{"id":61423,"date":"2023-12-08T20:25:33","date_gmt":"2023-12-08T11:25:33","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61423"},"modified":"2025-12-17T18:26:30","modified_gmt":"2025-12-17T09:26:30","slug":"ico-and-whitepaper","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper","title":{"rendered":"Jak\u00e9 pr\u00e1vn\u00ed probl\u00e9my je t\u0159eba vz\u00edt v \u00favahu p\u0159i vytv\u00e1\u0159en\u00ed b\u00edl\u00e9 knihy pro ICO?"},"content":{"rendered":"\n<p>Metodu financov\u00e1n\u00ed, kter\u00e1 zahrnuje z\u00edsk\u00e1v\u00e1n\u00ed investic v\u00fdm\u011bnou za vyd\u00e1n\u00ed virtu\u00e1ln\u00ed m\u011bny (token\u016f), naz\u00fdv\u00e1me ICO (Initial Coin Offering). Tento zp\u016fsob financov\u00e1n\u00ed, zn\u00e1m\u00fd jako ICO, prob\u00edh\u00e1 procesem velmi podobn\u00fdm existuj\u00edc\u00edmu IPO. Na rozd\u00edl od IPO, u ICO neexistuje \u017e\u00e1dn\u00fd z\u00e1kon, kter\u00fd by p\u0159\u00edmo reguloval sch\u00e9ma, co\u017e znamen\u00e1, \u017ee m\u00e1 vysokou m\u00edru svobody v n\u00e1vrhu a tak\u00e9 m\u00e1 v\u00fdhodu v tom, \u017ee m\u016f\u017ee sn\u00ed\u017eit n\u00e1klady a \u00fasil\u00ed spojen\u00e9 s komplikovan\u00fdmi administrativn\u00edmi postupy. Nicm\u00e9n\u011b, absence z\u00e1kona, kter\u00fd by stanovil &#8220;spr\u00e1vn\u00fd zp\u016fsob proveden\u00ed ICO&#8221;, na druh\u00e9 stran\u011b zvy\u0161uje obt\u00ed\u017enost prov\u00e1d\u011bn\u00ed ICO s ohledem na dodr\u017eov\u00e1n\u00ed p\u0159edpis\u016f (pro srovn\u00e1n\u00ed mezi ICO a IPO, viz samostatn\u00fd \u010dl\u00e1nek).<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/blockchain\/comparison-ico-ipo\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/blockchain\/comparison-ico-ipo[ja]<\/a><\/p>\n\n\n\n<p>V jist\u00e9m smyslu, r\u016fzn\u00e9 charakteristiky ICO, jako je &#8220;svoboda od uniformn\u00edch administrativn\u00edch postup\u016f&#8221; a &#8220;obt\u00ed\u017enost rozli\u0161en\u00ed mezi leg\u00e1ln\u00edmi a neleg\u00e1ln\u00edmi v\u011bcmi&#8221;, se nejl\u00e9pe projevuj\u00ed pr\u00e1v\u011b v zp\u016fsobu, jak\u00fdm je naps\u00e1n b\u00edl\u00fd pap\u00edr. V tomto \u010dl\u00e1nku se zab\u00fdv\u00e1me pr\u00e1vn\u00edmi ot\u00e1zkami, kter\u00e9 se \u010dasto vyskytuj\u00ed p\u0159i prov\u00e1d\u011bn\u00ed ICO, v souvislosti s informacemi uveden\u00fdmi v b\u00edl\u00e9m pap\u00edru.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Neni_zadna_%E2%80%9Cspravna%E2%80%9D_cesta_jak_napsat_bilou_knihu\" title=\"Nen\u00ed \u017e\u00e1dn\u00e1 &#8220;spr\u00e1vn\u00e1&#8221; cesta, jak napsat b\u00edlou knihu\">Nen\u00ed \u017e\u00e1dn\u00e1 &#8220;spr\u00e1vn\u00e1&#8221; cesta, jak napsat b\u00edlou knihu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Prakticke_psani_bile_knihy_s_ohledem_na_ustanoveni_Japonskeho_zakona_o_obchodovani_s_financnimi_produkty_Financial_Instruments_and_Exchange_Act\" title=\"Praktick\u00e9 psan\u00ed b\u00edl\u00e9 knihy s ohledem na ustanoven\u00ed Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (Financial Instruments and Exchange Act)\">Praktick\u00e9 psan\u00ed b\u00edl\u00e9 knihy s ohledem na ustanoven\u00ed Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (Financial Instruments and Exchange Act)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Co_je_to_zakon_o_obchodovani_s_financnimi_produkty\" title=\"Co je to z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty\">Co je to z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Je_virtualni_mena_%E2%80%9Ecenny_papir%E2%80%9C\" title=\"Je virtu\u00e1ln\u00ed m\u011bna \u201ecenn\u00fd pap\u00edr\u201c?\">Je virtu\u00e1ln\u00ed m\u011bna \u201ecenn\u00fd pap\u00edr\u201c?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Jak_nakonec_napsat_bilou_knihu\" title=\"Jak nakonec napsat b\u00edlou knihu \">Jak nakonec napsat b\u00edlou knihu <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Pravni_oblasti_ktere_bychom_meli_mit_na_pameti_krome_zakona_o_obchodovani_s_cennymi_papiry\" title=\"Pr\u00e1vn\u00ed oblasti, kter\u00e9 bychom m\u011bli m\u00edt na pam\u011bti krom\u011b z\u00e1kona o obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry\">Pr\u00e1vn\u00ed oblasti, kter\u00e9 bychom m\u011bli m\u00edt na pam\u011bti krom\u011b z\u00e1kona o obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ico-and-whitepaper\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Neni_zadna_%E2%80%9Cspravna%E2%80%9D_cesta_jak_napsat_bilou_knihu\"><\/span>Nen\u00ed \u017e\u00e1dn\u00e1 &#8220;spr\u00e1vn\u00e1&#8221; cesta, jak napsat b\u00edlou knihu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>B\u00edl\u00e1 kniha v ICO (Initial Coin Offering) je dokument, kter\u00fd popisuje \u00fa\u010del z\u00edsk\u00e1n\u00ed financ\u00ed, jak budou vyu\u017eity z\u00edskan\u00e9 prost\u0159edky a jak\u00fdm zp\u016fsobem budou investo\u0159i odm\u011bn\u011bni. V porovn\u00e1n\u00ed s IPO (Initial Public Offering), by se dalo \u0159\u00edci, \u017ee pln\u00ed podobnou roli jako takzvan\u00fd &#8220;prospekt&#8221;. Nicm\u00e9n\u011b, neexistuje \u017e\u00e1dn\u00e1 \u0161ablona, kterou by bylo nutn\u00e9 dodr\u017eet p\u0159i psan\u00ed b\u00edl\u00e9 knihy. Ba co v\u00edce, p\u0159i prov\u00e1d\u011bn\u00ed ICO nen\u00ed ani nutn\u00e9 m\u00edt b\u00edlou knihu.<\/p>\n\n\n\n<p>V Japonsku neexistuje \u017e\u00e1dn\u00fd z\u00e1kon, kter\u00fd by p\u0159\u00edmo reguloval ICO, a proto z\u00e1konod\u00e1rstv\u00ed tak\u00e9 neposkytuje \u017e\u00e1dn\u00e9 konkr\u00e9tn\u00ed pokyny pro &#8220;spr\u00e1vn\u00e9&#8221; psan\u00ed b\u00edl\u00e9 knihy. Pr\u00e1v\u011b proto se v Japonsku v r\u00e1mci mnoha ICO, kter\u00e9 se zde konaly, objevilo mnoho origin\u00e1ln\u00edch a atraktivn\u00edch propaga\u010dn\u00edch materi\u00e1l\u016f. D\u00edky siln\u00e9mu web marketingu zalo\u017een\u00e9mu na t\u011bchto materi\u00e1lech se poda\u0159ilo \u0161iroce roz\u0161\u00ed\u0159it pov\u011bdom\u00ed o atraktivit\u011b token\u016f a v n\u011bkter\u00fdch p\u0159\u00edpadech se poda\u0159ilo z\u00edskat obrovsk\u00e9 investice.<\/p>\n\n\n\n<p>Z\u00e1kon n\u00e1m neposkytuje n\u00e1vod, jak vytvo\u0159it b\u00edlou knihu, kter\u00e1 by &#8220;zaujala&#8221; investory. Nicm\u00e9n\u011b, z\u00e1kon n\u00e1m d\u00e1v\u00e1 mnoho n\u00e1znak\u016f o tom, jak\u00e9 konfliktn\u00ed rizika m\u016f\u017ee p\u0159in\u00e9st lehkov\u00e1\u017en\u00fd content marketing. I kdy\u017e je na\u0161\u00edm hlavn\u00edm c\u00edlem pln\u011b komunikovat atraktivitu token\u016f, jak\u00e9 jsou minim\u00e1ln\u00ed pr\u00e1vn\u00ed po\u017eadavky, kter\u00e9 bychom m\u011bli dodr\u017eovat? Pod\u00edvejme se na n\u011b n\u00ed\u017ee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prakticke_psani_bile_knihy_s_ohledem_na_ustanoveni_Japonskeho_zakona_o_obchodovani_s_financnimi_produkty_Financial_Instruments_and_Exchange_Act\"><\/span>Praktick\u00e9 psan\u00ed b\u00edl\u00e9 knihy s ohledem na ustanoven\u00ed Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (Financial Instruments and Exchange Act)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"735\" height=\"490\" src=\"https:\/\/monolith.law\/cs\/wp-content\/uploads\/sites\/34\/2025\/12\/ico-and-whitepaper-2.jpg\" alt=\"\" class=\"wp-image-67104\" style=\"aspect-ratio:1.5;width:840px;height:auto\" srcset=\"https:\/\/monolith.law\/cs\/wp-content\/uploads\/sites\/34\/2025\/12\/ico-and-whitepaper-2.jpg 735w, https:\/\/monolith.law\/cs\/wp-content\/uploads\/sites\/34\/2025\/12\/ico-and-whitepaper-2-300x200.jpg 300w, https:\/\/monolith.law\/cs\/wp-content\/uploads\/sites\/34\/2025\/12\/ico-and-whitepaper-2-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption class=\"wp-element-caption\">Jak\u00fd je vztah mezi Japonsk\u00fdm z\u00e1konem o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty a virtu\u00e1ln\u00ed m\u011bnou?<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_to_zakon_o_obchodovani_s_financnimi_produkty\"><\/span>Co je to z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud je povaha vyd\u00e1van\u00e9ho tokenu takov\u00e1, \u017ee odpov\u00edd\u00e1 &#8220;cenn\u00fdm pap\u00edr\u016fm&#8221; podle z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (d\u00e1le jen &#8220;z\u00e1kon o obchodov\u00e1n\u00ed&#8221;), pak se na tento token vztahuje z\u00e1kon o obchodov\u00e1n\u00ed. Co to vlastn\u011b je z\u00e1kon o obchodov\u00e1n\u00ed? Je to pr\u00e1vn\u00ed oblast, kter\u00e1 m\u00e1 za c\u00edl chr\u00e1nit investory a podporovat zdrav\u00fd rozvoj trhu p\u0159i vyd\u00e1v\u00e1n\u00ed a obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry.<\/p>\n\n\n\n<p>Z\u00e1kon o obchodov\u00e1n\u00ed neposkytuje jasnou definici &#8220;cenn\u00fdch pap\u00edr\u016f&#8221;, ale pouze vymezuje jednotliv\u00e9 cenn\u00e9 pap\u00edry, na kter\u00e9 se tento pr\u00e1vn\u00ed obor vztahuje. Pod\u00edvejme se na \u010dl\u00e1nek 2 z\u00e1kona o obchodov\u00e1n\u00ed. Zde jsou jednotliv\u011b vypsan\u00e9 konkr\u00e9tn\u00ed typy cenn\u00fdch pap\u00edr\u016f, na kter\u00e9 se z\u00e1kon o obchodov\u00e1n\u00ed vztahuje, v\u010detn\u011b st\u00e1tn\u00edch dluhopis\u016f, korpor\u00e1tn\u00edch dluhopis\u016f, akci\u00ed atd.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u010cl\u00e1nek 2 V tomto z\u00e1kon\u011b se &#8220;cenn\u00fdmi pap\u00edry&#8221; rozum\u00ed n\u00e1sleduj\u00edc\u00ed:<br> 1. St\u00e1tn\u00ed dluhopisy<br> 2. M\u00edstn\u00ed dluhopisy<br> 3. Dluhopisy vyd\u00e1van\u00e9 korporacemi podle zvl\u00e1\u0161tn\u00edho z\u00e1kona (s v\u00fdjimkou t\u011bch, kter\u00e9 jsou uvedeny v n\u00e1sleduj\u00edc\u00edm a v bod\u011b jeden\u00e1ct)<br> 4. Specifick\u00e9 korpor\u00e1tn\u00ed dluhopisy definovan\u00e9 z\u00e1konem o sekuritizaci aktiv (Z\u00e1kon \u010d. 105 z roku 1998 (1998))<br> 5. Korpor\u00e1tn\u00ed dluhopisy (v\u010detn\u011b dluhopis\u016f vz\u00e1jemn\u00fdch spole\u010dnost\u00ed)<br> 6. Cenn\u00e9 pap\u00edry p\u0159edstavuj\u00edc\u00ed pod\u00edly vyd\u00e1van\u00e9 korporacemi zalo\u017een\u00fdmi podle zvl\u00e1\u0161tn\u00edho z\u00e1kona (s v\u00fdjimkou t\u011bch, kter\u00e9 jsou uvedeny v n\u00e1sleduj\u00edc\u00edm, v bod\u011b osm a v bod\u011b jeden\u00e1ct)<br> 7. Cenn\u00e9 pap\u00edry p\u0159edstavuj\u00edc\u00ed preferen\u010dn\u00ed pod\u00edly definovan\u00e9 z\u00e1konem o preferen\u010dn\u00edch pod\u00edlech finan\u010dn\u00edch instituc\u00ed zalo\u017een\u00fdch jako dru\u017estva (Z\u00e1kon \u010d. 44 z roku 1993 (1993))<br> 8. Cenn\u00e9 pap\u00edry p\u0159edstavuj\u00edc\u00ed preferen\u010dn\u00ed pod\u00edly nebo nov\u00e9 preferen\u010dn\u00ed pod\u00edly definovan\u00e9 z\u00e1konem o sekuritizaci aktiv<br> 9. Akcie nebo cenn\u00e9 pap\u00edry p\u0159edstavuj\u00edc\u00ed pr\u00e1vo na nov\u00e9 akcie<br> 10. Cenn\u00e9 pap\u00edry p\u0159edstavuj\u00edc\u00ed pod\u00edly na investi\u010dn\u00edm fondu nebo zahrani\u010dn\u00edm investi\u010dn\u00edm fondu definovan\u00e9 z\u00e1konem o investi\u010dn\u00edch fondech a investi\u010dn\u00edch spole\u010dnostech (Z\u00e1kon \u010d. 198 z roku 1951 (1951))<br> 11. Investi\u010dn\u00ed cenn\u00e9 pap\u00edry, cenn\u00e9 pap\u00edry p\u0159edstavuj\u00edc\u00ed pr\u00e1vo na nov\u00e9 investi\u010dn\u00ed pod\u00edly nebo cenn\u00e9 pap\u00edry investi\u010dn\u00edch spole\u010dnost\u00ed nebo zahrani\u010dn\u00edch investi\u010dn\u00edch cenn\u00fdch pap\u00edr\u016f definovan\u00e9 z\u00e1konem o investi\u010dn\u00edch fondech a investi\u010dn\u00edch spole\u010dnostech<br> (atd.)<\/p>\n<cite> Z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (Z\u00e1kon o obchodov\u00e1n\u00ed) <\/cite><\/blockquote>\n\n\n\n<p>Mimochodem, podle ob\u010dansk\u00e9ho z\u00e1kon\u00edku jsou cenn\u00e9 pap\u00edry definov\u00e1ny jako &#8220;dokumenty ozna\u010duj\u00edc\u00ed soukrom\u00e1 pr\u00e1va s majetkovou hodnotou&#8221;, co\u017e je oproti cenn\u00fdm pap\u00edr\u016fm podle z\u00e1kona o obchodov\u00e1n\u00ed mnohem \u0161ir\u0161\u00ed pojem.<\/p>\n\n\n\n<p>Z\u00e1kon o obchodov\u00e1n\u00ed je speci\u00e1ln\u00ed z\u00e1kon ob\u010dansk\u00e9ho z\u00e1kon\u00edku (jednodu\u0161e \u0159e\u010deno, pr\u00e1vn\u00ed oblast, kter\u00e1 upravuje z\u00e1kladn\u00ed a obecn\u00e9 principy v konkr\u00e9tn\u00edch p\u0159\u00edpadech). Proto je dobr\u00e9 ch\u00e1pat, \u017ee v p\u0159\u00edpad\u011b cenn\u00fdch pap\u00edr\u016f v \u0161irok\u00e9m smyslu podle ob\u010dansk\u00e9ho z\u00e1kon\u00edku, zejm\u00e9na u finan\u010dn\u00edch produkt\u016f, kter\u00e9 vy\u017eaduj\u00ed velkou m\u00edru transparentnosti (tzv. disclosure) a prevenci nekal\u00fdch obchodn\u00edch praktik, jako je insider trading, jsou regulov\u00e1ny z\u00e1konem o obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Je_virtualni_mena_%E2%80%9Ecenny_papir%E2%80%9C\"><\/span>Je virtu\u00e1ln\u00ed m\u011bna \u201ecenn\u00fd pap\u00edr\u201c?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Virtu\u00e1ln\u00ed m\u011bny nejsou zahrnuty mezi konkr\u00e9tn\u00edmi typy \u201ecenn\u00fdch pap\u00edr\u016f\u201c uveden\u00fdch v japonsk\u00e9m z\u00e1kon\u011b o finan\u010dn\u00edch instrumentech (tzv. Kiny\u016b sh\u014dhin torihiki h\u014d, zkr\u00e1cen\u011b \u201eKiny\u016b-sh\u014d\u201c). Proto lze \u0159\u00edci, \u017ee virtu\u00e1ln\u00ed m\u011bny nejsou v z\u00e1sad\u011b p\u0159edm\u011btem regulace tohoto z\u00e1kona. Ve skute\u010dnosti u\u017e bylo jasn\u011b uvedeno, \u017ee regulace tohoto z\u00e1kona se nevztahuje na hlavn\u00ed virtu\u00e1ln\u00ed m\u011bny, jako je Bitcoin, podle n\u00e1zoru japonsk\u00e9ho kabinetu.<\/p>\n\n\n\n<p>Av\u0161ak p\u0159i nov\u00e9m vyd\u00e1n\u00ed token\u016f prost\u0159ednictv\u00edm ICO je t\u0159eba zv\u00e1\u017eit, zda se nejedn\u00e1 o kolektivn\u00ed investi\u010dn\u00ed sch\u00e9ma podle \u010dl\u00e1nku 2, odstavec 2, bod 5 japonsk\u00e9ho z\u00e1kona o finan\u010dn\u00edch instrumentech.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u010cl\u00e1nek 2<br>2 Cenn\u00e9 pap\u00edry uveden\u00e9 v odstavci 1, body 1 a\u017e 15, cenn\u00e9 pap\u00edry uveden\u00e9 v bod\u011b 17 tohoto odstavce (s v\u00fdjimkou t\u011bch, kter\u00e9 maj\u00ed charakter cenn\u00fdch pap\u00edr\u016f uveden\u00fdch v bod\u011b 16 tohoto odstavce) a cenn\u00e9 pap\u00edry uveden\u00e9 v bod\u011b 18 tohoto odstavce, pr\u00e1va, kter\u00e1 by m\u011bla b\u00fdt uvedena na cenn\u00fdch pap\u00edrech uveden\u00fdch v bod\u011b 16 tohoto odstavce, cenn\u00e9 pap\u00edry uveden\u00e9 v bod\u011b 17 tohoto odstavce (omezen\u00e9 na ty, kter\u00e9 maj\u00ed charakter cenn\u00fdch pap\u00edr\u016f uveden\u00fdch v bod\u011b 16 tohoto odstavce) a cenn\u00e9 pap\u00edry uveden\u00e9 v bodech 19 a\u017e 21 tohoto odstavce, kter\u00e9 by m\u011bly b\u00fdt uvedeny na cenn\u00fdch pap\u00edrech stanoven\u00fdch vl\u00e1dn\u00edm na\u0159\u00edzen\u00edm (d\u00e1le jen &#8220;cenn\u00e9 pap\u00edry s pr\u00e1vem na zobrazen\u00ed&#8221;) jsou pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry, i kdy\u017e nebyly vyd\u00e1ny cenn\u00e9 pap\u00edry, kter\u00e9 by m\u011bly zobrazovat tato pr\u00e1va, a elektronick\u00e9 z\u00e1znamy o dluhopisech (elektronick\u00e9 z\u00e1znamy o dluhopisech podle \u010dl\u00e1nku 2, odstavec 1 z\u00e1kona o elektronick\u00fdch z\u00e1znamech o dluhopisech (z\u00e1kon \u010d. 102 z roku 2007, Heisei 19) jsou pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry, pokud je to nutn\u00e9 s ohledem na jejich ob\u011b\u017eivost a dal\u0161\u00ed okolnosti, a jsou stanoveny vl\u00e1dn\u00edm na\u0159\u00edzen\u00edm jako takov\u00e9, kter\u00e9 by m\u011bly b\u00fdt pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry, a pr\u00e1va uveden\u00e1 n\u00ed\u017ee jsou pova\u017eov\u00e1na za cenn\u00e9 pap\u00edry a jsou uplat\u0148ov\u00e1ny ustanoven\u00ed tohoto z\u00e1kona, i kdy\u017e se nejedn\u00e1 o pr\u00e1va, kter\u00e1 by m\u011bla b\u00fdt uvedena na cenn\u00fdch pap\u00edrech nebo dokumentech. <br>P\u011bt Smlouvy o sdru\u017een\u00ed podle \u010dl\u00e1nku 667, odstavec 1 ob\u010dansk\u00e9ho z\u00e1kon\u00edku (z\u00e1kon \u010d. 89 z roku 1896, Meiji 29), anonymn\u00ed smlouvy o sdru\u017een\u00ed podle \u010dl\u00e1nku 535 obchodn\u00edho z\u00e1kon\u00edku (z\u00e1kon \u010d. 48 z roku 1899, Meiji 32), smlouvy o omezen\u00e9m partnerstv\u00ed pro investi\u010dn\u00ed podnik\u00e1n\u00ed podle \u010dl\u00e1nku 3, odstavec 1 z\u00e1kona o smlouv\u00e1ch o omezen\u00e9m partnerstv\u00ed pro investi\u010dn\u00ed podnik\u00e1n\u00ed (z\u00e1kon \u010d. 90 z roku 1998, Heisei 10) nebo smlouvy o omezen\u00e9m partnerstv\u00ed pro podnik\u00e1n\u00ed podle \u010dl\u00e1nku 3, odstavec 1 z\u00e1kona o smlouv\u00e1ch o omezen\u00e9m partnerstv\u00ed pro podnik\u00e1n\u00ed (z\u00e1kon \u010d. 40 z roku 2005, Heisei 17), pr\u00e1va na z\u00e1klad\u011b pr\u00e1v \u010dlen\u016f ob\u010dansk\u00fdch sdru\u017een\u00ed a jin\u00fdch pr\u00e1v (s v\u00fdjimkou t\u011bch, kter\u00e9 jsou zalo\u017eeny na zahrani\u010dn\u00edch pr\u00e1vn\u00edch p\u0159edpisech), pokud osoba, kter\u00e1 m\u00e1 tato pr\u00e1va (d\u00e1le jen &#8220;investor&#8221;), m\u016f\u017ee obdr\u017eet dividendy z v\u00fdnos\u016f vznikl\u00fdch z podnik\u00e1n\u00ed (d\u00e1le jen &#8220;podnik\u00e1n\u00ed, do kter\u00e9ho je investov\u00e1no&#8221;), kter\u00e9 je financov\u00e1no pen\u011bzi investovan\u00fdmi nebo p\u0159isp\u011bn\u00fdmi investorem, nebo distribuci majetku t\u00fdkaj\u00edc\u00edho se podnik\u00e1n\u00ed, do kter\u00e9ho je investov\u00e1no, a kter\u00e9 nespad\u00e1 do n\u00e1sleduj\u00edc\u00edch kategori\u00ed (s v\u00fdjimkou pr\u00e1v, kter\u00e1 by m\u011bla b\u00fdt uvedena na cenn\u00fdch pap\u00edrech uveden\u00fdch v p\u0159edchoz\u00edm odstavci a pr\u00e1v, kter\u00e1 jsou pova\u017eov\u00e1na za cenn\u00e9 pap\u00edry podle tohoto odstavce (s v\u00fdjimkou tohoto bodu))<br>(Omitted)<\/p>\n<cite>Z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi instrumenty (Kiny\u016b-sh\u014d)<\/cite><\/blockquote>\n\n\n\n<p>Jednodu\u0161e \u0159e\u010deno, cenn\u00e9 pap\u00edry, kter\u00e9 slibuj\u00ed, \u017ee investor, kter\u00fd provede investici v pen\u011bz\u00edch, bude prov\u00e1d\u011bt podnik\u00e1n\u00ed a \u017ee dividendy investorovi budou vypl\u00e1ceny z v\u00fdnos\u016f generovan\u00fdch t\u00edmto podnik\u00e1n\u00edm, jsou pova\u017eov\u00e1ny za p\u0159edm\u011bt regulace japonsk\u00e9ho z\u00e1kona o finan\u010dn\u00edch instrumentech, i kdy\u017e nejsou uvedeny mezi cenn\u00fdmi pap\u00edry uveden\u00fdmi v tomto z\u00e1kon\u011b. Proto, pokud se vyd\u00e1vaj\u00ed nov\u00e9 tokeny prost\u0159ednictv\u00edm ICO a odpov\u00eddaj\u00ed tomuto sch\u00e9matu, na provozovatele ICO se budou vztahovat r\u016fzn\u00e9 povinnosti vypl\u00fdvaj\u00edc\u00ed z japonsk\u00e9ho z\u00e1kona o finan\u010dn\u00edch instrumentech, jako je povinnost zve\u0159ej\u0148ovat informace a vytv\u00e1\u0159et zpr\u00e1vy. Shrnut\u00ed: Pokud jde o vztah k japonsk\u00e9mu z\u00e1konu o finan\u010dn\u00edch instrumentech, provozovatel\u00e9 ICO by m\u011bli v\u011bnovat zvl\u00e1\u0161tn\u00ed pozornost tomu, zda se jejich sch\u00e9ma neztoto\u017e\u0148uje s kolektivn\u00edm investi\u010dn\u00edm sch\u00e9matem.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Jak_nakonec_napsat_bilou_knihu\"><\/span>Jak nakonec napsat b\u00edlou knihu<br><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V praxi se \u010dasto setk\u00e1v\u00e1me s probl\u00e9my v souvislosti s t\u00edmto kolektivn\u00edm investi\u010dn\u00edm sch\u00e9matem, zejm\u00e9na p\u0159i psan\u00ed b\u00edl\u00e9 knihy. Ot\u00e1zky, kter\u00e9 se \u010dasto objevuj\u00ed, se t\u00fdkaj\u00ed toho, do jak\u00e9 m\u00edry by m\u011bla b\u00fdt konkr\u00e9tn\u00ed zm\u00ednka o rozd\u011blen\u00ed zisku investor\u016fm pova\u017eov\u00e1na za finan\u010dn\u00ed produkt podle japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s pen\u011bzi (Japanese Financial Instruments and Exchange Act), a zda by to m\u011blo b\u00fdt pova\u017eov\u00e1no za rozd\u011blen\u00ed zalo\u017een\u00e9 na zisku z podnik\u00e1n\u00ed. Pokud se ob\u00e1v\u00e1te zv\u00fd\u0161en\u00ed z\u00e1t\u011b\u017ee pro provozovatele ICO kv\u016fli regulaci podle japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s pen\u011bzi, jedn\u00edm z mo\u017en\u00fdch sm\u011br\u016f je co nejv\u00edce se vyhnout konkr\u00e9tn\u00edmu uveden\u00ed t\u011bchto informac\u00ed. Na druhou stranu, pokud chcete z\u00edskat d\u016fv\u011bru investor\u016f t\u00edm, \u017ee jim poskytnete co nejv\u00edce konkr\u00e9tn\u00edch informac\u00ed, m\u016f\u017ee b\u00fdt jednou z mo\u017enost\u00ed navrhnout token jako finan\u010dn\u00ed produkt podle japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s pen\u011bzi. P\u0159i rozhodov\u00e1n\u00ed o t\u011bchto ot\u00e1zk\u00e1ch by m\u011bl pr\u00e1vn\u00ed z\u00e1stupce uplatnit sv\u00e9 uv\u00e1\u017een\u00ed, p\u0159i\u010dem\u017e by m\u011bl vz\u00edt v \u00favahu strategii dan\u00e9ho ICO. Nen\u00ed pochyb o tom, \u017ee takov\u00fdch bod\u016f, kter\u00e9 vy\u017eaduj\u00ed uv\u00e1\u017een\u00ed, je mnoho.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_oblasti_ktere_bychom_meli_mit_na_pameti_krome_zakona_o_obchodovani_s_cennymi_papiry\"><\/span>Pr\u00e1vn\u00ed oblasti, kter\u00e9 bychom m\u011bli m\u00edt na pam\u011bti krom\u011b z\u00e1kona o obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Je t\u0159eba poznamenat, \u017ee z hlediska obsahu b\u00edl\u00e9 knihy bychom m\u011bli m\u00edt na pam\u011bti nejen z\u00e1kon o obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry. Pokud se nap\u0159\u00edklad t\u00fdk\u00e1 &#8220;virtu\u00e1ln\u00ed m\u011bny&#8221; podle z\u00e1kona o platebn\u00edch slu\u017eb\u00e1ch, je nutn\u00e9 se zaregistrovat jako poskytovatel slu\u017eeb pro v\u00fdm\u011bnu virtu\u00e1ln\u00ed m\u011bny. (Pro definici virtu\u00e1ln\u00ed m\u011bny podle z\u00e1kona o platebn\u00edch slu\u017eb\u00e1ch a povinnosti poskytovatel\u016f slu\u017eeb v t\u00e9to souvislosti se odkazujte na jin\u00fd \u010dl\u00e1nek.)<\/p>\n\n\n\n<p>D\u00e1le, pokud je token pova\u017eov\u00e1n za elektronick\u00e9 pen\u00edze podle z\u00e1kona o platebn\u00edch slu\u017eb\u00e1ch, vznik\u00e1 povinnost vkl\u00e1dat pen\u00edze do vl\u00e1dy (depozit) v z\u00e1vislosti na mno\u017estv\u00ed vyd\u00e1van\u00fdch elektronick\u00fdch pen\u011bz. (Pro definici elektronick\u00fdch pen\u011bz podle z\u00e1kona o platebn\u00edch slu\u017eb\u00e1ch a povinnosti poskytovatel\u016f slu\u017eeb v t\u00e9to souvislosti se odkazujte na jin\u00fd \u010dl\u00e1nek.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V tomto \u010dl\u00e1nku jsme se zam\u011b\u0159ili na ot\u00e1zky, kter\u00e9 se \u010dasto vyskytuj\u00ed v souvislosti s finan\u010dn\u00edmi produkty a z\u00e1konem o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (japonsk\u00fd Z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty), zejm\u00e9na v souvislosti s obsahem b\u00edl\u00e9 knihy. Pr\u00e1ce na b\u00edl\u00e9 knize neznamen\u00e1 jen p\u0159ed\u00e1v\u00e1n\u00ed atraktivity token\u016f, ale tak\u00e9 je to proces, kter\u00fd jasn\u011b definuje pr\u00e1va investor\u016f. Proto byste m\u011bli m\u00edt na pam\u011bti, \u017ee ot\u00e1zka, jak splnit odpov\u011bdnost v\u016f\u010di investor\u016fm, je z\u00e1kladn\u011b pr\u00e1vn\u00ed ot\u00e1zkou spole\u010dnosti.<\/p>\n\n\n\n<p>D\u00e1le, jak bylo uvedeno v tomto \u010dl\u00e1nku, r\u016fzn\u00e9 pr\u00e1vn\u00ed regulace souvisej\u00edc\u00ed s ICO by m\u011bly b\u00fdt diskutov\u00e1ny s jasn\u00fdm rozli\u0161en\u00edm mezi form\u00e1ln\u00edmi v\u00fdrazy uveden\u00fdmi v b\u00edl\u00e9 knize (tj. volbou slov v textu publikovan\u00e9m v m\u00e9di\u00edch) a z\u00e1kladn\u00edmi probl\u00e9my spojen\u00fdmi s designem token\u016f. Proto byste m\u011bli prov\u00e9st pr\u00e1vn\u00ed kontrolu nejen na z\u00e1klad\u011b textu uveden\u00e9ho v b\u00edl\u00e9 knize, ale tak\u00e9 zkontrolovat, zda jsou aktivity, kter\u00e9 spole\u010dnost skute\u010dn\u011b prov\u00e1d\u00ed, v souladu s obsahem b\u00edl\u00e9 knihy.<br><\/p>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metodu financov\u00e1n\u00ed, kter\u00e1 zahrnuje z\u00edsk\u00e1v\u00e1n\u00ed investic v\u00fdm\u011bnou za vyd\u00e1n\u00ed virtu\u00e1ln\u00ed m\u011bny (token\u016f), naz\u00fdv\u00e1me ICO (Initial Coin Offering). Tento zp\u016fsob financov\u00e1n\u00ed, zn\u00e1m\u00fd jako ICO, prob\u00edh\u00e1 procesem velmi  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":67103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61423"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61423"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61423\/revisions"}],"predecessor-version":[{"id":67105,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61423\/revisions\/67105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/67103"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}