日本證券型代幣市場在 2023 財年蓬勃發展，可望持續擴張

2023財年，日本證券型代幣市場出現顯著成長，發行總量超過900億日圓。受益憑證發行信託佔市場主導地位，佔85%，其次是公司債，佔13%。處理證券型代幣的金融機構數量增加，包括經紀公司、銀行和資產管理公司。聯盟型區塊鏈網路「ibet for Fin」成為領先的區塊鏈基礎設施供應商，支援市場上的交易和管理。

Japan's Security Token Market Blossoms in FY2023, Poised for Continued Growth

日本證券型代幣市場在 2023 財年蓬勃發展，可望持續成長

Tokyo, Japan - April 2, 2024 - BOOSTRY Co., Ltd., a leading provider of blockchain solutions for the financial industry, today unveiled its comprehensive Japan Security Token Market Report for FY2023. The report paints a vibrant picture of a market that has swiftly evolved from its initial stage of experimentation to widespread practical use, firmly establishing itself as an innovative financing mechanism in the capital markets.

日本東京 - 2024 年 4 月 2 日 - 金融業區塊鏈解決方案的領先供應商 BOOSTRY Co., Ltd. 今天公佈了 2023 財年全面的日本證券型代幣市場報告。報告描繪了一幅充滿活力的市場圖景，該市場已從最初的實驗階段迅速發展到廣泛的實際應用，牢固地確立了自己作為資本市場創新融資機制的地位。

Surge in Issuance Value and Product Diversification

發行量激增，產品多元化

The Japanese security token market experienced a remarkable surge in issuance value in FY2023, reaching an impressive JPY 97.6 billion, representing a remarkable 5.8-fold increase compared to the previous year. This substantial growth accounted for 16% of the annual issuance value in Japan's stock market and an astonishing 31% of the annual issuance value in the listed REIT market, demonstrating the significant impact of security tokens in the capital markets.

日本證券型代幣市場在 2023 財年的發行額顯著飆升，達到令人印象深刻的 976 億日元，與前一年相比增長了 5.8 倍。這一大幅成長佔日本股市年發行額的16%，佔上市REIT市場年發行額的驚人31%，顯示了證券型代幣在資本市場的巨大影響力。

Notably, FY2023 witnessed three significant issuances surpassing JPY 10 billion for the first time, underscoring the growing capacity of the market to cater to diverse financing requirements.

值得注意的是，2023 財年首次出現三筆超過 100 億日圓的重大發行，凸顯了市場滿足多樣化融資需求的能力不斷增強。

The composition of security token products also exhibited a discernible shift towards diversification. While real estate beneficiary certificate issuance trusts remained the dominant category, accounting for 85% (JPY 82.5 billion), corporate bonds emerged as a significant segment, contributing 13% (JPY 13.2 billion). Additionally, novel initiatives emerged, such as securitization through silent partnerships and security tokens incorporating limited liability partnerships for investment purposes.

證券型通證產品的組成也呈現明顯的多元化趨勢。雖然房地產受益憑證發行信託仍然是主導類別，佔 85%（825 億日圓），但公司債成為重要組成部分，佔 13%（132 億日圓）。此外，還出現了新的舉措，例如透過隱名合作夥伴關係進行證券化，以及出於投資目的而納入有限責任合作夥伴關係的證券代幣。

Institutional Investors Join the Fray

機構投資人加入競爭

The inclusion of a substantial digitally tracked green bond issued as security token corporate bonds paved the way for institutional investors to actively participate in the security token market. Trading for real estate beneficiary certificate issuance trusts commenced through exchanges utilizing private trading systems (PTS), further enhancing accessibility and liquidity.

納入大量以證券通證公司債券形式發行的數位追蹤綠色債券，為機構投資者積極參與證券通證市場鋪平了道路。房地產受益人證書發行信託的交易透過利用私人交易系統（PTS）的交易所開始，進一步提高了可近性和流動性。

Financial Institutions Embrace Security Tokens

金融機構擁抱安全代幣

The number of financial institutions handling security tokens witnessed a notable increase, including 11 brokerage firms, six banks/trust banks, and nine asset management companies. Distribution firms (brokerage firms and registered financial institutions) increased by five year-over-year, while the count of trustees and bond administrators (banks and trust banks) rose by two year-over-year.

辦理證券型通證的金融機構數量顯著增加，其中券商11家，銀行/信託銀行6家，資產管理公司9家。發行公司（經紀公司和註冊金融機構）較去年增加5家，受託人和債券管理人（銀行和信託銀行）較去年同期增加2家。

Notably, the number of firms engaged in the issuance of securitized products expanded, with four corporate bond issuers (+1 year-over-year), six asset management companies involved in beneficiary certificate issuance trusts (+3 year-over-year), and three asset management companies involved in other products (+1 year-over-year).

值得注意的是，從事證券化產品發行的公司數量有所增加，其中公司債發行人4家（同比+1），參與受益憑證發行信託的資產管理公司6家（同比+3）， 3家涉及其他產品的資產管理公司（與去年同期相比+1）。

ibet for Fin Dominates Blockchain Infrastructure

ibet for Fin 主導區塊鏈基礎設施

ibet for Fin, a consortium-type blockchain network for security tokens, emerged as the market leader, capturing a commanding 53% share of the blockchain infrastructure market in terms of issuance value (JPY 51.6 billion). BOOSTRY, a key participant in ibet for Fin, played a significant role in establishing the network as the only shared blockchain platform in Japan that facilitates the secure and efficient trading and management of security tokens.

ibet for Fin 是一個聯盟型證券代幣區塊鏈網絡，成為市場領導者，以發行價值計算，佔據了區塊鏈基礎設施市場 53% 的份額（516 億日元）。 BOOSTRY 是 ibet for Fin 的主要參與者，在將該網路打造為日本唯一的共享區塊鏈平台方面發揮了重要作用，該平台促進安全高效的證券代幣交易和管理。

Progmat, a blockchain platform utilized by Mitsubishi UFJ Trust and Banking Corporation, held a 45% share, excelling in real estate beneficiary certificate issuance trusts with 14 issuances. Hash DasH and Securitize also made notable contributions, with issuances valued at JPY 1.8 billion and JPY 0.3 billion, respectively.

三菱日聯信託銀行使用的區塊鏈平台Progmat持有45%的份額，在房地產受益憑證發行信託方面表現出色，共發行了14份信託。 Hash DasH 和 Securitize 也做出了顯著貢獻，發行價值分別為 18 億日圓和 3 億日圓。

Bright Future for Security Tokens

證券型代幣的光明未來

The report projects a continued expansion of the security token market in FY2024, as demonstrated by the increasing issuance value, liquidity, and participation of financial institutions.

該報告預計 2024 財年證券型代幣市場將持續擴張，發行價值、流動性和金融機構參與度的增加就證明了這一點。

ibet for Fin and other public-type blockchains, which leverage the inherent advantages of blockchain technology and resist monopolization by individual entities, are expected to play a pivotal role in the market's growth.

ibet for Fin等公有型區塊鏈利用區塊鏈技術的固有優勢，抵制個體實體的壟斷，預計將在市場的成長中發揮關鍵作用。

BOOSTRY anticipates that FY2024 will witness groundbreaking funding transactions and innovative investment experiences enabled by security tokens, further showcasing their transformative potential.

BOOSTRY 預計 2024 財年將見證安全代幣帶來的突破性融資交易和創新投資體驗，進一步展示其變革潛力。

Methodology

方法

The report's findings are based on a comprehensive analysis of data from BOOSTRY's vast network of industry professionals, combined with publicly available information. The report provides a detailed overview of the Japanese security token market, including issuance amounts, product breakdown, financial institutions involved, and blockchain infrastructure utilization.

該報告的調查結果是基於對 BOOSTRY 龐大的行業專業人士網路數據的綜合分析，並結合公開資訊。該報告詳細概述了日本證券型代幣市場，包括發行量、產品細分、涉及的金融機構以及區塊鏈基礎設施利用率。

BOOSTRY's Japan Security Token Market Report is an indispensable resource for stakeholders in the financial industry, including investors, issuers, financial institutions, and regulators. The report offers invaluable insights into the current state and future trajectory of this rapidly evolving market.

BOOSTRY 的日本證券型代幣市場報告是金融業利害關係人（包括投資者、發行人、金融機構和監管機構）不可或缺的資源。該報告為這個快速發展的市場的現狀和未來軌跡提供了寶貴的見解。

About BOOSTRY

關於BOOSTRY

BOOSTRY Co., Ltd. is a leading provider of blockchain solutions for the financial industry. BOOSTRY's mission is to empower financial institutions and businesses with the power of blockchain technology to create innovative and efficient financial products and services.

BOOSTRY Co., Ltd.是一家領先的金融業區塊鏈解決方案提供商。 BOOSTRY的使命是利用區塊鏈技術的力量賦能金融機構和企業，創造創新、高效的金融產品和服務。

BOOSTRY offers a comprehensive suite of blockchain solutions, including the ibet for Fin consortium-type blockchain network, token issuance services, and asset management platforms. BOOSTRY's solutions are designed to meet the unique needs of financial institutions, enabling them to leverage the benefits of blockchain technology to improve operational efficiency, reduce costs, and enhance customer experiences.

BOOSTRY提供一整套區塊鏈解決方案，包括ibet for Fin聯盟型區塊鏈網路、代幣發行服務和資產管理平台。 BOOSTRY 的解決方案旨在滿足金融機構的獨特需求，使他們能夠利用區塊鏈技術的優勢來提高營運效率、降低成本並增強客戶體驗。

With a team of experienced blockchain engineers and financial professionals, BOOSTRY is committed to providing the highest quality blockchain solutions and services to its clients. BOOSTRY is headquartered in Tokyo, Japan, with offices in London, New York, and Singapore.

BOOSTRY擁有經驗豐富的區塊鏈工程師和金融專業人士團隊，致力於為客戶提供最優質的區塊鏈解決方案和服務。 BOOSTRY 總部位於日本東京，在倫敦、紐約和新加坡設有辦公室。

For more information, please visit https://www.boostry.jp/en/

欲了解更多信息，請訪問 https://www.boostry.jp/en/