随着唐纳德·特朗普总统任期的临近，韩国和摩根士丹利对数字资产热衷起来

韩国顶级证券交易所正在考虑将数字资产现货交易所交易基金（ETF）添加到其产品组合中，以重振投资者的兴趣

South Korea’s top stock exchange and one of America’s largest asset managers are considering adding digital assets to their product suites in a bid to capitalize on the shifting political landscape and the expected influx of investors.

韩国最大的证券交易所和美国最大的资产管理公司之一正在考虑将数字资产添加到其产品套件中，以利用不断变化的政治格局和预期的投资者涌入。

South Korea’s Stock Exchange Considers Digital Asset Spot ETFs, STOs

韩国证券交易所考虑数字资产现货 ETF、STO

Several stock exchanges have explored digital asset exchange-traded funds (ETFs) in recent years. In the U.S., the Securities and Exchange Commission (SEC) finally approved the first batch of BTC spot ETFs in January this year.

近年来，多家证券交易所探索了数字资产交易所交易基金（ETF）。在美国，美国证券交易委员会（SEC）最终于今年1月批准了第一批BTC现货ETF。

Since then, other exchanges have launched their own ETFs. For instance, Thailand‘s Stock Exchange of Thailand began trading physical bitcoin and ether ETFs in May. Hong Kong Exchanges and Clearing also launched two digital asset ETFs in March.

此后，其他交易所也推出了自己的ETF。例如，泰国证券交易所于 5 月份开始交易实物比特币和以太币 ETF。香港交易及结算所还在三月份推出了两只数字资产ETF。

Now, South Korea’s top stock exchange is considering adding digital asset spot ETFs to its product suite. The bourse is also exploring security token offerings (STOs).

现在，韩国顶级证券交易所正在考虑将数字资产现货 ETF 添加到其产品组合中。该交易所还在探索证券型代币产品（STO）。

Jeong Eun-bo, the chairman of the Korea Exchange (KRX), revealed recently that the bourse is exploring new business avenues, such as ETFs, to revive the sector.

韩国交易所 (KRX) 董事长 Jeong Eun-bo 最近透露，该交易所正在探索 ETF 等新业务途径，以重振该行业。

“We will benchmark overseas cases for new businesses such as virtual currency ETFs and explore new areas in the capital market,” the bourse chief said.

交易所负责人表示：“我们将借鉴海外案例开展虚拟货币ETF等新业务，探索资本市场新领域。”

The bourse is pivoting to new strategies as trading activity at KRX has declined significantly this year. In early December, President Yoon Suk Yeol declared martial law, which led to his impeachment (and his successor’s) by parliament within days. The country is now being headed by Finance Minister Choi Sang-mok as the acting president and acting prime minister.

由于今年 KRX 的交易活动大幅下降，该交易所正在转向新的策略。 12 月初，总统尹锡烈宣布戒严，导致他（及其继任者）在几天内被议会弹劾。目前，该国由财政部长崔尚木担任代理总统和代理总理。

These scandals, paired with global political and economic shakeups, have led to a steep decline in the trading activity at KRX. Eun-bo believes that the exchange must reinvent itself to bring investors back to Asia’s sixth-largest stock exchange.

这些丑闻加上全球政治和经济动荡，导致 KRX 交易活动急剧下降。恩宝认为，该交易所必须进行自我改造，以吸引投资者重返亚洲第六大证券交易所。

However, South Korea has been conservative when it comes to approving digital asset ETFs. Despite the rise of these ETFs in Asian and North American markets, Korea, Japan, and some other major economies have steered clear.

然而，韩国在批准数字资产ETF方面一直持保守态度。尽管这些 ETF 在亚洲和北美市场兴起，但韩国、日本和其他一些主要经济体却对它们敬而远之。

Last year, experts at the Korea Institute of Finance warned against the ETFs, which they claimed posed a “significant risk to investors and could undermine financial stability.”

去年，韩国金融研究所的专家对 ETF 发出警告，称其“对投资者构成重大风险，并可能破坏金融稳定”。

However, ETF approval would align with campaign pledges made by the opposition Democratic Party in the lead-up to this year’s elections, where it won by a landslide. Legislators from the party claimed they would request financial regulators reconsider ETFs, failure to which they would amend existing capital markets laws.

然而，ETF 的批准将与反对党民主党在今年选举中以压倒性优势获胜时做出的竞选承诺保持一致。该党的立法者声称，他们将要求金融监管机构重新考虑 ETF，否则他们将修改现有的资本市场法律。

In related news, the Financial Services Commission (FSC) is considering approving STOs. Speaking at the same event, FSC Chair Kim Byung-hwan revealed that the authority is exploring the matter.

相关消息称，金融服务委员会 (FSC) 正在考虑批准 STO。 FSC 主席 Kim Byung-hwan 在同一活动中发表讲话时透露，该机构正在研究此事。

“We will institutionalize STO (tokenized securities) […] to diversify the securities issuance and distribution system … We will reorganize the entire system so that comprehensive financial investment businesses can be faithful to their original role of providing corporate finance and venture capital.”

“我们将把STO（代币化证券）制度化……使证券发行和分销体系多元化……我们将重组整个体系，使综合金融投资业务能够忠实于提供企业融资和风险投资的原有角色。”

Kim further implored the government, parliament, and corporate investors to work together to revive the market.

金进一步恳请政府、议会和企业投资者共同努力重振市场。

“The government, the National Assembly, and the financial industry should join forces to restore the vitality of the capital market and propel the Korean economy forward.”

“政府、国会和金融业应共同努力，恢复资本市场的活力，推动韩国经济向前发展。”

South Korea’s digital asset market is still awaiting taxation. A new law that imposes a 20% tax on digital asset profits was meant to take effect in 2020, but a series of politically-motivated postponements have pushed it to 2027.

韩国的数字资产市场仍在等待征税。一项对数字资产利润征收 20% 税的新法律原定于 2020 年生效，但一系列出于政治动机的推迟已将其推迟到 2027 年。

Despite the challenges, South Korea remains one of the world’s largest digital asset markets. Studies have found that over six million South Koreans trade digital assets, representing over 12% of the population.

尽管面临挑战，韩国仍然是世界上最大的数字资产市场之一。研究发现，超过 600 万韩国人交易数字资产，占总人口的 12% 以上。

Morgan Stanley Considers Digital Assets on E*TRADE

摩根士丹利考虑在 E*TRADE 上推出数字资产

Meanwhile, in the U.S., one of the country’s largest asset managers is considering adding digital assets to its online brokerage platform.

与此同时，在美国，该国最大的资产管理公司之一正在考虑将数字资产添加到其在线经纪平台。

According to The Information, which first reported the story, Morgan Stanley is considering adding digital assets to E*TRADE. The move would come as the asset manager expects a surge in digital asset investment once Donald Trump takes over as the new U.S. president later this month.

据最先报道此事的 The Information 报道，摩根士丹利正在考虑将数字资产添加到 E*TRADE 中。此举之际，该资产管理公司预计，一旦唐纳德·特朗普本月晚些时候就任美国新总统，数字资产投资将激增。

The Republican president-elect has pledged to implement a friendly framework that makes the U.S. the global “crypto” capital.

这位共和党当选总统承诺实施一个友好的框架，使美国成为全球“加密货币”之都。

E*TRADE is one of the leaders in online brokerage in the U.S., offering stocks, bonds, mutual funds, retirement accounts and more. Morgan Stanley acquired the platform in 2020 for $13 billion.

E*TRADE 是美国在线经纪领域的领导者之一，提供股票、债券、共同基金、退休账户等服务。摩根士丹利于 2020 年以 130 亿美元收购了该平台。

At the time, E*TRADE boasted over five million accounts and over $360 billion in assets. It’s not the first time E*TRADE explores digital assets.

当时，E*TRADE 拥有超过 500 万个账户和超过 3600 亿美元的资产。这并不是 E*TRADE 第一次探索数字资产。

In 2018, the online brokerage platform was considering digital currency products, but regulations were more restrictive. Discussions about Morgan Stanley’s acquisition also got in the way.

2018年，在线经纪平台曾考虑数字货币产品，但监管更为严格。关于摩根士丹利收购的讨论也陷入了困境。

Effectively, E*TRADE missed out on a massive opportunity as others, like Robinhood (NASDAQ:HOOD

实际上，E*TRADE 与 Robinhood（纳斯达克股票代码：HOOD）等其他公司一样错过了巨大的机会