<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png"/></p>
<p>香港正在审查其保险行业如何分配资本，因为监管机构希望在金融稳定与城市推动数字金融和大规模基础设施之间取得平衡。</p>
<p>保险监管机构的新提案建议允许保险公司投资于加密货币、稳定币和政府优先项目，彭博社报道。</p>
<p>虽然仍处于早期阶段，但该框架反映了现代化资本规则和将长期资金引导至被视为经济发展关键领域的更广泛努力。</p>
<p>这些变化可能会影响亚洲最大的保险市场之一如何支持新兴数字资产和传统基础设施的增长。</p>
<h2>加密货币规则正在审查中</h2>
<p>香港保险业监管局提议对保险公司持有的与加密相关的投资实施严格的资本处理。</p>
<p>根据草案规则，加密货币资产将承担 100% 的风险费用。</p>
<p>稳定币将被视为不同的处理方式。</p>
<p>风险费用将与香港监管的稳定币所挂钩的法定货币相关，反映出不同的稳定性认知水平。</p>
<p>这种方法突显了监管机构区分波动性加密资产与旨在维持固定价值资产的意图。</p>
<p>这些措施是香港风险基础资本制度更广泛审查的一部分，该审查于今年早些时候开始。</p>
<p>监管机构表示，审查的主要目标是支持保险行业，同时促进更广泛的经济发展。</p>
<p>这些提案仍可能会发生变化，并将在 2 月至 4 月期间公开征求意见，然后再向立法机构提交。</p>
<h2>与数字金融计划对齐</h2>
<p>拟议的保险规则与香港更广泛的推动建立受监管的数字资产生态系统相辅相成。</p>
<p>该市一直在稳步建立加密货币和稳定币的框架，力求将自己确立为领先的数字金融中心。</p>
<p>香港金融管理局，作为该市的事实上的中央银行，预计将在明年初授予第一批稳定币的批准。</p>
<h2>基础设施投资激励</h2>
<p>除了加密货币，保险框架还涉及基础设施融资。</p>
<p>监管机构提议为投资于位于香港或大陆的项目，或在该市上市或发行的资产的保险公司提供资本激励。</p>
<p>符合条件的投资包括主要城市发展计划，如北部大都会，这是一个计划在大陆边界附近建设的区域，旨在成为科技和创新中心。</p>
<p>提案的一个明确目标是支持政府旨在促进地方基础设施发展的举措。</p>
<p>香港政府面临预算赤字，并一直寻求私营部门资金以帮助实施长期项目，如北部大都会。</p>
<p>尽管保险监管机构强调其独立于政府运作，但这些提案与更广泛的努力相一致，旨在动员私营资本用于战略发展。</p>
<h2>行业反应与规模</h2>
<p>一些保险公司已经开始在正式咨询之前提交反馈。</p>
<p>专家表示，对扩大符合条件的基础设施项目范围感兴趣，因为当前框架提供的选项相对较窄。</p>
<p>截至 6 月，香港有 158 家授权保险公司。该行业在 2024 年记录的总保费约为 6350 亿港元，或约 820 亿美元。</p>
<p>对资本部署方式的任何调整都可能对该地区的金融市场和基础设施融资产生重大影响。</p>
<p>本文的标题是《香港为何重新思考保险公司在加密货币和基础设施投资中的角色》，首次发布在 Invezz 上。</p>

CRCL

<p>香港正在审查其保险行业的资本配置，重点关注加密货币和基础设施投资。新的提案建议保险公司可以投资于加密货币、稳定币和政府优先项目。香港保险业监管局提议对加密投资采取严格的资本处理方式，而稳定币则被区别对待。该框架旨在现代化资本规则并支持经济发展，与香港的数字金融计划保持一致。公众咨询定于 2 月至 4 月进行，随后将提交立法</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251222_1202_Hong-Kong-Insurance-Review_simple_compose_01kd2c4gacejhag2x0bapwhp82.png"/></p>
<p>Hong Kong is reviewing how its insurance sector allocates capital, as regulators look to balance financial stability with the city’s push into digital finance and large-scale infrastructure.</p>
<div class="lb-trans"><p>香港正在审查其保险行业如何分配资本，因为监管机构希望在金融稳定与城市推动数字金融和大规模基础设施之间取得平衡。</p>
</div><p>New proposals from the insurance watchdog suggest a shift in allowing insurers to invest in cryptocurrencies, stablecoins, and government-prioritised projects, reports Bloomberg.</p>
<div class="lb-trans"><p>保险监管机构的新提案建议允许保险公司投资于加密货币、稳定币和政府优先项目，彭博社报道。</p>
</div><p>While still at an early stage, the framework reflects broader efforts to modernise capital rules and direct long-term funds toward areas seen as critical to economic development.</p>
<div class="lb-trans"><p>虽然仍处于早期阶段，但该框架反映了现代化资本规则和将长期资金引导至被视为经济发展关键领域的更广泛努力。</p>
</div><p>The changes could influence how one of Asia’s largest insurance markets supports both emerging digital assets and traditional infrastructure growth.</p>
<div class="lb-trans"><p>这些变化可能会影响亚洲最大的保险市场之一如何支持新兴数字资产和传统基础设施的增长。</p>
</div><h2>Crypto rules under review</h2>
<div class="lb-trans"><h2>加密货币规则正在审查中</h2>
</div><p>The Hong Kong Insurance Authority is proposing a strict capital treatment for crypto-related investments held by insurers.</p>
<div class="lb-trans"><p>香港保险业监管局提议对保险公司持有的与加密相关的投资实施严格的资本处理。</p>
</div><p>The cryptocurrency assets would carry a 100% risk charge under the draft rules.</p>
<div class="lb-trans"><p>根据草案规则，加密货币资产将承担 100% 的风险费用。</p>
</div><p>Stablecoins would be treated differently.</p>
<div class="lb-trans"><p>稳定币将被视为不同的处理方式。</p>
</div><p>Risk charges would be linked to the fiat currency to which a Hong Kong-regulated stablecoin is pegged, reflecting varying levels of perceived stability.</p>
<div class="lb-trans"><p>风险费用将与香港监管的稳定币所挂钩的法定货币相关，反映出不同的稳定性认知水平。</p>
</div><p>The approach highlights regulators’ intent to distinguish between volatile crypto assets and those designed to maintain a fixed value.</p>
<div class="lb-trans"><p>这种方法突显了监管机构区分波动性加密资产与旨在维持固定价值资产的意图。</p>
</div><p>These measures form part of a broader review of Hong Kong’s risk-based capital regime, which began earlier this year.</p>
<div class="lb-trans"><p>这些措施是香港风险基础资本制度更广泛审查的一部分，该审查于今年早些时候开始。</p>
</div><p>The regulator has said the primary goal of the review is to support the insurance industry while contributing to wider economic development.</p>
<div class="lb-trans"><p>监管机构表示，审查的主要目标是支持保险行业，同时促进更广泛的经济发展。</p>
</div><p>The proposals remain subject to change and will be opened for public consultation from February through April, before moving toward legislative submissions.</p>
<div class="lb-trans"><p>这些提案仍可能会发生变化，并将在 2 月至 4 月期间公开征求意见，然后再向立法机构提交。</p>
</div><h2>Aligning with digital finance plans</h2>
<div class="lb-trans"><h2>与数字金融计划对齐</h2>
</div><p>The proposed insurance rules sit alongside Hong Kong’s wider push to develop a regulated digital asset ecosystem.</p>
<div class="lb-trans"><p>拟议的保险规则与香港更广泛的推动建立受监管的数字资产生态系统相辅相成。</p>
</div><p>The city has been steadily building frameworks for cryptocurrencies and stablecoins as it seeks to establish itself as a leading digital finance hub.</p>
<div class="lb-trans"><p>该市一直在稳步建立加密货币和稳定币的框架，力求将自己确立为领先的数字金融中心。</p>
</div><p>The Hong Kong Monetary Authority, which acts as the city’s de facto central bank, is expected to grant the first batch of stablecoin approvals early next year.</p>
<div class="lb-trans"><p>香港金融管理局，作为该市的事实上的中央银行，预计将在明年初授予第一批稳定币的批准。</p>
</div><h2>Infrastructure investment incentives</h2>
<div class="lb-trans"><h2>基础设施投资激励</h2>
</div><p>Beyond crypto, the insurance framework also addresses infrastructure financing.</p>
<div class="lb-trans"><p>除了加密货币，保险框架还涉及基础设施融资。</p>
</div><p>The regulator is proposing capital incentives for insurers that invest in projects located in Hong Kong or the mainland, or in assets listed or issued in the city.</p>
<div class="lb-trans"><p>监管机构提议为投资于位于香港或大陆的项目，或在该市上市或发行的资产的保险公司提供资本激励。</p>
</div><p>Eligible investments include major urban development schemes such as the Northern Metropolis, a planned area near the mainland border intended to become a technology and innovation hub.</p>
<div class="lb-trans"><p>符合条件的投资包括主要城市发展计划，如北部大都会，这是一个计划在大陆边界附近建设的区域，旨在成为科技和创新中心。</p>
</div><p>One stated objective of the proposal is to support government initiatives aimed at boosting local infrastructure development.</p>
<div class="lb-trans"><p>提案的一个明确目标是支持政府旨在促进地方基础设施发展的举措。</p>
</div><p>Hong Kong’s government is facing a budget deficit and has been seeking private-sector funding to help deliver long-term projects like the Northern Metropolis.</p>
<div class="lb-trans"><p>香港政府面临预算赤字，并一直寻求私营部门资金以帮助实施长期项目，如北部大都会。</p>
</div><p>While the insurance regulator has stressed that it operates independently of the government, the proposals align with broader efforts to mobilise private capital for strategic development.</p>
<div class="lb-trans"><p>尽管保险监管机构强调其独立于政府运作，但这些提案与更广泛的努力相一致，旨在动员私营资本用于战略发展。</p>
</div><h2>Industry response and scale</h2>
<div class="lb-trans"><h2>行业反应与规模</h2>
</div><p>Some insurance firms have begun submitting feedback ahead of the formal consultation.</p>
<div class="lb-trans"><p>一些保险公司已经开始在正式咨询之前提交反馈。</p>
</div><p>According to experts, there is interest in expanding the scope of eligible infrastructure projects, as the current framework offers a relatively narrow set of options.</p>
<div class="lb-trans"><p>专家表示，对扩大符合条件的基础设施项目范围感兴趣，因为当前框架提供的选项相对较窄。</p>
</div><p>As of June, Hong Kong had 158 authorised insurers. The industry recorded total gross premiums of about HK$635 billion, or roughly $82 billion, in 2024.</p>
<div class="lb-trans"><p>截至 6 月，香港有 158 家授权保险公司。该行业在 2024 年记录的总保费约为 6350 亿港元，或约 820 亿美元。</p>
</div><p>Any adjustment in how this capital can be deployed could have a significant impact on both financial markets and infrastructure funding across the region.</p>
<div class="lb-trans"><p>对资本部署方式的任何调整都可能对该地区的金融市场和基础设施融资产生重大影响。</p>
</div><p>The post Here's why Hong Kong is rethinking how insurers invest in crypto and infrastructure appeared first on Invezz</p>
<div class="lb-trans"><p>本文的标题是《香港为何重新思考保险公司在加密货币和基础设施投资中的角色》，首次发布在 Invezz 上。</p>
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这就是为什么香港正在重新审视保险公司在加密货币和基础设施方面的投资方式