两种合规架构的制度效应：香港全额实名制与美国入口实名制下特定金融产品生态的双轨演进

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摘要

2025年，香港相关专门条例和美国《GENIUS法案》（美国《指导并建立美国特定金融产品国家创新法案》）陆续生效。这标志着全球特定金融产品监管从“灰色地带”迈入了“专法时代”。两地都是率先为特定金融产品立法的司法管辖区，但在实名制强度、资产储备、创新豁免等核心制度上，呈现出明显的结构性差异。香港实行“全额实名制”，要求链上地址与法律身份强制绑定。虽然合规成本高，但换来了多元资产储备和计息空间。美国则采用“入口实名制”，只对法币出入通道进行客户身份识别（KYC），链上流转保留匿名性，同时设立了三年沙盒机制来激励创新。通过比较法分析，本文揭示出两种路径对特定金融产品功能定位的根本分歧：一种是合规优先型主权工具，另一种是创新优先型市场基础设施。这一制度分叉正推动全球特定金融产品生态演化为两个平行轨道，即“实名白名单链”和“有限匿名链”。这对发行人、投资者、监管者和开发者都会带来差异化影响。本文建议，香港在实名制框架下探索分级验证机制，同时推动财务行动特别组织（FATF）框架下的国际协调。

文献引用

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