资管份额直接上链破冰,ARK 领跑个案豁免,RWA 市值突破 390 亿美元
行业速报
共 10 条
共 10 条



欧盟数据交换收紧与去中心化AI数据市场的扩张同步发生,合规的能见度与不可见的链上活动正在被重新划界。
本周欧洲出现两条方向相反的信号。Chainalysis估算法国2025年潜在应税的链上加密活动高达94亿美元,而同年纳税申报里实际披露的资本利得只有3.68亿欧元;另一边,波兰议会连续第三次未能推翻总统对MiCA配套法案的否决,成为欧盟境内唯一没有可运行监管框架的成员国。数据交换机制在收紧,监管版图却留下空洞。
与这两条监管线并行的是AI与区块链的融合正在欧洲长出实体。柏林孵化器Advanced Blockchain AG旗下Silencio,靠每周用USDC给全球贡献者结算语音数据,把AI实验室紧缺的低资源语言语料变成了可交易的资产,收入季度环比翻了约三倍。
欧盟DAC8指令2026年1月1日起在整个欧盟适用,加密资产服务商开始采集欧盟居民的报税身份与可报告交易信息。按欧盟委员会的时间表,覆盖2026年首个报告期的数据,必须在2027年9月30日前在各成员国税务机关之间完成交换。现有用户原则上须在2027年1月1日前提交有效的税收居民自我认证。
但Chainalysis的测算给这套机制划了边界。它估算CARF实际能触达的链上活动只占其识别的潜在应税活动的14%,其余86%分布在去中心化交易所、点对点转账、链上收入与支付等没有中心化中介的区域。集中式交易所靠KYC账户能把交易连到人,DeFi协议未必有持有同样识别信息的运营商。
Chainalysis把法国的94亿美元拆成三块:约25亿美元已实现资本利得、17亿美元收入(挖矿、质押、借贷)、52亿美元加密支付(商户与点对点经济)。研究覆盖比特币、以太坊、Solana、Tron、BNB Smart Chain与Base六条链,且明确提示集中式交易所内部的链下活动并未纳入,因此实际总量可能被低估。
关键是不能把这94亿直接读成”法国人逃了94亿的税”。Chainalysis用的是”潜在应税活动”这一表述,它对应的是税收意义上可能产生义务的链上经济活动,最终是否计税、按什么税率,取决于法国国内法和个人情况。瑞典监管层曾披露,其抽查的加密用户中超九成未正确申报,但法国并没有公布对等比例。
2024纳税年度,法国约2.4万名纳税人申报了3.68亿欧元加密资本利得,相比2023年的7700人和1.508亿欧元已有明显增长。这个数字与94亿美元的估算属于不同年度、不同币种、不同口径,不能直接相减。真正的变化会出现在2027年,届时税务机关将第一次能把中介报告、本国申报与他国交换的数据并到一起比对。
波兰的下议院上周以241票对198票、3票弃权再次试图推翻总统对加密法案的否决,距离所需的266票还差25票。总统纳夫罗茨基坚持他支持加密监管本身,但反对赋予金融监管局KNF无需法院令即可封禁网站的权限,也担心合规成本过高。这是该法案第三次被否决。
后果很具体。MiCA已在欧盟层面适用,但每个成员国必须指定本国主管机关来落地牌照与执法,波兰至今没有这一机构。想要提供受监管加密服务的华沙公司,无法找本国监管拿MiCA牌照,只能去其他成员国申请,再借助欧盟护照制度回流。外国已获牌照机构反而能无障碍进入波兰市场,形成本地企业被夹在中间的局面。
这一僵局又和Zondacrypto(前BitBay)的刑事案件纠缠在一起。检方估算该案投资者损失至少3.5亿兹罗提(约9500万美元),已拘留包括波兰奥委会主席在内的五名嫌疑人,其爱沙尼亚运营商被宣告破产,首个债权人会议定于9月17日。总理图斯克把案件当作推动立法的政治杠杆,总统则警告过度监管会逼走合法企业。
法国税基与DAC8的14%覆盖率,说明监管透明是有成本的,也是有限度的。对从业者而言,两条值得留意的线,一是2027年第一次DAC8数据交换落地时,税务机关的比对能力将首次被实战检验;二是AI数据市场用稳定币支付建立的全球结算网络,正在把”看不见的链上活动”从监管灰色地带变成一项有明确商业对价的业务。前一条线在收拢能见度,后一条线在创造新的经济事实。

In the same week, Asia and North America offered two extreme answers to securities tokenization: South Korea wrote the “legal identity” of tokenized securities into securities law, while Robinhood wrapped stocks into offshore debt tokens and pushed them on-chain. The rule fight is turning into an infrastructure race over the authoritative ledger and settlement finality.
On September 4, South Korea’s Financial Services Commission (FSC) unveiled a three-phase roadmap for securities tokenization, with the amended Electronic Securities Act taking effect on February 4, 2027, making Korea the world’s first major economy to define the legal status, asset categories, and infrastructure timeline of tokenized securities through dedicated legislation. On the same day, the CEO of AMC publicly condemned Robinhood for tokenizing its stock without authorization, pointing out that the “offshore debt token” structure operates outside securities law. The two paths reveal the heart of the same race: the outcome for tokenized securities no longer hinges on “which assets can go on-chain,” but on “who holds the authoritative shareholder register and how settlement finality is recognized.”
On September 4, South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) held the third public-private consultative meeting on security tokens at the Seoul office of the Korea Securities Depository (KSD), publishing a three-phase roadmap for securities tokenization. The amendments to the Electronic Securities Act and the Capital Markets Act, passed on January 15, 2026, will take effect on February 4, 2027. The opening paragraph of the roadmap sets out the core principle: token securities are a third form of issuance alongside paper securities and electronic securities, subject to the existing framework for securities registration, information disclosure, and intermediary licensing. This means Korea has chosen to fold tokenization into its existing securities law system rather than create a separate regulatory sandbox for it.
The first-phase product selection is deliberately restrained to contain operational risk. For funds, only private money market funds (Private MMFs) for institutional investors open first; for bonds, private corporate bonds; for stocks, the entry point is unlisted equity through a trust beneficiary certificate structure, with the underlying shares remaining in the existing registration system and investors holding tokenized trust beneficiary certificates. Fractionalized investment products already offered to the public are also in the first batch. FSC Vice Chairman Kwon Dae-young said authorities would lay foundations for the tokenized issuance and circulation of more traditional securities including stocks, bonds, and funds, with the “ultimate goal of completely transforming and upgrading capital market infrastructures for digital connectivity.”
The supporting details are worth noting. Licensed securities firms can operate tokenized securities directly without an additional license; non-financial institutions that want to manage investor accounts for their own token securities must hold paid-in capital of at least KRW 4 billion (about $3 million) and staff dedicated account-management, compliance, and IT personnel. OTC trading platforms must first obtain a consultation license from the Financial Supervisory Service, retail investors face an annual net-purchase cap of KRW 100 million (about $74,000) on OTC platforms, and the single-subscription cap for fractionalized products is KRW 30 million (about $22,000) or 5% of a single issuance, whichever is lower. KSD remains the electronic registrar on the shared ledger and is finalizing technical acceptance standards for securities firms. The FSC plans to release a draft revision of subordinate rules by the end of September for public consultation.
Neither Phase 2 nor Phase 3 has a fixed date. The FSC listed four variables driving progress: the system stability and operating efficiency of Phase 1, the technical maturity of market participants, interoperability between different distributed ledgers, and the progress of Korea’s stablecoin legislation. The goal of Phase 3 is to build on-chain settlement infrastructure, with securities trading and cash settlement completed simultaneously on the same ledger and stablecoins as the settlement instrument, moving the market from the T+2 cycle toward near-real-time finality. In the roadmap, the FSC cited BlackRock’s BUIDL tokenized fund and Hong Kong’s tokenized green bonds as reference cases. Korea’s stablecoin legislation is advancing separately, with proposals currently requiring stablecoin issuers to hold minimum capital of at least KRW 5 billion (about $3.7 million).
In stark contrast to Korea’s “legislation-first” approach stands Robinhood’s “speed-first.” Robinhood Chain launched on July 1, 2026, and has listed more than 190 stock and ETF tokens, adding 100 in a single batch on August 13. According to The Block, the entire tokenized-stock market has swelled from $2.5 billion at the start of 2026 to $13.4 billion as of September 1. Robinhood’s structure: it wraps stocks into “tokenized debt securities” issued through the offshore Channel Islands entity Robinhood Assets (Jersey) Limited. Holders get price exposure rather than legal ownership, with no voting rights, no shareholder protections, and the tokens cannot be offered to U.S. investors.
On September 3-4, AMC Entertainment CEO Adam Aron launched a blistering attack on X, calling the practice “contemptible, outrageous, disgusting, detestable, inexcusable, vile,” and threatening a formal complaint to the U.S. Securities and Exchange Commission (SEC) over Robinhood’s unauthorized tokenization of AMC stock. Aron pointed out that AMC spends millions of dollars a year complying with U.S. securities law, while Robinhood issues unregistered tokens through an offshore entity about 3,000 miles away, bypassing the compliance costs issuers must bear. Robinhood CEO Vlad Tenev responded with just four words: “What’s the concern?”
The dispute cuts to the most fundamental legal gap in tokenized securities. Aron is not the first opponent: OpenAI rejected a similar Robinhood tokenization of its own shares in 2025 on nearly identical grounds. The AMC fight draws more attention because it owns one of the loudest retail followings on Wall Street: during the 2021 meme-stock era, Aron leveraged retail-driven high prices to issue equity, repay debt, and pull the cinema chain back from insolvency, while token holders generate no issuance proceeds for the company. The conflict exposes the core question: when the company being tokenized itself objects, what is the legal basis for this market? The SEC has so far stayed silent on where tokenized stocks sit under existing securities law, and that silence is exactly the gap in which Robinhood, Kraken, and Coinbase have built their products.
Placing Korea’s “legislation-first” and Robinhood’s “sprint” into the same week’s global picture reveals a clearer arc. On September 1, the London Stock Exchange Group (LSEG) announced a partnership with Payward, owner of Kraken, to list tokenized shares of the top 100 UK-listed companies as xStocks on LSE 24, its planned 24-hour trading venue launching in the first half of 2027, while assessing how its Digital Securities Depository could support settlement and asset servicing for tokenized equities. Last week, Japan announced a state-led study group for a blockchain settlement system covering stocks and Japanese government bonds, aiming to compress the stock T+2 and bond T+1 settlement cycles toward near-real time, with potential launch in the early 2030s by tokenizing a portion of banks’ reserve accounts at the central bank into a wholesale CBDC. The EU’s DLT Pilot Regime is also exploring a hybrid path of building infrastructure first, gradually opening permissions, and preserving DeFi composability.
Boston Consulting Group (BCG) estimates Korea’s tokenized securities market could reach KRW 367 trillion (about $249 billion) by 2030, but that depends on whether Phases 2 and 3 advance on schedule. Each path carries its own cost. Robinhood won scale through speed, reaching roughly $88 million in on-chain tokenized assets within two months and over $1.5 billion in daily DEX trading volume, but it also bought CEO conflict, potential SEC scrutiny, and an unresolved question. Korea is almost certain not to produce an “AMC-style” dramatic scenario, and its cost is speed: a full year from legislation to effect, Phase 1 opening only private products, and a completely undetermined timeline for public securities and on-chain settlement. The race has just begun, but the shape of the track is becoming clear.

同一周,亚洲与北美给出了证券代币化的两种极端答案:韩国用专门立法把代币化证券的”法律身份”写进证券法,Robinhood 却把股票包成离岸债务代币直接上链。规则之争正在变成一场”权威账本与结算终局”的基建竞赛。
9 月 4 日,韩国金融委员会(FSC)公布证券代币化三阶段路线图,修订后的《电子证券法》将于 2027 年 2 月 4 日生效,韩国由此成为全球首个通过专门立法明确代币化证券法律身份、资产类别与基建时间表的主要经济体。同一天,AMC 首席执行官公开抨击 Robinhood 未经授权代币化其股票,直指其”离岸债务代币”架构游走在证券法之外。两条路线揭示了同一场竞赛的核心:代币化证券的胜负不再取决于”哪些资产能上链”,而是取决于”谁拥有权威的股东名册、结算终局性如何被承认”。
9 月 4 日,韩国金融委员会(FSC)与金融监督院(FSS)在韩国证券托管院(KSD)首尔办公室召开证券代币第三次官民磋商会议,公布了证券代币化的三阶段路线图。2026 年 1 月 15 日通过的《电子证券法》与《资本市场法》修正案将于 2027 年 2 月 4 日正式生效。路线图的第一段话点明了核心原则:代币证券是与纸质证券、电子证券并列的第三种发行形态,纳入现有的证券登记、信息披露与中介牌照监管框架之下。这意味着韩国选择把代币化并入现有证券法律体系,而非为它单设一个监管沙盒。
第一阶段的产品选择相当克制,意在控制操作风险。基金先开放仅面向机构投资者的私募货币市场基金(Private MMF);债券先开放私募公司债;股票先从非上市股权切入,采用信托受益权证书结构,底层股份仍留在现有登记体系,投资者持有的是代币化的信托受益凭证;已面向公众的碎片化投资产品也在首批之列。FSC 副总裁权大勇(Kwon Dae-young)表示,当局将为更传统类型的证券(股票、债券、基金)的代币化发行与流通奠定基础,”最终目标是把资本市场基础设施整体升级为数字互联”。
支撑细节同样值得关注。持牌证券公司可直接经营代币化证券,无需额外牌照;非金融机构若想自行管理投资者账户,实缴资本须达 40 亿韩元(约合 300 万美元),并配置专门的账户管理、合规与 IT 人员。OTC 交易平台须先取得金融监督院的咨询牌照,散户在 OTC 平台的年度净买入上限为 1 亿韩元(约合 7.4 万美元),碎片化产品的单次认购上限为 3000 万韩元(约合 2.2 万美元)或单次发行额的 5%,取较低者。KSD 仍作为共享账本的电子登记机构,正在敲定券商接入的技术验收标准。FSC 计划在 9 月底前发布下级法规修订草案征求意见。
第二阶段与第三阶段都没有固定日期。FSC 给出的推进变量包括四个:第一阶段的系统稳定性与运行效率、市场参与者的技术成熟度、不同分布式账本之间的互操作性,以及韩国稳定币立法的进展。第三阶段的目标是建立链上结算基础设施,证券交易与资金结算在同一条账本上同步完成,以稳定币作为结算工具,从而把市场从 T+2 结算周期推向接近实时的终局。FSC 在路线图中引用黑石的 BUIDL 代币化基金和中国香港的代币化绿债作为参考案例。韩国稳定币立法正在单独推进,目前讨论的方案要求稳定币发行商持有至少 50 亿韩元(约合 370 万美元)的最低资本。
与韩国的”立法先行”形成鲜明对比的,是 Robinhood 的”速度优先”。Robinhood Chain 于 2026 年 7 月 1 日上线,已上架逾 190 种股票与 ETF 代币,其中 8 月 13 日单日新增 100 种。据 The Block 数据,整个代币化股票市场的规模已从 2026 年初的 25 亿美元膨胀至 9 月 1 日的 134 亿美元。Robinhood 的架构是:把股票包成”代币化债务证券”,通过海峡群岛的离岸实体 Robinhood Assets (Jersey) Limited 发行,持有人获得的是价格敞口而非法律上的所有权,没有投票权、没有股东保护,且不得向美国投资者发售。
9 月 3 日至 4 日,AMC 娱乐首席执行官亚当·阿隆(Adam Aron)在 X 平台对此发起猛烈抨击,称这一做法”卑鄙、可耻、令人厌恶、不可原谅、恶劣”,并威胁就 Robinhood 未经授权代币化其股票一事向美国证券交易委员会(SEC)正式投诉。阿隆指出,AMC 每年花费数百万美元遵守美国证券法,而 Robinhood 却通过约 3000 英里外的离岸实体发行未注册的代币,绕开了发行人需承担的合规成本。Robinhood 首席执行官弗拉德·特涅夫(Vlad Tenev)仅以一句”有什么问题?”回应。
这一争论直指代币化证券最核心的法律空白。阿隆不是第一个反对者,OpenAI 在 2025 年就以几乎相同的理由拒绝了 Robinhood 对其股份的代币化。AMC 的争议之所以更受关注,是因为它拥有华尔街最响亮的散户拥趸:2021 年 meme 股时期,阿隆靠散户追捧的高股价发行新股、偿还债务、走出破产边缘,而代币持有人却不会为 AMC 产生任何发行收入。这场冲突暴露了”当被代币化的公司本身反对时,这个市场的法律基础在哪里”这一根本问题。SEC 至今未明确表态代币化股票在现有证券法下的定位,而正是这种沉默给了 Robinhood、Kraken 与 Coinbase 留出了产品空间。
把韩国的”立法先行”、Robinhood 的”抢跑”放在同一周全球图景里,能看清一条更清晰的脉络。伦敦证券交易所(LSEG)9 月 1 日宣布与 Kraken 母公司 Payward 合作,计划在 2027 年上半年上线的 24 小时交易平台 LSE 24 上挂牌英国前 100 大上市公司的代币化股票 xStocks,并评估其数字证券存管(Digital Securities Depository)如何支撑代币化股票的结算与资产服务。日本则在上周宣布由国家主导、覆盖股票与日本国债的区块链结算体系研究组,目标是把股票 T+2、国债 T+1 的结算周期压缩到接近实时,预计 2030 年代初落地,方法是把银行在央行的部分储备账户代币化为批发型央行数字货币。欧盟的 DLT Pilot Regime 也在探索”先建基础设施、再逐步开放权限、同时保留 DeFi 可组合性”的混合路径。
波士顿咨询(BCG)估计,韩国代币化证券市场到 2030 年可达 367 万亿韩元(约合 2490 亿美元),但这取决于第二阶段与第三阶段能否如期推进。两条路线各有代价:Robinhood 靠速度拿到了规模,两个月内链上代币化资产约 8800 万美元、日 DEX 交易额超 15 亿美元,但也换来了 CEO 冲突、潜在的 SEC 审查,以及一个悬而未决的问题;韩国几乎不会出现”AMC 式”的戏剧性场景,代价是速度,从立法到生效就隔了一年,第一阶段只开放私募产品,公开证券与链上结算的时间表完全未定。这场竞赛刚刚开始,但赛道的形状正在变得清晰。
10 items
共 10 条

