隨著虛擬資產市場升溫，韓國證券公司關注 STO 和現貨比特幣 ETF

證券型代幣是一種劃分實體或金融資產（例如房地產）並將其與基於區塊鏈的代幣聯繫起來進行交易的手段。 STO 是一種利用該系統的籌款方法。

Securities firms in Korea are keeping a close eye on the potential of security token offerings (STOs) and spot Bitcoin exchange-traded funds (ETFs), anticipating that the virtual asset market will grow with the launch of the second Donald Trump administration later this month.

韓國的證券公司正在密切關注證券型代幣發行（STO）和現貨比特幣交易所交易基金（ETF）的潛力，預計隨著本月晚些時候唐納德·特朗普第二屆政府的上台，虛擬資產市場將會成長。

Security tokens are a means of dividing physical or financial assets, such as real estate, and linking them to blockchain-based tokens for trading. An STO is a method of fundraising that utilizes this system.

證券型代幣是一種劃分實體或金融資產（例如房地產）並將其與基於區塊鏈的代幣聯繫起來進行交易的手段。 STO 是一種利用該系統的籌款方法。

The CEOs of major securities firms and heads of related institutions have mentioned in their New Year addresses that they view virtual assets as a future growth engine despite ongoing concerns. They vowed to expand initiatives related to virtual assets as part of their 2025 business goals.

各大券商CEO及相關機構負責人在新年致詞中均提到，儘管擔憂持續存在，但他們仍將虛擬資產視為未來的成長引擎。他們發誓要擴大與虛擬資產相關的舉措，作為 2025 年業務目標的一部分。

Hana Securities CEO Kang Seong-muk announced plans to prioritize STOs and digital assets, highlighting the company’s alignment with evolving market trends. Meanwhile, Korea Investment & Securities CEO Kim Sung-hwan emphasized the importance of exploring new opportunities in emerging areas such as artificial intelligence and virtual assets.

韓亞證券執行長 Kang Seong-muk 宣布計劃優先考慮 STO 和數位資產，強調該公司與不斷變化的市場趨勢保持一致。同時，韓國投資證券執行長金成煥強調了在人工智慧和虛擬資產等新興領域探索新機會的重要性。

Korea Financial Investment Association Chairman Seo Yoo-seok also pledged to support the industry by addressing member firms’ demands, stating his commitment to helping the sector discover new growth opportunities in the virtual asset market, including efforts to legislate STOs and launch virtual asset ETFs this year.

韓國金融投資協會主席 Seo Yoo-seok 也承諾透過滿足會員公司的需求來支持該行業，並表示他致力於幫助該行業發現虛擬資產市場的新增長機會，包括努力立法 STO 和推出虛擬資產 ETF年。

**Industry officials see significant market potential in virtual assets.**

**行業官員看到虛擬資產的巨大市場潛力。

According to the Hana Institute of Finance, the domestic STO market is projected to triple in size, growing from approximately 119 trillion won ($82 billion) in 2026 to 367 trillion won by 2030.

據韓亞金融研究所稱，國內 STO 市場規模預計將增長兩倍，從 2026 年的約 119 兆韓元（820 億美元）增長到 2030 年的 367 兆韓元。

In line with these projections, major securities firms have been preparing to enter the STO market through consortiums and other initiatives.

根據這些預測，主要券商一直在準備透過財團和其他措施進入 STO 市場。

In terms of spot Bitcoin ETFs, the industry anticipates substantial growth with Trump's return to the White House. While the virtual asset market has already surpassed $3 trillion, many speculate that the potential effects of Trump's policies have yet to be fully reflected.

就現貨比特幣ETF而言，業界預計隨著川普重返白宮，比特幣ETF將大幅成長。儘管虛擬資產市場已超過3兆美元，但許多人猜測川普政策的潛在影響尚未充分體現。

“The current virtual asset market is overly fixated on prices, failing to envision the transformation that will occur once the digital asset industry establishes itself as a formal sector and attracts talent, funding, financial institutions and big tech players,” NH Investment & Securities analyst Hong Seong-wook said.

NH Investment & Securities 分析師表示：“當前的虛擬資產市場過於關注價格，沒有預見到一旦數字資產行業成為一個正式行業並吸引人才、資金、金融機構和大型科技公司後，將會發生的轉變。”洪成旭說。

“The growth potential of the digital asset industry under the Trump administration is undeniable. With the anticipated regulatory easing, the industry is expected to enter a full-fledged period of expansion in the second half of this year.”

「川普政府領導下的數位資產產業的成長潛力是不可否認的。隨著監管放鬆的預期，預計該行業將在今年下半年進入全面擴張期。

However, the prospects for trading security tokens and spot Bitcoin ETFs remain uncertain.

然而，安全代幣和現貨比特幣 ETF 交易的前景仍然不確定。

Both the ruling and opposition parties have proposed bills to establish a legal framework for STOs. Yet, progress on legislation has stalled as political attention has shifted to impeachment proceedings following President Yoon Suk Yeol’s botched martial law imposition on Dec. 3.

朝野雙方都提出了建立 STO 法律框架的法案。然而，在總統尹錫烈於 12 月 3 日實施了拙劣的戒嚴令後，政治注意力已轉向彈劾程序，立法進展陷入停滯。

Trading of spot Bitcoin ETFs is currently blocked due to the authorities' regulatory interpretations.

由於當局的監管解釋，比特幣 ETF 現貨交易目前被阻止。

Last year, despite the U.S. Securities and Exchange Commission approving spot Bitcoin ETFs, the Financial Services Commission (FSC), Korea's top financial regulator, ruled that such ETFs do not qualify as financial investment products under existing laws. As a result, intermediary trading was prohibited.

去年，儘管美國證券交易委員會批准了現貨比特幣 ETF，但韓國最高金融監管機構金融服務委員會 (FSC) 裁定，根據現行法律，此類 ETF 不符合金融投資產品的資格。結果，中間交易被禁止。

Under current regulations, ETFs are required to track an underlying index composed of eligible underlying assets. However, virtual assets do not meet the criteria for underlying assets, making them ineligible for ETF inclusion, according to the authorities.

根據現行規定，ETF 必須追蹤由合格標的資產組成的標的指數。然而，當局表示，虛擬資產不符合基礎資產的標準，因此不符合 ETF 納入的資格。

They noted that the virtual asset committee under the FSC will continue relevant discussions.

他們表示，FSC下屬的虛擬資產委員會將繼續進行相關討論。

During its inaugural meeting held in November, the committee discussed measures to allow corporations to invest in virtual assets. The committee plans to discuss the potential issuance of spot virtual asset ETFs in the future. The committee’s second meeting is slated for Jan. 15.

在 11 月舉行的首次會議上，該委員會討論了允許企業投資虛擬資產的措施。委員會計劃討論未來可能發行現貨虛擬資產ETF的問題。該委員會的第二次會議定於 1 月 15 日舉行。