隨著唐納德·特朗普總統任期的臨近，韓國和摩根士丹利對數位資產熱衷起來

韓國頂級證券交易所正在考慮將數位資產現貨交易所交易基金（ETF）添加到其產品組合中，以重振投資者的興趣

South Korea’s top stock exchange and one of America’s largest asset managers are considering adding digital assets to their product suites in a bid to capitalize on the shifting political landscape and the expected influx of investors.

韓國最大的證券交易所和美國最大的資產管理公司之一正在考慮將數位資產添加到其產品套件中，以利用不斷變化的政治格局和預期的投資者湧入。

South Korea’s Stock Exchange Considers Digital Asset Spot ETFs, STOs

韓國證券交易所考慮數位資產現貨 ETF、STO

Several stock exchanges have explored digital asset exchange-traded funds (ETFs) in recent years. In the U.S., the Securities and Exchange Commission (SEC) finally approved the first batch of BTC spot ETFs in January this year.

近年來，多家證券交易所探索了數位資產交易所交易基金（ETF）。在美國，美國證券交易委員會（SEC）最終在今年1月批准了第一批BTC現貨ETF。

Since then, other exchanges have launched their own ETFs. For instance, Thailand‘s Stock Exchange of Thailand began trading physical bitcoin and ether ETFs in May. Hong Kong Exchanges and Clearing also launched two digital asset ETFs in March.

此後，其他交易所也推出了自己的ETF。例如，泰國證券交易所於 5 月開始交易實體比特幣和以太幣 ETF。香港交易及結算所也在三月推出了兩隻數位資產ETF。

Now, South Korea’s top stock exchange is considering adding digital asset spot ETFs to its product suite. The bourse is also exploring security token offerings (STOs).

現在，韓國​​頂級證券交易所正在考慮將數位資產現貨 ETF 添加到其產品組合中。該交易所也正在探索證券型代幣產品（STO）。

Jeong Eun-bo, the chairman of the Korea Exchange (KRX), revealed recently that the bourse is exploring new business avenues, such as ETFs, to revive the sector.

韓國交易所 (KRX) 董事長 Jeong Eun-bo 最近透露，該交易所正在探索 ETF 等新業務途徑，以重振該行業。

“We will benchmark overseas cases for new businesses such as virtual currency ETFs and explore new areas in the capital market,” the bourse chief said.

交易所負責人表示：“我們將借鑒海外案例開展虛擬貨幣ETF等新業務，探索資本市場新領域。”

The bourse is pivoting to new strategies as trading activity at KRX has declined significantly this year. In early December, President Yoon Suk Yeol declared martial law, which led to his impeachment (and his successor’s) by parliament within days. The country is now being headed by Finance Minister Choi Sang-mok as the acting president and acting prime minister.

由於今年 KRX 的交易活動大幅下降，該交易所正在轉向新的策略。 12 月初，總統尹錫烈宣布戒嚴，導致他（及其繼任者）在幾天內被議會彈劾。目前，該國由財政部長崔尚木擔任代理總統和代理總理。

These scandals, paired with global political and economic shakeups, have led to a steep decline in the trading activity at KRX. Eun-bo believes that the exchange must reinvent itself to bring investors back to Asia’s sixth-largest stock exchange.

這些醜聞加上全球政治和經濟動盪，導致 KRX 交易活動急劇下降。恩寶認為，該交易所必須進行自我改造，以吸引投資人重返亞洲第六大證券交易所。

However, South Korea has been conservative when it comes to approving digital asset ETFs. Despite the rise of these ETFs in Asian and North American markets, Korea, Japan, and some other major economies have steered clear.

然而，韓國在批准數位資產ETF方面一直持保守態度。儘管這些 ETF 在亞洲和北美市場興起，但韓國、日本和其他一些主要經濟體卻對它們敬而遠之。

Last year, experts at the Korea Institute of Finance warned against the ETFs, which they claimed posed a “significant risk to investors and could undermine financial stability.”

去年，韓國金融研究所的專家對 ETF 發出警告，稱其「對投資者構成重大風險，並可能破壞金融穩定」。

However, ETF approval would align with campaign pledges made by the opposition Democratic Party in the lead-up to this year’s elections, where it won by a landslide. Legislators from the party claimed they would request financial regulators reconsider ETFs, failure to which they would amend existing capital markets laws.

然而，ETF 的批准將與反對黨民主黨在今年選舉中以壓倒性優勢獲勝時做出的競選承諾保持一致。該黨的立法者聲稱，他們將要求金融監管機構重新考慮 ETF，否則他們將修改現有的資本市場法律。

In related news, the Financial Services Commission (FSC) is considering approving STOs. Speaking at the same event, FSC Chair Kim Byung-hwan revealed that the authority is exploring the matter.

相關消息稱，金融服務委員會 (FSC) 正在考慮批准 STO。 FSC 主席 Kim Byung-hwan 在同一活動中發表講話時透露，該機構正在研究此事。

“We will institutionalize STO (tokenized securities) […] to diversify the securities issuance and distribution system … We will reorganize the entire system so that comprehensive financial investment businesses can be faithful to their original role of providing corporate finance and venture capital.”

「我們將把STO（代幣化證券）制度化……使證券發行和分銷體系多元化……我們將重組整個體系，使綜合金融投資業務能夠忠實於提供企業融資和風險投資的原有角色。 」

Kim further implored the government, parliament, and corporate investors to work together to revive the market.

金進一步懇請政府、議會和企業投資者共同努力重振市場。

“The government, the National Assembly, and the financial industry should join forces to restore the vitality of the capital market and propel the Korean economy forward.”

“政府、國會和金融業應共同努力，恢復資本市場的活力，推動韓國經濟向前發展。”

South Korea’s digital asset market is still awaiting taxation. A new law that imposes a 20% tax on digital asset profits was meant to take effect in 2020, but a series of politically-motivated postponements have pushed it to 2027.

韓國的數位資產市場仍在等待徵稅。一項對數位資產利潤徵收 20% 稅的新法律原定於 2020 年生效，但一系列出於政治動機的延遲將其推遲到 2027 年。

Despite the challenges, South Korea remains one of the world’s largest digital asset markets. Studies have found that over six million South Koreans trade digital assets, representing over 12% of the population.

儘管面臨挑戰，韓國仍然是世界上最大的數位資產市場之一。研究發現，超過 600 萬韓國人交易數位資產，佔總人口的 12% 以上。

Morgan Stanley Considers Digital Assets on E*TRADE

摩根士丹利考慮在 E*TRADE 上推出數位資產

Meanwhile, in the U.S., one of the country’s largest asset managers is considering adding digital assets to its online brokerage platform.

同時，在美國，該國最大的資產管理公司之一正在考慮將數位資產添加到其線上經紀平台。

According to The Information, which first reported the story, Morgan Stanley is considering adding digital assets to E*TRADE. The move would come as the asset manager expects a surge in digital asset investment once Donald Trump takes over as the new U.S. president later this month.

根據最先報導此事的 The Information 報道，摩根士丹利正在考慮將數位資產添加到 E*TRADE 中。此舉之際，該資產管理公司預計，一旦唐納德·川普本月稍後就任美國新總統，數位資產投資將激增。

The Republican president-elect has pledged to implement a friendly framework that makes the U.S. the global “crypto” capital.

這位共和黨當選總統承諾實施一個友善的框架，使美國成為全球「加密貨幣」之都。

E*TRADE is one of the leaders in online brokerage in the U.S., offering stocks, bonds, mutual funds, retirement accounts and more. Morgan Stanley acquired the platform in 2020 for $13 billion.

E*TRADE 是美國線上經紀領域的領導者之一，提供股票、債券、共同基金、退休帳戶等服務。摩根士丹利在 2020 年以 130 億美元收購了該平台。

At the time, E*TRADE boasted over five million accounts and over $360 billion in assets. It’s not the first time E*TRADE explores digital assets.

當時，E*TRADE 擁有超過 500 萬個帳戶和超過 3,600 億美元的資產。這並不是 E*TRADE 第一次探索數位資產。

In 2018, the online brokerage platform was considering digital currency products, but regulations were more restrictive. Discussions about Morgan Stanley’s acquisition also got in the way.

2018年，線上經紀平台曾考慮數位貨幣產品，但監管更為嚴格。關於摩根士丹利收購的討論也陷入了困境。

Effectively, E*TRADE missed out on a massive opportunity as others, like Robinhood (NASDAQ:HOOD

實際上，E*TRADE 與 Robinhood（納斯達克股票代碼：HOOD）等其他公司一樣錯過了巨大的機會