SEC、代币化和制裁：应对不断变化的加密货币格局

探索美国证券交易委员会关于代币化证券的最新指南以及英国对加密货币制裁规避和广告的打击。

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

加密货币监管十字路口：SEC、代币化和制裁焦点

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.

数字资产世界正面临着一段严格的监管审查时期，美国证券交易委员会（SEC）和英国金融当局的重大发展塑造了代币化和制裁合规的格局。最近的见解凸显了明确的监管方向：资产分类更加清晰、执法更加有力、营销标准更加严格。

SEC Clarifies Tokenized Securities in the U.S.

SEC 澄清美国的代币化证券

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 工作人员发布了一项重大举措，发布了一份声明，详细说明了现有联邦证券法如何适用于“代币化证券”。该指南旨在为市场参与者提供更清晰的框架来了解监管范围。 SEC 的信息本质上是邀请公司将其代币化产品映射到既定的证券法类别，并积极与 SEC 就注册或豁免途径进行接触。

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.

这一发展对交易所、经纪交易商和托管人有直接影响，影响他们的注册状态、客户披露和合规协议。重点是精确的结构特征，以确保遵守证券法。

UK Tightens Grip on Sanctions and Crypto Advertising

英国加强对制裁和加密货币广告的控制

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.

大洋彼岸的英国也采取了坚定的立场。金融制裁实施办公室 (OFSI) 概述了修订后的执行框架，表明其致力于更快、更透明地执行制裁。虽然不是特定于加密货币的，但该框架与在受制裁实体或司法管辖区运营或与之打交道的加密货币公司高度相关。信息很明确：早期参与、自我报告和补救可以显着影响结果。

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“加密货币现金融合单元”在内的多机构倡议强调了协调一致的努力，以打击使用加密资产逃避制裁的行为。英国当局对待用于逃税的加密资产与传统货币没有区别，要求企业严格合规。

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.

与此同时，英国广告标准局（ASA）对加密广告采取了更严格的方法。最近对加密货币广告的禁令凸显了监管机构对不负责任地推广加密货币作为解决财务压力的解决方案以及未能充分传达风险的担忧。这强化了营销实践受到严格审查，特别是在风险的轻视和复杂产品的过度简单化方面。

The Global Impact of Sanctions Evasion and Tokenization

逃避制裁和代币化的全球影响

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，卢布支持的稳定币 A7A5 的飙升，一年内处理了超过 1000 亿美元的交易，这证明了越来越多地使用加密货币来绕过制裁。然而，这种快速采用也引发了越来越大的监管压力，制裁影响了交易所和交易平台的准入。 A7A5 案例既说明了加密货币在规避全球控制方面的力量，也说明了国际监管机构利用区块链固有的透明度进行执法的迅速反应。

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.

在代币化方面，Manta Network 与 Pruv Finance 合作对印度尼西亚板球场进行代币化等举措展示了区块链在现实世界资产 (RWA) 中的广泛使用。这些企业虽然前景光明，但取决于公告周期之外的持续创收和真正的市场需求。

Looking Ahead: A Call for Proactive Compliance

展望未来：呼吁积极合规

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!

这些监管行动的融合——从美国证券交易委员会对代币化证券的详细指导到英国强有力的制裁和广告方法——标志着加密环境的成熟，尽管更加复杂。企业必须优先考虑细致的产品结构、透明的披露和负责任的营销。随着监管机构不断完善监管，保持领先地位将成为引领数字资产未来的关键。因此，请戴上合规帽子，让我们负责任地驾驭这股创新浪潮！