随着虚拟资产市场升温，韩国证券公司关注 STO 和现货比特币 ETF

证券型代币是一种划分实物或金融资产（例如房地产）并将其与基于区块链的代币联系起来进行交易的手段。 STO 是一种利用该系统的筹款方法。

Securities firms in Korea are keeping a close eye on the potential of security token offerings (STOs) and spot Bitcoin exchange-traded funds (ETFs), anticipating that the virtual asset market will grow with the launch of the second Donald Trump administration later this month.

韩国的证券公司正在密切关注证券型代币发行（STO）和现货比特币交易所交易基金（ETF）的潜力，预计随着本月晚些时候唐纳德·特朗普第二届政府的上台，虚拟资产市场将会增长。

Security tokens are a means of dividing physical or financial assets, such as real estate, and linking them to blockchain-based tokens for trading. An STO is a method of fundraising that utilizes this system.

证券型代币是一种划分实物或金融资产（例如房地产）并将其与基于区块链的代币联系起来进行交易的手段。 STO 是一种利用该系统的筹款方法。

The CEOs of major securities firms and heads of related institutions have mentioned in their New Year addresses that they view virtual assets as a future growth engine despite ongoing concerns. They vowed to expand initiatives related to virtual assets as part of their 2025 business goals.

各大券商CEO及相关机构负责人在新年致辞中均提到，尽管担忧持续存在，但他们仍将虚拟资产视为未来的增长引擎。他们发誓要扩大与虚拟资产相关的举措，作为 2025 年业务目标的一部分。

Hana Securities CEO Kang Seong-muk announced plans to prioritize STOs and digital assets, highlighting the company’s alignment with evolving market trends. Meanwhile, Korea Investment & Securities CEO Kim Sung-hwan emphasized the importance of exploring new opportunities in emerging areas such as artificial intelligence and virtual assets.

韩亚证券首席执行官 Kang Seong-muk 宣布计划优先考虑 STO 和数字资产，强调该公司与不断变化的市场趋势保持一致。与此同时，韩国投资证券首席执行官金成焕强调了在人工智能和虚拟资产等新兴领域探索新机遇的重要性。

Korea Financial Investment Association Chairman Seo Yoo-seok also pledged to support the industry by addressing member firms’ demands, stating his commitment to helping the sector discover new growth opportunities in the virtual asset market, including efforts to legislate STOs and launch virtual asset ETFs this year.

韩国金融投资协会主席 Seo Yoo-seok 也承诺通过满足会员公司的需求来支持该行业，并表示他致力于帮助该行业发现虚拟资产市场的新增长机会，包括努力立法 STO 和推出虚拟资产 ETF年。

**Industry officials see significant market potential in virtual assets.**

**行业官员看到虚拟资产的巨大市场潜力。**

According to the Hana Institute of Finance, the domestic STO market is projected to triple in size, growing from approximately 119 trillion won ($82 billion) in 2026 to 367 trillion won by 2030.

据韩亚金融研究所称，国内 STO 市场规模预计将增长两倍，从 2026 年的约 119 万亿韩元（820 亿美元）增长到 2030 年的 367 万亿韩元。

In line with these projections, major securities firms have been preparing to enter the STO market through consortiums and other initiatives.

根据这些预测，主要券商一直在准备通过财团和其他举措进入 STO 市场。

In terms of spot Bitcoin ETFs, the industry anticipates substantial growth with Trump's return to the White House. While the virtual asset market has already surpassed $3 trillion, many speculate that the potential effects of Trump's policies have yet to be fully reflected.

就现货比特币ETF而言，业界预计随着特朗普重返白宫，比特币ETF将出现大幅增长。尽管虚拟资产市场已超过3万亿美元，但许多人猜测特朗普政策的潜在影响尚未得到充分体现。

“The current virtual asset market is overly fixated on prices, failing to envision the transformation that will occur once the digital asset industry establishes itself as a formal sector and attracts talent, funding, financial institutions and big tech players,” NH Investment & Securities analyst Hong Seong-wook said.

NH Investment & Securities 分析师表示：“当前的虚拟资产市场过于关注价格，没有预见到一旦数字资产行业成为一个正式行业并吸引人才、资金、金融机构和大型科技公司后，将会发生的转变。”洪成旭说道。

“The growth potential of the digital asset industry under the Trump administration is undeniable. With the anticipated regulatory easing, the industry is expected to enter a full-fledged period of expansion in the second half of this year.”

“特朗普政府领导下的数字资产行业的增长潜力是不可否认的。随着监管放松的预期，预计行业将在今年下半年进入全面扩张期。”

However, the prospects for trading security tokens and spot Bitcoin ETFs remain uncertain.

然而，安全代币和现货比特币 ETF 交易的前景仍然不确定。

Both the ruling and opposition parties have proposed bills to establish a legal framework for STOs. Yet, progress on legislation has stalled as political attention has shifted to impeachment proceedings following President Yoon Suk Yeol’s botched martial law imposition on Dec. 3.

朝野双方都提出了建立 STO 法律框架的法案。然而，在总统尹锡烈于 12 月 3 日实施了拙劣的戒严令后，政治注意力已转向弹劾程序，立法进展陷入停滞。

Trading of spot Bitcoin ETFs is currently blocked due to the authorities' regulatory interpretations.

由于当局的监管解释，比特币 ETF 现货交易目前被阻止。

Last year, despite the U.S. Securities and Exchange Commission approving spot Bitcoin ETFs, the Financial Services Commission (FSC), Korea's top financial regulator, ruled that such ETFs do not qualify as financial investment products under existing laws. As a result, intermediary trading was prohibited.

去年，尽管美国证券交易委员会批准了现货比特币 ETF，但韩国最高金融监管机构金融服务委员会 (FSC) 裁定，根据现行法律，此类 ETF 不符合金融投资产品的资格。结果，中间交易被禁止。

Under current regulations, ETFs are required to track an underlying index composed of eligible underlying assets. However, virtual assets do not meet the criteria for underlying assets, making them ineligible for ETF inclusion, according to the authorities.

根据现行规定，ETF 必须跟踪由合格标的资产组成的标的指数。然而，当局表示，虚拟资产不符合基础资产的标准，因此不符合 ETF 纳入的资格。

They noted that the virtual asset committee under the FSC will continue relevant discussions.

他们表示，FSC下属的虚拟资产委员会将继续进行相关讨论。

During its inaugural meeting held in November, the committee discussed measures to allow corporations to invest in virtual assets. The committee plans to discuss the potential issuance of spot virtual asset ETFs in the future. The committee’s second meeting is slated for Jan. 15.

在 11 月举行的首次会议上，该委员会讨论了允许企业投资虚拟资产的措施。委员会计划讨论未来可能发行现货虚拟资产ETF的问题。该委员会的第二次会议定于 1 月 15 日举行。