South Korea considers lifting market-making ban on cryptocurrency markets

韩国考虑在第二部加密货币法案中允许数字资产做市

韩国金融服务委员会（FSC）正在研究是否允许在数字资产市场进行做市交易，这是该国第二部主要加密货币法律的一部分。做市商通过提供常规的买单和卖单，帮助交易者更轻松地找到买家和卖家。

目前，《虚拟资产用户保护法》禁止这种做法，该法未对做市交易做出例外规定，而是将其与价格操纵等不公平交易行为一并处理。

韩国代表柳英俊表示，韩国将在其第二部加密货币法律框架内研究针对做市商的规则，同时也在考虑加强对交易所、代币上市及异常交易的监管。拟议中的法律可能会提高主要股东和高管的要求，将监管范围扩大到托管、经纪、资产管理和投资咨询领域，并允许韩国公司在披露规则下发行数字资产。此外，该法案还可能包括以韩元支持的稳定币计划以及加强用户保护措施。

如果这些变更得以实施，将为企业在交易之外使用数字资产提供更多途径。公司可以使用稳定币进行更便宜、更快的支付，将数字资产纳入资产负债表，并获得主经纪商等服务。金融机构还可以利用数字资产开发结合传统银行服务与加密货币的新产品。

用户对新做市规则的讨论

The proposal has attracted widespread attention because market makers play an important role in keeping trading active, but their presence has also raised concerns that they could affect prices. [TAG

Urspidy therefore sees this possible change as a step towards further popularization of the Korean crypto market. Commentators argue that clearer rules could encourage more specialist firms to provide liquidity, making it easier for people to buy and sell digital assets without large bid-ask spreads.

Another user was concerned about stability issues. The commentary pointed out that a stablecoin had traded at about four times its target value, using it as an example of the large price fluctuations that can occur when market conditions collapse. Because stablecoins are designed to remain close to a fixed value, such large fluctuations can expose traders to significant losses and raise questions about the strength of the markets around them.

Pytho then pointed out the challenges regulators would face if market-making was allowed. Rules need to improve liquidity and make transactions more efficient without giving market makers too much price influence. This means that any new system will likely require clear safeguards to prevent price distortions or market manipulation.

Why market makers are notorious

Gotbit 案例揭示了做市商被禁背后的历史。检察官称，在其创始人被起诉之前，Gotbit 是加密领域的顶级做市商之一，拥有超过 200 名员工和数千万美元的年收入。据称，从 2018 年到 2024 年，它为付费客户进行了对敲交易（wash trading），即自买自卖以伪造交易量。虚假的交易量帮助了像 Saitama 和 Robo Inu 这样的小众代币在大型交易所上市并吸引真实买家。

美国当局通过“代币镜像行动”（Operation Token Mirrors）发现了这一问题，该行动中 FBI 首次创建了自己的代币来抓捕骗子。该行动导致对 15 人和三家公司的指控。Gotbit 的创始人 Aleksei Andriunin 于 2025 年 3 月认罪，并被判处八个月监禁，鉴于其在葡萄牙被捕后已被羁押，刑期已折抵。检察官原本要求判处 15 年徒刑。该公司没收了价值 2300 万美元的加密货币。

同样的职位头衔既涵盖诚实的公司，也涵盖受雇进行操纵的人，这也是为什么监管机构不断询问做市商为谁工作以及其交易是否真实的原因。

其他国家正在制定做市规则，而非禁止

韩国并非第一个监管加密做市商的国家，但其拟议的方法会有所不同，因为其现行规则将做市视为不公平交易。在其他主要市场中，监管机构转而致力于将这些公司纳入现有的许可和报告系统中。

In the United States, London-based market maker Wintermute was registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC) and Financial Supervisory Authority (FINRA) on August 6. Its U.S. branch can now trade stocks and stock options and serve as an authorized participant in exchange-traded products, including digital asset ETFs. CEO Evgeny Gaevoy said companies that can operate simultaneously in both cryptocurrency and traditional finance will have advantages. Other crypto market makers have also expanded through acquisitions, including Ripple's $1.25 billion acquisition of Hidden Road and GSR's acquisition of Equilibrium Capital Services.

Europe has adopted a broader licensing approach. The final transition period of the Crypto Asset Markets Regulation ended on July 1, requiring crypto service providers operating under the regime to obtain licenses. Regulators have issued more than 200 licenses, and Germany is one of the countries issuing the largest number of licenses. Market makers including Flow Traders and Kairon Labs have also clarified how the rules apply to their businesses.

Julia Leung, CEO of Hong Kong's securities regulator, said licensed platforms can share order books with overseas affiliates, allowing them to enter a deeper pool of buyers and sellers. Japan has also brought cryptocurrencies closer to its securities regulations, with legislation passed in July introducing measures covering insider trading, token issuer disclosures, and penalties for unregistered operators.

尽管这些市场的具体细节各不相同，但总体方法是：做市商正被纳入监管体系之内，而不是被视为被禁止的参与者。这为监管机构提供了一条途径，可以在设定许可、报告、市场行为和投资者保护要求的同时，仍允许企业提供流动性。

与此同时，韩国银行（BOK）推出了首个 24 小时国际结算网络试点项目，以韩元计价，允许外国投资者在韩国传统银行营业时间之外进行交易和结算。