2023年11月8日，高尔街集团（Coinstreet）旗下高普CS-PRO启动典礼在香港数码港举行，公布其未来在STO赛道的重要发展方向。香港数码港、微软、四方精创、InvestaX、Matrixport、HKBA等机构参会，财华社、FINMETA作为活动重要的媒体支持伙伴，参与活动报道宣传。

香港投资推广署金融科技主管梁瀚璟先生在会上发表英文主题演讲。以下为双语文字整理：

我去了伦敦、旧金山、东京、新加坡，下周要去上海。我之所以提到这些地方的原因是，凡是我去过的地方，我不仅会花时间邀请公司来香港，还会尝试与那些地方的政策制定者和行业领导者交流。以下是我基于出访及对话，得出的结论。

The London, San Francisco,Tokyo，Singapore，and next week the Shanghai and so on. Now the reason why I mentioned all these places is because all the places I have been to, not only would I spend time to invite companies to come to Hong Kong. I also try if I can talk to the policymakers to regulate this and the industry leaders at those places. Now, so here's my conclusion so far based on all these trips and all these conversations.

如果我们要总结一下围绕数字资产的所有机会，并将其归纳为几个关键机会。那么，确实可以说，数字资产一直被视为最高级、最有前途的机会或工具。

Now, if we were to, in a way, summarize all the opportunities around digital assets, down to a few key opportunities. So that true that consistently being ranked as the highest and most promising vehicles or opportunities going forward.

第一个机会，是现实世界资产的代币化，这几乎在我去过的所有地方都是一致的。每个人都非常重视这一点。

Number one, the tokenization of real world assets is almost consistently across the different places been to. Everyone is just really, beg a big on this.

第二个机会，是稳定币。起初，有些人可能没有意识到它有多大的潜力。毕竟，你看看今天主要稳定币的市值，大约是2000亿美元，这似乎很小对吧？但在宏观层面上，它的影响是巨大的，我稍后会解释。

The second one is stable coin. At first, some people might not realize how big this can be. This, after all, you look at the market cap of the major stable coin today, you're talking about roughly 200 billion US, is just tiny right? in the grand small things. But the impact is huge, which I will explain shortly.

与此同时，我们也与很多人合作，特别是与大陆合作，因为我们知道香港有这个包容性政策，我们接待了很多国际和大陆代表团，来向我们展示他们的计划。

Now, at the same time, we also work with a lot of folks, particularly for mainland China, knowing that Hong Kong has this embracing policy that we have hosted a lot of in the international and the mainland delegations moving down to the Hong Kong to show us what they've been planning.

现在我想详细阐述三件事情。首先，回到现实世界资产的代币化问题上来，自然地，你会谈到两个趋势。一个是我们今天讨论的STO（证券型代币发行），另一个是非证券型的现实世界资产代币化。对于STO，我在与不同国家的不同人交谈时发现，所有人都将其视为一个新的融资渠道，但人们会想，嗯，已经有很多融资渠道了。为什么要费心去做另一个呢？对吗？为何要做STO。

Now so that there are three things I want to elaborate a little bit. Now, first of all, going back to the tokenization of real world assets, naturally, you talk about 2 streams. One stream is the STO, which we talk about today. The second would be the non securities kind of real world asset tokenization. Now, for STO the one thing that's also consistent across different people within different countries that I talk to,now everybody looking at this as a new channel to do fundraising, but then people would think, well, there's just so many fund raising channels already. So why bother to do another one? Right? The STO.

但有趣的是，我们可能会再次发现，这并不是决定性的。这更像是一个数字，用来做前景的预测。我们正在关注一些地方的中期募资，大致在1000万美元到2亿美元之间。这个范围既不受天使投资者、早期阶段投资者和风险投资公司的青睐。现在，当你要进行IPO时，你自然也可以进行交易所等操作。

But the interesting thing is that we're looking at, perhaps, again, this is not definitive. It's more like a number to put things with perspective. We were looking at the middle section of fund raising anywhere, roughly between 10 millions US to 200 millions US.So that's the kind of range which is neither,well,served by the Angel,the early stage investors, the VC.Now, while you're going IPO, the naturally you can also exchange and so on.

但在中间的某个地方，通常来说，你要么进入成长阶段，接受风险投资，或者你可能与银行有良好的关系。你可以获得一些项目融资。但如果你不是那些像人工智能这样高飞、性感的科技项目之一，那么我认为风险投资渠道可能不起作用。现在，如果你有一些风险，对吧？根据银行的定义，你也不是非常高科技。那么在某种程度上，我认为你陷入了困境，银行也不会为你提供融资。

But somewhere in the middle,typically, you either go to the growth stage,VC,or you might have some good relationships with the banks. You can get some project financing.But what if you are not one of those high flying, sexy tech projects like AI,well I think that VC channel may not work. Now, and what if you are some somewhat risky, right? By definition of banks, you're also not very high-tech. Then in some ways, I think you're kind of stuck that the banks will not offering you financing, too.

这就是为什么我认为对于这种中间部分来说，几乎就像是一个真空地带。这不仅仅限于香港。我去过伦敦，情况也是一样的。所以很自然地，要么你看到通过成长阶段接受风险投资来解决这个问题，要么就是新的STO渠道开始发挥作用。

That's why I think for that kind of middle section,is where this is almost like a vacuum. It's not just about Hong Kong.I went to London,is the same thing. So naturally,either you saw this by having the growth stage,VC,or this new channel of STO comes to the play.

现在你可能会问什么样的项目适合这一类？让我给你一个例子。例如，飞机融资。飞机融资并不是什么新鲜事，但同时，当我们与一些有兴趣在香港销售的公司交谈时，他们希望通过SPV来筹集资金，那么使用STO就是他们筹集资金的一种渠道之一，这样他们就有足够的资金来购买香港的飞机，然后将飞机租回中国大陆给航空公司等等。

Now you may ask what kind of projects will fit in this category? Let me show you one example.Now, for example, the aircraft financing. Now aircraft financing is nothing new,but at the same time, when we talk to some of the companies interested to sell in Hong Kong in which they would like to raise money via spv then using STO is one of the channels for them to raise money, so that they have enough capital to essentially buy the planes in Hong Kong and then rents the planes back to mainland China,to the airlines and so forth.

现在你可能会问，为什么这样的项目适合STO呢？这个问题需要另作讨论，我们已经进行了相当一段时间的这种类型的对话。一方面，我们必须考虑数字资产，你是否考虑过加密货币暴涨，比如狗币这类疯狂涨价的东西？但这并不是香港真正鼓励的事情。对吧？我们真的希望数字化能够帮助现实世界的资产和实体经济。

Now you might ask, so why would this kind of project be interesting project for STO? Now, so that comes in another conversation and that type of conversations we have had for quite some time. Now on the one hand, we have to think about digital assets, do you think about the hockey stick,wow,the crypto, right? The super new, the dogy coin, right? The kind of crazy increase the prices, but this is not something Hong Kong is really encouraging. Right? We are really looking for digitalization to help the real world assets and real world economy.

现在，当我们考虑投资偏好时，只需考虑一下，许多保守的组织和大型机构投资者可能对投资高度投机性资产不太感兴趣。即使他们这样做，他们也不会将大量资产配置投入到这些类型的投机性资产中。

Now,when we think about the investment appetites, just think about it, a lot of defend offices, the large institutional investors, they may not be as interested to invest into the highly speculative assets. Even though they do, they would not put a big sum of their asset allocation in those kinds of speculative assets.

因此，他们真正寻找的是某种稳定的东西，他们可以理解的东西。但与此同时，这也是他们参与这种新的投资机会的一种新的方式。这就是为什么像飞机租赁这样的事情。你可以很容易地使用数学，同时，这是容易理解的事情。

Therefore, they're really looking for some kind of steady, something that they can understand. But at the same time is a new way for them to participate in this kind of new investment opportunities. That's why something like aircraft leasing. You can use easily to the math at the same time, something that it's easy to understood.

现在，当你能够以不同的方式分配它时，进入壁垒可能不会那么高，这只是我们已经看到的一个正在获得一些交易的例子。这就是资产代币化方面。

Now, while you're able to distribute it in different way where the entry barrier may not be as high, this is just one example that we have seen that's already gaining some transaction.So that's the security token side.

然后再次，现实世界的资产就像一个全新的游戏。因此，我们与欧洲的公司交谈过，例如Tomas和黄金。在香港，我们刚刚宣布了一个项目，他们将泰坦尼克号的知识产权代币化。在中国大陆，人们正在讨论如何通过跟踪数据并进行代币化，进而用于消费。人们便可以看得到数据的初始权利及所有权，用于之后的销售或租赁。

Then again, the real world asset is like the whole new ball game. So we've talked to companies in Europe, for example, Tomas and gold.In Hong Kong, we just announced a project in which they tokenized intellectual property in the form of the Titanic, the IP of Titanic.In mainland China, people are talking about how about tokenizing data by tracking the data and then they spend.So who can see the original rights, the ownership for the data, for subsequent selling or rental.

在现实世界的资产形式中，除了证券之外，还有各种各样的不同用例。这非常令人兴奋。我的意思是天空是无限的。这是第一部分。

There's just whole host of different use cases beyond securities in the world, in the form of real world assets. So this is super exciting. I mean the sky is limited. So this is the first part.

现在，快速触及关于稳定币的另一部分，我知道这可能不是今天的主要话题，但这同样重要。很多时候当人们谈论代币化的现实世界资产STO时。你如何购买它们？按理说是在链上进行的。所以你必须拥有诸如稳定币这样的数字货币来购买。整个交易都可以在链上进行。因此，通过支付稳定币，锁定未来的投资机会，这是一个好的应用场景。

Now, just quickly touch on the other part about stable coin, I know this may not be the main topics today, but this is also equally important. There's a lot of times when folks talk about tokenized real world assets the STO. How do you buy them? It's supposedly on chain. So you have to have the digital currency in the form of, for example, stablecoin to pay for it. The whole transaction can be on chain. So therefore, this is also a good use case where stablecoin can be used to pay for those future investment opportunities.

现在，同时，我们也已经和很多人快速地谈过，考虑了使用案例。特别是适合香港的情况。这就是跨境支付如何？现在我们来考虑中国的跨境支付。仅此一项就有7万亿美元的市场，因为正如你们所知，中国制造商生产的东西，他们发货后再卖掉，他们必须得到退款。有很多类似的用例。

Now, at the same time, we also have talked to quite a lot of folks quickly and think about what was the use case. There's specifically well fit for Hong Kong. And that is how about cross border payments? Now we'll think about the cross border payments in China. That alone is like 7 trillions US dollar market, because as many of you know,China manufacturer stuff,they shipped and then sell the reservoir, they had to get money back. There's a lot of remittances of kind of use cases.

现在，让我们思考一下。这就像是7万亿美元。今天，他们使用的是所谓的传统银行业务。但现在，如果稳定币成为主流，可以用作更快、低成本的跨境支付手段。这太庞大了，仅在中国就有7万亿美元。所以我们刚才讨论的200亿美元的循环与之相比基本上相形见绌。这就是为什么您要拥有它，这也是非常令人兴奋的。

Now and then just think about it. This is like $7 trillions. Today they're using the regular so called the banking realms. But now, if stablecoin become mainstream, that can be used as a much faster, low cost way to facilitate cross border payment. This is huge, just China alone 7 trillions. So the 200 billions of the circle the title we just basically paled by comparison. So that's why you have that, too. That is also very exciting.

最后但同样重要的是，我们看到的另一个趋势基本上将许多事情联系在一起，就是今年我们看到的巨大需求。许多中国大陆公司现在正试图将香港作为他们“出海”走向国际的基地，香港就自然具备发展空间。

Now at last but not least another trend we see which basically tied a lot of things together, is just enormous demand as we can see this year. There are a lot of mainland Chinese companies are now trying to use Hong Kong as a base to what they call“出海” to go international. And naturally they use Hong Kong as space to do that.

现在，他们需要资本。所以并不是每个人都渴望IPO。对于那些想要来香港寻求融资需求的人来说，STO可能是一个有趣且可行的方式，帮助他们筹集资本以走向国际。这个市场是巨大的，因为我们告诉了许多来自中国大陆的人。他们正在到来。

Now well they need the capital. So not everybody is the greedy of IPO. For those they want to come to Hong Kong and that kind of middle section kind of for fund raising needs. STO could be an interesting and a viable way for them to raise that capital to help them to go international. This is huge because we told so many people from mainland China. They are coming.

因此，我非常兴奋，现在许多看似不可能的事都发生了，感谢你们如此耐心地等待这个时刻的到来。但我确信付出将会得到回报。所以我希望大多数行业领袖能够长期坚持做这件事。我只是希望我刚才分享的内容能够启发你们并激发更多的思考。这样他们就可以思考其他方式来为这些运动做出贡献。我们祈求香港作为未来的地位和价值，正如财政司司长在去年的金融科技周上所宣布的那样。非常感谢大家。

Therefore I'm just so excited that now the stars are all lines, so thanks for being so patient to wait for this come. But then I'm sure that these highways and pays paying off. So I sort of hope that I think the most of you are industry leaders will be doing this for a long time. I just hope that what I just shared and hopefully enlighten you and stimulate more thinking. So they can think about other ways to basically contribute to these movements. And we beg that Hong Kong as the future deserve as and how, as the financial secretary has announced at the FinTech week last year. So thank you so much.