SEC 修订数字资产基金投资法规，确保公平、支持资产配置并为资产管理公司提供灵活性

美国证券交易委员会 (SEC) 修订了投资数字资产*的共同基金和私募基金的法规。

The Securities and Exchange Commission (SEC) has revised regulations governing mutual funds and private funds investing in digital assets. The updates aim to promote fairness in providing foreign investment opportunities to high-net-worth investors through securities and asset management companies while supporting fund managers in optimizing asset allocation. The revised regulations are effective immediately.

美国证券交易委员会（SEC）修订了有关投资数字资产的共同基金和私募基金的法规。此次更新旨在促进证券和资产管理公司向高净值投资者提供境外投资机会的公平性，同时支持基金管理人优化资产配置。修订后的规定立即生效。

The SEC has issued 13 notifications concerning the amendments with key points as follows:

SEC已就此次修订发布了13份通知，要点如下：

(1) Adding Investment Token as an eligible asset for investment with an investment limit similar to that of transferable securities such as stocks and bonds because of similar characteristics and risks.

（1）增加Investment Token作为符合投资条件的资产，其投资限额与股票、债券等可转让证券类似，因为具有相似的特性和风险。

(2) Allowing the Funds to invest in crypto assets under a risk level appropriate for the types of investors. For the Funds targeting ultra-high net worth investors, they would be allowed to invest in crypto ETFs without any investment limit in order to create equal competition between securities companies and asset management companies. In the case where such Funds invest in crypto assets directly or indirectly via derivatives, the investment must be capped at 20 percent of the NAV.

（2）允许基金在适合投资者类型的风险水平下投资加密资产。对于针对超高净值投资者的基金，将允许其投资加密货币ETF，没有任何投资限制，以实现证券公司和资产管理公司之间的平等竞争。如果此类基金直接或通过衍生品间接投资加密资产，投资上限必须为资产净值的 20%。

Meanwhile, the Funds for retail investors would be allowed to have total crypto asset exposure through ETFs or foreign mutual funds, capped at 5 percent of the NAV, for the benefit of asset allocation through fund managers.

与此同时，散户投资者的基金将被允许通过ETF或外国共同基金拥有总加密资产敞口，上限为资产净值的5%，以利于基金经理进行资产配置。

(3) Revising relevant regulations to accommodate the establishment and management of Funds investing in DA, for example, asset custody, disclosure of information, appropriate advertising and adjustment of suitability test to cover crypto asset investment, etc.

（3）修改相关规定，以适应投资DA的基金的设立和管理，例如资产托管、信息披露、适当的广告以及调整加密资产投资的适合性测试等。

The notifications concerning the amendments have taken effect on 16 January 2025. The Funds investing in digital assets (DA) under the previous regulations prior to the effective date of the new notifications must comply with the amendments within 90 days from the effective date of the new notifications.

有关修订的通知已于2025年1月16日生效。在新通知生效之前按照旧规定投资数字资产（DA）的基金必须在新通知生效之日起90天内遵守修订内容通知。