韩国在 COVID-19 受挫后寻求在代币化证券市场上迎头赶上

韩国是实物资产部分投资的较早采用者，这一趋势在 COVID-19 大流行期间激增。缺乏大量资金但寻求多样化投资策略的年轻投资者热切地拥抱这些机会。

Korea was among the first movers in the realm of fractional investing in physical assets, a trend that surged notably during the COVID-19 pandemic. Young investors, lacking substantial capital yet seeking diverse investment strategies, eagerly embraced these opportunities. The range of products on offer is broad, including art, real estate and even livestock.

韩国是实物资产部分投资领域的先行者之一，这一趋势在 COVID-19 大流行期间显着激增。缺乏大量资金但寻求多样化投资策略的年轻投资者热切地拥抱这些机会。提供的产品范围广泛，包括艺术品、房地产甚至牲畜。

However, in 2022, the market faced setbacks when financial authorities determined that such investments bore the characteristics of securities. While some projects managed to restructure and enter a regulatory sandbox, many others stalled. The industry has continued to call for legislation and comprehensive guidelines.

然而，到了2022年，当金融当局认定此类投资具有证券特征时，市场遭遇挫折。虽然一些项目成功重组并进入监管沙箱，但许多其他项目却陷入停滞。该行业继续呼吁立法和全面的指导方针。

"It will be around 2027 for the security token offering (STO) market to fully mature once legislation is enacted. Korea has significantly fallen behind in this area ... like a store that only accepts cash while others accept both cash and cards," said Lee Se-il, head of Shinhan Investment & Securities' blockchain department, at a discussion co-hosted by Rep. Kim Jae-sub and Rep. Min Byoung-dug at the National Assembly on Sept. 4.

“一旦立法颁布，证券型代币发行（STO）市场将在 2027 年左右完全成熟。韩国在这一领域明显落后……就像一家商店只接受现金，而其他商店则同时接受现金和银行卡。”新韩投资证券区块链部门负责人李世一 (Lee Se-il) 在 9 月 4 日国会由议员 Kim Jae-sub 和议员 Min Byoung-dug 共同主持的讨论中表示。

Tokenized securities represent fractional ownership of physical or financial assets, issued via blockchain technology. By 2030, they are projected to account for 10 percent of global GDP, according to Samil PwC Business Research, ultimately converting all the world's physical assets and intellectual property in the form of tokenized securities.

代币化证券代表通过区块链技术发行的实物或金融资产的部分所有权。根据 Samil PwC Business Research 的数据，到 2030 年，它们预计将占全球 GDP 的 10%，最终将世界上所有的实物资产和知识产权转化为代币化证券的形式。

A legislative push is gaining traction in the 22nd National Assembly, with Rep. Kim of the ruling People Power Party and Rep. Min from the main opposition Democratic Party both preparing to propose a bill.

立法推动在第22届国会中越来越受到关注，执政党人民力量党的金议员和主要反对党民主党的议员敏都准备提出一项法案。

The new measures are expected to apply the same regulations governing securities, along with detailed ordinances addressing sanctions and other concerns.

预计新措施将适用相同的证券监管法规，以及解决制裁和其他问题的详细条例。

"Both ruling and opposition parties have committed to the swift institutionalization of tokenized securities in their policy platforms, so we can expect legislation in the second half of the year," said NH Investment & Securities analyst Yoon Yoo-dong.

NH Investment & Securities 分析师 Yoon Yoo-dong 表示：“执政党和反对党都致力于在其政策平台中迅速实现代币化证券的制度化，因此我们预计立法将在今年下半年出台。”

The recent appointment of Yoon Chang-hyun as head of KOSCOM, an IT system provider owned by the Korea Exchange, has also bolstered hopes for STO's legalization. Yoon had previously pushed for STO laws in the 21st Assembly, but the effort stalled and the bill was dismissed amid political battles among the political parties.

最近任命 Yoon Chang-hyun 为韩国交易所旗下 IT 系统提供商 KOSCOM 的负责人，也增强了人们对 STO 合法化的希望。尹此前曾在第21届国会推动STO立法，但该努力陷入停滞，该法案因政党之间的政治斗争而被驳回。

Rep. Kim Jae-sub from the ruling People Power Party speaks during a discussion on the legalization of security token offerings at the National Assembly, Sept. 4. The discussion was co-hosted by Kim and Rep. Min Byoung-dug from the opposition Democratic Party of Korea. Both legislators are preparing to introduce a bill in the 22nd National Assembly. Courtesy of Rep. Kim Jae-sub

9 月 4 日，执政党人民力量党议员 Kim Jae-sub 在国会讨论证券型代币发行合法化问题时发表讲话。此次讨论由 Kim Jae-sub 和反对党议员 Min Byoung-dug 共同主持韩国民主党。两位议员正准备向第22届国会提出法案。由众议员 Kim Jae-sub 提供

While the market welcomes this progress, a mixture of optimism and concern persists.

尽管市场对这一进展表示欢迎，但乐观与担忧的情绪依然存在。

"If there are 100 companies looking to run business, only five to 10 will be proved 'real' ones as time goes by," Lee Jun-han, general manager at VMIC Aviation, told The Korea Times.

VMIC Aviation 总经理 Lee Jun-han 告诉《韩国时报》：“如果有 100 家公司寻求开展业务，随着时间的推移，只有 5 到 10 家公司能够被证明是‘真正’的。”

VMIC, an aviation asset management firm, is a member of an STO consortium for aircraft engine sharing, the only initiative to be granted sandbox status by the financial authorities in the past two years.

VMIC 是一家航空资产管理公司，是飞机发动机共享 STO 联盟的成员，这是过去两年中唯一被金融当局授予沙箱地位的举措。

"By mitigating these risks (the absence of legalization), more robust business models can be created, and the market can become more active," Lee said, pointing to Singapore's Monetary Authority, which has established explicit guidelines for tokenized securities businesses and eligible investors.

李说：“通过减轻这些风险（缺乏合法化），可以创建更稳健的商业模式，市场也可以变得更加活跃。”他指的是新加坡金融管理局，该机构为代币化证券业务和合格投资者制定了明确的指导方针。

Meanwhile, startups that pioneered the concept in Korea are grappling with growing competition. Securities firms, backed by substantial capital, are accelerating their entry by forming multiple consortiums.

与此同时，在韩国开创这一概念的初创公司正在努力应对日益激烈的竞争。券商凭借雄厚的资本，通过组建多个联合体加速进入。

"In every industry, the survival of the fittest is inevitable. But honestly, we worry about whether there's a room for us," said Lucent Block CEO Huh Se-young, also at the discussion hosted by Rep. Kim and Min. His startup, founded in Nov. 2018, specializes in tokenizing real estate.

Lucent Block 首席执行官 Huh Se-young 在议员 Kim 和 Min 主持的讨论中表示：“在每个行业，优胜劣汰是不可避免的。但说实话，我们担心是否有自己的空间。”他的初创公司成立于 2018 年 11 月，专注于房地产代币化。

Yet, ultimately, the financial market will judge these ventures based on their ability to gain traction, regardless of STO classification itself, according to Anna Liu, general manager of tokenization at HashKey Group.

然而，HashKey Group 代币化总经理 Anna Liu 表示，最终，金融市场将根据这些企业获得吸引力的能力来评判这些企业，而不管 STO 分类本身如何。

"Turning the proof of concept stage into real commercial use while sustaining the momentum and ensuring profits are vital. If we can't profit, it's not effective, and it won't contribute meaning to the market," Liu told The Korea Times.

“将概念验证阶段转变为真正的商业用途，同时保持势头并确保利润至关重要。如果我们不能盈利，那就没有效果，也不会对市场做出任何贡献，”刘告诉《韩国时报》。

Legislation is the first step to address these challenges.

立法是应对这些挑战的第一步。

"Many Korean retail investors are involved in crypto and are token holders. If you don't allow them to trade, do you think they will go to other jurisdictions' exchanges, like unregulated exchanges abroad? Probably yes. Is there a better way to protect them? Probably yes as well."

“许多韩国散户投资者参与加密货币，并且是代币持有者。如果你不允许他们交易，你认为他们会去其他司法管辖区的交易所，比如国外不受监管的交易所吗？可能会。有没有更好的方法保护他们？也许也是。”