與代幣證券（STO）有關的法律已創建，預計這將是最後一次公開聽證會

首爾的韓國韓國交易所舉行的研討會的參與者，標題為“數字金融生態系統的整合

The Digital Finance Hub Committee of the Democratic Party of Korea held a seminar on the integration of the digital finance ecosystem and token securities at the Korea Exchange in Yeouido, Seoul, on the 28th. The event was attended by over 200 people from industry, government, and academia.

韓國民主黨的數字金融樞紐委員會於28日舉行了一項關於數字金融生態系統和標記證券整合的研討會。該活動來自行業，政府和學術界的200多人參加。

The seminar began with a discussion on the status of legislation on token securities (STO). After the Financial Services Commission announced measures to reorganize the issuance and distribution system of token securities two years ago, amendments to the Electronic Securities Act and the Capital Markets Act were proposed in the 21st National Assembly that year. However, the bills were automatically discarded due to the expiration of the National Assembly’s term in May of last year. With the opening of the 22nd National Assembly, amendments to the Electronic Securities Act and the Capital Markets Act were proposed again in October of last year.

研討會始於討論有關代幣證券（STO）的立法地位的討論。金融服務委員會宣布了兩年前重組令牌證券發行和分銷系統的措施之後，對《電子證券法》和《資本市場法》進行了修訂，於當年第21屆國民議會提議。但是，由於去年5月的國民議會任期到期，賬單被自動丟棄。隨著第22國民議會的開幕，去年10月再次提出了《電子證券法》和《資本市場法》的修正案。

In his opening remarks, which were delivered by Lee Han-joo, head of the Democratic Party’s Research Institute, party leader Lee Jae-myung said, "If we open the digital asset market and the world’s digital assets come to Korea and are traded, corporations will find new opportunities." He added that the country that seizes digital finance will gain dominance in future finance.

黨負責人李·詹·蒙（Lee Jae-Myung）在由民主黨研究所負責人李·漢喬（Lee Han-Joo）發表的開幕詞中說：“如果我們開設數字資產市場，而全球數字資產就會到韓國，並進行了交易，公司將會找到新的機會。”他補充說，奪取數字融資的國家將在未來的財務中獲得統治地位。

The first presentation was by Kim Dae-ik, Partner at PWC Consulting, on the topic of The Impact of STO on Economic Growth. According to Kim, through STO, everything that exists in this world can be contained in tokens and traded. STO refers to securities that are digitized by registering existing assets in a distributed ledger, which is a technology used in cryptocurrencies.

第一個演講是由普華永道諮詢公司合夥人金·達伊克（Kim Dae-ik）提出的，該主題是Sto對經濟增長的影響。根據金的說法，通過Sto，這個世界上存在的一切都可以包含在令牌中並進行交易。 STO是指通過在分佈式分類帳中註冊現有資產來數字化的證券，這是一種用於加密貨幣的技術。

Compared to traditional securities, STO has the advantage of quickly opening up investment markets that have high barriers, reducing the cost incurred by the complex stages of transaction, and overcoming the physical constraints of existing securities. According to Kim, the global STO market is expected to grow at an average annual rate of 39% by 2030, reaching 2.3 quadrillion won, which is about 10% of the global Gross Domestic Product.

與傳統證券相比，Sto具有迅速開放具有較高障礙的投資市場的優勢，從而降低了交易的複雜階段所產生的成本，並克服了現有證券的物理限制。根據金正日，預計到2030年，全球Sto市場的平均年率將增長39％，達到了23億韓元，約佔全球國內生產總值的10％。

However, in South Korea, as the relevant laws have not been established yet, there is no distribution or issuance of STO. "Our corporations cannot enter the domestic market and they are reporting cases of issuance in foreign countries,” said Kim. In a case of Japan, as of 2020, tokenization has been taking place in traditional financial sectors, starting with stocks, then moving to bond securitization and corporate bond issuance. In the United States, real estate assets were tokenized in 2018, and as of last year, 15 local exchanges handle STO.

但是，在韓國，由於尚未制定相關法律，因此沒有分配或發行STO。金正日說：“我們的公司不能進入國內市場，他們正在報告國外發行的案件。”

"By creating an environment for digital asset projects to operate in Korea, we can achieve the goal of becoming a ‘global financial hub’. Our country has a solid industrial base and the capacity to quickly catch up with other countries. We need to provide strong institutional support such as simplifying the issuance process and quickly integrating the capital market system,” said Kim.

“通過為數字資產項目創造一個環境，可以在韓國運營，我們可以實現成為'全球金融中心'的目標。我們的國家擁有堅實的工業基礎，並能夠迅速趕上其他國家。我們需要提供強大的機構支持，例如簡化發行過程並迅速整合資本市場系統，” Kim說。

The second presentation was by Hwang Hyun-il, Lawyer at Sejong Law Firm, on the Critical Analysis of the Proposed Measures for Introducing Token Securities. Pointing out the shortcomings of the government’s proposed measures for STO, Hwang said, “When setting the capital requirements for the issuer’s account management agency, they should be established in proportion to the issuance volume rather than uniform early standards.”

第二次演講是由Sejong律師事務所的律師Hwang Hyun-il對引入令牌證券的擬議措施進行的批判性分析。 Hwang指出政府提出的STO擬議措施的缺點說：“在設定發行人的帳戶管理機構的資本要求時，應按照發行量成比例建立，而不是統一的早期標準。”

He also noted the need to improve regulations that limit the issuer’s role to only issuance and prevent them from distributing the issued tokens. “Issuance is broadly divided into three types: the issuer who bears obligations according to securities; the underwriter who takes on unsold quantities; and the broker who connects the issuer and investors,” explained Hwang.

他還指出，有必要提高限制發行人角色的法規，以僅發行並阻止他們分發發行的代幣。 “發行大部分分為三種類型：根據證券承擔義務的發行人；承銷商的承銷商未售出數量；以及連接發行人和投資者的經紀人。”黃解釋說。

He added that the size of the conflict of interest differs when issuers and underwriters are entrusted with distribution at the same time. The issuer’s participation in the distribution market poses risks of abuse and conflict, but it is essential for the efficient mobilization of the capital market to allow it. In essence, it would be political to allow securities companies to offer distribution services for the securities they underwrite.

他補充說，當發行人和承銷商同時委託分配時，利益衝突的規模有所不同。發行人參與分銷市場會帶來濫用和衝突的風險，但對於有效地動員資本市場，允許它至關重要。從本質上講，允許證券公司為他們承保的證券提供分銷服務是政治上的。

Hwang also suggested that it would be desirable to eliminate the annual investment limit for investors. The Financial Services Commission plans to set an annual limit on the amount investors can invest during the institutionalization process of STO, given that it is a new product. However, according to Hwang, the type of bowl does not change the amount of food an investor eats. The food itself is more important.

Hwang還建議，希望消除投資者的年度投資限額。金融服務委員會計劃在Sto的製度化過程中對投資者可以投資的金額設定年度限制，因為它是一種新產品。但是，根據黃的說法，碗的類型不會改變投資者吃的食物。食物本身更重要。

In an analogy used by the Financial Services Commission, the form of issuance (physical securities, electronic securities, token securities) is like the bowl, and securities (equity securities, debt securities, revenue securities, etc.) are like the food. The new point of the metaverse is interoperability, and the new point of the capital market is synergy.

在金融服務委員會使用的類比中，發行形式（物理證券，電子證券，代幣證券）就像碗一樣，證券（股票證券，債務證券，稅收證券等）就像食品一樣。元評估的新點是互操作性，資本市場的新點是協同作用。

Also participating in the discussion were members of the Token Securities Council, including Chair Shin Beom-jun (representative of

參與討論的還有代幣證券委員會的成員，包括Shin Beom-Jun主席（代表