SEC 關於代幣化證券和諮詢角色的最新指南：探索新領域

美國證券交易委員會發布了有關代幣化證券的重要指南，澄清了發行人和第三方的規則，同時出現了新的諮詢角色。深入了解不斷變化的景觀。

SEC's Latest Guidance on Tokenized Securities and Advisory Roles: Navigating the New Frontier

SEC 關於代幣化證券和諮詢角色的最新指南：探索新領域

The U.S. Securities and Exchange Commission (SEC) has recently dropped its most detailed guidance yet on tokenized securities, drawing a definitive line between blockchain innovation and established federal securities laws. The core message is clear: tokenizing a security doesn't alter its legal status, investor protections, or compliance duties. This move comes as major financial players ramp up their tokenization efforts, aligning with similar regulatory shifts seen globally.

美國證券交易委員會（SEC）最近放棄了迄今為止關於代幣化證券的最詳細指導，在區塊鏈創新和既定的聯邦證券法之間劃定了明確的界限。核心信息很明確：證券代幣化不會改變其法律地位、投資者保護或合規義務。此舉之際，主要金融機構加大了代幣化力度，與全球類似的監管變化保持一致。

Understanding the SEC's Two Buckets for Tokenized Securities

了解 SEC 對代幣化證券的兩大目標

The SEC has neatly categorized the digital securities landscape into two main areas, and understanding which applies to you could be the difference between a smooth market entry and a regulatory headache.

美國證券交易委員會將數字證券領域巧妙地分為兩個主要領域，了解哪個領域適用於您可能是順利進入市場和監管難題之間的區別。

Issuer-Sponsored Tokens

發行人讚助的代幣

This is when a company directly issues its shares on a blockchain. In this model, the on-chain record serves as the definitive proof of ownership. The SEC confirms that if these tokenized shares offer the same rights as traditional ones, they'll be treated as the same class of stock, even if some investors hold traditional records and others hold tokens.

這是公司直接在區塊鏈上發行股票的情況。在這個模型中，鏈上記錄作為所有權的最終證明。美國證券交易委員會確認，如果這些代幣化股票提供與傳統股票相同的權利，它們將被視為同一類別的股票，即使一些投資者持有傳統記錄而其他投資者持有代幣。

Third-Party Tokens

第三方代幣

This is where things get more complex. Here, an external entity 'wraps' an existing company's security into a token. The SEC is scrutinizing these arrangements more closely, especially when the tokens don't confer the same rights, like voting or dividends, as the underlying security. These could be classified as 'security-based swaps,' which come with much stricter regulations, particularly regarding sales to retail investors.

這就是事情變得更加複雜的地方。在這裡，外部實體將現有公司的證券“包裝”成代幣。美國證券交易委員會正在更仔細地審查這些安排，特別是當代幣不賦予與基礎證券相同的權利（例如投票權或股息）時。這些可以被歸類為“基於證券的掉期”，它有更嚴格的監管，特別是在向散戶投資者銷售方面。

Key Compliance Checkpoints for Tokenized Offerings

代幣化產品的關鍵合規檢查點

To navigate this new framework successfully, issuers and platforms need to pay close attention to record-keeping and identity verification:

為了成功駕馭這個新框架，發行人和平台需要密切關註記錄保存和身份驗證：

• Wallet-to-Identity Mapping: A clear link between on-chain wallet addresses and off-chain real-world identities is mandatory.
• Master Securityholder File: This file must be auditable and reflect all blockchain transfers in real-time.
• Synthetic Structures: Third-party offerings that provide economic exposure without ownership rights are likely security-based swaps, facing significant regulatory hurdles for broad distribution.

The Rise of Strategic Advisory in Digital Assets

數字資產戰略諮詢的興起

Beyond the direct guidance on tokenized securities, the market is also seeing a growing emphasis on expert advisory roles. For instance, the recent announcement of Neulo Emmanuel joining UK Financial Ltd as a Strategic Advisor highlights the increasing need for seasoned expertise in navigating the complexities of digital asset deployment and exchange trading. Emmanuel's extensive background, particularly in early Bitcoin-era exchange operations and the development of regulated token initiatives like ERC-3643, underscores the value of deep industry knowledge in bringing innovative blockchain-based financial products to market. This trend suggests that while regulatory clarity is paramount, strategic partnerships and experienced guidance are equally crucial for success in this rapidly evolving space.

除了對代幣化證券的直接指導之外，市場還越來越重視專家諮詢的角色。例如，Neulo Emmanuel 最近宣布加入 UK Financial Ltd 擔任戰略顧問，凸顯了在應對數字資產部署和交易所交易的複雜性方面對經驗豐富的專業知識的需求日益增長。 Emmanuel 的廣泛背景，特別是在早期比特幣時代的交易所運營和 ERC-3643 等受監管代幣計劃的開發方面，強調了深厚的行業知識在將基於區塊鏈的創新金融產品推向市場方面的價值。這一趨勢表明，雖然監管清晰度至關重要，但戰略合作夥伴關係和經驗豐富的指導對於在這個快速發展的領域取得成功同樣至關重要。

The SEC's latest guidance serves as a clear signal: the future of finance is increasingly digital, but it must be built on a solid foundation of existing securities law. So, whether you're an issuer or a platform, understanding these nuances is key. It's an exciting time to be involved, and with the right approach, tokenized securities are set to reshape capital markets. Let's embrace the future, one token at a time!

美國證券交易委員會的最新指導意見發出了一個明確的信號：金融的未來越來越數字化，但它必須建立在現有證券法的堅實基礎上。因此，無論您是發行人還是平台，了解這些細微差別都是關鍵。這是一個令人興奮的參與時刻，通過正確的方法，代幣化證券將重塑資本市場。讓我們一起擁抱未來，一點一滴！