与代币证券（STO）有关的法律已创建，预计这将是最后一次公开听证会

首尔的韩国韩国交易所举行的研讨会的参与者，标题为“数字金融生态系统的整合

The Digital Finance Hub Committee of the Democratic Party of Korea held a seminar on the integration of the digital finance ecosystem and token securities at the Korea Exchange in Yeouido, Seoul, on the 28th. The event was attended by over 200 people from industry, government, and academia.

韩国民主党的数字金融枢纽委员会于28日举行了一项关于数字金融生态系统和标记证券整合的研讨会。该活动来自行业，政府和学术界的200多人参加。

The seminar began with a discussion on the status of legislation on token securities (STO). After the Financial Services Commission announced measures to reorganize the issuance and distribution system of token securities two years ago, amendments to the Electronic Securities Act and the Capital Markets Act were proposed in the 21st National Assembly that year. However, the bills were automatically discarded due to the expiration of the National Assembly’s term in May of last year. With the opening of the 22nd National Assembly, amendments to the Electronic Securities Act and the Capital Markets Act were proposed again in October of last year.

研讨会始于讨论有关代币证券（STO）的立法地位的讨论。金融服务委员会宣布了两年前重组令牌证券发行和分销系统的措施之后，对《电子证券法》和《资本市场法》进行了修订，于当年第21届国民议会提议。但是，由于去年5月的国民议会任期到期，账单被自动丢弃。随着第22国民议会的开幕，去年10月再次提出了《电子证券法》和《资本市场法》的修正案。

In his opening remarks, which were delivered by Lee Han-joo, head of the Democratic Party’s Research Institute, party leader Lee Jae-myung said, "If we open the digital asset market and the world’s digital assets come to Korea and are traded, corporations will find new opportunities." He added that the country that seizes digital finance will gain dominance in future finance.

党负责人李·詹·蒙（Lee Jae-Myung）在由民主党研究所负责人李·汉乔（Lee Han-Joo）发表的开幕词中说：“如果我们开设数字资产市场，而全球数字资产就会到韩国，并进行了交易，公司将会找到新的机会。”他补充说，夺取数字融资的国家将在未来的财务中获得统治地位。

The first presentation was by Kim Dae-ik, Partner at PWC Consulting, on the topic of The Impact of STO on Economic Growth. According to Kim, through STO, everything that exists in this world can be contained in tokens and traded. STO refers to securities that are digitized by registering existing assets in a distributed ledger, which is a technology used in cryptocurrencies.

第一个演讲是由普华永道咨询公司合伙人金·达伊克（Kim Dae-ik）提出的，该主题是Sto对经济增长的影响。根据金的说法，通过Sto，这个世界上存在的一切都可以包含在令牌中并进行交易。 STO是指通过在分布式分类帐中注册现有资产来数字化的证券，这是一种用于加密货币的技术。

Compared to traditional securities, STO has the advantage of quickly opening up investment markets that have high barriers, reducing the cost incurred by the complex stages of transaction, and overcoming the physical constraints of existing securities. According to Kim, the global STO market is expected to grow at an average annual rate of 39% by 2030, reaching 2.3 quadrillion won, which is about 10% of the global Gross Domestic Product.

与传统证券相比，Sto具有迅速开放具有较高障碍的投资市场的优势，从而降低了交易的复杂阶段所产生的成本，并克服了现有证券的物理限制。根据金正日，预计到2030年，全球Sto市场的平均年率将增长39％，达到了23亿韩元，约占全球国内生产总值的10％。

However, in South Korea, as the relevant laws have not been established yet, there is no distribution or issuance of STO. "Our corporations cannot enter the domestic market and they are reporting cases of issuance in foreign countries,” said Kim. In a case of Japan, as of 2020, tokenization has been taking place in traditional financial sectors, starting with stocks, then moving to bond securitization and corporate bond issuance. In the United States, real estate assets were tokenized in 2018, and as of last year, 15 local exchanges handle STO.

但是，在韩国，由于尚未制定相关法律，因此没有分配或发行STO。金正日说：“我们的公司不能进入国内市场，他们正在报告国外发行的案件。”

"By creating an environment for digital asset projects to operate in Korea, we can achieve the goal of becoming a ‘global financial hub’. Our country has a solid industrial base and the capacity to quickly catch up with other countries. We need to provide strong institutional support such as simplifying the issuance process and quickly integrating the capital market system,” said Kim.

“通过为数字资产项目创造一个环境，可以在韩国运营，我们可以实现成为'全球金融中心'的目标。我们的国家拥有坚实的工业基础，并能够迅速赶上其他国家。我们需要提供强大的机构支持，例如简化发行过程并迅速整合资本市场系统，” Kim说。

The second presentation was by Hwang Hyun-il, Lawyer at Sejong Law Firm, on the Critical Analysis of the Proposed Measures for Introducing Token Securities. Pointing out the shortcomings of the government’s proposed measures for STO, Hwang said, “When setting the capital requirements for the issuer’s account management agency, they should be established in proportion to the issuance volume rather than uniform early standards.”

第二次演讲是由Sejong律师事务所的律师Hwang Hyun-il对引入令牌证券的拟议措施进行的批判性分析。 Hwang指出政府提出的STO拟议措施的缺点说：“在设定发行人的帐户管理机构的资本要求时，应按照发行量成比例建立，而不是统一的早期标准。”

He also noted the need to improve regulations that limit the issuer’s role to only issuance and prevent them from distributing the issued tokens. “Issuance is broadly divided into three types: the issuer who bears obligations according to securities; the underwriter who takes on unsold quantities; and the broker who connects the issuer and investors,” explained Hwang.

他还指出，有必要提高限制发行人角色的法规，以仅发行并阻止他们分发发行的代币。 “发行大部分分为三种类型：根据证券承担义务的发行人；承销商的承销商未售出数量；以及连接发行人和投资者的经纪人。”黄解释说。

He added that the size of the conflict of interest differs when issuers and underwriters are entrusted with distribution at the same time. The issuer’s participation in the distribution market poses risks of abuse and conflict, but it is essential for the efficient mobilization of the capital market to allow it. In essence, it would be political to allow securities companies to offer distribution services for the securities they underwrite.

他补充说，当发行人和承销商同时委托分配时，利益冲突的规模有所不同。发行人参与分销市场会带来滥用和冲突的风险，但对于有效地动员资本市场，允许它至关重要。从本质上讲，允许证券公司为他们承保的证券提供分销服务是政治上的。

Hwang also suggested that it would be desirable to eliminate the annual investment limit for investors. The Financial Services Commission plans to set an annual limit on the amount investors can invest during the institutionalization process of STO, given that it is a new product. However, according to Hwang, the type of bowl does not change the amount of food an investor eats. The food itself is more important.

Hwang还建议，希望消除投资者的年度投资限额。金融服务委员会计划在Sto的制度化过程中对投资者可以投资的金额设定年度限制，因为它是一种新产品。但是，根据黄的说法，碗的类型不会改变投资者吃的食物。食物本身更重要。

In an analogy used by the Financial Services Commission, the form of issuance (physical securities, electronic securities, token securities) is like the bowl, and securities (equity securities, debt securities, revenue securities, etc.) are like the food. The new point of the metaverse is interoperability, and the new point of the capital market is synergy.

在金融服务委员会使用的类比中，发行形式（物理证券，电子证券，代币证券）就像碗一样，证券（股票证券，债务证券，税收证券等）就像食品一样。元评估的新点是互操作性，资本市场的新点是协同作用。

Also participating in the discussion were members of the Token Securities Council, including Chair Shin Beom-jun (representative of

参与讨论的还有代币证券委员会的成员，包括Shin Beom-Jun主席（代表