SEC、代幣化和製裁：應對不斷變化的加密貨幣格局

探索美國證券交易委員會關於代幣化證券的最新指南以及英國對加密貨幣制裁規避和廣告的打擊。

Crypto Regulatory Crossroads: SEC, Tokenization, and Sanctions in Focus

加密貨幣監管十字路口：SEC、代幣化和製裁焦點

The digital asset world is facing a period of intense regulatory scrutiny, with key developments from the U.S. Securities and Exchange Commission (SEC) and the UK's financial authorities shaping the landscape for tokenization and sanctions compliance. Recent insights highlight a clear regulatory direction: increased clarity on asset classification, more robust enforcement, and stricter marketing standards.

數字資產世界正面臨著一段嚴格的監管審查時期，美國證券交易委員會（SEC）和英國金融當局的重大發展塑造了代幣化和製裁合規的格局。最近的見解凸顯了明確的監管方向：資產分類更加清晰、執法更加有力、營銷標準更加嚴格。

SEC Clarifies Tokenized Securities in the U.S.

SEC 澄清美國的代幣化證券

In a significant move on January 28, 2026, SEC staff released a statement detailing how existing federal securities laws apply to "tokenized securities." This guidance aims to provide market participants with a clearer framework for understanding the regulatory perimeter. The SEC's message is essentially an invitation for firms to map their tokenized products to established securities law categories and to proactively engage with the SEC regarding registration or exemption pathways.

2026 年 1 月 28 日，SEC 工作人員發布了一項重大舉措，發布了一份聲明，詳細說明了現有聯邦證券法如何適用於“代幣化證券”。該指南旨在為市場參與者提供更清晰的框架來了解監管範圍。 SEC 的信息本質上是邀請公司將其代幣化產品映射到既定的證券法類別，並積極與 SEC 就註冊或豁免途徑進行接觸。

This development has direct implications for exchanges, broker-dealers, and custodians, influencing their registration status, customer disclosures, and compliance protocols. The emphasis is on precise structural characterization to ensure adherence to securities laws.

這一發展對交易所、經紀交易商和託管人有直接影響，影響他們的註冊狀態、客戶披露和合規協議。重點是精確的結構特徵，以確保遵守證券法。

UK Tightens Grip on Sanctions and Crypto Advertising

英國加強對製裁和加密貨幣廣告的控制

Across the pond, the UK is also taking a firm stance. The Office of Financial Sanctions Implementation (OFSI) has outlined a revised enforcement framework, signaling a commitment to faster and more transparent sanctions enforcement. While not crypto-specific, this framework is highly relevant for crypto firms operating in or dealing with sanctioned entities or jurisdictions. The message is clear: early engagement, self-reporting, and remediation can significantly impact outcomes.

大洋彼岸的英國也採取了堅定的立場。金融制裁實施辦公室 (OFSI) 概述了修訂後的執行框架，表明其致力於更快、更透明地執行製裁。雖然不是特定於加密貨幣的，但該框架與在受制裁實體或司法管轄區運營或與之打交道的加密貨幣公司高度相關。信息很明確：早期參與、自我報告和補救可以顯著影響結果。

Furthermore, a multi-agency initiative, including a "Crypto Cash Fusion Cell," underscores a coordinated effort to combat sanctions evasion using cryptoassets. The UK authorities are treating cryptoassets used for evasion no differently than traditional currencies, demanding rigorous compliance from firms.

此外，包括“加密貨幣現金融合單元”在內的多機構倡議強調了協調一致的努力，以打擊使用加密資產逃避制裁的行為。英國當局對待用於逃稅的加密資產與傳統貨幣沒有區別，要求企業嚴格合規。

In parallel, the UK's Advertising Standards Authority (ASA) has demonstrated a stricter approach to crypto advertising. Recent bans on crypto adverts highlight regulatory concerns about irresponsibly promoting crypto as a solution to financial pressures and failing to adequately communicate risks. This reinforces that marketing practices are under intense scrutiny, particularly regarding the trivialization of risk and the oversimplification of complex products.

與此同時，英國廣告標準局（ASA）對加密廣告採取了更嚴格的方法。最近對加密貨幣廣告的禁令凸顯了監管機構對不負責任地推廣加密貨幣作為解決財務壓力的解決方案以及未能充分傳達風險的擔憂。這強化了營銷實踐受到嚴格審查，特別是在風險的輕視和復雜產品的過度簡單化方面。

The Global Impact of Sanctions Evasion and Tokenization

逃避制裁和代幣化的全球影響

The recent surge of the ruble-backed stablecoin A7A5, processing over $100 billion in transactions within a year, exemplifies the growing use of crypto to bypass sanctions. However, this rapid adoption has also triggered increased regulatory pressure, with sanctions impacting access to exchanges and trading platforms. The A7A5 case illustrates both the power of crypto in circumventing global controls and the swift response from international watchdogs, leveraging blockchain's inherent transparency for enforcement.

最近，盧布支持的穩定幣 A7A5 的飆升，一年內處理了超過 1000 億美元的交易，這證明了越來越多地使用加密貨幣來繞過制裁。然而，這種快速採用也引發了越來越大的監管壓力，制裁影響了交易所和交易平台的准入。 A7A5 案例既說明了加密貨幣在規避全球控制方面的力量，也說明了國際監管機構利用區塊鏈固有的透明度進行執法的迅速反應。

On the tokenization front, initiatives like Manta Network's partnership with Pruv Finance to tokenize Indonesian padel courts showcase the expanding use of blockchain for real-world assets (RWAs). These ventures, though promising, hinge on sustained revenue generation and genuine market appetite beyond the announcement cycle.

在代幣化方面，Manta Network 與 Pruv Finance 合作對印度尼西亞板球場進行代幣化等舉措​​展示了區塊鏈在現實世界資產 (RWA) 中的廣泛使用。這些企業雖然前景光明，但取決於公告週期之外的持續創收和真正的市場需求。

Looking Ahead: A Call for Proactive Compliance

展望未來：呼籲積極合規

The convergence of these regulatory actions – from the SEC's detailed guidance on tokenized securities to the UK's robust approach to sanctions and advertising – signals a maturing, albeit more complex, crypto environment. Firms must prioritize meticulous product structuring, transparent disclosures, and responsible marketing. As regulators continue to refine their oversight, staying ahead of these evolving dynamics will be key to navigating the future of digital assets. So, keep those compliance hats on and let's ride this wave of innovation responsibly!

這些監管行動的融合——從美國證券交易委員會對代幣化證券的詳細指導到英國強有力的製裁和廣告方法——標誌著加密環境的成熟，儘管更加複雜。企業必須優先考慮細緻的產品結構、透明的披露和負責任的營銷。隨著監管機構不斷完善監管，保持領先地位將成為引領數字資產未來的關鍵。因此，請戴上合規帽子，讓我們負責任地駕馭這股創新浪潮！