請的門檻也不難，只是在一般證券及股票交易所的基礎上微調。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近月筆者已聽到不少傳統證券交易所投資人蠢蠢欲動，紛紛希望在虛擬資產交易所行業上分一杯羹。</span></p><h2 style="margin-left:0px;"><span style="font-size:15px;"><strong>敵人的敵人是朋友？</strong></span></h2><p style="margin-left:0px;"><a href="https://www.cftc.gov/"><span style="font-size:15px;">美國商品期貨交易委員會（CFTC）</span></a><span style="font-size:15px;">主席 Rostin Behnam 近日再強調「以太幣是商品」的觀點，以及</span><a href="https://www.sec.gov/"><span style="font-size:15px;">美國證券交易委員會（SEC）</span></a><span style="font-size:15px;">主席 Gary Gensler 在被問及對此事有何看法時，他更表示權益證明（PoS）代幣應被視為證券，再加上證交會預告起訴美國上市的虛擬資產交易所 </span><a href="https://www.coinbase.com/"><span style="font-size:15px;">Coinbase</span></a><span style="font-size:15px;">，美國證券交易委員會一直在加大打擊加密行業的力度，其態度曖昧，界線不清晰。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而港府此時對行業釋出善意，兩者呈強烈對比。近日本港不少銀行如交通銀行、ZABank 均相繼宣布允許虛擬資產公司在港開立銀行戶口，對比起美國銀行業近月連環爆雷，本港銀行的配合，更能令資金結存回流本港。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">筆者認為，虛擬資產行業正面臨東升西降，香港的虛擬資產行業迎來了新的時代，未來將會支援更多的海外 Web3.0 企業落戶香港，推動香港成為全球領先的虛擬資產中心。如果作為商家想要部署投身虛擬資產行業，目前是一個絕佳的時機。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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VASP牌照引領虛擬資產行業東升西降？ | CEO 專欄 | UD Blockchain

VASP牌照引领虚拟资产行业东升西降？ | CEO 专栏 | UD Blockchain

VASP牌照引領虛擬資產行業東升西降？

VASP牌照引领虚拟资产行业东升西降？

<p><span style="font-size:16px;"><strong>Consultation on investment limit industry has counter-proposals</strong></span></p><p><span style="font-size:16px;">Hong Kong is setting up a new regulatory regime for virtual asset retailing. The SFC earlier suggested that trading platform operators should assess the suitability of retail clients to participate in virtual asset trading, and set a cap on the investment amount for each client, which should be reviewed regularly. Some industry players and academics interviewed by Hong Kong Wen Wei Po worry that setting investment caps for retail investors will suppress the liquidity and scale of the market, which is not conducive to the development of the virtual asset industry, and that virtual assets can be graded according to the risk level by making reference to the investment grade of bonds, so that investors can invest according to their tolerance. Some countries such as Canada and Thailand have also imposed a certain degree of restriction on retail investors, reflecting the balanced attitude of global regulators towards virtual assets and their efforts to protect the safety of retail investors while developing the industry.</span></p><p><span style="font-size:16px;">As to whether there should be investment limits for retail investors in virtual assets, UD founder and veteran cryptocurrency investor Zhang Tao believes that this approach is not very meaningful, as the stricter the regulation, the more resistant investors will be, "The more money people have, the more options they want, and the better chance they have to invest elsewhere. He pointed out that traditional financial products have risk levels, the future of virtual asset products can be used in the current classification system, with trading platforms to KYC (know your customer), disclose the risk to customers, and assess their risk-taking ability, etc., sufficient to protect retail investors.</span></p><p><span style="font-size:16px;"><strong>Regulation focuses on education to increase investor knowledge</strong></span></p><p><span style="font-size:16px;">Zhang Tao stressed that the focus of regulating the retail sale of foreign exchange is "education", "regulators cannot say on the one hand that foreign exchange is 'all evil' and on the other hand allow investors to participate. He believes that regulators should educate the public about blockchain, including related technologies and practices, as well as crypto assets and their risks, and so on. In the past few years, the government has been actively reminding the public about the risks of virtual assets. When the public is educated, only then will the availability of virtual funds become widespread, just like the development of the stock market in the 1970s and 1980s, when financial products and investments became widespread, can Hong Kong develop into an international financial center.</span></p><p><span style="font-size:16px;">Liu Jia, head of HashKey's legal department, believes that regulators should differentiate between retail and professional investors, and that investment categories can be different; however, she has a different view on whether the income percentage should be used as a cap. For example, it depends on whether the cryptocurrency is a "new" or "old" token, or whether it is a token that has been issued for months or even years and has a Track Record, so that the past performance of the token can be checked to see if it is stable. For example, whether the token has been issued for a long enough time, whether the price is stable, and how big the market capitalization is, etc. are all conditions that make the market or retail investors feel comfortable to invest.</span></p><p><span style="font-size:16px;">Liu Jia pointed out that usually assets with larger market capitalization and relatively stable operation are more suitable for retail customers. On the contrary, from the regulatory point of view, there will be more worries for newly issued tokens, and regulators may need to conduct more scrutiny and ask questions to the platforms offering such tokens for trading, or set additional thresholds for platforms to answer. However, she stressed that licensed exchanges certainly want to allow retail investors to participate in as many cryptocurrencies as possible in order to make a big push for the industry to thrive.</span></p><p><span style="font-size:16px;"><strong>Investment caps should not be one-size-fits-all and should depend on the nature of the investment</strong></span></p><p><span style="font-size:16px;">Rather, it should depend on the nature of the cryptocurrency that retail investors are allowed to invest in, the nature and security of the asset, and the KYC of the exchange. In order to ensure that retail investors have sufficient net worth, sophisticated investment experience and knowledge, and are capable of taking risks, the "Eligible Crypto Investor" and "Accredited Crypto Investor", as well as the "Quoted Investment" and "Unquoted Investment" are established. Investment" and "Unquoted Investment" are the investment categories.</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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<p><span style="font-size:16px;"><strong>谘询对投资设限额 业界有反建议</strong></span></p><p><span style="font-size:16px;">香港正为虚拟资产零售建立全新监管制度，证监会早前建议，交易平台营运商应评估零售客户是否适合参与虚拟资产交易，并为每名客户设定投资金额上限，且定期检视。有业界人士和学者接受香港文汇报访问时担忧为散户设置投资上限会压抑市场流动性及规模，反而不利虚资行业发展，认为可参考债券的投资级别，按风险程度将虚拟资产分级，让投资者视承受能力进行投资。翻查资料，全球近年亦陆续推出全新法例和制度监管虚资交易，部分国家如加拿大和泰国亦对散户设立一定程度的限购，反映全球监管机构对虚拟资产的态度力求平衡，在发展行业同时，尽最大努力保障散户安全。</span></p><p><span style="font-size:16px;">就应否对虚资零售投资者设立投资限额，UD创办人及资深加密货币投资者章涛认为，这种做法意义不大，因为愈管得严，投资者愈抗拒，「钱愈多的人愈想多些选择，他们好大机会转到其他地方投资。」他指，现时传统金融产品都有风险级别，将来虚拟资产产品都可采用现时的分级制度，配合交易平台对客户进行KYC（认识你的客户）、向客户披露风险、并评估他们的风险承担能力等，足以保障散户投资者。</span></p><p><span style="font-size:16px;">监管重点是教育 增投资者知识</span></p><p><span style="font-size:16px;">章涛强调，监管虚资零售的重点是「教育」，「监管机构不能一方面说虚资是『万恶』，另一方面又容许投资者参与。」他认为，监管机构要教育公众认识区块链，包括相关技术和做法，以及认识加密资产和其风险等等，这些教育都要普及。过去几年，政府积极提醒公众有关虚资的风险，现时要发展香港成为国际虚拟资产中心，就应该平衡信息，教育公众虚资的本质是什么，让公众了解。当对公众的教育普及，虚资才能普及，正如七八十年代股市发展一样，金融产品和投资普及，香港才能发展成国际金融中心。</span></p><p><span style="font-size:16px;">HashKey法律部主管刘佳认为监管机构应该要区分零售和专业投资者，投资类别可以不同；但是否要以收入百分比做上限，她就对此就有不同看法。她认为，监管被纳入零售类别的虚拟资产时，应由资产本身出发，例如要视乎该加密货币是「新」抑或「旧」，是一个全新发行的代币；抑或是已经发行了好几个月甚至几年、拥有追踪纪录（Track Record）的代币，可以翻查到该代币的过往表现是否稳定。例如该代币的发行时间是否够长、价格是否稳定、市值有几大等等，都是令市场或散户可以放心投资的条件。</span></p><p><span style="font-size:16px;">刘佳指出，通常市值较大及相对运行较稳定的资产，都比较适合零售客户；反而从监管角度而言，全新发行的代币会有更多忧虑，监管机构可能需要向提供这类代币交易的平台进行更多审查和提问，或者设立额外门槛让平台解答。但她强调，持牌交易所当然希望可以让零售投资者参与的加密货币愈多愈好，以大力促进行业蓬勃发展。</span></p><p><span style="font-size:16px;"><strong>投资上限不应一刀切 应视乎性质</strong></span></p><p><span style="font-size:16px;">DigiFinex Global首席财务官陈昱丞认为，投资高风险的加密货币，本身就需要敢于尝试，他认为政策不应「一刀切」，将所有加密货币的零售投资设上限或不设上限；而是要视乎允许散户投资的是哪种加密货币，根据该资产的性质和安全程度，再配合交易所对客户进行的KYC，以确保零售投资者拥有足够净资产、成熟的投资经验和知识，有足够能力承担风险，而制定「合格加密货币投资者（Eligible Crypto Investor）」和「认可加密货币投资者（Accredited Crypto Investor），以及「报价投资（Quoted Investment）」和「未报价投资（Unquoted Investment）等等投资类别。</span></p><p><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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<p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;"><strong>諮詢對投資設限額 業界有反建議</strong></span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;">香港正為虛擬資產零售建立全新監管制度，證監會早前建議，交易平台營運商應評估零售客戶是否適合參與虛擬資產交易，並為每名客戶設定投資金額上限，且定期檢視。有業界人士和學者接受香港文匯報訪問時擔憂為散戶設置投資上限會壓抑市場流動性及規模，反而不利虛資行業發展，認為可參考債券的投資級別，按風險程度將虛擬資產分級，讓投資者視承受能力進行投資。翻查資料，全球近年亦陸續推出全新法例和制度監管虛資交易，部分國家如加拿大和泰國亦對散戶設立一定程度的限購，反映全球監管機構對虛擬資產的態度力求平衡，在發展行業同時，盡最大努力保障散戶安全。</span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;">就應否對虛資零售投資者設立投資限額，UD創辦人及資深加密貨幣投資者章濤認為，這種做法意義不大，因為愈管得嚴，投資者愈抗拒，「錢愈多的人愈想多些選擇，他們好大機會轉到其他地方投資。」他指，現時傳統金融產品都有風險級別，將來虛擬資產產品都可採用現時的分級制度，配合交易平台對客戶進行KYC（認識你的客戶）、向客戶披露風險、並評估他們的風險承擔能力等，足以保障散戶投資者。</span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;"><strong>監管重點是教育 增投資者知識</strong></span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;">章濤強調，監管虛資零售的重點是「教育」，「監管機構不能一方面說虛資是『萬惡』，另一方面又容許投資者參與。」他認為，監管機構要教育公眾認識區塊鏈，包括相關技術和做法，以及認識加密資產和其風險等等，這些教育都要普及。過去幾年，政府積極提醒公眾有關虛資的風險，現時要發展香港成為國際虛擬資產中心，就應該平衡信息，教育公眾虛資的本質是什麼，讓公眾了解。當對公眾的教育普及，虛資才能普及，正如七八十年代股市發展一樣，金融產品和投資普及，香港才能發展成國際金融中心。</span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;">HashKey法律部主管劉佳認為監管機構應該要區分零售和專業投資者，投資類別可以不同；但是否要以收入百分比做上限，她就對此就有不同看法。她認為，監管被納入零售類別的虛擬資產時，應由資產本身出發，例如要視乎該加密貨幣是「新」抑或「舊」，是一個全新發行的代幣；抑或是已經發行了好幾個月甚至幾年、擁有追蹤紀錄（Track Record）的代幣，可以翻查到該代幣的過往表現是否穩定。例如該代幣的發行時間是否夠長、價格是否穩定、市值有幾大等等，都是令市場或散戶可以放心投資的條件。</span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;">劉佳指出，通常市值較大及相對運行較穩定的資產，都比較適合零售客戶；反而從監管角度而言，全新發行的代幣會有更多憂慮，監管機構可能需要向提供這類代幣交易的平台進行更多審查和提問，或者設立額外門檻讓平台解答。但她強調，持牌交易所當然希望可以讓零售投資者參與的加密貨幣愈多愈好，以大力促進行業蓬勃發展。</span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;"><strong>投資上限不應一刀切 應視乎性質</strong></span></p><p style="margin-left:0px;text-align:justify;"><span style="font-size:16px;">DigiFinex Global首席財務官陳昱丞認為，投資高風險的加密貨幣，本身就需要敢於嘗試，他認為政策不應「一刀切」，將所有加密貨幣的零售投資設上限或不設上限；而是要視乎允許散戶投資的是哪種加密貨幣，根據該資產的性質和安全程度，再配合交易所對客戶進行的KYC，以確保零售投資者擁有足夠淨資產、成熟的投資經驗和知識，有足夠能力承擔風險，而制定「合格加密貨幣投資者（Eligible Crypto Investor）」和「認可加密貨幣投資者（Accredited Crypto Investor），以及「報價投資（Quoted Investment）」和「未報價投資（Unquoted Investment）等等投資類別。</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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The strength of the regulation is too tight to hinder development.

【虚资监管系列之二】监管力度考功夫 箍得太紧忧碍发展

【虛資監管系列之二】監管力度考功夫 箍得太緊憂礙發展

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</div><p style="margin-left:0px;"><br><span style="background-color:transparent;color:#000000;font-size:15px;">The Hong Kong government has been actively promoting the development of the Web3 ecosystem, and the recent establishment of The Hong Kong Web3.0 Association by several fintech companies, industry leaders, and legislators in the innovation and technology field is a promising development. The Chief Executive of Hong Kong, John Lee, and representatives from the Hong Kong Liaison Office also attended the inauguration ceremony, showing the government's confidence and central government's support for the development of Web3 and the virtual industry.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">At the inauguration ceremony, John Lee stated that Web3 plays a crucial role in the development of fintech, and he hopes that the association can work hand in hand with the government to seize the enormous opportunities brought by the development of Web3 and the virtual industry. He expressed his desire for Hong Kong to be more daring and to become a leader in this wave of innovation and hopes that the association can accelerate Hong Kong's innovation and financial development, attract more global talents and businesses, and jointly seize the huge opportunities brought by Web3.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Web3 may prove to be a valuable opportunity that the younger generation in Hong Kong will have in their life, and we should actively participate in this revolution and seize this opportunity. The current state of the Web3 field resembles a pre-1970s stock market, where prices fluctuated wildly and were in a high-risk position with very low regulation, but was also rife with opportunity. In the 1970s, the government took active measures to support the compliance of the stock market, which increased the stability and predictability of the market, attracting more investors to participate in the stock market, which in turn, promoted market activity and development.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Compliance also led to the rise of many financial institutions and new markets and in the early 1970s, many industries related to stocks such as stock exchanges, registration companies, and clearing organizations, experienced massive growth. These industries provided various professional services related to stock trading and investment and drove the growth of related industries, bringing opportunities to many businesses and individuals. Similarly, many financial institutions and investment companies have flourished in the Web3 field, providing various stock-related services such as securities brokerage, investment advisory, and market research.&nbsp;</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">As we can see, the current state of the Web3 network has lots of potential. Web3 is a decentralized network ecosystem based on blockchain technology. The Hong Kong Web3.0 Association is also expected to collaborate with the government to promote regulatory measures that will ensure a healthy and compliant environment for businesses and investors in the Web3 industry.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Looking back at history, there was a time when the stock market was unregulated and risky. However, after the government implemented measures to promote compliance and transparency in the stock market, it led to increased investor confidence and market stability. This, in turn, attracted more investors and fueled the growth and development of the stock market in the early 1970s. Similarly, the Web3 industry is expected to see growth and development as regulatory measures are put in place to promote compliance and transparency.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">Currently, the Web3 domain is full of business opportunities. Web3 is a decentralized network ecosystem based on blockchain technology, covering multiple fields such as virtual assets, decentralized finance (DeFi), cryptocurrency, digital identity, and more. With the development and popularization of Web3 technology, many enterprises and projects have emerged, bringing unlimited business opportunities to investors and entrepreneurs.</span></p><p><span style="background-color:transparent;color:#000000;font-size:15px;">I strongly recommend that everyone seize this opportunity. Whether you are a lawyer, accountant, or even just a blue-collar worker, everyone has the same starting line in the Web3 ecosystem. As long as you want to participate, there are massive free online resources about Web3 knowledge, and with AI tools like ChatGPT, you can learn about blockchain, virtual currency, and other related knowledge anytime, anywhere, and understand their operating principles and application scenarios. The Web3 ecosystem is about to reach a historic milestone. Are you ready?</span></p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">早前笔者已多次表示，对于香港政府近来积极推动 Web3 生态圈的发展感到振奋和期待。特别是在昨天（11 日），由多间中港金融科技公司、产业领袖、创科界立法议员组成的「香港 Web3.0 协会」正式成立，特首李家超、中联办代表亦有出席成立典礼。</span></p><p><span style="font-size:15px;">除了显示香港政府对于 Web3 和虚拟产业发展的信心，也意味着中央政府的支持和重视。</span></p><p><span style="font-size:15px;">李家超在协会成立典礼上表示，Web3 对金融科技发展起关键作用，期待协会与特区政府携手合作，一起迎接 Web3 和虚拟产业的发展所带来的庞大机遇。他更强调，香港要敢于成为这波创新浪潮的引领者，期待协会能为香港的创科及金融发展提速，吸引更多全球人才和企业来港，共同把握 Web3 带来的巨大机遇。</span></p><p><span style="font-size:15px;">生于每个年代，生命中都会遇上一次难能可贵的机遇，而 Web3 可能是香港年轻一辈该遇上的机会，我们应该积极参与这场变革，好好把握。</span></p><p><span style="font-size:15px;">翻翻近代史，曾几何时股票市场都大上大落，无监管制度下处于风险高点，直到 70 年代政府在支持股票合规化方面采取的积极举措，不禁让笔者联想到目前 Web3 领域的商机无处不在。当年，政府为促进股票市场的健康发展，推出了一系列监管措施，提高了市场的透明度和合规性，这为许多企业和投资者带来商机。</span></p><p><span style="font-size:15px;">当年股票合规化措施，增加了市场的稳定性和可预测性，吸引了更多投资者参与股票市场。投资者对于合规市场更具信心，愿意将资金投入投资，从而推动了股票市场的活跃和发展。同样地，相信 Web3 领域，很多金融机构和投资公司也因此蓬勃发展，提供了各种股票投资相关的服务，例如证券经纪、投资顾问、市场研究等。</span></p><p><span style="font-size:17px;"><strong>合规化带动了相关产业的兴起</strong></span></p><p><span style="font-size:15px;">其次，合规化带动了相关产业的兴起，70 年代许多与股票相关的产业也得到了推动，包括证券交易所、登记公司、清算机构等。这些产业提供了各种与股票交易和投资相关的专业服务，亦带动了相应产业的增长，为许多企业和个人带来商机。</span></p><p><span style="font-size:15px;">而目前 Web3 领域也充满了商机。Web3 是一个基于区块链技术的分布式网路生态系统，涵盖了虚拟资产、去中心化金融（DeFi）、加密货币、数位身分等多个领域。随着 Web3 技术的发展和普及，许多新兴企业和项目纷纷湧现，为投资者和企业家带来了无限商机。</span></p><p><span style="font-size:15px;">笔者再三建议各位把握今次机会，不管你本业是律师，会计师，甚至只是蓝领一名，在 Web3 生态圈上，大家起跑线都一样。只要你想参与，Web3 知识在网上有海量免费资源，配合 ChatGPT 等 AI 工具，你随时都可以学习区块链、虚拟货币等相关知识，了解其运作原理与应用场景。Web3 生态即将踏入历史性的里程碑，你准备好了吗？</span></p><p>&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">早前筆者</span><a href="https://fintalk180.com/%e7%8e%8b%e6%95%8f%e5%84%80%e5%b0%88%e6%ac%84%ef%b8%b1%e9%87%8d%e5%a4%a7%e5%88%a9%e5%a5%bd%ef%bc%9a%e9%a6%99%e6%b8%af%e5%b0%87%e6%88%90%e7%82%ba%e4%ba%9e%e6%b4%b2%e5%8a%a0%e5%af%86%e5%b8%82%e5%a0%b4/"><span style="font-size:15px;">已多次表示</span></a><span style="font-size:15px;">，對於香港政府近來積極推動 Web3 生態圈的發展感到振奮和期待。特別是在昨天（11 日），由多間中港金融科技公司、產業領袖、創科界立法議員組成的「</span><a href="http://web3-hk.org/index.html?lang=hk#/"><span style="font-size:15px;">香港 Web3.0 協會</span></a><span style="font-size:15px;">」正式成立，特首李家超、中聯辦代表亦有出席成立典禮。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">除了顯示香港政府對於 Web3 和虛擬產業發展的信心，也意味著中央政府的支持和重視。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">李家超在協會成立典禮上表示，Web3 對金融科技發展起關鍵作用，期待協會與特區政府攜手合作，一起迎接 Web3 和虛擬產業的發展所帶來的龐大機遇。他更強調，香港要敢於成為這波創新浪潮的引領者，期待協會能為香港的創科及金融發展提速，吸引更多全球人才和企業來港，共同把握 Web3 帶來的巨大機遇。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">生於每個年代，生命中都會遇上一次難能可貴的機遇，而 Web3 可能是香港年輕一輩該遇上的機會，我們應該積極參與這場變革，好好把握。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">翻翻近代史，曾幾何時股票市場都大上大落，無監管制度下處於風險高點，直到 70 年代政府在支持股票合規化方面採取的積極舉措，不禁讓筆者聯想到目前 Web3 領域的商機無處不在。當年，政府為促進股票市場的健康發展，推出了一系列監管措施，提高了市場的透明度和合規性，這為許多企業和投資者帶來商機。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">當年股票合規化措施，增加了市場的穩定性和可預測性，吸引了更多投資者參與股票市場。投資者對於合規市場更具信心，願意將資金投入投資，從而推動了股票市場的活躍和發展。同樣地，相信 Web3 領域，很多金融機構和投資公司也因此蓬勃發展，提供了各種股票投資相關的服務，例如證券經紀、投資顧問、市場研究等。</span></p><h2 style="margin-left:0px;"><span style="font-size:17px;"><strong>合規化帶動了相關產業的興起</strong></span></h2><p style="margin-left:0px;"><span style="font-size:15px;">其次，合規化帶動了相關產業的興起，70 年代許多與股票相關的產業也得到了推動，包括證券交易所、登記公司、清算機構等。這些產業提供了各種與股票交易和投資相關的專業服務，亦帶動了相應產業的增長，為許多企業和個人帶來商機。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而目前 Web3 領域也充滿了商機。Web3 是一個基於區塊鏈技術的分散式網絡生態系統，涵蓋了虛擬資產、去中心化金融（DeFi）、加密貨幣、數碼身分等多個領域。隨著 Web3 技術的發展和普及，許多新興企業和項目紛紛湧現，為投資者和企業家帶來了無限商機。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">筆者再三建議各位把握今次機會，不管你本業是律師，會計師，甚至只是藍領一名，在 Web3 生態圈上，大家起跑線都一樣。只要你想參與，Web3 知識在網上有海量免費資源，配合 ChatGPT 等 AI 工具，你隨時都可以學習區塊鏈、虛擬貨幣等相關知識，了解其運作原理與應用場景。Web3 生態即將踏入歷史性的里程碑，你準備好了嗎？</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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Opportunities for this era - The establishment of The Hong Kong Web3.0 Association | CEO Insight | UD Blockchain

见证属于这个时代的机遇 —「香港 Web3.0 协会」成立 | CEO 专栏 | UD Blockchain

見證屬於這個時代的機遇 —「香港 Web3.0 協會」成立 | CEO 專欄 | UD Blockchain

Opportunities for this era - The establishment of The Hong Kong Web3.0 Association

见证属于这个时代的机遇 —「香港 Web3.0 协会」成立

見證屬於這個時代的機遇 —「香港 Web3.0 協會」成立

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</div><p><br><span style="background-color:transparent;color:#000000;font-size:11pt;">Only two weeks after the USDC decoupling incident, there has been a revolutionary change in the traditional financial world with chain bank failures and bank bond values plummeting overnight. On March 12, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) released an emergency statement assuring depositors that they will guarantee banks such as Silicon Valley Bank, and that 100% of deposits are retrievable. This statement helped calm depositors, and the USDC, which was affected by the incident was re-pegged to the US dollar.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">However, the incident has caused public confidence in banks to plummet, and runs on banks have spread to countries worldwide. This culminated on March 19 when the Credit Suisse Group declared a state of emergency, requiring either a central bank bailout or declaring bankruptcy and liquidation.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Credit Suisse’s long-term competitor UBS Group AG responded swiftly, acquiring its long-term competitor Credit Suisse Group for over $3 billion in just two days, saving it from bankruptcy. To complete the transaction, the Suisse National Bank provided UBS Group AG with over $9 billion to cover the potential losses from acquiring Credit Suisse, in addition to lending over $100 billion in working capital. UBS has taken advantage of the situation, becoming the hero that saved the depositors and shareholders of Credit Suisse, while its long-term competitor fell overnight.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Unfortunately, while Credit Suisse was saved, a group of their bondholders became scapegoats and had to bear all the losses. UBS Group AG was willing to acquire Credit Suisse with the condition that the regulatory agency writes off Credit Suisse's $17.3 billion Additional Tier 1 (AT1) capital bond. As Credit Suisse’s AT1 debt fell to zero, this caused mass panic-selling in the AT1 market, as other holders feared the same would be done to their own bonds, resulting in the AT1 capital bond value plummeting overnight.</span></p><p><br><span style="background-color:transparent;color:#000000;font-size:11pt;"><i>Bitcoin Whitepaper</i></span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;"><i>"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”</i></span></p><p><br><span style="background-color:transparent;color:#000000;font-size:11pt;">During the Credit Suisse takeover and the AT1 “bond death” the price of Bitcoin was not negatively affected and rose from under $20,000 to $27,000. The market explanation for this rise is that it was due to funds seeking refuge. However, I believe that this is a wake-up call for decentralized finance... Is your property truly yours?</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Additionally, the article discusses the potential benefits of decentralized finance (DeFi) and the use of blockchain technology in financial transactions. It suggests that the recent events in the traditional financial world may lead more people to consider DeFi as a viable alternative, as it allows for peer-to-peer transactions without the need for a trusted third party like a bank.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Overall, the article presents a grim picture of the current state of traditional banking and finance, highlighting the risks and pitfalls that investors and customers may face. At the same time, it also suggests that there may be alternatives to the current system and that the rise of DeFi and blockchain technology may offer new solutions to these challenges.</span></p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><br><span style="font-size:15px;">自上次 USDC 脱勾事件才两周，传统金融世界已有着翻天复地的变化，银行连环暴雷，银行债劵一夜归零。先是 3 月 12 日，美联储和联邦存款保险公司紧急发声明，表示会为硅谷银行等银行保底，储户保证 100% 存款可取回，该声明的确保住了储户的业务，受事件波及的 USDC 一度重新与美元挂勾。</span></p><p><span style="font-size:15px;">然后事件令到公众对银行信心急跌，波及各国银行，提款潮不断，终于在 3 月 19 日传出瑞士信贷集团告急，要么央行救助，要么就破产清盘。</span></p><p><span style="font-size:15px;">瑞士政府反应也极为敏捷，在两日时间就拉拢瑞银集团，以逾 30 亿美元的价格，收购长期竞争对手瑞士信贷集团，政府为了达成这笔交易，先会向瑞银集团提供逾 90 亿美元，以弥补瑞银收购瑞信可能蒙受的部分损失；额外再借给瑞银逾 1,000 亿美元的流动资金，瑞银可谓佔了便宜又卖乖，长期竞争对手一夜倒地，还成了救活瑞信一众储户及股东的英雄。</span></p><p><span style="font-size:15px;">遗憾的是，瑞信被救活了，一群瑞信的债主却成为了替死鬼，承担了所有损失 — 瑞银愿意收购，必要条件是要监管机构将瑞信 173 亿美元额外一级资本债券（AT1）撇帐，可怜是一众投资者，明明手持优质债券，却一夜变成废纸，延伸至债劵市场大乱，一大堆银行额外一级资本债券遭恐慌性抛售，整个银行业市场都被情绪主导，价格大上大落。</span></p><p>&nbsp;</p><p style="margin-left:40px;"><span style="font-size:15px;"><i>比特币白皮书</i></span></p><p style="margin-left:40px;"><span style="font-size:15px;"><i>「网际网路贸易已经变得几乎完全依赖金融机构作为可信任的第三方来处理电子支付。尽管对于大部分交易这种系统运行得足够好，但仍需忍受基于信任模型这个固有缺点。比特币是一种完全的点对点电子货币，应当允许在线支付从一方直接发送到另一方，而不需要通过一个金融机构。」</i></span><br><br>&nbsp;</p><p><span style="font-size:15px;"><strong>去中化金融的觉醒　你的财产真的属于你吗?</strong></span></p><p><span style="font-size:15px;">同一时期，比特币却没有受到以上种种事件影响，而是从低于 2 万美元的价位，回升至 2.7 万美元。是次升幅，市场解说是资金避险。笔者却更觉得，这是去中化金融的觉醒。</span></p><p><span style="font-size:15px;">试代入一个虚构角色，想像一下，如果你将自己所有的流动资金，分成三部分，第一部分是现金储放在硅谷银行，第二部分购买了瑞士信贷的额外一级资本债券，馀下一部分放在美国其他银行好了。</span></p><p><span style="font-size:15px;">于是你刚经历了硅谷银行破产事件，正苦恼地找联邦存款保险公司，申请取回那被困于硅谷银行的资金，瑞士信贷的额外一级资本债券却一夜归零，结果你手上馀下的流动性，你还愿意放在美国银行吗？</span></p><p><span style="font-size:15px;">美国一天仍处于加息周期，任何一间银行可能会因为在低息周期买入低回报的美债，而出现帐面亏损，只要银行挤兑，帐面亏损就要变成实现亏损了，这已经不是独立某间银行的单一问题，而是银行业的系统性风险，你还愿意陪银行去冒这个险吗？</span></p><p><br><span style="font-size:15px;"><strong>银行饮鸩止渴　美元持有人将「温水煮蛙」式失去购买力</strong></span></p><p><span style="font-size:15px;">也许你会反驳，美联储和和联邦存款保险公司，不是救了硅谷银行吗？再有其他银行出事，他也一定会救助吧？</span></p><p><span style="font-size:15px;">首先，联邦存款保险公司的资产，不到美国所有银行总存款的 1%，多几间银行暴雷，联邦存款保险公司是否都有资金去救，这是一大问题。美联储也有很自知之明，为免再有更多银行投降，率先推出了新的预防银行挤兑融资工具—银行定期融资计划 BTFP，以及更新现有借贷机制。两个计划最大亮点，是允许银行以债券的面值作为抵押。</span></p><p><span style="font-size:15px;">用白话去演绎：「买国债变负资产不用怕，美联储按买入价借钱给你，给你度过难关，不过你还得缴我利息，日后慢慢还。」结果大家可以想像到，银行和美联储借款额激增十倍，两周就把美联储半年努力缩表的钱派出去，市场也解读此为另类量化宽松，笔者却认为，此举比量化宽松更差。</span></p><p><span style="font-size:15px;">这次银行暴雷，就是因为加息导致债劵利率不吸引，再加上缩表，原本由美联储承接的债劵没有了支持，银行才变负资产，现在美联储借款给银行，就如饮鸩止渴，流动性不足是解决，亏损却更大了，千疮百孔的银行要如何才能翻身？ 要么就是更大规模量化宽松，要么就是把问题延后一两年，找一两间「金融机构」埋单，你说哪一种选择更好？</span></p><p><span style="font-size:15px;">早在比特币白皮书，已经指出依赖金融机构的信任模型为固有缺点。要抗衡这个缺点，人类需要一个点对点电子货币系统，并且不需要通过一个金融机构储存电子货币价值。到底白皮书中所指的「金融机构」，是近日连环暴雷的银行业，抑或可合法印制美钞的美联储？这个问题值得持有美元的读者们好好思考了。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><br><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-size:15px;">自上次</span><a href="https://fintalk180.com/%e7%9f%bd%e8%b0%b7%e9%8a%80%e8%a1%8c%e5%80%92%e9%96%89%e5%bc%95%e8%87%b4usdc%e8%84%ab%e9%8c%a8%e3%80%80%e6%98%af%e6%81%90%e6%85%8c%e6%8a%91%e6%88%96%e9%80%a0%e5%b8%82%ef%bc%9f/"><span style="font-size:15px;"> USDC 脫勾事件</span></a><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-size:15px;">才兩周，傳統金融世界已有著翻天覆地的變化，銀行連環暴雷，銀行債劵一夜歸零。先是 3 月 12 日，美聯儲和聯邦存款保險公司緊急發聲明，表示會為矽谷銀行等銀行保底，儲戶保證 100% 存款可取回，該聲明的確保住了儲戶的業務，受事件波及的 USDC 一度重新與美元掛勾。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">然後事件令到公眾對銀行信心急跌，波及各國銀行，提款潮不斷，終於在 3 月 19 日傳出瑞士信貸集團告急，要麼央行救助，要麼就破產清盤。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">瑞士政府反應也極為敏捷，在兩日時間就拉攏瑞銀集團，以逾 30 億美元的價格，收購長期競爭對手瑞士信貸集團，政府為了達成這筆交易，先會向瑞銀集團提供逾 90 億美元，以彌補瑞銀收購瑞信可能蒙受的部分損失；額外再借給瑞銀逾 1,000 億美元的流動資金，瑞銀可謂佔了便宜又賣乖，長期競爭對手一夜倒地，還成了救活瑞信一眾儲戶及股東的英雄。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">遺憾的是，瑞信被救活了，一群瑞信的債主卻成為了替死鬼，承擔了所有損失 — 瑞銀願意收購，必要條件是要監管機構將瑞信 173 億美元額外</span><a href="https://www.wsj.com/articles/at1-bank-bonds-credit-suisse-risky-6785b012"><span style="font-size:15px;">一級資本債券（AT1）</span></a><span style="font-size:15px;">撇帳，可憐是一眾投資者，明明手持優質債券，卻一夜變成廢紙，延伸至債劵市場大亂，一大堆銀行額外一級資本債券遭恐慌性拋售，整個銀行業市場都被情緒主導，價格大上大落。</span></p><p style="margin-left:40px;"><br><br><span style="font-size:15px;"><i>比特幣白皮書</i></span></p><p style="margin-left:40px;"><span style="font-size:15px;"><i>「互聯網貿易已經變得幾乎完全依賴金融機構作為可信任的第三方來處理電子支付。儘管對於大部分交易這種系統運行得足夠好，但仍需忍受基於信任模型這個固有缺點。比特幣是一種完全的點對點電子貨幣，應當允許在線支付從一方直接發送到另一方，而不需要通過一個金融機構。」</i></span></p><p style="margin-left:0px;"><br><span style="font-size:15px;"><strong>去中化金融的覺醒　你的財產真的屬於你嗎?</strong></span><br><br><span style="font-size:15px;">同一時期，比特幣卻沒有受到以上種種事件影響，而是從低於 2 萬美元的價位，回升至 2.7 萬美元。是次升幅，市場解說是資金避險。筆者卻更覺得，這是去中化金融的覺醒。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">試代入一個虛構角色，想像一下，如果你將自己所有的流動資金，分成三部分，第一部分是現金儲放在矽谷銀行，第二部分購買了瑞士信貸的額外一級資本債券，餘下一部分放在美國其他銀行好了。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">於是你剛經歷了矽谷銀行破產事件，正苦惱地找聯邦存款保險公司，申請取回那被困於矽谷銀行的資金，瑞士信貸的額外一級資本債券卻一夜歸零，結果你手上餘下的流動性，你還願意放在美國銀行嗎？</span></p><p style="margin-left:0px;"><span style="font-size:15px;">美國一天仍處於加息周期，任何一間銀行可能會因為在低息週期買入低回報的美債，而出現帳面虧損，只要銀行擠兌，帳面虧損就要變成實現虧損了，這已經不是獨立某間銀行的單一問題，而是銀行業的系統性風險，你還願意陪銀行去冒這個險嗎？</span></p><p style="margin-left:0px;"><br><span style="font-size:15px;"><strong>銀行飲鴆止渴　美元持有人將「溫水煮蛙」式失去購買力</strong></span><br><br><span style="font-size:15px;">也許你會反駁，美聯儲和和聯邦存款保險公司，不是救了矽谷銀行嗎？再有其他銀行出事，他也一定會救助吧？</span></p><p style="margin-left:0px;"><span style="font-size:15px;">首先，聯邦存款保險公司的資產，不到美國所有銀行總存款的 1%，多幾間銀行暴雷，聯邦存款保險公司是否都有資金去救，這是一大問題。美聯儲也有很自知之明，為免再有更多銀行投降，率先推出了新的預防銀行擠兌融資工具—銀行定期融資計劃 BTFP，以及更新現有借貸機制。兩個計劃最大亮點，是允許銀行以債券的面值作為抵押。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">用白話去演繹：「買國債變負資產不用怕，美聯儲按買入價借錢給你，給你度過難關，不過你還得繳我利息，日後慢慢還。」結果大家可以想像到，銀行和美聯儲借款額激增十倍，兩周就把美聯儲半年努力縮表的錢派出去，市場也解讀此為另類量化寬鬆，筆者卻認為，此舉比量化寬鬆更差。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">這次銀行暴雷，就是因為加息導致債劵利率不吸引，再加上縮表，原本由美聯儲承接的債劵沒有了支持，銀行才變負資產，現在美聯儲借款給銀行，就如飲鴆止渴，流動性不足是解決，虧損卻更大了，千瘡百孔的銀行要如何才能翻身？ 要麼就是更大規模量化寬鬆，要麼就是把問題延後一兩年，找一兩間「金融機構」埋單，你說哪一種選擇更好？</span></p><p style="margin-left:0px;"><span style="font-size:15px;">早在比特幣白皮書，已經指出依賴金融機構的信任模型為固有缺點。要抗衡這個缺點，人類需要一個點對點電子貨幣系統，並且不需要通過一個金融機構儲存電子貨幣價值。到底白皮書中所指的「金融機構」，是近日連環暴雷的銀行業，抑或可合法印制美鈔的美聯儲？這個問題值得持有美元的讀者們好好思考了。</span></p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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