{"id":77916,"date":"2025-07-25T18:23:03","date_gmt":"2025-07-25T09:23:03","guid":{"rendered":"https:\/\/monolith.law\/el\/?p=77916"},"modified":"2025-08-12T00:35:20","modified_gmt":"2025-08-11T15:35:20","slug":"crypto-assets-securities","status":"publish","type":"post","link":"https:\/\/monolith.law\/el\/it\/crypto-assets-securities","title":{"rendered":"\u3010\u0388\u03ba\u03b4\u03bf\u03c3\u03b7 2025\u3011\u039d\u03bf\u03bc\u03b9\u03ba\u03ae \u0395\u03c1\u03bc\u03b7\u03bd\u03b5\u03af\u03b1 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd (\u03a8\u03b7\u03c6\u03b9\u03b1\u03ba\u03ac \u039d\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1): \u0395\u03c6\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03c3\u03c4\u03b1 \u03a7\u03c1\u03b5\u03cc\u03b3\u03c1\u03b1\u03c6\u03b1 \u03ba\u03b1\u03b9 \u03a3\u03b7\u03bc\u03b5\u03af\u03b1 \u03a0\u03c1\u03bf\u03c3\u03bf\u03c7\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 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\u03b1\u03be\u03b9\u03cc\u03b3\u03c1\u03b1\u03c6\u03b1.<\/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\/el\/it\/crypto-assets-securities\/#%CE%A0%CE%B1%CF%81%CE%B1%CE%B4%CE%BF%CF%83%CE%B9%CE%B1%CE%BA%CE%AD%CF%82_%CE%91%CF%80%CF%8C%CF%88%CE%B5%CE%B9%CF%82_%CE%BA%CE%B1%CE%B9_%CE%9D%CE%AD%CE%B5%CF%82_%CE%A4%CE%AC%CF%83%CE%B5%CE%B9%CF%82_%CF%83%CF%84%CE%B1_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CF%83%CE%BC%CE%B1%CF%84%CE%B1_%CE%A8%CE%B7%CF%86%CE%B9%CE%B1%CE%BA%CE%AC_%CE%9D%CE%BF%CE%BC%CE%AF%CF%83%CE%BC%CE%B1%CF%84%CE%B1_%CE%A3%CF%8D%CE%BC%CF%86%CF%89%CE%BD%CE%B1_%CE%BC%CE%B5_%CF%84%CE%BF_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%B9%CE%BA%CF%8C_%CE%94%CE%AF%CE%BA%CE%B1%CE%B9%CE%BF\" title=\"\u03a0\u03b1\u03c1\u03b1\u03b4\u03bf\u03c3\u03b9\u03b1\u03ba\u03ad\u03c2 \u0391\u03c0\u03cc\u03c8\u03b5\u03b9\u03c2 \u03ba\u03b1\u03b9 \u039d\u03ad\u03b5\u03c2 \u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03c3\u03c4\u03b1 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 (\u03a8\u03b7\u03c6\u03b9\u03b1\u03ba\u03ac 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href=\"https:\/\/monolith.law\/el\/it\/crypto-assets-securities\/#%CE%97_%CE%91%CE%BB%CE%BB%CE%B1%CE%B3%CE%AE_%CF%84%CE%BF%CF%85_%CE%91%CE%BB%CE%B3%CE%BF%CF%81%CE%AF%CE%B8%CE%BC%CE%BF%CF%85_%CE%A3%CF%85%CE%BD%CE%B1%CE%AF%CE%BD%CE%B5%CF%83%CE%B7%CF%82_%CF%84%CE%BF%CF%85_Ethereum_%CE%BA%CE%B1%CE%B9_%CE%B7_%CE%A3%CF%85%CE%B6%CE%AE%CF%84%CE%B7%CF%83%CE%B7_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B1_%CE%A7%CF%81%CE%B5%CF%8C%CE%B3%CF%81%CE%B1%CF%86%CE%B1_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\" title=\"\u0397 \u0391\u03bb\u03bb\u03b1\u03b3\u03ae \u03c4\u03bf\u03c5 \u0391\u03bb\u03b3\u03bf\u03c1\u03af\u03b8\u03bc\u03bf\u03c5 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03c4\u03bf\u03c5 Ethereum \u03ba\u03b1\u03b9 \u03b7 \u03a3\u03c5\u03b6\u03ae\u03c4\u03b7\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03a7\u03c1\u03b5\u03cc\u03b3\u03c1\u03b1\u03c6\u03b1 \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1\">\u0397 \u0391\u03bb\u03bb\u03b1\u03b3\u03ae \u03c4\u03bf\u03c5 \u0391\u03bb\u03b3\u03bf\u03c1\u03af\u03b8\u03bc\u03bf\u03c5 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03c4\u03bf\u03c5 Ethereum \u03ba\u03b1\u03b9 \u03b7 \u03a3\u03c5\u03b6\u03ae\u03c4\u03b7\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03a7\u03c1\u03b5\u03cc\u03b3\u03c1\u03b1\u03c6\u03b1 \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<\/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\/el\/it\/crypto-assets-securities\/#%CE%A4%CE%B9_%CE%B5%CE%AF%CE%BD%CE%B1%CE%B9_%CE%BF_%CE%91%CE%BB%CE%B3%CF%8C%CF%81%CE%B9%CE%B8%CE%BC%CE%BF%CF%82_%CE%A3%CF%85%CE%BD%CE%B1%CE%AF%CE%BD%CE%B5%CF%83%CE%B7%CF%82\" title=\"\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bf \u0391\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf\u03c2 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2\">\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bf \u0391\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf\u03c2 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2<\/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\/el\/it\/crypto-assets-securities\/#%CE%97_%CE%91%CE%BB%CE%BB%CE%B1%CE%B3%CE%AE_%CF%84%CE%BF%CF%85_%CE%91%CE%BB%CE%B3%CE%BF%CF%81%CE%AF%CE%B8%CE%BC%CE%BF%CF%85_%CE%A3%CF%85%CE%BD%CE%B1%CE%AF%CE%BD%CE%B5%CF%83%CE%B7%CF%82_%CF%84%CE%BF%CF%85_Ethereum\" title=\"\u0397 \u0391\u03bb\u03bb\u03b1\u03b3\u03ae \u03c4\u03bf\u03c5 \u0391\u03bb\u03b3\u03bf\u03c1\u03af\u03b8\u03bc\u03bf\u03c5 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03c4\u03bf\u03c5 Ethereum\">\u0397 \u0391\u03bb\u03bb\u03b1\u03b3\u03ae \u03c4\u03bf\u03c5 \u0391\u03bb\u03b3\u03bf\u03c1\u03af\u03b8\u03bc\u03bf\u03c5 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03c4\u03bf\u03c5 Ethereum<\/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\/el\/it\/crypto-assets-securities\/#%CE%97_%CE%A0%CE%B9%CE%BF_%CE%A0%CF%81%CF%8C%CF%83%CF%86%CE%B1%CF%84%CE%B7_%CE%86%CF%80%CE%BF%CF%88%CE%B7_%CF%84%CF%89%CE%BD_%CE%91%CE%BC%CE%B5%CF%81%CE%B9%CE%BA%CE%B1%CE%BD%CE%B9%CE%BA%CF%8E%CE%BD_%CE%91%CF%81%CF%87%CF%8E%CE%BD_%CF%83%CF%87%CE%B5%CF%84%CE%B9%CE%BA%CE%AC_%CE%BC%CE%B5_%CF%84%CE%B1_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CF%83%CE%BC%CE%B1%CF%84%CE%B1\" title=\"\u0397 \u03a0\u03b9\u03bf \u03a0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03b7 \u0386\u03c0\u03bf\u03c8\u03b7 \u03c4\u03c9\u03bd \u0391\u03bc\u03b5\u03c1\u03b9\u03ba\u03b1\u03bd\u03b9\u03ba\u03ce\u03bd \u0391\u03c1\u03c7\u03ce\u03bd \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b1 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1\">\u0397 \u03a0\u03b9\u03bf \u03a0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03b7 \u0386\u03c0\u03bf\u03c8\u03b7 \u03c4\u03c9\u03bd \u0391\u03bc\u03b5\u03c1\u03b9\u03ba\u03b1\u03bd\u03b9\u03ba\u03ce\u03bd \u0391\u03c1\u03c7\u03ce\u03bd \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b1 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1<\/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\/el\/it\/crypto-assets-securities\/#%CE%97_%CE%95%CE%BC%CF%86%CE%AC%CE%BD%CE%B9%CF%83%CE%B7_%CF%84%CE%BF%CF%85_%CE%95%CE%B9%CF%83%CE%B7%CE%B3%CE%BC%CE%AD%CE%BD%CE%BF%CF%85_%CE%9A%CE%B5%CF%86%CE%B1%CE%BB%CE%B1%CE%AF%CE%BF%CF%85_ETF_%CE%B3%CE%B9%CE%B1_%CF%84%CE%BF_Ethereum\" title=\"\u0397 \u0395\u03bc\u03c6\u03ac\u03bd\u03b9\u03c3\u03b7 \u03c4\u03bf\u03c5 \u0395\u03b9\u03c3\u03b7\u03b3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039a\u03b5\u03c6\u03b1\u03bb\u03b1\u03af\u03bf\u03c5 ETF \u03b3\u03b9\u03b1 \u03c4\u03bf Ethereum\">\u0397 \u0395\u03bc\u03c6\u03ac\u03bd\u03b9\u03c3\u03b7 \u03c4\u03bf\u03c5 \u0395\u03b9\u03c3\u03b7\u03b3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039a\u03b5\u03c6\u03b1\u03bb\u03b1\u03af\u03bf\u03c5 ETF \u03b3\u03b9\u03b1 \u03c4\u03bf Ethereum<\/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\/el\/it\/crypto-assets-securities\/#%CE%97_%CE%91%CE%BE%CE%B9%CE%BF%CE%BB%CF%8C%CE%B3%CE%B7%CF%83%CE%B7_%CF%84%CF%89%CE%BD_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%AC%CF%84%CF%89%CE%BD_%CF%89%CF%82_%CE%9A%CE%B9%CE%BD%CE%B7%CF%84%CE%AD%CF%82_%CE%91%CE%BE%CE%AF%CE%B5%CF%82_%CE%A4%CE%BF_%CE%A4%CE%B5%CF%83%CF%84_Howey\" title=\"\u0397 \u0391\u03be\u03b9\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c9\u03c2 \u039a\u03b9\u03bd\u03b7\u03c4\u03ad\u03c2 \u0391\u03be\u03af\u03b5\u03c2: \u03a4\u03bf \u03a4\u03b5\u03c3\u03c4 Howey\">\u0397 \u0391\u03be\u03b9\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c9\u03c2 \u039a\u03b9\u03bd\u03b7\u03c4\u03ad\u03c2 \u0391\u03be\u03af\u03b5\u03c2: \u03a4\u03bf \u03a4\u03b5\u03c3\u03c4 Howey<\/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\/el\/it\/crypto-assets-securities\/#%CE%A1%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7_%CE%BA%CE%B1%CE%B9_%CE%A4%CE%B5%CE%BB%CE%B5%CF%85%CF%84%CE%B1%CE%AF%CE%B5%CF%82_%CE%A4%CE%AC%CF%83%CE%B5%CE%B9%CF%82_%CF%84%CF%89%CE%BD_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%AC%CF%84%CF%89%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\" title=\"\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03ba\u03b1\u03b9 \u03a4\u03b5\u03bb\u03b5\u03c5\u03c4\u03b1\u03af\u03b5\u03c2 \u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1\">\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03ba\u03b1\u03b9 \u03a4\u03b5\u03bb\u03b5\u03c5\u03c4\u03b1\u03af\u03b5\u03c2 \u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/el\/it\/crypto-assets-securities\/#%CE%A1%CF%85%CE%B8%CE%BC%CE%AF%CF%83%CE%B5%CE%B9%CF%82_%CE%A3%CF%87%CE%B5%CF%84%CE%B9%CE%BA%CE%AC_%CE%BC%CE%B5_%CF%84%CE%B7%CE%BD_%CE%88%CE%BA%CE%B4%CE%BF%CF%83%CE%B7_%CE%91%CE%BE%CE%B9%CF%8C%CF%87%CF%81%CE%B5%CF%89%CE%BD_%CE%A7%CF%81%CE%B5%CE%BF%CE%B3%CF%81%CE%AC%CF%86%CF%89%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\" title=\"\u03a1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b7\u03bd \u0388\u03ba\u03b4\u03bf\u03c3\u03b7 \u0391\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03c9\u03bd \u03a7\u03c1\u03b5\u03bf\u03b3\u03c1\u03ac\u03c6\u03c9\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1\">\u03a1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b7\u03bd \u0388\u03ba\u03b4\u03bf\u03c3\u03b7 \u0391\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03c9\u03bd \u03a7\u03c1\u03b5\u03bf\u03b3\u03c1\u03ac\u03c6\u03c9\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/el\/it\/crypto-assets-securities\/#%CE%A1%CF%85%CE%B8%CE%BC%CE%AF%CF%83%CE%B5%CE%B9%CF%82_%CE%A3%CF%85%CE%BD%CE%B1%CE%BB%CE%BB%CE%B1%CE%B3%CF%8E%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\" title=\"\u03a1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1\">\u03a1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<\/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\/el\/it\/crypto-assets-securities\/#%CE%A4%CE%AC%CF%83%CE%B5%CE%B9%CF%82_%CE%A0%CF%81%CF%8C%CF%83%CF%86%CE%B1%CF%84%CF%89%CE%BD_%CE%9D%CE%BF%CE%BC%CE%BF%CE%B8%CE%B5%CF%84%CE%B9%CE%BA%CF%8E%CE%BD_%CE%91%CE%BB%CE%BB%CE%B1%CE%B3%CF%8E%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\" title=\"\u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03a0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03c9\u03bd \u039d\u03bf\u03bc\u03bf\u03b8\u03b5\u03c4\u03b9\u03ba\u03ce\u03bd \u0391\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1\">\u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03a0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03c9\u03bd \u039d\u03bf\u03bc\u03bf\u03b8\u03b5\u03c4\u03b9\u03ba\u03ce\u03bd \u0391\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/el\/it\/crypto-assets-securities\/#%CE%A3%CF%85%CE%BD%CE%BF%CF%80%CF%84%CE%B9%CE%BA%CE%AC_%CE%A3%CF%85%CE%BC%CE%B2%CE%BF%CF%85%CE%BB%CE%B5%CF%85%CF%84%CE%B5%CE%AF%CF%84%CE%B5_%CE%AD%CE%BD%CE%B1%CE%BD_%CE%B4%CE%B9%CE%BA%CE%B7%CE%B3%CF%8C%CF%81%CE%BF_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B7_%CF%81%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7_%CF%84%CF%89%CE%BD_%CE%BA%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%AC%CF%84%CF%89%CE%BD\" title=\"\u03a3\u03c5\u03bd\u03bf\u03c0\u03c4\u03b9\u03ba\u03ac: \u03a3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03c5\u03c4\u03b5\u03af\u03c4\u03b5 \u03ad\u03bd\u03b1\u03bd \u03b4\u03b9\u03ba\u03b7\u03b3\u03cc\u03c1\u03bf \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd\">\u03a3\u03c5\u03bd\u03bf\u03c0\u03c4\u03b9\u03ba\u03ac: \u03a3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03c5\u03c4\u03b5\u03af\u03c4\u03b5 \u03ad\u03bd\u03b1\u03bd \u03b4\u03b9\u03ba\u03b7\u03b3\u03cc\u03c1\u03bf \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd<\/a><\/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\/el\/it\/crypto-assets-securities\/#%CE%9F%CE%B4%CE%B7%CE%B3%CE%AF%CE%B5%CF%82_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B1_%CE%9C%CE%AD%CF%84%CF%81%CE%B1_%CF%80%CE%BF%CF%85_%CE%9B%CE%B1%CE%BC%CE%B2%CE%AC%CE%BD%CE%B5%CE%B9_%CF%84%CE%BF_%CE%94%CE%B9%CE%BA%CE%B7%CE%B3%CE%BF%CF%81%CE%B9%CE%BA%CF%8C_%CE%BC%CE%B1%CF%82_%CE%93%CF%81%CE%B1%CF%86%CE%B5%CE%AF%CE%BF\" title=\"\u039f\u03b4\u03b7\u03b3\u03af\u03b5\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u039c\u03ad\u03c4\u03c1\u03b1 \u03c0\u03bf\u03c5 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id=\"%CE%A0%CE%B1%CF%81%CE%B1%CE%B4%CE%BF%CF%83%CE%B9%CE%B1%CE%BA%CE%AD%CF%82_%CE%91%CF%80%CF%8C%CF%88%CE%B5%CE%B9%CF%82_%CE%BA%CE%B1%CE%B9_%CE%9D%CE%AD%CE%B5%CF%82_%CE%A4%CE%AC%CF%83%CE%B5%CE%B9%CF%82_%CF%83%CF%84%CE%B1_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CF%83%CE%BC%CE%B1%CF%84%CE%B1_%CE%A8%CE%B7%CF%86%CE%B9%CE%B1%CE%BA%CE%AC_%CE%9D%CE%BF%CE%BC%CE%AF%CF%83%CE%BC%CE%B1%CF%84%CE%B1_%CE%A3%CF%8D%CE%BC%CF%86%CF%89%CE%BD%CE%B1_%CE%BC%CE%B5_%CF%84%CE%BF_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%B9%CE%BA%CF%8C_%CE%94%CE%AF%CE%BA%CE%B1%CE%B9%CE%BF\"><\/span>\u03a0\u03b1\u03c1\u03b1\u03b4\u03bf\u03c3\u03b9\u03b1\u03ba\u03ad\u03c2 \u0391\u03c0\u03cc\u03c8\u03b5\u03b9\u03c2 \u03ba\u03b1\u03b9 \u039d\u03ad\u03b5\u03c2 \u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03c3\u03c4\u03b1 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 (\u03a8\u03b7\u03c6\u03b9\u03b1\u03ba\u03ac \u039d\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1) 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\u03c0\u03c5\u03c1\u03bf\u03b4\u03cc\u03c4\u03b7\u03c3\u03b5 \u03c3\u03c5\u03b6\u03b7\u03c4\u03ae\u03c3\u03b5\u03b9\u03c2 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03bf \u03b5\u03ac\u03bd \u03c4\u03bf Ethereum \u03b8\u03b1 \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03c3\u03b5 \u03bd\u03b1 \u03b8\u03b5\u03c9\u03c1\u03b7\u03b8\u03b5\u03af \u03c9\u03c2 \u03c7\u03c1\u03b5\u03cc\u03b3\u03c1\u03b1\u03c6\u03bf \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A4%CE%B9_%CE%B5%CE%AF%CE%BD%CE%B1%CE%B9_%CE%BF_%CE%91%CE%BB%CE%B3%CF%8C%CF%81%CE%B9%CE%B8%CE%BC%CE%BF%CF%82_%CE%A3%CF%85%CE%BD%CE%B1%CE%AF%CE%BD%CE%B5%CF%83%CE%B7%CF%82\"><\/span>\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bf \u0391\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf\u03c2 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u039f \u03b1\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf\u03c2 \u03c3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03ad\u03bd\u03b1\u03c2 \u03bc\u03b7\u03c7\u03b1\u03bd\u03b9\u03c3\u03bc\u03cc\u03c2 \u03c0\u03bf\u03c5 \u03c7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03c3\u03c4\u03bf blockchain \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd \u03b5\u03c0\u03b9\u03ba\u03cd\u03c1\u03c9\u03c3\u03b7 \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03ba\u03b1\u03b9 \u03c4\u03b7\u03bd \u03c0\u03c1\u03bf\u03c3\u03b8\u03ae\u03ba\u03b7 \u03bd\u03ad\u03c9\u03bd \u03bc\u03c0\u03bb\u03bf\u03ba, \u03bc\u03ad\u03c3\u03c9 \u03bc\u03b9\u03b1\u03c2 \u03b4\u03b9\u03b1\u03b4\u03b9\u03ba\u03b1\u03c3\u03af\u03b1\u03c2 \u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03af\u03b1\u03c2.<\/p>\n\n\n\n<p>\u0393\u03b9\u03b1 \u03bd\u03b1 \u03ba\u03b1\u03c4\u03b1\u03bd\u03bf\u03ae\u03c3\u03b5\u03b9 \u03ba\u03b1\u03bd\u03b5\u03af\u03c2 \u03c4\u03bf\u03bd \u03b1\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf \u03c3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2, \u03b5\u03af\u03bd\u03b1\u03b9 \u03b1\u03c0\u03b1\u03c1\u03b1\u03af\u03c4\u03b7\u03c4\u03bf \u03bd\u03b1 \u03ba\u03b1\u03c4\u03b1\u03bb\u03ac\u03b2\u03b5\u03b9 \u03c0\u03ce\u03c2 \u03bb\u03b5\u03b9\u03c4\u03bf\u03c5\u03c1\u03b3\u03bf\u03cd\u03bd \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1.<\/p>\n\n\n\n<p>\u03a3\u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03c7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03b7 \u03c4\u03b5\u03c7\u03bd\u03bf\u03bb\u03bf\u03b3\u03af\u03b1 blockchain, \u03cc\u03c0\u03bf\u03c5 \u03bf\u03b9 \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03b5\u03c0\u03b9\u03ba\u03c5\u03c1\u03ce\u03bd\u03bf\u03bd\u03c4\u03b1\u03b9 \u03bc\u03ad\u03c3\u03c9 \u03c4\u03b7\u03c2 \u03b4\u03b9\u03b1\u03b4\u03b9\u03ba\u03b1\u03c3\u03af\u03b1\u03c2 \u03c4\u03bf\u03c5 mining, \u03b5\u03be\u03b1\u03c3\u03c6\u03b1\u03bb\u03af\u03b6\u03bf\u03bd\u03c4\u03b1\u03c2 \u03ad\u03c4\u03c3\u03b9 \u03c4\u03b7\u03bd \u03b1\u03c3\u03c6\u03ac\u03bb\u03b5\u03b9\u03b1 \u03c4\u03bf\u03c5 blockchain. \u039f \u03b1\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf\u03c2 \u03c3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03bc\u03b5 \u03c4\u03b7\u03bd \u03bf\u03c0\u03bf\u03af\u03b1 \u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03b5\u03af\u03c4\u03b1\u03b9 \u03c3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7 (\u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03af\u03b1) \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u03ba\u03b1\u03bd\u03cc\u03bd\u03b5\u03c2 \u03c0\u03c1\u03bf\u03c3\u03b8\u03ae\u03ba\u03b7\u03c2 \u03bc\u03c0\u03bb\u03bf\u03ba \u03c3\u03c4\u03bf blockchain.<\/p>\n\n\n\n<p>\u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03cc \u0386\u03c1\u03b8\u03c1\u03bf: <a href=\"https:\/\/monolith.law\/corporate\/blockchain-technology\" target=\"_blank\" rel=\"noreferrer noopener\">\u03a0\u03bf\u03b9\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 \u03bd\u03ad\u03b1 \u03c4\u03b5\u03c7\u03bd\u03bf\u03bb\u03bf\u03b3\u03af\u03b1 blockchain \u03ba\u03b1\u03b9 \u03c0\u03bf\u03b9\u03b1 \u03b7 \u03c3\u03b7\u03bc\u03b1\u03c3\u03af\u03b1 \u03c4\u03b7\u03c2[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%97_%CE%91%CE%BB%CE%BB%CE%B1%CE%B3%CE%AE_%CF%84%CE%BF%CF%85_%CE%91%CE%BB%CE%B3%CE%BF%CF%81%CE%AF%CE%B8%CE%BC%CE%BF%CF%85_%CE%A3%CF%85%CE%BD%CE%B1%CE%AF%CE%BD%CE%B5%CF%83%CE%B7%CF%82_%CF%84%CE%BF%CF%85_Ethereum\"><\/span>\u0397 \u0391\u03bb\u03bb\u03b1\u03b3\u03ae \u03c4\u03bf\u03c5 \u0391\u03bb\u03b3\u03bf\u03c1\u03af\u03b8\u03bc\u03bf\u03c5 \u03a3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03c4\u03bf\u03c5 Ethereum<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u03a4\u03bf Ethereum \u03b1\u03c1\u03c7\u03b9\u03ba\u03ac \u03c7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03bf\u03cd\u03c3\u03b5 \u03c4\u03bf\u03bd \u03b1\u03bb\u03b3\u03cc\u03c1\u03b9\u03b8\u03bc\u03bf \u03c3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 PoW (Proof of Work), \u03bf \u03bf\u03c0\u03bf\u03af\u03bf\u03c2 \u03c7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03ba\u03b1\u03b9 \u03b1\u03c0\u03cc \u03c4\u03bf Bitcoin.<\/p>\n\n\n\n<p>\u03a3\u03c4\u03b7 \u03c3\u03c5\u03bd\u03ad\u03c7\u03b5\u03b9\u03b1, \u03c4\u03bf Ethereum \u03c0\u03c1\u03bf\u03c7\u03ce\u03c1\u03b7\u03c3\u03b5 \u03c3\u03b5 \u03bc\u03b9\u03b1 \u03c3\u03b7\u03bc\u03b1\u03bd\u03c4\u03b9\u03ba\u03ae \u03b1\u03bb\u03bb\u03b1\u03b3\u03ae \u03c4\u03bf\u03bd \u03a3\u03b5\u03c0\u03c4\u03ad\u03bc\u03b2\u03c1\u03b9\u03bf \u03c4\u03bf\u03c5 2022 (2022), \u03b1\u03bd\u03c4\u03b9\u03ba\u03b1\u03b8\u03b9\u03c3\u03c4\u03ce\u03bd\u03c4\u03b1\u03c2 \u03c4\u03bf\u03bd PoW \u03bc\u03b5 \u03c4\u03bf\u03bd PoS (Proof of Stake).<\/p>\n\n\n\n<ul>\n<li>PoW (Proof of Work): \u039c\u03b9\u03b1 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c3\u03c5\u03bd\u03b1\u03af\u03bd\u03b5\u03c3\u03b7\u03c2 \u03c0\u03bf\u03c5 \u03b2\u03b1\u03c3\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03bf\u03bd \u03b1\u03bd\u03c4\u03b1\u03b3\u03c9\u03bd\u03b9\u03c3\u03bc\u03cc \u03c5\u03c0\u03bf\u03bb\u03bf\u03b3\u03b9\u03c3\u03c4\u03b9\u03ba\u03ce\u03bd \u03c0\u03cc\u03c1\u03c9\u03bd. \u03a7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03b1\u03c0\u03cc \u03c4\u03bf Bitcoin \u03ba\u03b1\u03b9 \u03ac\u03bb\u03bb\u03b1.<\/li>\n\n\n\n<li>PoS (Proof of Stake): \u039c\u03b9\u03b1 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03cc\u03c0\u03bf\u03c5 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03af\u03b1\u03c2 \u03bc\u03c0\u03bb\u03bf\u03ba \u03b4\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03b1\u03bd\u03ac\u03bb\u03bf\u03b3\u03b1 \u03bc\u03b5 \u03c4\u03b7\u03bd \u03c0\u03bf\u03c3\u03cc\u03c4\u03b7\u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03ad\u03c7\u03b5\u03b9 \u03ba\u03ac\u03c0\u03bf\u03b9\u03bf\u03c2. \u03a7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03b1\u03c0\u03cc \u03c4\u03bf Ethereum.<\/li>\n<\/ul>\n\n\n\n<p>\u0397 \u03bc\u03b5\u03c4\u03ac\u03b2\u03b1\u03c3\u03b7 \u03c4\u03bf\u03c5 Ethereum \u03c3\u03c4\u03bf PoS \u03ad\u03b3\u03b9\u03bd\u03b5 \u03bc\u03b5 \u03c3\u03ba\u03bf\u03c0\u03cc \u03c4\u03b7\u03bd \u03b5\u03c0\u03af\u03bb\u03c5\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03c0\u03c1\u03bf\u03b2\u03bb\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2 \u03c4\u03b7\u03c2 \u03c5\u03c8\u03b7\u03bb\u03ae\u03c2 \u03ba\u03b1\u03c4\u03b1\u03bd\u03ac\u03bb\u03c9\u03c3\u03b7\u03c2 \u03b5\u03bd\u03ad\u03c1\u03b3\u03b5\u03b9\u03b1\u03c2 \u03c4\u03bf\u03c5 PoW.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%97_%CE%A0%CE%B9%CE%BF_%CE%A0%CF%81%CF%8C%CF%83%CF%86%CE%B1%CF%84%CE%B7_%CE%86%CF%80%CE%BF%CF%88%CE%B7_%CF%84%CF%89%CE%BD_%CE%91%CE%BC%CE%B5%CF%81%CE%B9%CE%BA%CE%B1%CE%BD%CE%B9%CE%BA%CF%8E%CE%BD_%CE%91%CF%81%CF%87%CF%8E%CE%BD_%CF%83%CF%87%CE%B5%CF%84%CE%B9%CE%BA%CE%AC_%CE%BC%CE%B5_%CF%84%CE%B1_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CF%83%CE%BC%CE%B1%CF%84%CE%B1\"><\/span>\u0397 \u03a0\u03b9\u03bf \u03a0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03b7 \u0386\u03c0\u03bf\u03c8\u03b7 \u03c4\u03c9\u03bd \u0391\u03bc\u03b5\u03c1\u03b9\u03ba\u03b1\u03bd\u03b9\u03ba\u03ce\u03bd \u0391\u03c1\u03c7\u03ce\u03bd \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b1 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u0395\u03b4\u03ce \u03c0\u03b1\u03c1\u03bf\u03c5\u03c3\u03b9\u03ac\u03b6\u03bf\u03c5\u03bc\u03b5 \u03c4\u03b7\u03bd \u03b5\u03be\u03ad\u03bb\u03b9\u03be\u03b7 \u03c4\u03c9\u03bd \u03b1\u03c0\u03cc\u03c8\u03b5\u03c9\u03bd \u03c4\u03c9\u03bd \u03b1\u03bc\u03b5\u03c1\u03b9\u03ba\u03b1\u03bd\u03b9\u03ba\u03ce\u03bd \u03b1\u03c1\u03c7\u03ce\u03bd \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%97_%CE%95%CE%BC%CF%86%CE%AC%CE%BD%CE%B9%CF%83%CE%B7_%CF%84%CE%BF%CF%85_%CE%95%CE%B9%CF%83%CE%B7%CE%B3%CE%BC%CE%AD%CE%BD%CE%BF%CF%85_%CE%9A%CE%B5%CF%86%CE%B1%CE%BB%CE%B1%CE%AF%CE%BF%CF%85_ETF_%CE%B3%CE%B9%CE%B1_%CF%84%CE%BF_Ethereum\"><\/span>\u0397 \u0395\u03bc\u03c6\u03ac\u03bd\u03b9\u03c3\u03b7 \u03c4\u03bf\u03c5 \u0395\u03b9\u03c3\u03b7\u03b3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039a\u03b5\u03c6\u03b1\u03bb\u03b1\u03af\u03bf\u03c5 ETF \u03b3\u03b9\u03b1 \u03c4\u03bf Ethereum<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u03a4\u03bf\u03bd \u03a3\u03b5\u03c0\u03c4\u03ad\u03bc\u03b2\u03c1\u03b9\u03bf \u03c4\u03bf\u03c5 2022, \u03bf \u03c0\u03c1\u03cc\u03b5\u03b4\u03c1\u03bf\u03c2 \u03c4\u03b7\u03c2 \u0391\u03bc\u03b5\u03c1\u03b9\u03ba\u03b1\u03bd\u03b9\u03ba\u03ae\u03c2 \u0395\u03c0\u03b9\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u039a\u03b5\u03c6\u03b1\u03bb\u03b1\u03b9\u03b1\u03b3\u03bf\u03c1\u03ac\u03c2 (SEC), \u03ba. \u0393\u03ba\u03ad\u03bd\u03c3\u03bb\u03b5\u03c1, \u03c5\u03c0\u03bf\u03bd\u03cc\u03b7\u03c3\u03b5 \u03cc\u03c4\u03b9 \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03c0\u03bf\u03c5 \u03c7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03bf\u03cd\u03bd \u03c4\u03bf \u03c3\u03cd\u03c3\u03c4\u03b7\u03bc\u03b1 PoS (Proof of Stake) \u03b5\u03bd\u03b4\u03ad\u03c7\u03b5\u03c4\u03b1\u03b9 \u03bd\u03b1 \u03b8\u03b5\u03c9\u03c1\u03b7\u03b8\u03bf\u03cd\u03bd \u03c9\u03c2 \u03ba\u03b9\u03bd\u03b7\u03c4\u03ad\u03c2 \u03b1\u03be\u03af\u03b5\u03c2. \u0394\u03b5\u03bd \u03b1\u03bd\u03b1\u03c6\u03ad\u03c1\u03b8\u03b7\u03ba\u03b5 \u03c3\u03b5 \u03c3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1, \u03b1\u03bb\u03bb\u03ac \u03b7 \u03b4\u03ae\u03bb\u03c9\u03c3\u03ae \u03c4\u03bf\u03c5 \u03ad\u03b3\u03b9\u03bd\u03b5 \u03b1\u03bc\u03ad\u03c3\u03c9\u03c2 \u03bc\u03b5\u03c4\u03ac \u03c4\u03b7 \u03bc\u03b5\u03c4\u03ac\u03b2\u03b1\u03c3\u03b7 \u03c4\u03bf\u03c5 Ethereum \u03c3\u03c4\u03bf PoS, \u03ba\u03b5\u03bd\u03c4\u03c1\u03af\u03b6\u03bf\u03bd\u03c4\u03b1\u03c2 \u03c4\u03b7\u03bd \u03c0\u03c1\u03bf\u03c3\u03bf\u03c7\u03ae \u03c4\u03b7\u03c2 \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2.<\/p>\n\n\n\n<p>\u03a3\u03c4\u03bf\u03bd \u039c\u03ac\u03b9\u03bf \u03c4\u03bf\u03c5 2024, \u03ad\u03bd\u03b1 ETF \u03b3\u03b9\u03b1 \u03c4\u03bf Ethereum \u03b5\u03b3\u03ba\u03c1\u03af\u03b8\u03b7\u03ba\u03b5 \u03c3\u03c4\u03b9\u03c2 \u0397\u03a0\u0391. \u0391\u03c5\u03c4\u03cc \u03c5\u03c0\u03bf\u03b4\u03b7\u03bb\u03ce\u03bd\u03b5\u03b9 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03b1\u03bc\u03b5\u03c1\u03b9\u03ba\u03b1\u03bd\u03b9\u03ba\u03ad\u03c2 \u03c1\u03c5\u03b8\u03bc\u03b9\u03c3\u03c4\u03b9\u03ba\u03ad\u03c2 \u03b1\u03c1\u03c7\u03ad\u03c2 \u03b4\u03b5\u03bd \u03b8\u03b5\u03c9\u03c1\u03bf\u03cd\u03bd \u03c4\u03bf Ethereum \u03c9\u03c2 \u03c0\u03bb\u03ae\u03c1\u03c9\u03c2 \u03ba\u03b9\u03bd\u03b7\u03c4\u03ae \u03b1\u03be\u03af\u03b1, \u03c0\u03c1\u03ac\u03b3\u03bc\u03b1 \u03c0\u03bf\u03c5 \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b5\u03c0\u03b7\u03c1\u03b5\u03ac\u03c3\u03b5\u03b9 \u03c4\u03b9\u03c2 \u03bc\u03b5\u03bb\u03bb\u03bf\u03bd\u03c4\u03b9\u03ba\u03ad\u03c2 \u03b5\u03c1\u03bc\u03b7\u03bd\u03b5\u03af\u03b5\u03c2.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%97_%CE%91%CE%BE%CE%B9%CE%BF%CE%BB%CF%8C%CE%B3%CE%B7%CF%83%CE%B7_%CF%84%CF%89%CE%BD_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%AC%CF%84%CF%89%CE%BD_%CF%89%CF%82_%CE%9A%CE%B9%CE%BD%CE%B7%CF%84%CE%AD%CF%82_%CE%91%CE%BE%CE%AF%CE%B5%CF%82_%CE%A4%CE%BF_%CE%A4%CE%B5%CF%83%CF%84_Howey\"><\/span>\u0397 \u0391\u03be\u03b9\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c9\u03c2 \u039a\u03b9\u03bd\u03b7\u03c4\u03ad\u03c2 \u0391\u03be\u03af\u03b5\u03c2: \u03a4\u03bf \u03a4\u03b5\u03c3\u03c4 Howey<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u03a3\u03c4\u03b9\u03c2 \u0397\u03a0\u0391, \u03b7 \u03b1\u03be\u03b9\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03b1\u03bd \u03ad\u03bd\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03cc\u03bc\u03b9\u03c3\u03bc\u03b1 \u03b1\u03c0\u03bf\u03c4\u03b5\u03bb\u03b5\u03af \u03ba\u03b9\u03bd\u03b7\u03c4\u03ae \u03b1\u03be\u03af\u03b1 \u03b3\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03ba\u03c5\u03c1\u03af\u03c9\u03c2 \u03bc\u03b5 \u03c4\u03b7 \u03c7\u03c1\u03ae\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03c4\u03b5\u03c3\u03c4 Howey. \u03a4\u03bf \u03c4\u03b5\u03c3\u03c4 Howey \u03b2\u03b1\u03c3\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b1 \u03b5\u03be\u03ae\u03c2 \u03c4\u03ad\u03c3\u03c3\u03b5\u03c1\u03b1 \u03c3\u03c4\u03bf\u03b9\u03c7\u03b5\u03af\u03b1:<\/p>\n\n\n\n<ul>\n<li>\u0395\u03ac\u03bd \u03b3\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c5\u03bb\u03bb\u03bf\u03b3\u03ae \u03ba\u03b5\u03c6\u03b1\u03bb\u03b1\u03af\u03c9\u03bd<\/li>\n\n\n\n<li>\u039f\u03b9 \u03c0\u03c1\u03bf\u03c3\u03b4\u03bf\u03ba\u03af\u03b5\u03c2 \u03c4\u03c9\u03bd \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ce\u03bd (\u03b5\u03ac\u03bd \u03c5\u03c0\u03ac\u03c1\u03c7\u03b5\u03b9 \u03bb\u03bf\u03b3\u03b9\u03ba\u03ae \u03c0\u03c1\u03bf\u03c3\u03b4\u03bf\u03ba\u03af\u03b1 \u03cc\u03c4\u03b9 \u03c4\u03b1 \u03ba\u03ad\u03c1\u03b4\u03b7 \u03b8\u03b1 \u03c0\u03c1\u03bf\u03ad\u03bb\u03b8\u03bf\u03c5\u03bd \u03b1\u03c0\u03cc \u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03c3\u03c0\u03ac\u03b8\u03b5\u03b9\u03b5\u03c2 \u03c4\u03c1\u03af\u03c4\u03c9\u03bd)<\/li>\n\n\n\n<li>\u0395\u03ac\u03bd \u03c0\u03c1\u03cc\u03ba\u03b5\u03b9\u03c4\u03b1\u03b9 \u03b3\u03b9\u03b1 \u03ba\u03bf\u03b9\u03bd\u03ae \u03b5\u03c0\u03b9\u03c7\u03b5\u03af\u03c1\u03b7\u03c3\u03b7<\/li>\n\n\n\n<li>\u0397 \u03b4\u03c5\u03bd\u03b1\u03c4\u03cc\u03c4\u03b7\u03c4\u03b1 \u03ba\u03ad\u03c1\u03b4\u03bf\u03c5\u03c2<\/li>\n<\/ul>\n\n\n\n<p>\u03a9\u03c3\u03c4\u03cc\u03c3\u03bf, \u03c4\u03bf \u03c4\u03b5\u03c3\u03c4 Howey \u03b4\u03b5\u03bd \u03b1\u03c0\u03bf\u03c4\u03b5\u03bb\u03b5\u03af \u03b1\u03c0\u03cc\u03bb\u03c5\u03c4\u03bf \u03ba\u03c1\u03b9\u03c4\u03ae\u03c1\u03b9\u03bf \u03ba\u03b1\u03b9 \u03b7 \u03b1\u03be\u03b9\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7 \u03b3\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03b2\u03ac\u03c3\u03b5\u03b9 \u03c4\u03b7\u03c2 \u03ba\u03ac\u03b8\u03b5 \u03be\u03b5\u03c7\u03c9\u03c1\u03b9\u03c3\u03c4\u03ae\u03c2 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7\u03c2.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A1%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7_%CE%BA%CE%B1%CE%B9_%CE%A4%CE%B5%CE%BB%CE%B5%CF%85%CF%84%CE%B1%CE%AF%CE%B5%CF%82_%CE%A4%CE%AC%CF%83%CE%B5%CE%B9%CF%82_%CF%84%CF%89%CE%BD_%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%AC%CF%84%CF%89%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\"><\/span>\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03ba\u03b1\u03b9 \u03a4\u03b5\u03bb\u03b5\u03c5\u03c4\u03b1\u03af\u03b5\u03c2 \u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03c4\u03c9\u03bd \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<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\/2023\/11\/Shutterstock_1043001367.jpg\" alt=\"\u03a1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1 \u03cc\u03c4\u03b1\u03bd \u03c4\u03bf Ethereum \u03b8\u03b5\u03c9\u03c1\u03b7\u03b8\u03b5\u03af \u03c9\u03c2 \u03b1\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03bf\" class=\"wp-image-63109\" \/><\/figure>\n\n\n\n<p>\u03a3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1, \u03c4\u03b1 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\u039d\u03cc\u03bc\u03bf\u03c5 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd.<\/p>\n\n\n\n<p>\u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03cc \u0386\u03c1\u03b8\u03c1\u03bf: <a href=\"https:\/\/monolith.law\/corporate\/cryptoassets-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bf\u03b9 \u03c1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1; \u0395\u03be\u03b7\u03b3\u03ce\u03bd\u03c4\u03b1\u03c2 \u03c4\u03b7 \u03c3\u03c7\u03ad\u03c3\u03b7 \u03bc\u03b5\u03c4\u03b1\u03be\u03cd \u03c4\u03bf\u03c5 \u039d\u03cc\u03bc\u03bf\u03c5 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 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id=\"%CE%A1%CF%85%CE%B8%CE%BC%CE%AF%CF%83%CE%B5%CE%B9%CF%82_%CE%A3%CF%85%CE%BD%CE%B1%CE%BB%CE%BB%CE%B1%CE%B3%CF%8E%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\"><\/span>\u03a1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0395\u03c0\u03b9\u03c0\u03bb\u03ad\u03bf\u03bd, \u03b5\u03ac\u03bd \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03ba\u03c1\u03b9\u03b8\u03bf\u03cd\u03bd \u03c9\u03c2 \u03b1\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03b1 \u03c7\u03c1\u03b5\u03cc\u03b3\u03c1\u03b1\u03c6\u03b1, \u03c4\u03cc\u03c4\u03b5 \u03b5\u03bd\u03b4\u03ad\u03c7\u03b5\u03c4\u03b1\u03b9 \u03bd\u03b1 \u03c5\u03c0\u03cc\u03ba\u03b5\u03b9\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b9\u03c2 \u03c1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03c0\u03bf\u03c5 \u03b4\u03b9\u03ad\u03c0\u03bf\u03c5\u03bd \u03c4\u03b9\u03c2 \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03b1\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03c9\u03bd \u03c7\u03c1\u03b5\u03bf\u03b3\u03c1\u03ac\u03c6\u03c9\u03bd. \u03a3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03b1, \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03c5\u03c0\u03cc\u03ba\u03b5\u03b9\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b9\u03c2 \u03b1\u03ba\u03cc\u03bb\u03bf\u03c5\u03b8\u03b5\u03c2 \u03c1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2:<\/p>\n\n\n\n<ul>\n<li>\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03b1\u03c0\u03cc \u03b5\u03c3\u03c9\u03c4\u03b5\u03c1\u03b9\u03ba\u03bf\u03cd\u03c2 \u03c0\u03bb\u03b7\u03c1\u03bf\u03c6\u03bf\u03c1\u03b9\u03bf\u03b4\u03cc\u03c4\u03b5\u03c2 (\u0386\u03c1\u03b8\u03c1\u03bf 166, \u0386\u03c1\u03b8\u03c1\u03bf 167 \u03c4\u03bf\u03c5 \u039d\u03cc\u03bc\u03bf\u03c5 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd)<\/li>\n\n\n\n<li>\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c0\u03bf\u03c5 \u03c3\u03c4\u03bf\u03c7\u03b5\u03cd\u03bf\u03c5\u03bd \u03c3\u03c4\u03b7\u03bd \u03c0\u03b1\u03c1\u03b1\u03c0\u03bf\u03af\u03b7\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2 (\u0386\u03c1\u03b8\u03c1\u03bf 159 \u03c4\u03bf\u03c5 \u039d\u03cc\u03bc\u03bf\u03c5 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd)<\/li>\n\n\n\n<li>\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03b4\u03b9\u03ac\u03b4\u03bf\u03c3\u03b7\u03c2 \u03c6\u03b7\u03bc\u03ce\u03bd (\u0386\u03c1\u03b8\u03c1\u03bf 158 \u03c4\u03bf\u03c5 \u039d\u03cc\u03bc\u03bf\u03c5 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd)<\/li>\n\n\n\n<li>\u03a1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c5\u03c0\u03cc \u03c8\u03b5\u03c5\u03b4\u03ce\u03bd\u03c5\u03bc\u03bf (\u0386\u03c1\u03b8\u03c1\u03bf 159 \u03c4\u03bf\u03c5 \u039d\u03cc\u03bc\u03bf\u03c5 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A4%CE%AC%CF%83%CE%B5%CE%B9%CF%82_%CE%A0%CF%81%CF%8C%CF%83%CF%86%CE%B1%CF%84%CF%89%CE%BD_%CE%9D%CE%BF%CE%BC%CE%BF%CE%B8%CE%B5%CF%84%CE%B9%CE%BA%CF%8E%CE%BD_%CE%91%CE%BB%CE%BB%CE%B1%CE%B3%CF%8E%CE%BD_%CF%83%CF%84%CE%B7%CE%BD_%CE%99%CE%B1%CF%80%CF%89%CE%BD%CE%AF%CE%B1\"><\/span>\u03a4\u03ac\u03c3\u03b5\u03b9\u03c2 \u03a0\u03c1\u03cc\u03c3\u03c6\u03b1\u03c4\u03c9\u03bd \u039d\u03bf\u03bc\u03bf\u03b8\u03b5\u03c4\u03b9\u03ba\u03ce\u03bd \u0391\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd \u03c3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u03a3\u03c4\u03bf\u03bd \u03c4\u03bf\u03bc\u03ad\u03b1 \u03c4\u03b7\u03c2 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03af\u03b1\u03c2 \u03c4\u03c9\u03bd \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd, \u03bc\u03b5 \u03c4\u03b7 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae \u03bc\u03b5\u03c4\u03b1\u03c1\u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03ad\u03c4\u03bf\u03c5\u03c2 Reiwa 4 (2022), \u03ad\u03b3\u03b9\u03bd\u03b5 \u03b1\u03bd\u03b1\u03b8\u03b5\u03ce\u03c1\u03b7\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03bc\u03b5\u03b8\u03cc\u03b4\u03bf\u03c5 \u03b1\u03be\u03b9\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7\u03c2 \u03b3\u03b9\u03b1 \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03ad\u03c7\u03bf\u03bd\u03c4\u03b1\u03b9 \u03b1\u03c0\u03cc \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b5\u03c2. \u038c\u03c3\u03bf\u03bd \u03b1\u03c6\u03bf\u03c1\u03ac \u03c4\u03b1 \u03ba\u03ad\u03c1\u03b4\u03b7 \u03b1\u03c0\u03cc \u03c4\u03b7 \u03bc\u03b5\u03c4\u03b1\u03b2\u03af\u03b2\u03b1\u03c3\u03b7 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03b1\u03c0\u03cc \u03b9\u03b4\u03b9\u03ce\u03c4\u03b5\u03c2, \u03b1\u03c5\u03c4\u03ac \u03c0\u03b1\u03c1\u03b1\u03bc\u03ad\u03bd\u03bf\u03c5\u03bd \u03b5\u03bd \u03b3\u03ad\u03bd\u03b5\u03b9 \u03c9\u03c2 \u03c3\u03c5\u03bd\u03bf\u03bb\u03b9\u03ba\u03ac \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b7\u03c4\u03ad\u03b1 \u03b5\u03b9\u03c3\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03b1, \u03b1\u03bb\u03bb\u03ac \u03b7 \u03c3\u03c5\u03b6\u03ae\u03c4\u03b7\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03bc\u03b5\u03c4\u03b1\u03c1\u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03bf\u03cd \u03c3\u03c5\u03c3\u03c4\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2, \u03c0\u03b5\u03c1\u03b9\u03bb\u03b1\u03bc\u03b2\u03b1\u03bd\u03bf\u03bc\u03ad\u03bd\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03b5\u03b9\u03c3\u03b1\u03b3\u03c9\u03b3\u03ae\u03c2 \u03c4\u03b7\u03c2 \u03b4\u03ae\u03bb\u03c9\u03c3\u03b7\u03c2 \u03b1\u03c0\u03bf\u03bc\u03bf\u03bd\u03c9\u03bc\u03ad\u03bd\u03b7\u03c2 \u03c6\u03bf\u03c1\u03bf\u03bb\u03cc\u03b3\u03b7\u03c3\u03b7\u03c2, \u03c3\u03c5\u03bd\u03b5\u03c7\u03af\u03b6\u03b5\u03c4\u03b1\u03b9.<\/p>\n\n\n\n<p>\u03a0\u03b7\u03b3\u03ae\uff1a<a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/pdf\/virtual_currency_faq_03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u0395\u03b8\u03bd\u03b9\u03ba\u03ae \u03a6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae \u03a5\u03c0\u03b7\u03c1\u03b5\u03c3\u03af\u03b1 \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1\u03c2\uff5c\u03a6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae \u039c\u03b5\u03c4\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03ba\u03b1\u03b9 \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ce\u03bd \u0398\u03b5\u03bc\u03ac\u03c4\u03c9\u03bd (\u03a0\u03bb\u03b7\u03c1\u03bf\u03c6\u03bf\u03c1\u03af\u03b5\u03c2)[ja]<\/a><\/p>\n\n\n\n<p>\u03a3\u03b5 \u03cc,\u03c4\u03b9 \u03b1\u03c6\u03bf\u03c1\u03ac \u03c4\u03b9\u03c2 \u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03c3\u03c4\u03bf\u03bd \u039d\u03cc\u03bc\u03bf \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03a3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03c9\u03bd, \u03b7 \u0399\u03b1\u03c0\u03c9\u03bd\u03b9\u03ba\u03ae \u0395\u03c0\u03b9\u03c4\u03c1\u03bf\u03c0\u03ae \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a5\u03c0\u03b7\u03c1\u03b5\u03c3\u03b9\u03ce\u03bd \u03b5\u03be\u03b5\u03c4\u03ac\u03b6\u03b5\u03b9 \u03c4\u03b7\u03bd \u03c4\u03b1\u03be\u03b9\u03bd\u03cc\u03bc\u03b7\u03c3\u03b7 \u03c4\u03c9\u03bd \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03c9\u03c2 &#8220;\u03c7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ac \u03c0\u03c1\u03bf\u03ca\u03cc\u03bd\u03c4\u03b1&#8221; \u03ba\u03b1\u03b9 \u03c4\u03b7\u03bd \u03b5\u03b9\u03c3\u03b1\u03b3\u03c9\u03b3\u03ae \u03ba\u03b1\u03bd\u03bf\u03bd\u03b9\u03c3\u03bc\u03ce\u03bd \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd \u03c0\u03c1\u03cc\u03bb\u03b7\u03c8\u03b7 \u03c4\u03bf\u03c5 insider trading. \u03a4\u03bf\u03bd \u0391\u03c0\u03c1\u03af\u03bb\u03b9\u03bf \u03c4\u03bf\u03c5 Reiwa 7 (2025) \u03ad\u03c7\u03b5\u03b9 \u03c5\u03c0\u03bf\u03b2\u03bb\u03b7\u03b8\u03b5\u03af \u03c3\u03c7\u03ad\u03b4\u03b9\u03bf \u03bd\u03cc\u03bc\u03bf\u03c5 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03b1\u03c5\u03c4\u03cc \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u0395\u03c0\u03b9\u03c4\u03c1\u03bf\u03c0\u03ae.<\/p>\n\n\n\n<p>\u03a0\u03b7\u03b3\u03ae\uff1a<a href=\"https:\/\/www.fsa.go.jp\/news\/r6\/sonota\/20250410_2\/01.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u0399\u03b1\u03c0\u03c9\u03bd\u03b9\u03ba\u03ae \u0395\u03c0\u03b9\u03c4\u03c1\u03bf\u03c0\u03ae \u03a7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03c0\u03b9\u03c3\u03c4\u03c9\u03c4\u03b9\u03ba\u03ce\u03bd \u03a5\u03c0\u03b7\u03c1\u03b5\u03c3\u03b9\u03ce\u03bd\uff5c\u0395\u03be\u03ad\u03c4\u03b1\u03c3\u03b7 \u03c4\u03bf\u03c5 \u03a3\u03c5\u03c3\u03c4\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2 \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b1 \u039a\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 (10 \u0391\u03c0\u03c1\u03b9\u03bb\u03af\u03bf\u03c5 Reiwa 7)[ja]<\/a><\/p>\n\n\n\n<p>\u0395\u03c0\u03b9\u03c0\u03bb\u03ad\u03bf\u03bd, \u03bc\u03b5 \u03c4\u03b7\u03bd \u03b5\u03c6\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03c4\u03bf\u03c5 Travel Rule (\u039a\u03b1\u03bd\u03cc\u03bd\u03b1\u03c2 \u03a4\u03b1\u03be\u03b9\u03b4\u03b9\u03bf\u03cd) \u03c4\u03bf\u03bd \u0399\u03bf\u03cd\u03bd\u03b9\u03bf \u03c4\u03bf\u03c5 Reiwa 5 (2023), \u03bf \u03bf\u03c0\u03bf\u03af\u03bf\u03c2 \u03b1\u03c6\u03bf\u03c1\u03ac \u03c4\u03b7\u03bd \u03c5\u03c0\u03bf\u03c7\u03c1\u03ad\u03c9\u03c3\u03b7 \u03b5\u03b9\u03b4\u03bf\u03c0\u03bf\u03af\u03b7\u03c3\u03b7\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c6\u03bf\u03c1\u03ad\u03c2 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03ba\u03b1\u03b9 \u03b7\u03bb\u03b5\u03ba\u03c4\u03c1\u03bf\u03bd\u03b9\u03ba\u03ce\u03bd \u03bc\u03ad\u03c3\u03c9\u03bd \u03c0\u03bb\u03b7\u03c1\u03c9\u03bc\u03ae\u03c2, \u03ba\u03b1\u03b8\u03ce\u03c2 \u03ba\u03b1\u03b9 \u03b7 \u03b5\u03bd\u03af\u03c3\u03c7\u03c5\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03b4\u03b9\u03b1\u03c7\u03c9\u03c1\u03b9\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7\u03c2 \u03c4\u03c9\u03bd \u03c0\u03b5\u03bb\u03b1\u03c4\u03b9\u03ba\u03ce\u03bd \u03c0\u03cc\u03c1\u03c9\u03bd, \u03bf\u03b9 \u03c1\u03c5\u03b8\u03bc\u03af\u03c3\u03b5\u03b9\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u03c0\u03b1\u03c1\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c5\u03c0\u03b7\u03c1\u03b5\u03c3\u03b9\u03ce\u03bd \u03b1\u03bd\u03c4\u03b1\u03bb\u03bb\u03b1\u03b3\u03ae\u03c2 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd \u03ad\u03c7\u03bf\u03c5\u03bd \u03b5\u03bd\u03b9\u03c3\u03c7\u03c5\u03b8\u03b5\u03af.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A3%CF%85%CE%BD%CE%BF%CF%80%CF%84%CE%B9%CE%BA%CE%AC_%CE%A3%CF%85%CE%BC%CE%B2%CE%BF%CF%85%CE%BB%CE%B5%CF%85%CF%84%CE%B5%CE%AF%CF%84%CE%B5_%CE%AD%CE%BD%CE%B1%CE%BD_%CE%B4%CE%B9%CE%BA%CE%B7%CE%B3%CF%8C%CF%81%CE%BF_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B7_%CF%81%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7_%CF%84%CF%89%CE%BD_%CE%BA%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CF%83%CE%BC%CE%AC%CF%84%CF%89%CE%BD\"><\/span>\u03a3\u03c5\u03bd\u03bf\u03c0\u03c4\u03b9\u03ba\u03ac: \u03a3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03c5\u03c4\u03b5\u03af\u03c4\u03b5 \u03ad\u03bd\u03b1\u03bd \u03b4\u03b9\u03ba\u03b7\u03b3\u03cc\u03c1\u03bf \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u0397 \u03c3\u03b1\u03c6\u03ae\u03c2 \u03ba\u03b1\u03c4\u03ac\u03c4\u03b1\u03be\u03b7 \u03c4\u03c9\u03bd \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03b9\u03c3\u03bc\u03ac\u03c4\u03c9\u03bd (\u03c8\u03b7\u03c6\u03b9\u03b1\u03ba\u03ac \u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1) \u03c9\u03c2 \u03b1\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03c9\u03bd \u03c4\u03af\u03c4\u03bb\u03c9\u03bd \u03b5\u03af\u03bd\u03b1\u03b9 \u03b1\u03ba\u03cc\u03bc\u03b1 \u03bc\u03b9\u03b1 \u03b4\u03cd\u03c3\u03ba\u03bf\u03bb\u03b7 \u03c5\u03c0\u03cc\u03b8\u03b5\u03c3\u03b7. \u03a9\u03c3\u03c4\u03cc\u03c3\u03bf, \u03b4\u03b5\u03bd \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bc\u03b5 \u03bd\u03b1 \u03b1\u03c0\u03bf\u03ba\u03bb\u03b5\u03af\u03c3\u03bf\u03c5\u03bc\u03b5 \u03c4\u03b7\u03bd \u03c0\u03b9\u03b8\u03b1\u03bd\u03cc\u03c4\u03b7\u03c4\u03b1 \u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03b1 \u03c0\u03bf\u03bb\u03c5\u03bb\u03b5\u03b9\u03c4\u03bf\u03c5\u03c1\u03b3\u03b9\u03ba\u03ac \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03bd\u03b1 \u03b8\u03b5\u03c9\u03c1\u03b7\u03b8\u03bf\u03cd\u03bd \u03c9\u03c2 \u03b1\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03bf\u03b9 \u03c4\u03af\u03c4\u03bb\u03bf\u03b9.<\/p>\n\n\n\n<p>\u039f\u03b9 \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03ae\u03c3\u03b5\u03b9\u03c2 \u03c0\u03bf\u03c5 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03af\u03b6\u03bf\u03bd\u03c4\u03b1\u03b9 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03c0\u03c1\u03ad\u03c0\u03b5\u03b9 \u03bd\u03b1 \u03c0\u03b1\u03c1\u03b1\u03ba\u03bf\u03bb\u03bf\u03c5\u03b8\u03bf\u03cd\u03bd \u03c3\u03c4\u03b5\u03bd\u03ac \u03c4\u03b7\u03bd \u03c4\u03c1\u03ad\u03c7\u03bf\u03c5\u03c3\u03b1 \u03bd\u03bf\u03bc\u03bf\u03b8\u03b5\u03c3\u03af\u03b1 \u03ba\u03b1\u03b9 \u03c4\u03b9\u03c2 \u03b4\u03b9\u03b5\u03b8\u03bd\u03b5\u03af\u03c2 \u03c4\u03ac\u03c3\u03b5\u03b9\u03c2, \u03ba\u03b1\u03b9 \u03bd\u03b1 \u03b4\u03b9\u03b1\u03bc\u03bf\u03c1\u03c6\u03ce\u03bd\u03bf\u03c5\u03bd \u03ad\u03bd\u03b1 \u03c3\u03cd\u03c3\u03c4\u03b7\u03bc\u03b1 \u03c0\u03bf\u03c5 \u03bd\u03b1 \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b1\u03bd\u03c4\u03b1\u03c0\u03bf\u03ba\u03c1\u03b9\u03b8\u03b5\u03af \u03b1\u03ba\u03cc\u03bc\u03b1 \u03ba\u03b1\u03b9 \u03b1\u03bd \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03c0\u03bf\u03c5 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03af\u03b6\u03bf\u03bd\u03c4\u03b1\u03b9 \u03ba\u03b1\u03c4\u03b1\u03c4\u03b1\u03c7\u03b8\u03bf\u03cd\u03bd \u03c9\u03c2 \u03b1\u03be\u03b9\u03cc\u03c7\u03c1\u03b5\u03bf\u03b9 \u03c4\u03af\u03c4\u03bb\u03bf\u03b9.<\/p>\n\n\n\n<p>\u0397 \u03bd\u03bf\u03bc\u03bf\u03b8\u03b5\u03c3\u03af\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 \u03b1\u03bd\u03b1\u03bc\u03ad\u03bd\u03b5\u03c4\u03b1\u03b9 \u03bd\u03b1 \u03c3\u03c5\u03bd\u03b5\u03c7\u03af\u03c3\u03b5\u03b9 \u03bd\u03b1 \u03b5\u03be\u03b5\u03bb\u03af\u03c3\u03c3\u03b5\u03c4\u03b1\u03b9. \u0395\u03ac\u03bd \u03ad\u03c7\u03b5\u03c4\u03b5 \u03b1\u03c0\u03bf\u03c1\u03af\u03b5\u03c2 \u03ae \u03b1\u03bd\u03b7\u03c3\u03c5\u03c7\u03af\u03b5\u03c2, \u03c3\u03c5\u03bd\u03b9\u03c3\u03c4\u03ac\u03c4\u03b1\u03b9 \u03bd\u03b1 \u03c3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03c5\u03c4\u03b5\u03af\u03c4\u03b5 \u03ad\u03bd\u03b1\u03bd \u03b4\u03b9\u03ba\u03b7\u03b3\u03cc\u03c1\u03bf \u03bc\u03b5 \u03b5\u03b9\u03b4\u03af\u03ba\u03b5\u03c5\u03c3\u03b7 \u03c3\u03c4\u03bf\u03bd \u03c4\u03bf\u03bc\u03ad\u03b1.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%9F%CE%B4%CE%B7%CE%B3%CE%AF%CE%B5%CF%82_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B1_%CE%9C%CE%AD%CF%84%CF%81%CE%B1_%CF%80%CE%BF%CF%85_%CE%9B%CE%B1%CE%BC%CE%B2%CE%AC%CE%BD%CE%B5%CE%B9_%CF%84%CE%BF_%CE%94%CE%B9%CE%BA%CE%B7%CE%B3%CE%BF%CF%81%CE%B9%CE%BA%CF%8C_%CE%BC%CE%B1%CF%82_%CE%93%CF%81%CE%B1%CF%86%CE%B5%CE%AF%CE%BF\"><\/span>\u039f\u03b4\u03b7\u03b3\u03af\u03b5\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u039c\u03ad\u03c4\u03c1\u03b1 \u03c0\u03bf\u03c5 \u039b\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03c4\u03bf \u0394\u03b9\u03ba\u03b7\u03b3\u03bf\u03c1\u03b9\u03ba\u03cc \u03bc\u03b1\u03c2 \u0393\u03c1\u03b1\u03c6\u03b5\u03af\u03bf<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u03a4\u03bf \u0394\u03b9\u03ba\u03b7\u03b3\u03bf\u03c1\u03b9\u03ba\u03cc \u0393\u03c1\u03b1\u03c6\u03b5\u03af\u03bf Monolith \u03b5\u03af\u03bd\u03b1\u03b9 \u03ad\u03bd\u03b1 \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03bc\u03b5 \u03c5\u03c8\u03b7\u03bb\u03ae 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Blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u03a4\u03b1 \u03ba\u03c1\u03c5\u03c0\u03c4\u03bf\u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1 (\u03c8\u03b7\u03c6\u03b9\u03b1\u03ba\u03ac \u03bd\u03bf\u03bc\u03af\u03c3\u03bc\u03b1\u03c4\u03b1) \u03b5\u03be\u03b5\u03bb\u03af\u03c3\u03c3\u03bf\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c5\u03bd\u03b5\u03c7\u03ce\u03c2 \u03cc\u03c3\u03bf\u03bd \u03b1\u03c6\u03bf\u03c1\u03ac \u03c4\u03b7\u03bd \u03c0\u03bf\u03b9\u03ba\u03b9\u03bb\u03af\u03b1 \u03c4\u03bf\u03c5\u03c2, \u03c4\u03bf\u03c5\u03c2 \u03c4\u03c1\u03cc\u03c0\u03bf\u03c5\u03c2 \u03c7\u03c1\u03ae\u03c3\u03b7\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03b9\u03c2 \u03bc\u03b5\u03b8\u03cc\u03b4\u03bf\u03c5\u03c2 \u03c3\u03c5\u03bd\u03b1\u03bb\u03bb\u03b1\u03b3\u03ce\u03bd, \u03b3\u03b5\u03b3\u03bf\u03bd\u03cc\u03c2 \u03c0\u03bf\u03c5 \u03c3\u03b7\u03bc\u03b1\u03af\u03bd\u03b5\u03b9 \u03cc\u03c4\u03b9 \u03b7 \u03bd\u03bf\u03bc\u03b9\u03ba\u03ae 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[&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":78129,"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\/el\/wp-json\/wp\/v2\/posts\/77916"}],"collection":[{"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/comments?post=77916"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/posts\/77916\/revisions"}],"predecessor-version":[{"id":78130,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/posts\/77916\/revisions\/78130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/media\/78129"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/media?parent=77916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/categories?post=77916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/tags?post=77916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}