[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-imf-cautious-tokenization-us-permissionless-push-zh":3,"tags-imf-cautious-tokenization-us-permissionless-push-zh":35,"related-lang-imf-cautious-tokenization-us-permissionless-push-zh":49,"related-posts-imf-cautious-tokenization-us-permissionless-push-zh":53,"series-blockchain-0396b8e5-c890-4a74-aac8-98c707ce10f2":90},{"id":4,"title":5,"content":6,"summary":7,"source":8,"source_url":9,"author":10,"image_url":11,"keywords":12,"language":23,"translated_content":10,"views":24,"is_premium":25,"created_at":26,"updated_at":26,"cover_image":11,"published_at":27,"rewrite_status":28,"rewrite_error":10,"rewritten_from_id":29,"slug":30,"category":31,"related_article_id":32,"status":33,"google_indexed_at":34,"x_posted_at":10,"tweet_text":10,"title_rewritten_at":10,"title_original":10,"key_takeaways":10,"topic_cluster_id":10,"embedding":10,"is_canonical_seed":25},"0396b8e5-c890-4a74-aac8-98c707ce10f2","IMF 要求謹慎，美國開放 Tokenization","\u003Cp>Tokenization 不是概念秀了。它正在進政策桌。3 月，美國銀行監管機關把 permissionless blockchain 上的 tokenized securities 納入一般證券的資本處理。IMF 卻提醒，這條路要有更嚴的法律和技術護欄。\u003C\u002Fp>\u003Cp>講白了，這不是單純的技術選邊站。它是在問：金融系統的信任，到底放在銀行、清算機構，還是放在 c\u003Ca href=\"\u002Fnews\u002Fclaude-code-source-leak-analysis-zh\">ode\u003C\u002Fa> 和共享基礎設施上？這題一旦走歪，後果不是 GitHub issue，而是市場事故。\u003C\u002Fp>\u003Cp>IMF 的最新 note 叫 \u003Ca href=\"https:\u002F\u002Fwww.imf.org\u002F-\u002Fmedia\u002FFiles\u002FPublications\u002FSDN\u002F2024\u002FEnglish\u002FSDNEA2024001.ashx\" target=\"_blank\" rel=\"noopener\">Tokenized Finance\u003C\u002Fa>。作者是 Tobias Adrian。他是 IMF 的 Financial Counsellor，也是 Monetary and Capital Markets Department 的主管。這份文件的態度很明確：能做，但別亂做。\u003C\u002Fp>\u003Ch2>IMF 到底在怕什麼\u003C\u002Fh2>\u003Cp>IMF 沒把 tokenization 當成「把資料庫搬上鏈」這麼簡單。它看的是整個金融流程。包含結算、託管、風險控管，還有出事時誰能介入。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1775304588245-4lv2.png\" alt=\"IMF 要求謹慎，美國開放 Tokenization\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>這裡的重點很現實。Tokenized asset 可以縮短結算時間，也能降低部分信用曝險。某些原本很難切分的資產，也能做 fractional ownership。聽起來很香，但前提是法律要認得這些 token 代表什麼。\u003C\u002Fp>\u003Cp>IMF 的意思很直白。你可以用 smart contract 跑流程。可是一旦 co\u003Ca href=\"\u002Fnews\u002Fclaudes-c-compiler-benchmarks-analysis-zh\">de\u003C\u002Fa> 跟法律打架，系統要有辦法收尾。沒有公共錨定、沒有清楚權利、沒有爭議處理機制，效率就會變成新風險。\u003C\u002Fp>\u003Cul>\u003Cli>Tokenization 會把信任從機構移到基礎設施。\u003C\u002Fli>\u003Cli>Fractional ownership 可以降低資產門檻。\u003C\u002Fli>\u003Cli>Smart contract 沒有法律確定性，結算風險會轉移。\u003C\u002Fli>\u003Cli>金融系統需要 emergency controls，不然出事很難救。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>IMF 真正在意的是控制權。它偏好 permissioned 系統。也偏好可識別參與者。還有 override 機制。說白了，它要的是「出事能拉煞車」。\u003C\u002Fp>\u003Cp>這種保守不是沒道理。金融市場不是一般 Web3 專案。你可以讓 NFT 社群自己吵完，但你不能讓債券結算靠運氣。\u003C\u002Fp>\u003Ch2>美國為什麼走另一條路\u003C\u002Fh2>\u003Cp>美國監管的態度就沒那麼縮。3 月，\u003Ca href=\"https:\u002F\u002Fwww.federalreserve.gov\u002F\" target=\"_blank\" rel=\"noopener\">Federal Reserve\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.occ.treas.gov\u002F\" target=\"_blank\" rel=\"noopener\">OCC\u003C\u002Fa> 和 \u003Ca href=\"https:\u002F\u002Fwww.fdic.gov\u002F\" target=\"_blank\" rel=\"noopener\">FDIC\u003C\u002Fa> 表示，銀行持有的 tokenized securities，就資本處理來說，可以跟傳統證券一樣看待。\u003C\u002Fp>\u003Cp>這句話很重要。因為它直接降低銀行碰 publ\u003Ca href=\"\u002Fnews\u002Fmicrosoft-365-copilot-cowork-claude-partnership-zh\">ic\u003C\u002Fa> chain 的合規阻力。不是說銀行明天就全上鏈。是說監管的預設值，從「這很危險」變成「先照既有規則看」。\u003C\u002Fp>\u003Cp>更有意思的是 \u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002F\" target=\"_blank\" rel=\"noopener\">SEC\u003C\u002Fa> 對 \u003Ca href=\"https:\u002F\u002Fwww.dtcc.com\u002F\" target=\"_blank\" rel=\"noopener\">DTC\u003C\u002Fa> 發了 no-action letter，讓它可以 mint tokenized securities，甚至包含 permissionless infrastructure。DTC 站在美國市場基礎設施的核心，這種態度不可能是小事。\u003C\u002Fp>\u003Cp>這代表什麼？代表美國不是只想做私人聯盟鏈。它在試一件更麻煩的事：public blockchain 能不能被塞進現有金融法規裡，而且不把整套系統搞炸。\u003C\u002Fp>\u003Cblockquote>“The benefits of tokenization are potentially significant, but they can only be realized if the associated risks are properly managed.” — Tobias Adrian, IMF Financial Counsellor and head of the Monetary and Capital Markets Department\u003C\u002Fblockquote>\u003Cp>這句話很像監管版的廢話。其實不是。它的意思就是，效率可以要，失控不行。金融基礎設施一旦跑太快，錯一次就不是修 bug，而是修市場。\u003C\u002Fp>\u003Cp>我覺得這也是美國和 IMF 的分歧核心。美國在測 public rails 能不能納入現有制度。IMF 則是先問：你有沒有準備好事故處理流程？\u003C\u002Fp>\u003Ch2>為什麼 permissionless chain 會讓監管皺眉\u003C\u002Fh2>\u003Cp>Basel Committee 還在看銀行對 permissionless chain 的曝險怎麼算。現在的框架很硬。對某些 public chain 相關資產，風險權重甚至到 1250%。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1775304596292-rekt.png\" alt=\"IMF 要求謹慎，美國開放 Tokenization\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>1250% 不是一個溫和的數字。這幾乎等於在說：你可以碰，但資本成本會高到讓你懷疑人生。對銀行來說，這會直接影響專案有沒有經濟性。\u003C\u002Fp>\u003Cp>所以問題不是技術能不能跑。問題是監管會不會讓它跑進資產負債表。沒有合適的 capital treatment，再漂亮的鏈上設計都可能只剩 demo。\u003C\u002Fp>\u003Cp>IMF 的立場就跟這個方向一致。它不是反對 tokenization。它是在說，跨國市場要先有法規協調、公共背書、清楚的法律權利，才談得上規模化。\u003C\u002Fp>\u003Cul>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.bis.org\u002Fbcbs\u002F\" target=\"_blank\" rel=\"noopener\">Basel Committee\u003C\u002Fa>：permissionless chain 相關曝險仍可能吃到 1250% risk weight。\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.imf.org\u002F\" target=\"_blank\" rel=\"noopener\">IMF\u003C\u002Fa>：要先有法律確定性，再談擴張。\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002F\" target=\"_blank\" rel=\"noopener\">SEC\u003C\u002Fa>：已開始讓 tokenized securities 進入正式市場流程。\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.dtcc.com\u002F\" target=\"_blank\" rel=\"noopener\">DTC\u003C\u002Fa>：代表美國市場清算核心也在試水溫。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>你可以把這場拉扯理解成兩種風險觀。IMF 看的是系統性風險。美國看的是怎麼把新技術塞進舊框架。兩邊都合理，只是節奏差很多。\u003C\u002Fp>\u003Cp>對開發者來說，這差異很實際。你做的是 public chain，就得面對互操作性和 composability。你做的是 permissioned 系統，就得面對封閉性和治理成本。沒有哪邊是免費午餐。\u003C\u002Fp>\u003Ch2>這對銀行、交易所、開發者有什麼影響\u003C\u002Fh2>\u003Cp>銀行最先感受到的是合規門檻鬆動。以前很多人覺得 public chain 太危險，連試點都懶得談。現在至少有監管訊號說，tokenized securities 可以先按既有規則檢視。\u003C\u002Fp>\u003Cp>交易所和市場基礎設施公司會更敏感。因為 tokenization 不只是在換資產格式。它還可能改掉 post-trade 流程。結算、對帳、託管，這些都可能縮短或重寫。\u003C\u002Fp>\u003Cp>開發者的選擇也更清楚。你要的是 permissionless，就會拿到較高互通性和較強 composability。你要的是 permissioned，就會拿到較明確的權限管理和較好控管的運維邊界。\u003C\u002Fp>\u003Cp>但別把這件事想得太浪漫。金融系統最怕的不是慢。是慢但穩。或者快但亂。Tokenization 若只追求速度，最後可能只是把舊問題包成新 UI。\u003C\u002Fp>\u003Cul>\u003Cli>銀行：合規門檻下降，但資本計算仍是關卡。\u003C\u002Fli>\u003Cli>交易所：post-trade 流程可能被重寫。\u003C\u002Fli>\u003Cli>開發者：要在 public 與 permissioned 之間選架構。\u003C\u002Fli>\u003Cli>市場基礎設施：清算與託管會變成競爭焦點。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>如果你在做產品，我會直接問一題。你的 token 是拿來展示技術，還是真的要接金融流程？這兩件事差很多。前者是 demo。後者是責任。\u003C\u002Fp>\u003Cp>而且這題不是純美國市場。只要你碰跨境資產，法規差異就會冒出來。今天美國放寬，不代表歐洲、亞洲、英國會同步跟上。\u003C\u002Fp>\u003Ch2>這波其實是金融基礎設施重畫\u003C\u002Fh2>\u003Cp>Tokenization 會火，不只是因為鏈上很潮。更大的原因是金融業一直想降成本。清算時間、對帳人力、跨機構溝通，這些都很貴。\u003C\u002Fp>\u003Cp>但金融業也很保守。這不是壞事。因為它本來就是高風險產業。你不可能拿一個 24 小時不休的鏈上系統，直接取代所有傳統流程，還期待沒有摩擦。\u003C\u002Fp>\u003Cp>所以現在看到的是兩種路線並行。IMF 要求更嚴的治理。美國想先讓市場試。這種拉扯會持續很久。真正的勝負，不在白皮書，而在監管怎麼改。\u003C\u002Fp>\u003Cp>我自己的判斷很簡單。接下來 12 個月，permissionless infrastructure 會出現更多試點。可是碰到核心資產負債表的案子，數量還是會少。原因不是技術不夠，而是法規還沒完全對齊。\u003C\u002Fp>\u003Ch2>結尾：別只看鏈，先看規則\u003C\u002Fh2>\u003Cp>如果你是開發者，現在最值得追的不是哪條鏈更快。是哪些司法管轄區先把 tokenized assets 的法律地位講清楚。這會直接決定產品能不能上線，還是只能停在 sandbox。\u003C\u002Fp>\u003Cp>如果你是做金融產品的人，我會建議你先畫出三張圖。第一張是資產流。第二張是權責流。第三張是出事後誰能停機。這三張圖畫不出來，就別急著上 production。\u003C\u002Fp>","IMF 盯著 tokenization 的風險，美國卻開始把 permissionless blockchain 納入銀行資本規則。這場政策分歧，正在改寫金融基礎設施的設計方式。","www.ledgerinsights.com","https:\u002F\u002Fwww.ledgerinsights.com\u002Fimf-charts-cautious-tokenization-path-amid-us-permissionless-push\u002F",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1775304588245-4lv2.png",[13,14,15,16,17,18,19,20,21,22],"tokenization","IMF","permissionless blockchain","tokenized securities","銀行監管","金融基礎設施","capital treatment","DTC","SEC","Basel Committee","zh",0,false,"2026-04-04T12:09:31.195174+00:00","2026-04-04T12:09:31.14+00:00","done","fae35dd1-a718-42a5-8fbb-3125d2683654","imf-cautious-tokenization-us-permissionless-push-zh","blockchain","da9176eb-5f1d-41d6-b27b-bfe4fee27848","published","2026-04-07T07:41:07.391+00:00",[36,37,38,39,41,43,45,47],{"name":18,"slug":18},{"name":13,"slug":13},{"name":17,"slug":17},{"name":21,"slug":40},"sec",{"name":20,"slug":42},"dtc",{"name":22,"slug":44},"basel-committee",{"name":15,"slug":46},"permissionless-blockchain",{"name":16,"slug":48},"tokenized-securities",{"id":32,"slug":50,"title":51,"language":52},"imf-cautious-tokenization-us-permissionless-push-en","IMF Wants Caution as U.S. Opens Tokenization","en",[54,60,66,72,78,84],{"id":55,"slug":56,"title":57,"cover_image":58,"image_url":58,"created_at":59,"category":31},"8c37fa14-a081-4810-b5b8-2a2a184a7d1d","web3-communication-trust-infrastructure-2026-zh","Web3 溝通正在變成信任基礎設施","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778797251989-it0w.png","2026-05-14T22:20:32.600359+00:00",{"id":61,"slug":62,"title":63,"cover_image":64,"image_url":64,"created_at":65,"category":31},"9059e494-8f72-4c34-a888-2424c682da10","why-bases-x402-protocol-matters-more-than-100m-zh","為什麼 Base 的 x402 協議比 1 億美元里程碑更重要","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778719260627-a0va.png","2026-05-14T00:40:19.962138+00:00",{"id":67,"slug":68,"title":69,"cover_image":70,"image_url":70,"created_at":71,"category":31},"74969a5b-7ec5-4686-80ee-fa39a5cc43d4","gala-games-web3-gaming-2026-zh","Gala Games 在 Web3 遊戲找回存在感","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778689265110-p0y5.png","2026-05-13T16:20:41.782583+00:00",{"id":73,"slug":74,"title":75,"cover_image":76,"image_url":76,"created_at":77,"category":31},"d330d44a-4eff-4ba6-aa72-5ef246e31c64","why-lace-20-matters-more-than-cardanos-next-hard-fork-zh","為什麼 Lace 2.0 比 Cardano 下一次硬分叉更重要","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778681462051-f600.png","2026-05-13T14:10:25.488549+00:00",{"id":79,"slug":80,"title":81,"cover_image":82,"image_url":82,"created_at":83,"category":31},"0af0a4b2-b0a1-4a52-8fe9-1328bde87c8e","why-ethereum-treasury-buying-is-a-bad-bet-zh","為什麼 Ethereum Treasury Buying 正在變成一筆差勁的長…","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778386236909-ytls.png","2026-05-10T04:10:21.784208+00:00",{"id":85,"slug":86,"title":87,"cover_image":88,"image_url":88,"created_at":89,"category":31},"ab3ef302-99ee-40b3-b2d0-4b67a9049ec4","yakovenko-warns-ai-could-crack-pqc-wallets-zh","Yakovenko 警告：AI 可能破解 PQC 錢包","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778170266863-wnnh.png","2026-05-07T16:10:41.097774+00:00",[91,96,101,106,111,116,121,126,131,136],{"id":92,"slug":93,"title":94,"created_at":95},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 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