韩国将加密货币禁令扩大到虚拟资产公司，禁止以 Coinbase 为重点的 ETF

韩国禁止比特币现货和期货 ETF，从而阻止了投资 Coinbase 等虚拟资产公司的基金，从而再次控制了其加密货币法规。

South Korea has once again clamped down on cryptocurrency regulations by prohibiting Bitcoin spot and futures exchange-traded funds (ETFs), blocking funds that invest in virtual asset companies such as Coinbase.

韩国再次严厉打击加密货币监管，禁止比特币现货和期货交易所交易基金（ETF），并阻止投资 Coinbase 等虚拟资产公司的基金。

According to Ki Young Ju, Founder & CEO of CryptoQuant, these restrictions are intended to protect investors, but critics argue that they are too strict and will prevent the country from keeping up with international trends in digital asset regulation.

CryptoQuant 创始人兼首席执行官 Ki Young Ju 表示，这些限制旨在保护投资者，但批评者认为这些限制过于严格，将阻碍该国跟上数字资产监管的国际趋势。

Ban Covers Virtual Asset Companies, Not Just Bitcoin

禁令涵盖虚拟资产公司，而不仅仅是比特币

The Financial Supervisory Service (FSS) recently confirmed that ETFs targeting companies with virtual asset-based business models have been rejected. Several asset management firms had planned to launch ETFs that would focus on companies like Coinbase, one of the world’s largest cryptocurrency exchanges.

金融监督院 (FSS) 最近证实，针对具有虚拟资产业务模式的公司的 ETF 已被拒绝。多家资产管理公司曾计划推出 ETF，重点关注全球最大的加密货币交易所之一 Coinbase 等公司。

These funds were reportedly set to launch immediately, but they failed to receive approval. Many domestic asset managers have now halted plans to submit applications for similar ETFs and are closely monitoring the FSS’s next move.

据报道，这些基金原定立即启动，但未能获得批准。许多国内资产管理公司现已停止提交类似ETF申请的计划，并正在密切关注FSS的下一步动向。

The rejections are said to stem from South Korea’s 2017 “Virtual Currency Emergency Measures,” which prohibit financial institutions from handling virtual assets. This administrative guideline is intended to protect investors, but it has been criticized for lacking a clear legal basis, especially when companies like Coinbase are publicly traded and subject to established financial laws in other jurisdictions.

据称，这些拒绝源于韩国 2017 年的“虚拟货币紧急措施”，该措施禁止金融机构处理虚拟资产。这一行政指导方针旨在保护投资者，但因缺乏明确的法律依据而受到批评，特别是当像 Coinbase 这样的公司公开交易并受到其他司法管辖区既定金融法的约束时。

South Korea’s Approach Differs from Global Trends

韩国的做法与全球趋势不同

Internationally, the regulatory landscape for cryptocurrency-linked investments is becoming more accepting. For example, the U.S. market saw the introduction of leveraged ETFs tied to Coinbase in 2022.

在国际上，加密货币相关投资的监管环境正变得越来越被接受。例如，美国市场于 2022 年推出了与 Coinbase 挂钩的杠杆 ETF。

These products have achieved remarkable trading volumes, with recent daily activity exceeding $1 billion. Additionally, cryptocurrency spot ETFs and options trading are now available on American exchanges, highlighting a striking contrast with South Korea's restrictive policies.

这些产品取得了令人瞩目的交易量，近期日交易量超过 10 亿美元。此外，加密货币现货ETF和期权交易现已在美国交易所进行，这与韩国的限制性政策形成了鲜明对比。

By blocking investments in virtual asset companies, South Korea risks diverging from global advancements in cryptocurrency regulation. Critics argue that this approach limits the opportunities available to domestic investors for diversifying their portfolios.

通过阻止对虚拟资产公司的投资，韩国面临着与全球加密货币监管进步背道而驰的风险。批评者认为，这种做法限制了国内投资者实现投资组合多元化的机会。

They also point out the inconsistency in applying the 2017 guidelines to publicly traded companies, which could ultimately harm the country's competitiveness in the digital asset market.

他们还指出，2017 年指南应用于上市公司时存在不一致之处，这最终可能会损害该国在数字资产市场的竞争力。

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