SEC 修訂數位資產基金投資法規，確保公平、支持資產配置並為資產管理公司提供靈活性

美國證券交易委員會 (SEC) 修訂了投資數位資產*的共同基金和私募基金的法規。

The Securities and Exchange Commission (SEC) has revised regulations governing mutual funds and private funds investing in digital assets. The updates aim to promote fairness in providing foreign investment opportunities to high-net-worth investors through securities and asset management companies while supporting fund managers in optimizing asset allocation. The revised regulations are effective immediately.

美國證券交易委員會（SEC）修訂了有關投資數位資產的共同基金和私募基金的法規。此次更新旨在促進證券和資產管理公司向高淨值投資者提供境外投資機會的公平性，同時支持基金管理人優化資產配置。修訂後的規定立即生效。

The SEC has issued 13 notifications concerning the amendments with key points as follows:

SEC已就此次修訂發布了13份通知，要點如下：

(1) Adding Investment Token as an eligible asset for investment with an investment limit similar to that of transferable securities such as stocks and bonds because of similar characteristics and risks.

（1）增加Investment Token作為符合投資條件的資產，其投資限額與股票、債券等可轉讓證券類似，因為具有相似的特性和風險。

(2) Allowing the Funds to invest in crypto assets under a risk level appropriate for the types of investors. For the Funds targeting ultra-high net worth investors, they would be allowed to invest in crypto ETFs without any investment limit in order to create equal competition between securities companies and asset management companies. In the case where such Funds invest in crypto assets directly or indirectly via derivatives, the investment must be capped at 20 percent of the NAV.

（2）允許基金在適合投資者類型的風險水準下投資加密資產。對於針對超高淨值投資者的基金，將允許其投資加密貨幣ETF，沒有任何投資限制，以實現證券公司和資產管理公司之間的平等競爭。若此類基金直接或透過衍生性商品間接投資加密資產，投資上限必須為資產淨值的 20%。

Meanwhile, the Funds for retail investors would be allowed to have total crypto asset exposure through ETFs or foreign mutual funds, capped at 5 percent of the NAV, for the benefit of asset allocation through fund managers.

同時，散戶投資者的基金將被允許透過ETF或外國共同基金擁有總加密資產敞口，上限為資產淨值的5%，以利於基金經理人進行資產配置。

(3) Revising relevant regulations to accommodate the establishment and management of Funds investing in DA, for example, asset custody, disclosure of information, appropriate advertising and adjustment of suitability test to cover crypto asset investment, etc.

（3）修改相關規定，以適應投資DA的基金的設立和管理，例如資產託管、資訊揭露、適當的廣告以及調整加密資產投資的適合性測試等。

The notifications concerning the amendments have taken effect on 16 January 2025. The Funds investing in digital assets (DA) under the previous regulations prior to the effective date of the new notifications must comply with the amendments within 90 days from the effective date of the new notifications.

有關修訂的通知已於2025年1月16日生效。