[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-imf-cautious-tokenization-us-permissionless-push-zh":3,"article-related-imf-cautious-tokenization-us-permissionless-push-zh":30,"series-blockchain-0396b8e5-c890-4a74-aac8-98c707ce10f2":86},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":11,"views":27,"created_at":28,"published_at":29,"topic_cluster_id":11},"0396b8e5-c890-4a74-aac8-98c707ce10f2","imf-cautious-tokenization-us-permissionless-push-zh","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","blockchain","zh","da9176eb-5f1d-41d6-b27b-bfe4fee27848",[17,18,19,20,21,22,23,24,25,26],"tokenization","IMF","permissionless blockchain","tokenized securities","銀行監管","金融基礎設施","capital treatment","DTC","SEC","Basel Committee",1,"2026-04-04T12:09:31.195174+00:00","2026-04-04T12:09:31.14+00:00",{"tags":31,"relatedLang":45,"relatedPosts":49},[32,33,34,35,37,39,41,43],{"name":22,"slug":22},{"name":17,"slug":17},{"name":21,"slug":21},{"name":25,"slug":36},"sec",{"name":24,"slug":38},"dtc",{"name":26,"slug":40},"basel-committee",{"name":19,"slug":42},"permissionless-blockchain",{"name":20,"slug":44},"tokenized-securities",{"id":15,"slug":46,"title":47,"language":48},"imf-cautious-tokenization-us-permissionless-push-en","IMF Wants Caution as U.S. Opens Tokenization","en",[50,56,62,68,74,80],{"id":51,"slug":52,"title":53,"cover_image":54,"image_url":54,"created_at":55,"category":13},"b1bd7aaa-88cf-4d4e-87a7-46cef145aaf8","near-protocol-price-263-volume-jumps-zh","NEAR 漲到 2.63 美元，量能暴增","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780413484490-zoag.png","2026-06-02T15:17:38.4636+00:00",{"id":57,"slug":58,"title":59,"cover_image":60,"image_url":60,"created_at":61,"category":13},"f4dc3044-7373-4387-8ffd-90476bce4364","gemini-ai-solana-price-prediction-june-2026-zh","Gemini 看多 Solana 至 160 美元","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780265870326-g3jl.png","2026-05-31T22:17:26.356567+00:00",{"id":63,"slug":64,"title":65,"cover_image":66,"image_url":66,"created_at":67,"category":13},"63dda5f2-ae46-49c3-98a4-43a644a5fcd8","5-web3-applications-for-enterprise-teams-2026-zh","5 個企業團隊必看的 Web3 應用","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780246071979-c0d6.png","2026-05-31T16:47:21.317499+00:00",{"id":69,"slug":70,"title":71,"cover_image":72,"image_url":72,"created_at":73,"category":13},"c8dc1a2a-45f1-4c0d-85c7-861e603dbe65","why-web3-development-company-rankings-are-wrong-2026-zh","為什麼 2026 年的 Web3 開發公司排名都不準","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780245170966-cvoi.png","2026-05-31T16:32:20.899076+00:00",{"id":75,"slug":76,"title":77,"cover_image":78,"image_url":78,"created_at":79,"category":13},"5e3d5a41-a4f3-4c2a-87c2-1615f0806e25","betsson-web3-frontend-igaming-role-zh","Betsson Web3 前端把 iGaming 變成流程戰","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780244307124-216v.png","2026-05-31T16:17:53.827111+00:00",{"id":81,"slug":82,"title":83,"cover_image":84,"image_url":84,"created_at":85,"category":13},"239f9394-6075-4098-8646-aa751f486720","5-layer-2-networks-for-real-estate-tokenization-zh","5 個適合房地產代幣化的 Layer 2 網路","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780144372513-c9qg.png","2026-05-30T12:32:25.71019+00:00",[87,92,97,102,107,112,117,122,127,132],{"id":88,"slug":89,"title":90,"created_at":91},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 付款","2026-03-28T03:08:33.379969+00:00",{"id":93,"slug":94,"title":95,"created_at":96},"e72bae29-ddbd-437b-aaa4-cd662605394b","next-gen-crypto-simulators-ai-web3-training-zh","新一代加密模擬器更聰明了","2026-04-01T09:36:33.917023+00:00",{"id":98,"slug":99,"title":100,"created_at":101},"b8e39b58-6b9d-4714-92d3-26df18a3e0f4","rtk-cuts-claude-code-token-spend-zh","RTK 讓 Claude Code 少燒 Token","2026-04-01T10:24:29.259497+00:00",{"id":103,"slug":104,"title":105,"created_at":106},"7ff10146-4ca0-4670-a02c-384dde04f610","trm-labs-ai-agents-crypto-investigations-zh","TRM Labs 將 AI agent 帶進加密調查","2026-04-01T10:33:30.166266+00:00",{"id":108,"slug":109,"title":110,"created_at":111},"00668dea-9f0e-4019-b861-03817d5a8877","how-web3-marketing-changed-in-2026-zh","2026 Web3 行銷怎麼變了","2026-04-02T01:36:34.973322+00:00",{"id":113,"slug":114,"title":115,"created_at":116},"e7992274-42ee-40bc-bb05-97250098c56c","ai-agentic-defi-web3-grants-march-2026-zh","AI、Agentic DeFi 與 Web3 補助案","2026-04-02T05:51:36.857954+00:00",{"id":118,"slug":119,"title":120,"created_at":121},"5cef810b-af3d-467a-8b41-627769eca895","why-crypto-is-fixated-on-ai-agents-zh","為何加密圈盯上 AI Agent","2026-04-02T05:54:28.919864+00:00",{"id":123,"slug":124,"title":125,"created_at":126},"d30e6203-d522-41a1-b529-fcf4499cd985","web3-explained-what-it-is-why-it-matters-zh","Web3 是什麼，為何重要","2026-04-02T06:15:32.580114+00:00",{"id":128,"slug":129,"title":130,"created_at":131},"f29e65ae-64df-463b-ba22-afd9dcbd0f8f","trust-wallet-agent-kit-ai-trade-25-chains-zh","Trust Wallet 讓 AI 幫你交易","2026-04-02T06:27:33.183404+00:00",{"id":133,"slug":134,"title":135,"created_at":136},"91022b4c-b53e-4c18-abfe-914a8eca6e28","blockchain-in-ai-real-use-cases-zh","區塊鏈加 AI，真實落地在哪裡","2026-04-02T06:30:44.026286+00:00"]