代幣化有潛力提高現有的、成熟的傳統資產的訪問和效率

「我們確實相信代幣化只是一個技術層，它是一種代表人們每天交易的相同資產的新方式

Tokenisation can enhance access and efficiency for existing, well-established traditional assets, according to Henry Chong, CEO of digital stock exchange Fusang.

數位證券交易所 Fusang 執行長 Henry Chong 表示，代幣化可以提高現有成熟傳統資產的存取和效率。

"We really believe that tokenisation is just a technology layer, it's a new way of representing the same assets that people already trade every day,” Chong told the audience at AsianInvestor’s 13th Family Office Briefing in Hong Kong last Tuesday.

「我們確實相信代幣化只是一個技術層，它是一種代表人們每天交易的相同資產的新方式，」Chong 上週二在亞洲投資者在香港舉行的第13 屆家族辦公室簡報會上告訴觀眾。

Drawing a parallel to the rise of exchange traded funds (ETFs), Chong positioned tokenisation as a vehicle to simplify access to familiar investments, rather than a means of creating new, exotic asset classes such as cryptocurrency.

與交易所交易基金（ETF）的興起類似，Chong 將代幣化定位為簡化獲得熟悉投資的工具，而不是創造新的、奇異的資產類別（例如加密貨幣）的手段。

“Blackrock became the world's biggest asset manager because of ETFs, but it's just a wrapper of things that people want to buy, and now you have tokenisation, another wrapper, effectively a way to give people access to the same things they already want,” he said.

「貝萊德憑藉ETF 成為全球最大的資產管理公司，但它只是人們想要購買的東西的包裝，現在你有了代幣化，另一種包裝，有效地讓人們獲得他們已經想要的相同東西的方式，」他說。

Many blockchain enthusiasts focus on tokenising niche items – like whiskey or racehorses – but Chong strongly advocates applying the technology to large, established markets that suffer from inefficiencies.

許多區塊鏈愛好者專注於對利基商品進行代幣化——例如威士忌或賽馬——但 Chong 強烈主張將該技術應用於效率低下的大型、成熟市場。

“Asset classes that are ripe for tokenisation are asset classes that you can see obvious demand and supply, where people are already transacting at scale in the traditional route,” said Chong.

Chong 表示：“代幣化成熟的資產類別是可以看到明顯需求和供應的資產類別，人們已經在傳統途徑中進行大規模交易。”

A prime example that Fusang has turned its attention to is Islamic finance and the sukuk market, a type of Sharia-compliant bond.

Fusang 將注意力轉向伊斯蘭金融和伊斯蘭債券市場（一種符合伊斯蘭教法的債券）的典型例子。

“In the Middle East, these sukuk bonds have annual issuances of around $600 billion, but remain largely institutional and rely on outdated OTC trading practices – and I mean literally pick up the phone and call a human broker,” said Chong, referring to the prevalence of over-the-counter trades.

「在中東，這些伊斯蘭債券每年發行量約為6000 億美元，但很大程度上仍然是機構債券，並且依賴過時的場外交易實踐——我的意思是拿起電話，打電話給人類經紀人，」Chong 說。場外交易盛行。

He argues that in addition to democratising access to markets and streamlining trading processes, the true power of tokenisation lies in its ability to improve market structure without altering the legal nature of underlying assets.

他認為，除了使市場進入民主化和簡化交易流程之外，代幣化的真正力量還在於其能夠在不改變基礎資產法律性質的情況下改善市場結構。

"I don't think you should change the legal structure of products," Chong said. "The question is, by representing it with a token in a new digital way, how can you change up market structure?"

「我認為不應該改變產品的法律結構，」Chong 說。 “問題是，通過以新的數字方式用代幣表示它，如何改變市場結構？”

In the booming private credit market, where family offices are showing increasing interest, tokenisation could also play a role, according to Chong.

Chong 表示，在蓬勃發展的私人信貸市場中，家族辦公室表現出越來越大的興趣，代幣化也可能發揮作用。

Investment processes are currently cumbersome and often require direct participation in loan agreements or investment through fund structures, he said.

他說，目前投資流程很繁瑣，通常需要直接參與貸款協議或透過基金結構進行投資。

"One of the listing sponsors that we have onboarded is an MAS licensed fintech platform,” Chong said, referring to Singapore’s central bank. “Their whole job is to go out and originate these private credit notes direct to SMEs. These are typically $10 million to $20 million tranche sizes, paying between 10 to12% with a one- to two-year duration."

「我們已經加入的上市保薦人之一是MAS 許可的金融科技平台，」Chong 說，他指的是新加坡中央銀行。 1000 萬美元。

"If you can start to represent these loans directly in digital format, allow them to be traded [on] market infrastructure that feels very similar to what we're used to in public equity markets, you can have individuals or brokers purchase these loans exactly how they would purchase and distribute typical listed equities," he posited.

「如果你可以開始直接以數位格式表示這些貸款，允許它們在市場基礎設施​​上進行交易，感覺與我們在公共股票市場上習慣的非常相似，那麼你可以讓個人或經紀人準確地購買這些貸款他們將如何購買和分配典型的上市股票，」他斷言。

The approach not only simplifies the investment process but also potentially enhances liquidity, achieving two key goals for wealth managers: alleviating fees for clients and keeping their identities private.

這種方法不僅簡化了投資流程，而且還可能增強流動性，實現財富管理機構的兩個關鍵目標：減輕客戶費用並保密他們的身份。

Meanwhile, family offices could gain easier access to private credit investments and potentially benefit from improved liquidity while maintaining compliance within a familiar market structure, he said.

同時，家族辦公室可以更容易獲得私人信貸投資，並可能從流動性改善中受益，同時在熟悉的市場結構內保持合規性，他說。

For family offices considering tokenised assets, Chong emphasises the importance of focusing on the underlying asset rather than getting caught up in the technology.

對於考慮代幣化資產的家族辦公室，Chong 強調了專注於基礎資產而不是陷入技術的重要性。

He warns against buying tokens simply for the sake of being involved in blockchain technology.

他警告不要只為了參與區塊鏈技術而購買代幣。

"You definitely shouldn't be buying a token-based asset because it's a token. It's a terrible idea. The question is always, what is the underlying asset? What am I getting, and is there a direct legal link between me holding this token and owning the underlying asset?" said Chong.

「你絕對不應該購買基於代幣的資產，因為它是一種代幣。這是一個糟糕的主意。問題始終是，基礎資產是什麼？我得到了什麼，我持有這個資產之間是否有直接的法律聯繫？衝說。

He advocates for two approaches to tokenisation that maintain a clear legal link between the token and the underlying asset.

他主張採用兩種代幣化方法，以維持代幣和基礎資產之間明確的法律連結。

“The first is native tokenisation, where the token directly represents a share or bond certificate. The second is through depository receipts, similar to ADRs, where a token represents a claim on an underlying asset held by a custodian,” said Chong.

「第一個是原生代幣化，其中代幣直接代表股票或債券證書。第二種是透過存託憑證，類似美國存託憑證，代幣代表對託管人持有的基礎資產的債權。

In his dealings with regulators, Chong has found them to be open to properly structured tokenisation projects.

在與監管機構打交道時，Chong 發現他們對結構良好的代幣化專案持開放態度。

"Not only do I think there are no particular regulatory barriers to doing a lot of these projects, in my experience, regulators are actually very, very encouraging because that's exactly what they want to see, and they view this technology, in many cases, as making their job easier," he said.

「我認為，開展許多此類計畫不僅沒有特別的監管障礙，而且根據我的經驗，監管機構實際上非常非常令人鼓舞，因為這正是他們希望看到的，而且在很多情況下，他們認為這項技術，讓他們的工作變得更輕鬆，」他說。