韩国为代币化证券制定规则，同时加密货币税收延迟呼声高涨

据周四（10月1日）提交的一项新提案显示，韩国金融服务委员会（FSC）计划允许在韩国进行股票、债券和基金的代币化交易，该计划将于2027年2月4日启动。 

随着跨党派支持推迟原定于1月1日生效的加密货币所得税制度，韩国扩大代币化的举措顺势推进，执政党与反对党议员纷纷加入其中。

韩国拟推行股票、债券和基金的代币化 

FSC已设立窗口期（2026年10月2日至11月11日），就《金融投资服务与资本市场法》及《电子注册法》下的从属法规征求公众意见。 

两项父母法律均将于2027年2月4日生效，将扩大该国代币化的范围。现行制度仅允许以区块链形式代表 fractional 投资产品。 

今日提出的提案将把覆盖范围扩展至传统证券，包括股票、债券和基金。该 FSC的声明 确认将其与非货币信托受益证书和投资合同证券并列。 

The 推出工作正在推进中 根据监管机构于9月4日制定的分阶段但灵活的时间表进行。 

• 第一阶段：面向机构投资者的私募货币市场基金和债券、通过信托结构持有的未上市股票，以及公开发行的 fractional 投资证券。 
• 第 2 阶段：公开发行的证券 
• 第 3 阶段：与稳定币挂钩的链上结算层。

谁可以在韩国发行代币化证券？ 

FSC草案列出了发行人在该国发行代币化证券必须满足的条件，包括在韩国证券存管处共享分布式账本，以及至少两家账户管理实体。监管机构还澄清，不得就使用账本收取直接费用。

新的“发行人账户管理实体”类别现允许发行代币化证券的公司同时管理客户账户。过去只有金融机构才能提供此项服务。 

然而，有意进入“发行人账户管理实体”类别的公司必须先满足FSC的某些条件： 

• 股本资本至少须达到 4 亿韩元 
• 配备包含一名账户管理专家、一名内部控制专家和两名IT专家的团队。

在交易方面，该提案增加了债务证券的场外交易许可单元，与现有的非上市股票和非货币信托受益权证书单元并列。 

FSC还为零售投资者设定了投资者保护限额，规定其在每个场外交易所的年净购买额上限为1亿韩元。

同一批议员希望再次推迟实施1月的加密货币税

随着该框架的推进，针对定于1月1日实施的加密货币所得税的压力正在增大。该税种将转让或出借数字资产产生的收益视为杂项收入，对超过250万韩元扣除额后的年度收益按20%的税率征税。 

Cryptopolitan报道，加上2%的地方附加税后，实际税率达到22%。2027年获得的收益将于2028年5月首次申报并缴纳税款。

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Rep. Song Eon-seog has moved to scrap the tax clauses, Rep. Jung Sung-kook has proposed a 2030 start, and Rep. Kim Sang-hoon a 2029 date, according to The Korea Times and Cryptopolitan.

A fourth delay after three already

Industry and investors are leaning the same way. The Digital Asset eXchange Alliance has told lawmakers that exchanges still lack a standardized data network with regulators and need more time to build and test it. 

Tiger Research 与 Chainalysis 联合开展的一项调查显示，在受访的 2,423 名韩国投资者中，有 73.7% 反对该计划， 《韩国时报》报道, 同时一份寻求推迟实施的公民请愿书已收集到超过 50,000 个签名，并已提交至国会战略与财政委员会，据 Cryptopolitan 报道。

政府立场坚定。财长李炯一于 9 月 28 日支持于 1 月启动该计划，并表示 85% 的投资者持有的加密货币价值低于 500 万韩元，扣除后几乎无需缴税或完全免税。 

该税收政策原定于 2022 年实施，但已三次延期，分别推迟至 2023 年、2025 年和现在的 2027 年，因此此次推进将是 第四次延期.