代币化有潜力提高现有的、成熟的传统资产的访问和效率

“我们确实相信代币化只是一个技术层，它是一种代表人们每天交易的相同资产的新方式

Tokenisation can enhance access and efficiency for existing, well-established traditional assets, according to Henry Chong, CEO of digital stock exchange Fusang.

数字证券交易所 Fusang 首席执行官 Henry Chong 表示，代币化可以提高现有成熟传统资产的访问和效率。

"We really believe that tokenisation is just a technology layer, it's a new way of representing the same assets that people already trade every day,” Chong told the audience at AsianInvestor’s 13th Family Office Briefing in Hong Kong last Tuesday.

“我们确实相信代币化只是一个技术层，它是一种代表人们每天交易的相同资产的新方式，”Chong 上周二在亚洲投资者在香港举行的第 13 届家族办公室简报会上告诉观众。

Drawing a parallel to the rise of exchange traded funds (ETFs), Chong positioned tokenisation as a vehicle to simplify access to familiar investments, rather than a means of creating new, exotic asset classes such as cryptocurrency.

与交易所交易基金（ETF）的兴起类似，Chong 将代币化定位为简化获得熟悉投资的工具，而不是创造新的、奇异的资产类别（例如加密货币）的手段。

“Blackrock became the world's biggest asset manager because of ETFs, but it's just a wrapper of things that people want to buy, and now you have tokenisation, another wrapper, effectively a way to give people access to the same things they already want,” he said.

“贝莱德凭借 ETF 成为全球最大的资产管理公司，但它只是人们想要购买的东西的包装，现在你有了代币化，另一种包装，有效地让人们获得他们已经想要的相同东西的方式，”他说。

Many blockchain enthusiasts focus on tokenising niche items – like whiskey or racehorses – but Chong strongly advocates applying the technology to large, established markets that suffer from inefficiencies.

许多区块链爱好者专注于对利基商品进行代币化——比如威士忌或赛马——但 Chong 强烈主张将该技术应用于效率低下的大型、成熟市场。

“Asset classes that are ripe for tokenisation are asset classes that you can see obvious demand and supply, where people are already transacting at scale in the traditional route,” said Chong.

Chong 表示：“代币化成熟的资产类别是可以看到明显需求和供应的资产类别，人们已经在传统途径中进行大规模交易。”

A prime example that Fusang has turned its attention to is Islamic finance and the sukuk market, a type of Sharia-compliant bond.

Fusang 将注意力转向伊斯兰金融和伊斯兰债券市场（一种符合伊斯兰教法的债券）的一个典型例子。

“In the Middle East, these sukuk bonds have annual issuances of around $600 billion, but remain largely institutional and rely on outdated OTC trading practices – and I mean literally pick up the phone and call a human broker,” said Chong, referring to the prevalence of over-the-counter trades.

“在中东，这些伊斯兰债券每年发行量约为 6000 亿美元，但很大程度上仍然是机构债券，并且依赖于过时的场外交易实践——我的意思是拿起电话，打电话给人类经纪人，”Chong 说。场外交易盛行。

He argues that in addition to democratising access to markets and streamlining trading processes, the true power of tokenisation lies in its ability to improve market structure without altering the legal nature of underlying assets.

他认为，除了使市场准入民主化和简化交易流程之外，代币化的真正力量还在于其能够在不改变基础资产法律性质的情况下改善市场结构。

"I don't think you should change the legal structure of products," Chong said. "The question is, by representing it with a token in a new digital way, how can you change up market structure?"

“我认为不应该改变产品的法律结构，”Chong 说。 “问题是，通过以新的数字方式用代币表示它，如何改变市场结构？”

In the booming private credit market, where family offices are showing increasing interest, tokenisation could also play a role, according to Chong.

Chong 表示，在蓬勃发展的私人信贷市场中，家族办公室表现出越来越大的兴趣，代币化也可能发挥作用。

Investment processes are currently cumbersome and often require direct participation in loan agreements or investment through fund structures, he said.

他说，目前投资流程很繁琐，通常需要直接参与贷款协议或通过基金结构进行投资。

"One of the listing sponsors that we have onboarded is an MAS licensed fintech platform,” Chong said, referring to Singapore’s central bank. “Their whole job is to go out and originate these private credit notes direct to SMEs. These are typically $10 million to $20 million tranche sizes, paying between 10 to12% with a one- to two-year duration."

“我们已经加入的上市保荐人之一是 MAS 许可的金融科技平台，”Chong 说，他指的是新加坡中央银行。“他们的全部工作就是直接向中小企业发行这些私人信用票据。这些票据通常为 1000 万美元。”规模高达 2000 万美元，支付 10% 至 12%，期限为一到两年。”

"If you can start to represent these loans directly in digital format, allow them to be traded [on] market infrastructure that feels very similar to what we're used to in public equity markets, you can have individuals or brokers purchase these loans exactly how they would purchase and distribute typical listed equities," he posited.

“如果你可以开始直接以数字格式表示这些贷款，允许它们在市场基础设施上进行交易，感觉与我们在公共股票市场上习惯的非常相似，那么你可以让个人或经纪人准确地购买这些贷款他们将如何购买和分配典型的上市股票，”他断言。

The approach not only simplifies the investment process but also potentially enhances liquidity, achieving two key goals for wealth managers: alleviating fees for clients and keeping their identities private.

这种方法不仅简化了投资流程，而且还可能增强流动性，实现财富管理机构的两个关键目标：减轻客户费用并保密他们的身份。

Meanwhile, family offices could gain easier access to private credit investments and potentially benefit from improved liquidity while maintaining compliance within a familiar market structure, he said.

与此同时，家族办公室可以更容易地获得私人信贷投资，并可能从流动性改善中受益，同时在熟悉的市场结构内保持合规性，他说。

For family offices considering tokenised assets, Chong emphasises the importance of focusing on the underlying asset rather than getting caught up in the technology.

对于考虑代币化资产的家族办公室，Chong 强调了关注基础资产而不是陷入技术的重要性。

He warns against buying tokens simply for the sake of being involved in blockchain technology.

他警告不要仅仅为了参与区块链技术而购买代币。

"You definitely shouldn't be buying a token-based asset because it's a token. It's a terrible idea. The question is always, what is the underlying asset? What am I getting, and is there a direct legal link between me holding this token and owning the underlying asset?" said Chong.

“你绝对不应该购买基于代币的资产，因为它是一种代币。这是一个糟糕的主意。问题始终是，基础资产是什么？我得到了什么，我持有这个资产之间是否有直接的法律联系？代币并拥有标的资产？”冲说。

He advocates for two approaches to tokenisation that maintain a clear legal link between the token and the underlying asset.

他主张采用两种代币化方法，以保持代币和基础资产之间明确的法律联系。

“The first is native tokenisation, where the token directly represents a share or bond certificate. The second is through depository receipts, similar to ADRs, where a token represents a claim on an underlying asset held by a custodian,” said Chong.

“第一个是原生代币化，其中代币直接代表股票或债券证书。第二种是通过存托凭证，类似于美国存托凭证，代币代表对托管人持有的基础资产的债权。”

In his dealings with regulators, Chong has found them to be open to properly structured tokenisation projects.

在与监管机构打交道时，Chong 发现他们对结构合理的代币化项目持开放态度。

"Not only do I think there are no particular regulatory barriers to doing a lot of these projects, in my experience, regulators are actually very, very encouraging because that's exactly what they want to see, and they view this technology, in many cases, as making their job easier," he said.

“我认为，开展许多此类项目不仅没有特别的监管障碍，而且根据我的经验，监管机构实际上非常非常令人鼓舞，因为这正是他们希望看到的，而且在很多情况下，他们认为这项技术，让他们的工作变得更轻松，”他说。