华夏时报（www.chinatimes.net.cn）记者 吴敏 新加坡报道
Reporter, The Summer Times (www.chinatimes.net.cn)
Web3.0已经成为全球最重要的创新生态和被角逐的赛道之一。
Web3.0 has become one of the world's most important innovating ecology and competition.
去年以来，中国香港发布多项政策支持Web3.0相关企业的发展，开放姿态越来越明显，而新加坡对相关行业监管范围更广泛，部分政策更严格。
Since last year, Hong Kong, China, has issued a number of policies to support the development of the Web3.0-related enterprises, with a growing openness stance, while Singapore has a wider range of industry regulations and some more stringent policies.
香港与新加坡都是亚洲知名的金融中心，随着各方对加密行业监管态度的变化，在传统金融体系下如何推进以Web3.0为核心的去中心化金融体系，成为新的发展考验。近日，《华夏时报》就此专访了原新加坡金融管理局银行机构监管署长、原新加坡金融管理局学院院长白士泮。
Hong Kong and Singapore are well-known financial centres in Asia, and as a result of changes in attitudes toward the regulation of the encryption industry, the promotion of a decentralized financial system with Web3.0 at its core has become a new development test. In this regard, the Washington Times recently visited the former Director of Banking Supervision of the Singapore Financial Authority and former Director of the Singapore Financial Authority College, Paik Shih.
香港、新加坡可协同发展Web3.0
Hong Kong, Singapore can co-develop Web3.0
《华夏时报》：根据当前香港、新加坡的政策态度，您如何看待加密货币、Web3.0行业未来在两地的发展，哪里更有可能成为亚洲Web3.0中心？
The Summer Times: What do you think of the future development of the cryptographic currency, Web3.0 industry, based on the current policy attitude of Hong Kong and Singapore, and where are the more likely to be the Web3.0 centre in Asia?
白士泮：香港和新加坡对加密货币、Web3.0的政策态度基本上都是比较开放和积极的。差别在于新加坡有先发优势，早在六七年前已经开始允许加密货币的应用试验尤其是对金融机构与企业做为用户，也早在2016年就推出了针对金融科技创新的监管沙盒。但由于加密货币价格波动剧烈，投机性强, 新金管局经常警告散户不要碰它。新加坡的政策态度应该说是相对的谨慎稳健。
The difference is that Singapore has a pre-emptive advantage in allowing encryption currency applications to be used, particularly by financial institutions and businesses, as early as six or seven years ago, and in 2016 in the form of regulatory sandboxes for financial science and technology and innovation. Given the volatility and speculative nature of encryption currency prices, the New Gold Authority often warns the diaspora not to touch it.
香港对加密货币的态度自去年起开始转变，发出积极拥抱虚拟资产政策的宣言后开始密集举办相关的大会活动，港府官员也纷纷为加密货币行业站台，明显的加速赶路以收复失地的感觉。香港的政策态度是非常积极的。
Since last year, Hong Kong’s approach to cryptographic currency has been changing, with an intensive general event following a declaration of aggressive embrace of virtual asset policy, and an increase in the number of Hong Kong officials serving as a platform for the crypto-currency industry, with a clear sense of accelerated progress to recover lost ground. Hong Kong’s policy stance is very positive.
Web3.0也被称为“分布式互联网”，是一种未来的互联网，它没有中心化的控制权，而是以分布式的方式运作。我觉得新加坡和香港，就像传统的金融中心，都可以在“分布式互联网”中扮演重要节点的角色。
Web3.0 is also called the “distributed Internet”, a future Internet that has no central control, but operates in a distributed way. I think Singapore and Hong Kong, like traditional financial centres, can play an important node in the “distributed Internet.”
何况Web3.0目前的发展还处于起步阶段，还需要大量投入和大力推动。新加坡和香港可以借助其国际金融中心的地位，以及信息与数码科技基础设施，为推动Web3.0的创新发展提供良好的条件。我觉得在这个Web3.0起步阶段，两地可以协同发展，相辅相成，打造出最理想的Web3.0境界，比如香港可以发挥大陆的卓越科技能力，而新加坡可以发挥其国际化的优势，提供国际数字规则与标准制定的经验。
Singapore and Hong Kong, by virtue of their status as international financial centres, as well as information and digital technology infrastructure, can provide good conditions for promoting innovation in Web3.0. I think that in this Web3.0 phase, both can work together to create the ideal Web3.0 horizon, for example, where Hong Kong can harness the continent’s scientific and technological excellence, while Singapore can use the advantages of its internationalization to provide experience in international digital rules and standard-setting.
Web3.0是一个新时代开放和智能的互联网，是一个网络工具，它最终的价值在于与实体金融、经济和社会结合。新加坡与香港到时都能借力Web3.0，分别为东盟甚至亚洲与大中华区提供基于Web3.0更好的数字金融服务，而不一定是个零和游戏。
Web3.0 is an open and intelligent Internet in a new era, a web-based tool whose ultimate value lies in physical finance, economic and social integration. Singapore and Hong Kong will be able to use Web3.0 to provide better digital financial services based on Web3.0, rather than necessarily zero-sum, for ASEAN and even for Asia and the Greater Central China.
《华夏时报》：7 月 3 日，据彭博社报道，新加坡金融管理局（MAS）要求加密货币交易平台在年底前将客户资产托管至信托中。此外，新加坡还将推进一项禁止散户投资者借贷和质押的提议。新加坡已经成为全球加密行业发展中心之一，此举措对加密行业影响较大，似乎是对FTX的教训的一次监管完善，在当前加密货币发展的高速期，对于加密资产的透明化监管以及对散户的约束，有行业观点认为加密行业正成为“笼中鸟”，对此您有什么看法？
The Summer Times: July 3, according to Bloomberg, the Singapore Financial Authority (MAS) requires the encryption money trading platform to hold its clients' assets in trust by the end of the year. Singapore will also move forward with a proposal to ban the lending and pledge of bulk investors. Singapore has become one of the global centres for the development of the encryption industry, and this initiative appears to be a well-regulated lesson for the encryption industry. What do you think about the industry's view that the encryption industry is becoming a “crack bird” during the current high-speed period of encrypt currency development?
白士泮：我不认为新加坡近期拟议针对散户或零售个人投资者实施的监管措施会造成加密行业成为“笼中鸟”。任何创新发展，都要同时兼顾市场诚信，安全与投资者保护，尤其是弱势群体如一般小市民和年长者。何况这些监管措施只是强化了多年来新金管局经常针对弱势投资者的口头警戒，转而针对加密货币业者，指示他们要更好的保护弱势投资者。
: I don't think that Singapore's recent proposed regulatory measures for bulk or retail individual investors will make the encryption industry a “cage bird.” Any innovation should take into account market integrity, security and investor protection, especially for vulnerable groups such as small citizens and elders.
同时，新金管局向来也没有限制合格投资者投资于加密货币，更重要的是新金管局一直积极鼓励金融机构和企业研发加密货币的应用场景，如国内银行间支付与国际银行间跨境支付，证券交易的清/结算与代币化资产的交付等，以改善金融服务的效率。
At the same time, the New Monetary Authority has not always restricted the investment of eligible investors in encrypted currencies, and more importantly, the New Monetary Authority has been actively encouraging financial institutions and enterprises to develop applications for encrypted currencies, such as domestic inter-bank payments and cross-border payments with international banks, clearing/settlement of securities transactions and delivery of monetized assets, in order to improve the efficiency of financial services.
监管的最终目的是为了发展
The ultimate purpose of 《华夏时报》：7 月 1 日，香港特区政府宣布成立Web3.0发展专责小组。专责小组由财政司司长陈茂波担任主席，成员包括15名来自相关业界的非官方成员，以及相关主要政府官员和金融监管机构的代表。非官方成员任期由2023年 7月1日起生效，为期两年。 The Government of the Hong Kong Special Administrative Region announced the establishment of the Web 3.0 Development Task Force on 1 July. The Task Force is chaired by Chen Maobo, Director of Finance, and comprises 15 non-official members from the relevant industry, as well as representatives of the relevant key government officials and financial regulators. The term of office of non-official members will take effect from 1 July 2023 for a period of two years. 您曾提到过，Web3.0本质是去中心化的，无需中间商或大型科技公司，用户自主在网络安全地交换价值和信息，实现用户的参与和控制。解决此前Web2.0时代平台中心所导致的垄断，隐私保护缺失等问题。去中心化的发展，与中心化的监管之间存在冲突，那么像此类以政府为主导的Web3.0发展专责小组，在其中扮演的是一个什么角色？当前政府监管者的角色是否也在从监督管理职能（类似于父子、师生）转变为平等指导（类似于朋友）呢？ You have mentioned that Web3.0 is decentralized in nature, that users are free to exchange values and information in a secure way without middlemen or large technology companies, and that users are involved in and control over the Internet. Addressing the earlier monopolization and lack of privacy protection caused by the Web 2.0 era platform centres. There is a conflict between decentralization and centralized regulation, so what role does this kind of government-led Web3.0 Development Task Force play? 白士泮：首先，我们要先弄清楚监管的最终目的是为了发展，监管为发展建立基础，两者间若取得良好平衡, 并执行得好, 反而能相辅相成，两者不一定是冲突矛盾的！ First of all, we need to make it clear that the ultimate purpose of regulation is to build a foundation for development, a good balance between the two, and good implementation, but rather to complement each other, which is not necessarily a conflict! 自2008年中本聪提出比特币白皮书以来，加密行业已经历15年的发展历史。很多加密行业业者本身目前也开始改变看法，认为完全没有任何形式的监管的“去中心化”应用场景只是一个不具现实性的“乌托邦”。因为看是“去中心化”的应用，没有个人或小群体的控制或影响，但是很多数字平台都是依靠协议(protocol)或智能合约来自动化运作的，而协议或智能合约是人为编写或编码的。 Many encryption industry operators themselves are now changing their perception that a “decentralized” application without any form of regulation is simply an unrealistic utopia. For it appears to be a “decentralized” application, with no individual or small group control or influence, but many digital platforms rely on protocols or smart contracts to automate operations, which are artificially written or coded. 问题是目前监管体系的建设主要是针对传统中心化金融业，与去中心化金融之间存在协调适配的问题。比如传统金融业的被监管者或主体是明确的，但在没有中介机构的去中心化金融，监管机构就有必要先厘清权力，利益与责任所在，以确定监管对象。在这方面，创新的监管方式―“监管沙盒”提供做为伙伴关系的创新者和监管者一个协作的环境，展开共同尝试，也为监管者提供了“边做边学”的机会，更好了解新技术相关的风险并及时适当调整发展或监管的措施。 The problem is that the current regulatory system is largely geared towards traditional centralization of the financial sector, with coordination with decentralized finance. For example, the traditional financial sector’s custodians or subjects are clear, but without intermediaries to centralize finance, regulators need to clarify their powers, interests, and responsibilities in order to identify regulatory targets. 《华夏时报》：近日，m-CBDC 又有一些新进展。国际清算银行、香港金融管理局、泰国中央银行、阿联酋中央银行和中国人民银行数字货币研究所等多边央行数字货币桥项目(Project mBridge)发起方在京召开系列会议，讨论最小化可行性产品(MVP)研发及阶段落地有关工作。 The Summer Times: In recent days, m-CBDC has made some new progress. The launchers of the Multi-Central Bank Digital Currency Bridge project, such as the Bank for International Settlements, the Financial Authority of Hong Kong, the Central Bank of Thailand, the Central Bank of the United Arab Emirates and the People's Bank of China Digital Monetary Institute, held a series of meetings in Kyoto to discuss research and development and phase-down work on the minimization of viable products (MVPs). 您之前提到一个很超前的构想—“数字亚元”，也提出了一些初步建议，比如委托AIIB或ADB在多边框架和技术团队的支持下开展相关的可行性研究，当前美元霸权下的经济形势严峻，各国面临巨大货币错配和汇率风险，对于“数字亚元”起步的可行性与进一步发展，希望能听您进一步解读。 You have previously mentioned a very advanced idea - the “digital yen” - and made some preliminary suggestions, such as commissioning AIIB or ADB to carry out relevant feasibility studies with the support of multilateral frameworks and technical teams. The current economic situation under the hegemonic power of the United States dollar is critical, countries are exposed to huge currency mismatches and exchange rate risks, and it is to be hoped that the feasibility and further development of the “digital yen” will be further interpreted. 白士泮：正如我此前撰写发布过的“创建数字亚元替代美元体系”文章里所说，脸书的加密货币Diem的设计理念和治理架构，对寻求替代美元作为跨境交易支付方式的国家，确实是有吸引力的。但我也不存在任何幻觉也预知这个创举将会面对很多挑战，其中最大的挑战是它没有建立在扎实的国际经贸合作基础上，不容易达成国际共识。 : As I said in my previously published article on “Creating a digital sub-dollar system for the dollar,” Facebook’s design concept and governance structure for an encrypted currency, Diem, is indeed attractive to countries seeking to replace the dollar as a way of paying for cross-border transactions. But I also have no illusions that this initiative will face many challenges, the biggest of which is that it is not based on solid international economic and trade cooperation and that it is not easy to reach an international consensus. 就中短期来说，我倒觉得金砖国家（BRICS）正在筹划以黄金为储备的新货币落地的机率比较高。主要的原因是金砖国家经贸合作基础较强，加上共同政治利益促使。虽然我不觉得这个区域性的新货币会取代美元在全球的霸权地位，但可以发挥金砖国家在国际支付方面“去美元化”的作用。至于做为国际储备货币，影响度暂时还不确定。 In the short and medium term, I think that the BRICS are planning a new currency with gold as a reserve. The main reason is that the BRICS have a strong economic and trade basis, coupled with common political interests. 还有短期来说，另一个很值得关注的发展是基于区块链技术，用于跨境支付与结算的多边央行数字货币(m-CBDC) 平台。在亚洲的这两个项目Inthanon-Lionrock和 Dunbar都已取得了阶段性的成果，即从技术层面来看，它们都证明了项目的可行性。一旦实行，跨境支付只涉及交易国本身发行的央行数字货币(CBDC), 而不需要采用第三方国家的货币。 In the short term, another important development is based on block-chain technology, a multilateral central bank digital currency (m-CBDC) platform for cross-border payments and settlements. Both projects in Asia have achieved phased results, which, at the technical level, prove the viability of the project. 责任编辑：孟俊莲 主编：张志伟 Editor-in-chief: Zhang Zhiwei 查看更多华夏时报文章，参与华夏时报微信互动（微信搜索「华夏时报」或「chinatimes」） Read more of the summer Times articles and participate in the summer Times micro-interactions ("/span" or "chinatimes
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