编者按： 根据ARK Invest（方舟投资）发布的《大创意（2025）》研究报告，2024年稳定币年化交易额已达15.6万亿美元，相当于Visa全年交易量的119%，万事达 卡的200%。尤其值得注意的是，2024年12月稳定币单日交易额创下2700亿美元的历史新高，月交易量达到2.7万亿美元。 进入2025年，稳定币市场规模持续扩大，比特币价格一度突破10万美元大关，去中心化金融（DeFi）生态也日益丰富，全球加密资产市场正步入规范创新 与快速发展的新阶段。 更重要的是，稳定币与传统支付体系的融合正在加速。银行机构积极拓展加密资产相关服务，资本市场与加密市场之间的壁垒逐步被打破，展现出全面整 合的发展趋势。 在这一进程中，美国通过加快建立稳定币及加密资产监管框架，明确将比特币等纳入战略储备投资类别，进一步推动了加密资产的规范化与大众化，也为 其与传统金融体系的深度融合提供了制度保障。 可以预见，稳定币、加密货币与传统金融体系的融合已成为不可逆转的趋势。其中，稳定币在重塑全球支付体系、升级金融基础设施方面的作用尤为关 键，值得市场与监管机构高度重视。 *文章摘自《稳定币：重塑全球金融新秩序》一书，作者为沈建 ...

Core Viewpoint - The article discusses the increasing interest and regulatory discussions surrounding cryptocurrency ETFs in Japan, particularly in the context of the recent approval of Bitcoin spot ETFs in the United States, which has sparked a demand for similar investment vehicles in Japan [2][5]. Group 1: Regulatory Developments in Japan - The Japanese government is actively discussing the regulation of cryptocurrency assets, with the Liberal Democratic Party releasing a "Web3 White Paper 2024" that includes recommendations for cryptocurrency ETFs [5]. - In March 2025, the Liberal Democratic Party proposed a reform plan to classify cryptocurrency as a new asset category distinct from securities, aiming to enhance market health and investor protection [5][6]. - The Financial Services Agency of Japan published a discussion document in April 2025, suggesting a reevaluation of the legal framework surrounding cryptocurrency under the Financial Instruments and Exchange Act [6]. Group 2: Market Demand for Cryptocurrency ETFs - As of January 2025, over 12 million accounts have been opened on cryptocurrency exchanges in Japan, with a total custody balance exceeding 5 trillion yen, indicating strong interest in cryptocurrency investments [6]. - A survey conducted by Nomura Holdings in June 2024 revealed that 53% of institutional investors prefer investing in cryptocurrency through listed investment trusts (ETFs), while 31% favor direct investment [7][10]. - Among individual investors, 42% expressed interest in domestic and foreign investment trusts and ETFs, significantly higher than the 11% interested in direct cryptocurrency holdings [8][10]. Group 3: Impact of Bitcoin Spot ETFs - The approval of Bitcoin spot ETFs in the U.S. has led to increased attention and investment in cryptocurrency, with institutional investors holding approximately $27 billion in Bitcoin spot ETFs by the end of 2024 [13][14]. - The introduction of Bitcoin spot ETFs has resulted in significant capital inflows, with a reported net inflow of about $900 million on a single day in April 2025, pushing the total net asset value of Bitcoin spot ETFs to over $100 billion [25]. - Bitcoin is viewed as a low-correlation asset to traditional financial assets, enhancing portfolio diversification for investors [26][27]. Group 4: Institutional and Tax Considerations - The establishment of cryptocurrency ETFs in Japan could follow several legal frameworks, including investment trusts under the Investment Trusts and Investment Corporations Act and foreign fund introductions [29][30]. - Tax treatment for cryptocurrency transactions in Japan currently categorizes profits as miscellaneous income, while ETF trading profits are classified as capital gains, leading to potential inconsistencies in tax treatment [34]. - The article suggests that aligning the tax treatment of cryptocurrency ETFs with that of traditional financial assets could enhance market liquidity and investor participation [34].