{"id":64716,"date":"2024-11-01T14:05:55","date_gmt":"2024-11-01T05:05:55","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=64716"},"modified":"2024-11-13T20:16:05","modified_gmt":"2024-11-13T11:16:05","slug":"digital-securities","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/it\/digital-securities","title":{"rendered":"\u3010Srpen roku Reiwa 6 (2024)\u3011Uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (Security Tokens) \u2013 vysv\u011btlen\u00ed obsahu a dopad\u016f"},"content":{"rendered":"\n<p>Finan\u010dn\u00ed \u00fa\u0159ad Japonska ozn\u00e1mil, \u017ee v srpnu roku Reiwa 6 (2024) dojde k uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (security tokens, d\u00e1le jen ST). C\u00edlem tohoto kroku je podpo\u0159it roz\u0161\u00ed\u0159en\u00ed dom\u00e1c\u00edch digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f. Vzhledem k tomu, \u017ee celkov\u00e1 hodnota emis\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f v Japonsku dos\u00e1hla v roce 2023 hodnoty 100 miliard jen\u016f, sektor digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f p\u0159itahuje zna\u010dnou pozornost. Jak\u00fd dopad bude m\u00edt toto uvoln\u011bn\u00ed regulace ze strany japonsk\u00e9ho Finan\u010dn\u00edho \u00fa\u0159adu na pr\u016fmysl?<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, co p\u0159esn\u011b digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry jsou a jak\u00e9 jsou obsah a dopady ned\u00e1vn\u00e9ho uvoln\u011bn\u00ed regulace.<\/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\/it\/digital-securities\/#Co_jsou_digitalni_cenne_papiry\" title=\"Co jsou digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry?\">Co jsou digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Prehled_digitalnich_cennych_papiru_security_tokenu_ST\" title=\"P\u0159ehled digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (security token\u016f, ST)\">P\u0159ehled digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (security token\u016f, ST)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Jak_se_digitalni_cenne_papiry_lisi_od_tradicnich_cennych_papiru\" title=\"Jak se digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry li\u0161\u00ed od tradi\u010dn\u00edch cenn\u00fdch pap\u00edr\u016f?\">Jak se digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry li\u0161\u00ed od tradi\u010dn\u00edch cenn\u00fdch pap\u00edr\u016f?<\/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\/it\/digital-securities\/#Charakteristiky_digitalnich_cennych_papiru\" title=\"Charakteristiky digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f\">Charakteristiky digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Soucasny_stav_a_pozadi_regulace_digitalnich_cennych_papiru_v_Japonsku\" title=\"Sou\u010dasn\u00fd stav a pozad\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f v Japonsku\">Sou\u010dasn\u00fd stav a pozad\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f v Japonsku<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Regulace_prodeje_a_propagace_digitalnich_cennych_papiru\" title=\"Regulace prodeje a propagace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f\">Regulace prodeje a propagace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Dukladna_oddelena_sprava_digitalnich_cennych_papiru_atd\" title=\"D\u016fkladn\u00e1 odd\u011blen\u00e1 spr\u00e1va digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f atd.\">D\u016fkladn\u00e1 odd\u011blen\u00e1 spr\u00e1va digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f atd.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Uvolneni_regulace_digitalnich_cennych_papiru_a_zmeny_ktere_to_prinasi\" title=\"Uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a zm\u011bny, kter\u00e9 to p\u0159in\u00e1\u0161\u00ed\">Uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a zm\u011bny, kter\u00e9 to p\u0159in\u00e1\u0161\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Ucinky_ocekavane_v_dusledku_deregulace_digitalnich_cennych_papiru\" title=\"\u00da\u010dinky o\u010dek\u00e1van\u00e9 v d\u016fsledku deregulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f\">\u00da\u010dinky o\u010dek\u00e1van\u00e9 v d\u016fsledku deregulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Podpora_rustu_trhu_s_digitalnimi_cennymi_papiry\" title=\"Podpora r\u016fstu trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry\">Podpora r\u016fstu trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Pritazlivost_pro_domaci_a_zahranicni_investory\" title=\"P\u0159ita\u017elivost pro dom\u00e1c\u00ed a zahrani\u010dn\u00ed investory\">P\u0159ita\u017elivost pro dom\u00e1c\u00ed a zahrani\u010dn\u00ed investory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Poskytovani_novych_zpusobu_financovani\" title=\"Poskytov\u00e1n\u00ed nov\u00fdch zp\u016fsob\u016f financov\u00e1n\u00ed\">Poskytov\u00e1n\u00ed nov\u00fdch zp\u016fsob\u016f financov\u00e1n\u00ed<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Uvolnovani_regulaci_digitalnich_cennych_papiru\" title=\"Uvol\u0148ov\u00e1n\u00ed regulac\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f\">Uvol\u0148ov\u00e1n\u00ed regulac\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Reakce_financnich_instituci_a_podniku\" title=\"Reakce finan\u010dn\u00edch instituc\u00ed a podnik\u016f\">Reakce finan\u010dn\u00edch instituc\u00ed a podnik\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Budouci_trzni_trendy_a_prognozy\" title=\"Budouc\u00ed tr\u017en\u00ed trendy a progn\u00f3zy\">Budouc\u00ed tr\u017en\u00ed trendy a progn\u00f3zy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Shrnuti_Ocekava_se_rozsireni_trhu_diky_uvolneni_regulace_digitalnich_cennych_papiru\" title=\"Shrnut\u00ed: O\u010dek\u00e1v\u00e1 se roz\u0161\u00ed\u0159en\u00ed trhu d\u00edky uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f\">Shrnut\u00ed: O\u010dek\u00e1v\u00e1 se roz\u0161\u00ed\u0159en\u00ed trhu d\u00edky uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/cs\/it\/digital-securities\/#Predstaveni_opatreni_nasi_kancelare\" title=\"P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_jsou_digitalni_cenne_papiry\"><\/span>Co jsou digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prehled_digitalnich_cennych_papiru_security_tokenu_ST\"><\/span>P\u0159ehled digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (security token\u016f, ST)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry jsou tokenizovan\u00e1 pr\u00e1va cenn\u00fdch pap\u00edr\u016f. Jedn\u00e1 se o cenn\u00e9 pap\u00edry stejn\u00e9ho typu jako akcie, dluhopisy nebo investi\u010dn\u00ed fondy, jejich\u017e pr\u00e1va jsou vyd\u00e1v\u00e1na s vyu\u017eit\u00edm technologie blockchain. To umo\u017e\u0148uje reprezentovat stejn\u00e1 pr\u00e1va jako tradi\u010dn\u00ed cenn\u00e9 pap\u00edry v digit\u00e1ln\u00ed form\u011b.<\/p>\n\n\n\n<p>Spr\u00e1vn\u00fd n\u00e1zev digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f je &#8220;elektronick\u00fd z\u00e1znam p\u0159evodu pr\u00e1v zobrazen\u00fdch cenn\u00fdch pap\u00edr\u016f&#8221; a jsou definov\u00e1ny v novelizovan\u00e9m z\u00e1kon\u011b o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji a souvisej\u00edc\u00edch vl\u00e1dn\u00edch na\u0159\u00edzen\u00edch, kter\u00e9 byly zavedeny v \u00e9\u0159e Reiwa 2 (rok 2020) dne 1. kv\u011btna. Akcie a investi\u010dn\u00ed fondy jsou tak\u00e9 digitalizov\u00e1ny, ale jak\u00fd je rozd\u00edl mezi tradi\u010dn\u00edmi cenn\u00fdmi pap\u00edry a digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry?<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/web3-law\" target=\"_blank\" rel=\"noreferrer noopener\">Co je to pr\u00e1vo Web3? Vysv\u011btlen\u00ed kl\u00ed\u010dov\u00fdch bod\u016f pro podniky vstupuj\u00edc\u00ed do tohoto odv\u011btv\u00ed[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Jak_se_digitalni_cenne_papiry_lisi_od_tradicnich_cennych_papiru\"><\/span>Jak se digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry li\u0161\u00ed od tradi\u010dn\u00edch cenn\u00fdch pap\u00edr\u016f?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2024\/08\/7754792bacecaafed2fca2c081c09987.jpg\" alt=\"Rozd\u00edly oproti tradi\u010dn\u00edm cenn\u00fdm pap\u00edr\u016fm\" class=\"wp-image-88708\" \/><\/figure>\n\n\n\n<p>Prvn\u00edm rozd\u00edlem oproti klasick\u00fdm cenn\u00fdm pap\u00edr\u016fm je mo\u017enost jejich p\u0159\u00edm\u00e9ho n\u00e1kupu od vyd\u00e1vaj\u00edc\u00ed spole\u010dnosti. Spole\u010dnosti vyd\u00e1vaj\u00edc\u00ed klasick\u00e9 cenn\u00e9 pap\u00edry obvykle sv\u011b\u0159uj\u00ed jejich prodej cenn\u00fdm pap\u00edr\u016fm. To je zp\u016fsobeno t\u00edm, \u017ee tradi\u010dn\u00ed cenn\u00e9 pap\u00edry jsou obvykle centralizovan\u011b spravov\u00e1ny regula\u010dn\u00edm org\u00e1nem zn\u00e1m\u00fdm jako &#8220;Japan Securities Depository Center, Inc. (JASDEC)&#8221; podle &#8220;Japanese Law on Transfer of Bonds, Shares, etc.&#8221; (Z\u00e1kon o p\u0159evodu dluhopis\u016f, akci\u00ed atd.), zat\u00edmco digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry jsou navr\u017eeny tak, aby na n\u011b tento z\u00e1kon neplatil. Nejsou spravov\u00e1ny JASDEC, ale jsou vyd\u00e1v\u00e1ny a spravov\u00e1ny pomoc\u00ed vlastn\u00ed infrastruktury vyu\u017e\u00edvaj\u00edc\u00ed technologie jako blockchain, kde jsou tak\u00e9 zaznamen\u00e1v\u00e1ny transakce.<\/p>\n\n\n\n<p>Dal\u0161\u00edm v\u00fdznamn\u00fdm rozd\u00edlem je efektivita.<\/p>\n\n\n\n<p>Digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry umo\u017e\u0148uj\u00ed automatizaci transakc\u00ed a proces\u016f vyd\u00e1v\u00e1n\u00ed cenn\u00fdch pap\u00edr\u016f prost\u0159ednictv\u00edm program\u016f zvan\u00fdch smart kontrakty. Nap\u0159\u00edklad p\u0159i vypl\u00e1cen\u00ed dividend akci\u00ed nen\u00ed pot\u0159eba zprost\u0159edkov\u00e1n\u00ed t\u0159et\u00edch finan\u010dn\u00edch instituc\u00ed, co\u017e umo\u017e\u0148uje sn\u00ed\u017een\u00ed n\u00e1klad\u016f a zv\u00fd\u0161en\u00ed \u010dasov\u00e9 efektivity.<\/p>\n\n\n\n<p>Na druhou stranu, tradi\u010dn\u00ed obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry vy\u017eaduje mnoho procedur a zprost\u0159edkovatel\u016f a je zat\u00ed\u017eeno slo\u017eit\u00fdmi procesy, co\u017e z hlediska efektivity zaost\u00e1v\u00e1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charakteristiky_digitalnich_cennych_papiru\"><\/span>Charakteristiky digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Jednou z charakteristik digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f je mo\u017enost prov\u00e1d\u011bt r\u016fznorod\u00e9 transakce v mal\u00e9m m\u011b\u0159\u00edtku.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, i nemovitosti mohou b\u00fdt obchodov\u00e1ny prost\u0159ednictv\u00edm digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f. V p\u0159\u00edpad\u011b nemovitostn\u00edch ST (Security Tokens) umo\u017e\u0148uje vyu\u017eit\u00ed blockchainov\u00e9 technologie transformovat p\u016fdu a nemovitosti, kter\u00e9 nelze fyzicky rozd\u011blit, do podoby, kter\u00e1 umo\u017e\u0148uje n\u00e1kup za mal\u00e9 \u010d\u00e1stky, a t\u00edm i obchodov\u00e1n\u00ed v mal\u00e9m m\u011b\u0159\u00edtku.<\/p>\n\n\n\n<p>Podobn\u011b, na rozd\u00edl od REIT (Real Estate Investment Trusts), kter\u00e9 umo\u017e\u0148uj\u00ed mal\u00e9 pen\u011b\u017en\u00ed investice do nemovitost\u00ed, se digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry li\u0161\u00ed v investi\u010dn\u00edm c\u00edli.<\/p>\n\n\n\n<p>Investice do digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f jsou sm\u011b\u0159ov\u00e1ny do jednotliv\u00fdch nemovitost\u00ed, zat\u00edmco REIT investuj\u00ed do akci\u00ed spole\u010dnost\u00ed vlastn\u00edc\u00edch v\u00edce nemovitost\u00ed. To znamen\u00e1, \u017ee digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry umo\u017e\u0148uj\u00ed investovat do konkr\u00e9tn\u00edch nemovitost\u00ed, co\u017e zjednodu\u0161uje identifikaci investi\u010dn\u00edho c\u00edle.<\/p>\n\n\n\n<p>Cena se tak\u00e9 li\u0161\u00ed. Digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry jsou obchodov\u00e1ny na z\u00e1klad\u011b hodnoty, zat\u00edmco ceny REIT jsou neust\u00e1le ovliv\u0148ov\u00e1ny trendem na akciov\u00e9m trhu, \u00farokov\u00fdmi sazbami a transakcemi velk\u00fdch investor\u016f.<\/p>\n\n\n\n<p>D\u00e1le existuje rozd\u00edl v likvidit\u011b. REIT jsou obchodov\u00e1ny na akciov\u00e9m trhu, co\u017e znamen\u00e1 vysokou likviditu a relativn\u011b snadn\u00fd n\u00e1kup a prodej pro investory. Na druh\u00e9 stran\u011b, obchodov\u00e1n\u00ed s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry prob\u00edh\u00e1 hlavn\u011b prost\u0159ednictv\u00edm prodeje cenn\u00fdm pap\u00edr\u016fm, co\u017e omezuje mo\u017enosti transakc\u00ed.<\/p>\n\n\n\n<p>Digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry, kter\u00e9 maj\u00ed mnoho v\u00fdhod, se tak\u00e9 v Japonsku st\u00e1vaj\u00ed st\u00e1le popul\u00e1rn\u011bj\u0161\u00edmi.<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.startupandglobalfinancialcity.metro.tokyo.lg.jp\/gfct\/initiatives\/nurturing-players\/fintech\/security-token\" target=\"_blank\" rel=\"noreferrer noopener\">Subven\u010dn\u00ed program na podporu roz\u0161\u00ed\u0159en\u00ed trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry (Security Tokens) v Tokiu[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Soucasny_stav_a_pozadi_regulace_digitalnich_cennych_papiru_v_Japonsku\"><\/span>Sou\u010dasn\u00fd stav a pozad\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f v Japonsku<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Jak bylo vysv\u011btleno, digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry maj\u00ed mnoho v\u00fdhod, ale z\u00e1rove\u0148 \u010del\u00ed r\u016fzn\u00fdm regula\u010dn\u00edm v\u00fdzv\u00e1m.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Regulace_prodeje_a_propagace_digitalnich_cennych_papiru\"><\/span>Regulace prodeje a propagace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159i prodeji a propagaci digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f jsou na obchodn\u00edky s finan\u010dn\u00edmi produkty a podobn\u00e9 subjekty kladeny stejn\u00e9 povinnosti jako u akci\u00ed a dluhopis\u016f, v\u010detn\u011b regula\u010dn\u00edch omezen\u00ed podle z\u00e1kona o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch (Japanese Financial Instruments and Exchange Act), povinnost\u00ed ov\u011b\u0159ov\u00e1n\u00ed transakc\u00ed podle z\u00e1kona o prevenci p\u0159esunu v\u00fdnos\u016f z trestn\u00e9 \u010dinnosti (Japanese Act on Prevention of Transfer of Criminal Proceeds) a povinnost\u00ed vysv\u011btlovat d\u016fle\u017eit\u00e9 informace podle z\u00e1kona o poskytov\u00e1n\u00ed finan\u010dn\u00edch slu\u017eeb (Japanese Financial Services Act) (je v\u0161ak t\u0159eba si uv\u011bdomit, \u017ee ST je v sou\u010dasn\u00e9 dob\u011b nek\u00f3tovan\u00fd cenn\u00fd pap\u00edr).<\/p>\n\n\n\n<p>D\u00e1le jsou na prvn\u00ed skupinu cenn\u00fdch pap\u00edr\u016f, jako jsou akcie a dluhopisy, kladeny stejn\u00e9 povinnosti, v\u010detn\u011b regula\u010dn\u00edch omezen\u00ed podle z\u00e1kona o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch, povinnost\u00ed ov\u011b\u0159ov\u00e1n\u00ed transakc\u00ed podle z\u00e1kona o prevenci p\u0159esunu v\u00fdnos\u016f z trestn\u00e9 \u010dinnosti a povinnost\u00ed vysv\u011btlovat d\u016fle\u017eit\u00e9 informace podle z\u00e1kona o poskytov\u00e1n\u00ed finan\u010dn\u00edch slu\u017eeb.<\/p>\n\n\n\n<p>Digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry vy\u017eaduj\u00ed p\u0159\u00edsnou regulaci kv\u016fli rizik\u016fm, kter\u00e9 se li\u0161\u00ed od ostatn\u00edch cenn\u00fdch pap\u00edr\u016f, v\u010detn\u011b vysv\u011btlen\u00ed obsahu produktu, jako jsou pr\u00e1va na d\u016fv\u011bryhodn\u00e9 fondy nebo pod\u00edly v kolektivn\u00edch investi\u010dn\u00edch sch\u00e9matech, investi\u010dn\u00edch rizik, stejn\u011b jako zp\u016fsobu dr\u017een\u00ed, p\u0159evodu a vyrovn\u00e1n\u00ed.<\/p>\n\n\n\n<ul>\n<li>Z\u00e1sada vhodnosti (kriteria pro zah\u00e1jen\u00ed obchodov\u00e1n\u00ed)<\/li>\n<\/ul>\n\n\n\n<p>Ve\u0159ejn\u00e9 prohl\u00e1\u0161en\u00ed a opat\u0159en\u00ed t\u00fdkaj\u00edc\u00ed se politiky odd\u011blen\u00e9 spr\u00e1vy p\u0159i prov\u00e1d\u011bn\u00ed spr\u00e1vcovsk\u00fdch \u010dinnost\u00ed atd. (Government Ordinance \u010dl\u00e1nek 70 odstavec 2 \u010dl\u00e1nek 5)<\/p>\n\n\n\n<ul>\n<li>Regulace reklamy atd.<\/li>\n<\/ul>\n\n\n\n<p>P\u0159i reklam\u011b je nutn\u00e9 zabr\u00e1nit nedorozum\u011bn\u00edm ohledn\u011b povahy digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a mechanism\u016f jejich ukl\u00e1d\u00e1n\u00ed a p\u0159evodu (tamt\u00e9\u017e \u010dl\u00e1nek 78).<\/p>\n\n\n\n<ul>\n<li>Vysv\u011btlen\u00ed z\u00e1klad\u016f digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (dokumenty p\u0159ed uzav\u0159en\u00edm smlouvy)<\/li>\n<\/ul>\n\n\n\n<p>P\u0159i obchodov\u00e1n\u00ed s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry a p\u0159ed\u00e1v\u00e1n\u00ed dokument\u016f p\u0159ed uzav\u0159en\u00edm smlouvy je nutn\u00e9 upozornit na povahu digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (tamt\u00e9\u017e \u010dl\u00e1nek 83).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dukladna_oddelena_sprava_digitalnich_cennych_papiru_atd\"><\/span>D\u016fkladn\u00e1 odd\u011blen\u00e1 spr\u00e1va digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f atd.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Nejprve se od obchodn\u00edk\u016f s finan\u010dn\u00edmi produkty a podobn\u00fdch subjekt\u016f, kte\u0159\u00ed se zab\u00fdvaj\u00ed digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry, vy\u017eaduje d\u016fkladn\u00e1 odd\u011blen\u00e1 spr\u00e1va a opat\u0159en\u00ed proti riziku \u00faniku.<\/p>\n\n\n\n<p>&#8220;Obchodn\u00edci s finan\u010dn\u00edmi produkty atd., kte\u0159\u00ed p\u0159ij\u00edmaj\u00ed cenn\u00e9 pap\u00edry a pen\u011b\u017en\u00ed prost\u0159edky od klient\u016f, mus\u00ed tyto cenn\u00e9 pap\u00edry atd. spravovat odd\u011blen\u011b od sv\u00e9ho vlastn\u00edho majetku zp\u016fsobem, kter\u00fd zaji\u0161\u0165uje jejich bezpe\u010dn\u00e9 a \u0159\u00e1dn\u00e9 spravov\u00e1n\u00ed&#8221; (z\u00e1kona o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch \u010dl\u00e1nek 43 odstavec 2).<\/p>\n\n\n\n<p>D\u00e1le, cenn\u00e9 pap\u00edry tokenizovan\u00e9 jako digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry obvykle poskytuj\u00ed investor\u016fm soukrom\u00fd kl\u00ed\u010d (jedna ze dvou kl\u00ed\u010d\u016f pou\u017e\u00edvan\u00fdch v asymetrick\u00e9m \u0161ifrov\u00e1n\u00ed, kter\u00fd nen\u00ed ve\u0159ejn\u011b p\u0159\u00edstupn\u00fd), kter\u00fd je nezbytn\u00fd pro p\u0159evod token\u016f atd. Kdy\u017e obchodn\u00edci s finan\u010dn\u00edmi produkty atd. p\u0159ij\u00edmaj\u00ed digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry do \u00faschovy, obvykle p\u0159ij\u00edmaj\u00ed soukrom\u00fd kl\u00ed\u010d od investor\u016f a spravuj\u00ed jej odd\u011blen\u011b od sv\u00e9ho vlastn\u00edho majetku nebo majetku extern\u00edho dodavatele na z\u00e1klad\u011b p\u0159edpis\u016f pro odd\u011blenou spr\u00e1vu a intern\u00edch p\u0159edpis\u016f, aby se zabr\u00e1nilo \u00faniku tohoto kl\u00ed\u010de t\u0159et\u00edm stran\u00e1m.<\/p>\n\n\n\n<p>V tomto p\u0159\u00edpad\u011b je nutn\u00e9 &#8220;informace pot\u0159ebn\u00e9 k p\u0159evodu majetkov\u00e9 hodnoty, kter\u00e1 p\u0159edstavuje elektronicky zaznamenan\u00e1 pr\u00e1va na cenn\u00e9 pap\u00edry atd., spravovat zaznamenan\u00e9 na elektronick\u00e9m za\u0159\u00edzen\u00ed, kter\u00e9 nen\u00ed st\u00e1le p\u0159ipojeno k internetu, na elektromagnetick\u00e9m z\u00e1znamov\u00e9m m\u00e9diu nebo jin\u00e9m z\u00e1znamov\u00e9m m\u00e9diu [tzv. cold wallet] nebo pomoc\u00ed jin\u00fdch technick\u00fdch bezpe\u010dnostn\u00edch opat\u0159en\u00ed srovnateln\u00fdch s t\u011bmito&#8221; (Government Ordinance \u010dl\u00e1nek 136 odstavec 1 \u010dl\u00e1nek 5).<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.fsa.go.jp\/singi\/digital\/siryou\/20230606\/2jstoa.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Sou\u010dasn\u00fd stav a dal\u0161\u00ed informace o security tokenech[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uvolneni_regulace_digitalnich_cennych_papiru_a_zmeny_ktere_to_prinasi\"><\/span>Uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a zm\u011bny, kter\u00e9 to p\u0159in\u00e1\u0161\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2024\/08\/9d58bb34f36e44857a5481c8c2868678.jpg\" alt=\"Zm\u011bny vypl\u00fdvaj\u00edc\u00ed z uvoln\u011bn\u00ed regulace\" class=\"wp-image-88709\" \/><\/figure>\n\n\n\n<p>Uvoln\u011bn\u00ed regulace lze rozd\u011blit do dvou hlavn\u00edch bod\u016f:<\/p>\n\n\n\n<ul>\n<li>Finan\u010dn\u00ed skupina m\u016f\u017ee nyn\u00ed prov\u00e1d\u011bt vyd\u00e1v\u00e1n\u00ed, p\u0159evzet\u00ed a prodej digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f.<\/li>\n\n\n\n<li>Roz\u0161\u00ed\u0159en\u00ed informac\u00ed, kter\u00e9 finan\u010dn\u00ed instituce zve\u0159ej\u0148uj\u00ed investor\u016fm.<\/li>\n<\/ul>\n\n\n\n<p>Finan\u010dn\u00ed agentura ozn\u00e1mila pl\u00e1ny na zm\u011bnu na\u0159\u00edzen\u00ed kabinetu, aby umo\u017enila jedn\u00e9 finan\u010dn\u00ed skupin\u011b zvl\u00e1dnout cel\u00fd proces od vyd\u00e1n\u00ed po prodej digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f, co\u017e by m\u011blo podpo\u0159it n\u00e1r\u016fst po\u010dtu produkt\u016f a usnadnit investorym jejich n\u00e1kup.<\/p>\n\n\n\n<p>Regula\u010dn\u00ed uvoln\u011bn\u00ed se t\u00fdk\u00e1 p\u0159ibli\u017en\u011b 85 % celkov\u00e9ho objemu vyd\u00e1van\u00fdch digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f, kter\u00e9 jsou kryty nemovitostmi, konkr\u00e9tn\u011b komer\u010dn\u00edmi centry, hotely a velk\u00fdmi bytov\u00fdmi domy.<\/p>\n\n\n\n<p>Jak ji\u017e bylo vysv\u011btleno, dosud byly tyto digit\u00e1ln\u00ed cenn\u00fdch pap\u00edry spravov\u00e1ny podle z\u00e1sady odd\u011blen\u00e9ho \u0159\u00edzen\u00ed a spole\u010dnosti cenn\u00fdch pap\u00edr\u016f ve skupin\u011b d\u016fv\u011bryhodn\u00e9 banky nemohly \u00fa\u010dastnit p\u0159evzet\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f. To omezovalo po\u010det spole\u010dnost\u00ed, kter\u00e9 mohly digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry obchodovat, a br\u00e1nilo pln\u00e9mu vyu\u017eit\u00ed v\u00fdhod, jako je mo\u017enost obchodov\u00e1n\u00ed 24\/7 a snadn\u00e9 z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu. Nov\u00e9 uvoln\u011bn\u00ed regulace proto m\u011bn\u00ed st\u00e1vaj\u00edc\u00ed pravidla s c\u00edlem zv\u00fd\u0161it po\u010det emis\u00ed a roz\u0161\u00ed\u0159it trh.<\/p>\n\n\n\n<p>Pokud dojde k realizaci uvoln\u011bn\u00ed regulace, finan\u010dn\u00ed skupina bude moci jako emitent po\u010d\u00edtat s p\u0159\u00edjmy z cel\u00e9ho procesu od vyd\u00e1n\u00ed po prodej, co\u017e spolu se zv\u00fd\u0161en\u00edm po\u010dtu produkt\u016f usnadn\u00ed investorym n\u00e1kup a m\u016f\u017ee v\u00e9st k n\u00e1r\u016fstu po\u010dtu vyd\u00e1van\u00fdch digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a projekt\u016f.<\/p>\n\n\n\n<p>V souvislosti s uvoln\u011bn\u00edm regulace tak\u00e9 Japonsk\u00e1 asociace cenn\u00fdch pap\u00edr\u016f pl\u00e1nuje zav\u00e9st pravidla na ochranu investor\u016f. Konkr\u00e9tn\u011b se roz\u0161\u00ed\u0159\u00ed informace, kter\u00e9 finan\u010dn\u00ed instituce zve\u0159ej\u0148uj\u00ed investor\u016fm, aby se zajistila transparentnost cenotvorby a sn\u00ed\u017eilo riziko nep\u0159\u00edzniv\u00fdch d\u016fsledk\u016f pro investory. D\u016fv\u011bryhodn\u00e9 banky vyd\u00e1vaj\u00edc\u00ed digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry budou muset zve\u0159ejnit podrobnosti o konzultac\u00edch ohledn\u011b cenotvorby s nez\u00e1visl\u00fdmi spole\u010dnostmi cenn\u00fdch pap\u00edr\u016f a o tom, zda byly zaplaceny n\u011bjak\u00e9 poplatky.<\/p>\n\n\n\n<p>P\u0159i stanoven\u00ed ceny je vhodn\u00e9, aby hodnotu ur\u010dili znalci v oblasti nemovitost\u00ed nebo certifikovan\u00ed \u00fa\u010detn\u00ed, a to je stanoveno pravidly, p\u0159i\u010dem\u017e schv\u00e1len\u00ed nez\u00e1visl\u00fdch spole\u010dnost\u00ed cenn\u00fdch pap\u00edr\u016f je podm\u00ednkou.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucinky_ocekavane_v_dusledku_deregulace_digitalnich_cennych_papiru\"><\/span>\u00da\u010dinky o\u010dek\u00e1van\u00e9 v d\u016fsledku deregulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2024\/08\/a3981a5c40b1d62b825ddbde365be345.jpg\" alt=\"O\u010dek\u00e1van\u00e9 \u00fa\u010dinky deregulace\" class=\"wp-image-88711\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Podpora_rustu_trhu_s_digitalnimi_cennymi_papiry\"><\/span>Podpora r\u016fstu trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Dom\u00e1c\u00ed trh s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry je na vzestupu a odhaduje se, \u017ee v roce 2023 dos\u00e1hne objemu obchod\u016f p\u0159ibli\u017en\u011b 100 miliard jen\u016f a v roce 2024 se zv\u00fd\u0161\u00ed na 170 miliard jen\u016f, co\u017e nazna\u010duje o\u010dek\u00e1van\u00fd r\u016fst do budoucna. Na druh\u00e9 stran\u011b, kv\u016fli regulac\u00edm jako je Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji, byl po\u010det cenn\u00fdch pap\u00edr\u016f, kter\u00e9 mohly b\u00fdt obchodov\u00e1ny, omezen pouze na ur\u010dit\u00e9 cenn\u00e9 pap\u00edry, co\u017e zt\u011b\u017eovalo zaji\u0161t\u011bn\u00ed dostate\u010dn\u00e9ho po\u010dtu distribu\u010dn\u00edch kan\u00e1l\u016f a br\u00e1nilo vydavatel\u016fm v konkr\u00e9tn\u00edm odhadu o\u010dek\u00e1van\u00fdch v\u00fdnos\u016f. Tyto faktory br\u00e1nily \u0161ir\u0161\u00edmu roz\u0161\u00ed\u0159en\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f.<\/p>\n\n\n\n<p>P\u0159i obchodov\u00e1n\u00ed s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry byl d\u0159\u00edve obvykl\u00fd postup, kdy investi\u010dn\u00ed spole\u010dnosti dr\u017e\u00edc\u00ed nemovitosti p\u0159ed\u00e1valy digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry vytvo\u0159en\u00e9 d\u00edky maloobchodn\u00edmu rozd\u011blen\u00ed trustov\u00fdmi bankami, kter\u00e9 pak nez\u00e1visl\u00e9 cenn\u00e9 pap\u00edry p\u0159evzaly a prod\u00e1valy. D\u00edky nyn\u011bj\u0161\u00ed deregulaci v\u0161ak mohou i cenn\u00e9 pap\u00edry pat\u0159\u00edc\u00ed do skupiny trustov\u00fdch bank p\u0159evz\u00edt a prod\u00e1vat, co\u017e by m\u011blo v\u00e9st k n\u00e1r\u016fstu po\u010dtu a ob\u011bhu digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a t\u00edm i k podpo\u0159e investi\u010dn\u00ed aktivity investor\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pritazlivost_pro_domaci_a_zahranicni_investory\"><\/span>P\u0159ita\u017elivost pro dom\u00e1c\u00ed a zahrani\u010dn\u00ed investory<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Deregulace by m\u011bla v\u00e9st k n\u00e1r\u016fstu absolutn\u00edho mno\u017estv\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f ob\u00edhaj\u00edc\u00edch na dom\u00e1c\u00edm trhu, co\u017e by m\u011blo investor\u016fm poskytnout v\u00edce mo\u017enost\u00ed pro investice.<\/p>\n\n\n\n<p>Z hlediska diverzifikace investic jako opat\u0159en\u00ed proti riziku je tak\u00e9 zv\u00fd\u0161en\u00ed po\u010dtu produkt\u016f digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f pro investory velk\u00fdm p\u0159\u00ednosem.<\/p>\n\n\n\n<p>Zvl\u00e1\u0161t\u011b digit\u00e1ln\u00ed cenn\u00e9 pap\u00edry spojen\u00e9 s nemovitostmi, kter\u00e9 na rozd\u00edl od REIT nejsou tak citliv\u00e9 na tr\u017en\u00ed vlivy a umo\u017e\u0148uj\u00ed investor\u016fm c\u00edtit siln\u011bj\u0161\u00ed pocit vlastnictv\u00ed, p\u0159edstavuj\u00ed pro investory velkou p\u0159ita\u017elivost a o\u010dek\u00e1v\u00e1 se, \u017ee to povede k podpo\u0159e investi\u010dn\u00ed aktivity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Poskytovani_novych_zpusobu_financovani\"><\/span>Poskytov\u00e1n\u00ed nov\u00fdch zp\u016fsob\u016f financov\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Deregulace by m\u011bla umo\u017enit hladk\u00e9 vyd\u00e1v\u00e1n\u00ed a prodej digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f, co\u017e by mohlo v\u00e9st k aktivizaci STO (Security Token Offering), co\u017e je zp\u016fsob financov\u00e1n\u00ed prost\u0159ednictv\u00edm vyd\u00e1v\u00e1n\u00ed security token\u016f. ICO (Initial Coin Offering) bez podkladov\u00e9ho aktiva \u010delilo probl\u00e9m\u016fm, jako je roz\u0161\u00ed\u0159en\u00ed podvodn\u00fdch obchod\u016f. Na druhou stranu, IPO (Initial Public Offering) vy\u017eaduje, aby spole\u010dnosti spl\u0148ovaly krit\u00e9ria pro vstup na burzu, udr\u017eovaly v\u00fdkonnost a z\u00e1rove\u0148 vybudovaly intern\u00ed kontroln\u00ed syst\u00e9my, co\u017e je komplexn\u00ed a obt\u00ed\u017en\u00fd proces vy\u017eaduj\u00edc\u00ed p\u0159\u00edpravu po n\u011bkolik let.<\/p>\n\n\n\n<p>STO v\u0161ak umo\u017e\u0148uje financov\u00e1n\u00ed i p\u0159ed zah\u00e1jen\u00edm podnik\u00e1n\u00ed nebo slu\u017eeb a nevy\u017eaduje tolik dokumentace nebo syst\u00e9m\u016f jako IPO, co\u017e sni\u017euje z\u00e1t\u011b\u017e pro spole\u010dnosti.<\/p>\n\n\n\n<p>Krom\u011b toho se o\u010dek\u00e1v\u00e1, \u017ee securitizace a tokenizace r\u016fzn\u00fdch aktiv vlastn\u011bn\u00fdch spole\u010dnostmi umo\u017en\u00ed diverzifikaci zp\u016fsob\u016f financov\u00e1n\u00ed spole\u010dnost\u00ed.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/sto-securitytoken\" target=\"_blank\" rel=\"noreferrer noopener\">Jak\u00fd je rozd\u00edl mezi STO a ICO? Vysv\u011btlen\u00ed konceptu security token\u016f a v\u00fdznamu STO[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uvolnovani_regulaci_digitalnich_cennych_papiru\"><\/span>Uvol\u0148ov\u00e1n\u00ed regulac\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reakce_financnich_instituci_a_podniku\"><\/span>Reakce finan\u010dn\u00edch instituc\u00ed a podnik\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V Japonsku spole\u010dnosti jako SBI Group a Mitsui Sumitomo Financial Group investovaly do Osaka Digital Exchange (ODX), kter\u00e1 zah\u00e1jila soukrom\u00fd obchodn\u00ed syst\u00e9m nazvan\u00fd &#8220;START&#8221; a v prosinci Reiwa 5 (2023) za\u010dala s obchodov\u00e1n\u00edm digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f. O\u010dek\u00e1v\u00e1 se, \u017ee d\u00edky ned\u00e1vn\u00e9mu uvoln\u011bn\u00ed regulac\u00ed ze strany Japonsk\u00e9 finan\u010dn\u00ed slu\u017eby se obchodn\u00ed objem zv\u00fd\u0161\u00ed.<\/p>\n\n\n\n<p>Krom\u011b toho v Tokiu, p\u0159edch\u00e1zej\u00edc\u00ed uvoln\u011bn\u00ed regulac\u00ed, bylo zah\u00e1jeno vyhled\u00e1v\u00e1n\u00ed projekt\u016f a dotac\u00ed na podporu roz\u0161\u00ed\u0159en\u00ed trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry, co\u017e st\u00e1le v\u00edce p\u0159itahuje pozornost.<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.metro.tokyo.lg.jp\/tosei\/hodohappyo\/press\/2024\/04\/30\/02.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tokyo Metropolis &#8220;V\u00fdzva k pod\u00e1n\u00ed projekt\u016f pro roz\u0161\u00ed\u0159en\u00ed trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry&#8221;[ja]<\/a><\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.startupandglobalfinancialcity.metro.tokyo.lg.jp\/gfct\/initiatives\/nurturing-players\/fintech\/security-token\" target=\"_blank\" rel=\"noreferrer noopener\">Tokyo Metropolis &#8220;Dotace na podporu roz\u0161\u00ed\u0159en\u00ed trhu s digit\u00e1ln\u00edmi cenn\u00fdmi pap\u00edry (security tokeny)&#8221;[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budouci_trzni_trendy_a_prognozy\"><\/span>Budouc\u00ed tr\u017en\u00ed trendy a progn\u00f3zy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Boston Consulting Group odhaduje, \u017ee celosv\u011btov\u00fd objem emis\u00ed digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f, kter\u00fd v roce 2022 dos\u00e1hl 310 miliard dolar\u016f, by mohl do roku 2030 vzr\u016fst na 16,1 bilionu dolar\u016f. O\u010dek\u00e1v\u00e1 se, \u017ee jejich tr\u017en\u00ed hodnota jako investi\u010dn\u00edho n\u00e1stroje bude na celosv\u011btov\u00e9 \u00farovni nad\u00e1le r\u016fst.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti_Ocekava_se_rozsireni_trhu_diky_uvolneni_regulace_digitalnich_cennych_papiru\"><\/span>Shrnut\u00ed: O\u010dek\u00e1v\u00e1 se roz\u0161\u00ed\u0159en\u00ed trhu d\u00edky uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kl\u00ed\u010dov\u00e9 body uvoln\u011bn\u00ed regulace, kter\u00e9 tentokr\u00e1t ozn\u00e1mila Japonsk\u00e1 finan\u010dn\u00ed agentura, jsou n\u00e1sleduj\u00edc\u00ed dv\u011b:<\/p>\n\n\n\n<ul>\n<li>Zjednodu\u0161en\u00ed procesu vyd\u00e1v\u00e1n\u00ed<\/li>\n\n\n\n<li>Pos\u00edlen\u00ed ochrany investor\u016f<\/li>\n<\/ul>\n\n\n\n<p>Zde jsme vysv\u011btlili uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f, kter\u00e9 ozn\u00e1mila Japonsk\u00e1 finan\u010dn\u00ed agentura, od vysv\u011btlen\u00ed samotn\u00fdch digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f a\u017e po obsah ozn\u00e1men\u00e9ho uvoln\u011bn\u00ed regulace. D\u00edky tomuto uvoln\u011bn\u00ed regulace se o\u010dek\u00e1v\u00e1, \u017ee po\u010det p\u0159\u00edpad\u016f digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f na trhu v\u00fdrazn\u011b vzroste.<\/p>\n\n\n\n<p>V kontextu roz\u0161i\u0159ov\u00e1n\u00ed grant\u016f, dotac\u00ed a podp\u016frn\u00fdch program\u016f je nezbytn\u00e9 pe\u010dliv\u011b zv\u00e1\u017eit, jak\u00e9 postupy jsou pot\u0159ebn\u00e9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Predstaveni_opatreni_nasi_kancelare\"><\/span>P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith je pr\u00e1vn\u00ed firma specializuj\u00edc\u00ed se na IT, zejm\u00e9na na internet a pr\u00e1vo. Na\u0161e kancel\u00e1\u0159 poskytuje komplexn\u00ed podporu pro podnik\u00e1n\u00ed souvisej\u00edc\u00ed s kryptom\u011bnami a blockchainem. Podrobnosti naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Oblasti pr\u00e1ce pr\u00e1vn\u00ed kancel\u00e1\u0159e Monolith: <a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">Kryptom\u011bny &amp; Blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finan\u010dn\u00ed \u00fa\u0159ad Japonska ozn\u00e1mil, \u017ee v srpnu roku Reiwa 6 (2024) dojde k uvoln\u011bn\u00ed regulace digit\u00e1ln\u00edch cenn\u00fdch pap\u00edr\u016f (security tokens, d\u00e1le jen ST). C\u00edlem tohoto kroku je podpo\u0159it roz\u0161\u00ed\u0159en\u00ed dom\u00e1c\u00edch di [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[20,19],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/64716"}],"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=64716"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/64716\/revisions"}],"predecessor-version":[{"id":64783,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/64716\/revisions\/64783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/64782"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=64716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=64716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=64716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}