{"id":67003,"date":"2025-06-11T15:45:39","date_gmt":"2025-06-11T06:45:39","guid":{"rendered":"https:\/\/monolith.law\/ne\/?p=67003"},"modified":"2025-06-26T21:16:57","modified_gmt":"2025-06-26T12:16:57","slug":"defi-dex-regulations","status":"publish","type":"post","link":"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations","title":{"rendered":"DeFi \u0915\u093e \u0969 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942 \u0915\u0947 \u0939\u0941\u0928\u094d? DEX \u0915\u094b \u091f\u094b\u0915\u0928 \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e"},"content":{"rendered":"\n<p>\u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0915\u094d\u0937\u0947\u0924\u094d\u0930\u0939\u0930\u0942\u092e\u093e \u092a\u094d\u0930\u092f\u094b\u0917 \u092d\u0907\u0930\u0939\u0947\u0915\u094b \u091b\u0964 \u091c\u093e\u092a\u093e\u0928\u092e\u093e, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u092e\u093e, \u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f \u092c\u0948\u0902\u0915\u0915\u094b \u092e\u0927\u094d\u092f\u0938\u094d\u0925\u0924\u093e \u092c\u093f\u0928\u093e \u0928\u0948 \u092e\u0941\u0926\u094d\u0930\u093e (\u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f) \u0915\u094b \u0915\u093e\u0930\u094d\u092f\u093e\u0928\u094d\u0935\u092f\u0928 \u0917\u0930\u093f\u090f\u0915\u094b \u091b, \u0930 \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0926\u0947\u0916\u093f \u0915\u0932\u093e \u0938\u092e\u094d\u092e\u0915\u093e \u0935\u093f\u092d\u093f\u0928\u094d\u0928 NFT \u0939\u0930\u0942 \u091c\u093e\u0930\u0940 \u0917\u0930\u093f\u090f\u0915\u093e \u091b\u0928\u094d\u0964 \u0925\u092a \u0930\u0942\u092a\u092e\u093e, \u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u0947\u0930 \u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924\u092e\u093e, \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0915 \u0935\u093e \u092e\u0927\u094d\u092f\u0938\u094d\u0925 \u092c\u093f\u0928\u093e \u0928\u0948 \u092a\u0942\u0930\u094d\u0923 P2P (Peer to Peer) \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0932\u0947\u0928\u0926\u0947\u0928\u0915\u094b \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u092a\u0928\u093f \u091b\u0964<\/p>\n\n\n\n<p>\u092f\u0940 \u0924\u0925\u093e\u0915\u0925\u093f\u0924 &#8220;Web3&#8221; \u0915\u094d\u0937\u0947\u0924\u094d\u0930\u0939\u0930\u0942\u092e\u093e, \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0915\u093e\u0928\u0941\u0928\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0905\u091d\u0948 \u092a\u0942\u0930\u094d\u0923 \u0930\u0942\u092a\u092e\u093e \u0935\u093f\u0915\u093e\u0938 \u092d\u090f\u0915\u094b \u091b\u0948\u0928\u0964 \u0924\u094d\u092f\u0938\u0948\u0932\u0947, Web3 \u0915\u094d\u0937\u0947\u0924\u094d\u0930\u0915\u094b \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0917\u0930\u094d\u0926\u093e, \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u094b\u0937 \u0928\u093f\u092a\u091f\u093e\u0928 \u0910\u0928 \u0935\u093e \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923 \u0930 \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928 \u091c\u0938\u094d\u0924\u093e \u0915\u093e\u0928\u0941\u0928\u0940 \u092a\u094d\u0930\u093e\u0935\u0927\u093e\u0928\u0939\u0930\u0942\u0932\u093e\u0908 \u0927\u094d\u092f\u093e\u0928\u092a\u0942\u0930\u094d\u0935\u0915 \u0935\u093f\u091a\u093e\u0930 \u0917\u0930\u0947\u0930 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u092e\u094b\u0921\u0947\u0932 \u0924\u092f\u093e\u0930 \u0917\u0930\u094d\u0928\u0941 \u0906\u0935\u0936\u094d\u092f\u0915 \u091b\u0964<\/p>\n\n\n\n<p>\u092f\u0939\u093e\u0901, \u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u0947\u0930 DeFi (\u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924) \u0930 DEX (\u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0928\u093f\u092e\u092f) \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0941\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u092c\u093e\u0930\u0947\u092e\u093e \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u0917\u0930\u093f\u0928\u0947\u091b\u0964<\/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\/ne\/it\/defi-dex-regulations\/#DeFi%EF%BC%88%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%EF%BC%89%E0%A4%AD%E0%A4%A8%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%95%E0%A5%87_%E0%A4%B9%E0%A5%8B\" title=\"DeFi\uff08\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924\uff09\u092d\u0928\u094d\u0928\u0947 \u0915\u0947 \u0939\u094b\">DeFi\uff08\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924\uff09\u092d\u0928\u094d\u0928\u0947 \u0915\u0947 \u0939\u094b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations\/#DeFi_%E0%A4%B0_DEX_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF\" title=\"DeFi \u0930 DEX (\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0928\u093f\u092e\u092f)\">DeFi \u0930 DEX (\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0928\u093f\u092e\u092f)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations\/#DeFi%EF%BC%88%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4_%E0%A4%85%E0%A4%A8%E0%A5%8D%E0%A4%A4%E0%A4%B0%E0%A5%8D%E0%A4%97%E0%A4%A4_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\" title=\"DeFi\uff08\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924) \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\">DeFi\uff08\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924) \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations\/#%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_LP_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A4%BF%E0%A4%A4_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\" title=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e LP \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\">\u091c\u093e\u092a\u093e\u0928\u092e\u093e LP \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations\/#%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%97%E0%A4%AD%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A4%A8%E0%A5%8D%E0%A4%B8_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A4%BF%E0%A4%A4_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\" title=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\">\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations\/#%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AA%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A4%BF_%E0%A4%AD%E0%A4%B0%E0%A5%8D%E0%A4%9A%E0%A5%81%E0%A4%85%E0%A4%B2_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE_%E0%A4%95%E0%A5%8B_%E0%A4%95%E0%A4%BE%E0%A4%B0%E0%A5%8B%E0%A4%AC%E0%A4%BE%E0%A4%B0%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A4%BF%E0%A4%A4_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\" title=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0915\u094b \u0915\u093e\u0930\u094b\u092c\u093e\u0930\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\">\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0915\u094b \u0915\u093e\u0930\u094b\u092c\u093e\u0930\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/ne\/it\/defi-dex-regulations\/#%E0%A4%B8%E0%A4%BE%E0%A4%B0%E0%A4%BE%E0%A4%82%E0%A4%B6_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%B5%E0%A4%BF%E0%A4%95%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4_DeFi_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A5%80_%E0%A4%AA%E0%A4%B0%E0%A4%BE%E0%A4%AE%E0%A4%B0%E0%A5%8D%E0%A4%B6%E0%A4%95%E0%A4%BE_%E0%A4%B2%E0%A4%BE%E0%A4%97%E0%A4%BF_%E0%A4%B5%E0%A4%95%E0%A4%BF%E0%A4%B2%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%AA%E0%A4%B0%E0%A4%BE%E0%A4%AE%E0%A4%B0%E0%A5%8D%E0%A4%B6_%E0%A4%97%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%81%E0%A4%B9%E0%A5%8B%E0%A4%B8%E0%A5%8D\" title=\"\u0938\u093e\u0930\u093e\u0902\u0936: \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924 (DeFi) \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u092a\u0930\u093e\u092e\u0930\u094d\u0936\u0915\u093e \u0932\u093e\u0917\u093f \u0935\u0915\u093f\u0932\u0938\u0901\u0917 \u092a\u0930\u093e\u092e\u0930\u094d\u0936 \u0917\u0930\u094d\u0928\u0941\u0939\u094b\u0938\u094d\">\u0938\u093e\u0930\u093e\u0902\u0936: \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924 (DeFi) \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u092a\u0930\u093e\u092e\u0930\u094d\u0936\u0915\u093e \u0932\u093e\u0917\u093f \u0935\u0915\u093f\u0932\u0938\u0901\u0917 \u092a\u0930\u093e\u092e\u0930\u094d\u0936 \u0917\u0930\u094d\u0928\u0941\u0939\u094b\u0938\u094d<\/a><\/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\/ne\/it\/defi-dex-regulations\/#%E0%A4%B9%E0%A4%BE%E0%A4%AE%E0%A5%8D%E0%A4%B0%E0%A5%8B_%E0%A4%AB%E0%A4%B0%E0%A5%8D%E0%A4%AE%E0%A4%A6%E0%A5%8D%E0%A4%B5%E0%A4%BE%E0%A4%B0%E0%A4%BE_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%A6%E0%A4%BE%E0%A4%A8_%E0%A4%97%E0%A4%B0%E0%A4%BF%E0%A4%A8%E0%A5%87_%E0%A4%89%E0%A4%AA%E0%A4%BE%E0%A4%AF%E0%A4%B9%E0%A4%B0%E0%A5%82%E0%A4%95%E0%A5%8B_%E0%A4%9C%E0%A4%BE%E0%A4%A8%E0%A4%95%E0%A4%BE%E0%A4%B0%E0%A5%80\" title=\"\u0939\u093e\u092e\u094d\u0930\u094b \u092b\u0930\u094d\u092e\u0926\u094d\u0935\u093e\u0930\u093e \u092a\u094d\u0930\u0926\u093e\u0928 \u0917\u0930\u093f\u0928\u0947 \u0909\u092a\u093e\u092f\u0939\u0930\u0942\u0915\u094b \u091c\u093e\u0928\u0915\u093e\u0930\u0940\">\u0939\u093e\u092e\u094d\u0930\u094b \u092b\u0930\u094d\u092e\u0926\u094d\u0935\u093e\u0930\u093e \u092a\u094d\u0930\u0926\u093e\u0928 \u0917\u0930\u093f\u0928\u0947 \u0909\u092a\u093e\u092f\u0939\u0930\u0942\u0915\u094b \u091c\u093e\u0928\u0915\u093e\u0930\u0940<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DeFi%EF%BC%88%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%EF%BC%89%E0%A4%AD%E0%A4%A8%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%95%E0%A5%87_%E0%A4%B9%E0%A5%8B\"><\/span>DeFi\uff08\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924\uff09\u092d\u0928\u094d\u0928\u0947 \u0915\u0947 \u0939\u094b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DeFi \u092d\u0928\u0947\u0915\u094b Decentralized Finance \u0915\u094b \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0930\u0942\u092a \u0939\u094b, \u091c\u0938\u0932\u0947 \u0938\u093e\u0930\u094d\u0935\u091c\u0928\u093f\u0915 \u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f\u0915\u094b \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u0947\u0930 \u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u092a\u094d\u0930\u0923\u093e\u0932\u0940\u0932\u093e\u0908 \u091c\u0928\u093e\u0909\u0901\u091b\u0964 DeFi \u092e\u093e, \u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f \u092c\u0948\u0902\u0915 \u0935\u093e \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0902\u0938\u094d\u0925\u093e\u092e\u093e \u0928\u093f\u0930\u094d\u092d\u0930 \u0928\u0917\u0930\u0940, \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f \u091c\u0938\u094d\u0924\u093e \u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f\u0915\u094b \u092e\u093e\u0927\u094d\u092f\u092e\u092c\u093e\u091f P2P \u092e\u093e \u0938\u094d\u0935\u093e\u092f\u0924\u094d\u0924 \u0930\u0942\u092a\u092e\u093e \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924 \u092d\u0928\u094d\u0928\u0947 \u0936\u092c\u094d\u0926\u0915\u094b \u0935\u093f\u092a\u0930\u0940\u0924, \u092a\u0930\u092e\u094d\u092a\u0930\u093e\u0917\u0924 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0902\u0938\u094d\u0925\u093e\u0932\u093e\u0908 &#8220;\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f\u0915\u0943\u0924 \u0935\u093f\u0924\u094d\u0924&#8221; \u092d\u0928\u093f\u0928\u094d\u091b\u0964 \u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f\u0915\u0943\u0924 \u0935\u093f\u0924\u094d\u0924 \u092d\u0928\u0947\u0915\u094b Centralized Finance \u0915\u094b \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0930\u0942\u092a \u0939\u094b, \u091c\u0938\u0932\u093e\u0908 CeFi \u092d\u0928\u093f\u0928\u094d\u091b\u0964 \u092f\u0938\u0915\u094b \u0905\u0930\u094d\u0925, \u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f \u092c\u0948\u0902\u0915\u0932\u0947 \u092e\u0941\u0926\u094d\u0930\u093e \u091c\u093e\u0930\u0940 \u0930 \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0928 \u0917\u0930\u094d\u0928\u0947 \u0930 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0902\u0938\u094d\u0925\u093e\u0932\u0947 \u0915\u093e\u0930\u094b\u092c\u093e\u0930\u0915\u094b \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0928 \u0917\u0930\u094d\u0928\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u092a\u094d\u0930\u0923\u093e\u0932\u0940\u0932\u093e\u0908 \u091c\u0928\u093e\u0909\u0901\u091b\u0964<\/p>\n\n\n\n<p>\u0938\u0928\u094d\u0926\u0930\u094d\u092d: <a href=\"https:\/\/www.fsa.go.jp\/policy\/bgin\/information.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0947\u0935\u093e \u090f\u091c\u0947\u0928\u094d\u0938\u0940\uff5c\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u092a\u0939\u0932[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DeFi_%E0%A4%B0_DEX_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF\"><\/span>DeFi \u0930 DEX (\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0928\u093f\u092e\u092f)<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.jp\/wp-content\/uploads\/2023\/01\/shutterstock_2179252753.jpg\" alt=\"DeFi \u0915\u093e \u092a\u094d\u0930\u0915\u093e\u0930\" class=\"wp-image-57252\" \/><\/figure>\n\n\n\n<p>DeFi \u092e\u093e \u0915\u0947\u0939\u0940 \u092a\u094d\u0930\u0915\u093e\u0930\u0939\u0930\u0942 \u091b\u0928\u094d\u0964<\/p>\n\n\n\n<ul>\n<li>DEX<\/li>\n\n\n\n<li>\u0932\u0947\u0902\u0921\u093f\u0919<\/li>\n\n\n\n<li>\u092c\u0940\u092e\u093e<\/li>\n\n\n\n<li>\u0921\u0947\u0930\u093f\u092d\u0947\u091f\u093f\u092d \u092a\u0930\u093f\u092f\u094b\u091c\u0928\u093e<\/li>\n<\/ul>\n\n\n\n<p>\u0906\u0926\u093f, \u0924\u0930 DeFi \u0915\u093e \u092a\u094d\u0930\u0915\u093e\u0930\u0939\u0930\u0942\u092e\u093e, DEX \u0932\u0947 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0926\u0947\u0916\u093e\u0907\u0930\u0939\u0947\u0915\u094b \u091b\u0964<\/p>\n\n\n\n<p>DEX \u092d\u0928\u0947\u0915\u094b Decentralized Exchange \u0915\u094b \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0930\u0942\u092a \u0939\u094b, \u091c\u0938\u0932\u093e\u0908 \u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0928\u093f\u092e\u092f \u092d\u0928\u093f\u0928\u094d\u091b\u0964 DEX \u092e\u093e, \u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f \u0930 \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f\u0915\u094b \u092e\u093e\u0927\u094d\u092f\u092e\u092c\u093e\u091f, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0935\u093e \u091f\u094b\u0915\u0928\u0915\u094b \u0935\u094d\u092f\u093e\u092a\u093e\u0930 \u0917\u0930\u093f\u0928\u094d\u091b\u0964 \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f \u092d\u0928\u0947\u0915\u094b \u0935\u093f\u0936\u0947\u0937 \u0938\u0930\u094d\u0924\u0939\u0930\u0942 \u092a\u0942\u0930\u093e \u092d\u090f\u092e\u093e, \u0938\u094d\u0935\u091a\u093e\u0932\u093f\u0924 \u0930\u0942\u092a\u092e\u093e, \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u092a\u094d\u0930\u0915\u094d\u0930\u093f\u092f\u093e \u0917\u0930\u093f\u0928\u0947 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0939\u094b\u0964<\/p>\n\n\n\n<p>\u0905\u0930\u094d\u0915\u094b\u0924\u0930\u094d\u092b, DEX \u092d\u0928\u094d\u0926\u093e \u092b\u0930\u0915, \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0915\u0926\u094d\u0935\u093e\u0930\u093e \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0928 \u0917\u0930\u093f\u0928\u0947 \u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f\u0915\u0943\u0924 \u0935\u093f\u0928\u093f\u092e\u092f\u0932\u093e\u0908 Centralized Exchange \u0915\u094b \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0930\u0942\u092a\u092e\u093e CEX \u092d\u0928\u093f\u0928\u094d\u091b\u0964 CEX \u092a\u0930\u092e\u094d\u092a\u0930\u093e\u0917\u0924 \u0930\u0942\u092a\u092e\u093e \u0927\u0947\u0930\u0948 \u0938\u091e\u094d\u091a\u093e\u0932\u0928\u092e\u093e \u091b\u0928\u094d \u0930 \u0939\u093e\u0932\u0915\u094b \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, DEX \u092d\u0928\u094d\u0926\u093e \u092c\u0922\u0940 \u092a\u094d\u0930\u091a\u0932\u093f\u0924 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0939\u094b\u0964<\/p>\n\n\n\n<p>DEX \u092e\u093e, \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f\u0915\u094b \u092e\u093e\u0927\u094d\u092f\u092e\u092c\u093e\u091f, \u0938\u094d\u0935\u091a\u093e\u0932\u093f\u0924 \u0930\u0942\u092a\u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0935\u093e \u091f\u094b\u0915\u0928\u0915\u094b \u0935\u094d\u092f\u093e\u092a\u093e\u0930 \u0917\u0930\u094d\u0928 \u0938\u092e\u094d\u092d\u0935 \u092d\u090f\u0915\u094b \u091b\u0964 DEX \u0915\u094b \u092b\u093e\u0907\u0926\u093e\u0939\u0930\u0942\u092e\u093e, \u091b\u093f\u091f\u094b \u0935\u094d\u092f\u093e\u092a\u093e\u0930 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \u092c\u093f\u0928\u094d\u0926\u0941 \u0909\u0932\u094d\u0932\u0947\u0916 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0938\u093e\u0925\u0948, \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f\u0915\u094b \u092a\u094d\u0930\u092f\u094b\u0917\u0932\u0947 \u0917\u0930\u094d\u0926\u093e, \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0915 \u0930\u0939\u0947\u0915\u094b CEX \u0938\u0901\u0917 \u0924\u0941\u0932\u0928\u093e \u0917\u0930\u094d\u0926\u093e, \u0935\u094d\u092f\u093e\u092a\u093e\u0930 \u0936\u0941\u0932\u094d\u0915 \u0906\u0926\u093f \u0938\u0938\u094d\u0924\u094b \u092c\u0928\u093e\u0909\u0928 \u0938\u0915\u093f\u0928\u0947 \u0939\u0941\u0901\u0926\u093e \u0932\u093e\u0917\u0924 \u0918\u091f\u093e\u0909\u0928 \u0938\u0915\u093f\u0928\u094d\u091b \u092d\u0928\u094d\u0928\u0947 \u092c\u093f\u0928\u094d\u0926\u0941 DEX \u0915\u094b \u092b\u093e\u0907\u0926\u093e\u0939\u0930\u0942\u092e\u093e \u0909\u0932\u094d\u0932\u0947\u0916 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0932\u0947\u0916: <a href=\"https:\/\/monolith.law\/corporate\/nft-smartcontract\" target=\"_blank\" rel=\"noreferrer noopener\">NFT \u0935\u094d\u092f\u093e\u092a\u093e\u0930\u092e\u093e \u0905\u092a\u0930\u093f\u0939\u093e\u0930\u094d\u092f \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f \u0915\u0947 \u0939\u094b? \u096a \u0935\u093f\u0936\u0947\u0937\u0924\u093e\u0939\u0930\u0942 \u0930 \u0915\u092e\u091c\u094b\u0930\u0940\u0939\u0930\u0942\u0915\u094b \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DeFi%EF%BC%88%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4_%E0%A4%85%E0%A4%A8%E0%A5%8D%E0%A4%A4%E0%A4%B0%E0%A5%8D%E0%A4%97%E0%A4%A4_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\"><\/span>DeFi\uff08\u0935\u093f\u0924\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924) \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<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.jp\/wp-content\/uploads\/2023\/01\/shutterstock_2097018502.jpg\" alt=\"DeFi\u306e\u6cd5\u7684\u8ab2\u984c\" class=\"wp-image-57250\" \/><\/figure>\n\n\n\n<p>DeFi \u090f\u0915 \u0924\u0941\u0932\u0928\u093e\u0924\u094d\u092e\u0915 \u0930\u0942\u092a\u092e\u093e \u0928\u092f\u093e\u0901 \u0905\u0935\u0927\u093e\u0930\u0923\u093e \u092d\u090f\u0915\u094b\u0932\u0947, \u092f\u0938\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942 \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0935\u093f\u0926\u094d\u092f\u092e\u093e\u0928 \u091b\u0928\u094d\u0964 \u092f\u0938 \u0932\u0947\u0916\u092e\u093e, DEX (\u0935\u093f\u0924\u0930\u093f\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0928\u094d\u091c) \u0932\u093e\u0908 \u0927\u094d\u092f\u093e\u0928\u092e\u093e \u0930\u093e\u0916\u094d\u0926\u0948, DeFi \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\u0915\u094b \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u0917\u0930\u093f\u0928\u0947\u091b\u0964<\/p>\n\n\n\n<p>DeFi \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\u0932\u093e\u0908 \u0928\u093f\u092e\u094d\u0928\u093e\u0928\u0941\u0938\u093e\u0930 \u0935\u0930\u094d\u0917\u0940\u0915\u0943\u0924 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u094d\u091b:<\/p>\n\n\n\n<ul>\n<li>LP \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/li>\n\n\n\n<li>\u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/li>\n\n\n\n<li>\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0915\u094b \u0935\u094d\u092f\u093e\u092a\u093e\u0930\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_LP_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A4%BF%E0%A4%A4_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e LP \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>LP \u091f\u094b\u0915\u0928 \u092d\u0928\u0947\u0915\u094b \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u094b\u092d\u093e\u0907\u0921\u0930 (Liquidity Provider) \u091f\u094b\u0915\u0928\u0915\u094b \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0930\u0942\u092a \u0939\u094b\u0964 DEX \u0915\u094b \u092a\u094d\u0930\u0923\u093e\u0932\u0940\u092e\u093e \u092f\u094b\u0917\u0926\u093e\u0928 \u0917\u0930\u094d\u0928\u0947 \u092a\u094d\u0930\u092f\u094b\u0917\u0915\u0930\u094d\u0924\u093e\u0932\u093e\u0908 \u0915\u0941\u0928\u0948 \u0928 \u0915\u0941\u0928\u0948 \u092e\u0942\u0932\u094d\u092f \u0935\u093f\u0924\u0930\u0923 \u0917\u0930\u094d\u0928\u0947 \u091f\u094b\u0915\u0928\u0932\u093e\u0908 \u092f\u0938\u094b \u092d\u0928\u093f\u0928\u094d\u091b\u0964 \u092f\u0938 LP \u091f\u094b\u0915\u0928\u0915\u094b \u0938\u0928\u094d\u0926\u0930\u094d\u092d\u092e\u093e, \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928 (Financial Instruments and Exchange Act) \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u0928\u093f\u0930\u094d\u0926\u093f\u0937\u094d\u091f \u0917\u0930\u093f\u090f\u0915\u094b &#8220;\u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940&#8221; \u0930 &#8220;\u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u0930\u0947\u0915\u0930\u094d\u0921 \u091f\u094d\u0930\u093e\u0928\u094d\u0938\u092b\u0930 \u0905\u0927\u093f\u0915\u093e\u0930&#8221; \u0938\u0901\u0917\u0915\u094b \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0932\u093e\u0908 \u0935\u093f\u091a\u093e\u0930 \u0917\u0930\u094d\u0928\u0941 \u0906\u0935\u0936\u094d\u092f\u0915 \u091b\u0964<\/p>\n\n\n\n<p>\u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928\u0915\u094b \u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 2, \u0927\u093e\u0930\u093e 5 \u092e\u093e \u0928\u093f\u0930\u094d\u0926\u093f\u0937\u094d\u091f \u0917\u0930\u093f\u090f \u0905\u0928\u0941\u0938\u093e\u0930, \u0928\u093f\u092e\u094d\u0928 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e \u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u092e\u093e\u0928\u093f\u0928\u0947\u091b:<\/p>\n\n\n\n<ul>\n<li>\u0905\u0927\u093f\u0915\u093e\u0930 \u0930\u093e\u0916\u094d\u0928\u0947 \u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0932\u0947 \u0928\u0917\u0926 \u0935\u093e \u0905\u0928\u094d\u092f \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0932\u0917\u093e\u0928\u0940 \u0935\u093e \u092f\u094b\u0917\u0926\u093e\u0928 \u0917\u0930\u094d\u0928\u0947<\/li>\n\n\n\n<li>\u092f\u094b\u0917\u0926\u093e\u0928 \u0917\u0930\u093f\u090f\u0915\u094b \u0928\u0917\u0926 \u0935\u093e \u0905\u0928\u094d\u092f \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0932\u093e\u0908 \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u0940 \u0935\u094d\u092f\u0935\u0938\u093e\u092f (\u0932\u0917\u093e\u0928\u0940\u0915\u094b \u0932\u0915\u094d\u0937\u094d\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f) \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u093f\u0928\u0947<\/li>\n\n\n\n<li>\u0905\u0927\u093f\u0915\u093e\u0930\u0927\u093e\u0930\u0940\u0932\u0947 \u0932\u0917\u093e\u0928\u0940\u0915\u094b \u0932\u0915\u094d\u0937\u094d\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u092c\u093e\u091f \u0909\u0924\u094d\u092a\u0928\u094d\u0928 \u0939\u0941\u0928\u0947 \u0906\u092e\u094d\u0926\u093e\u0928\u0940\u0915\u094b \u0932\u093e\u092d\u093e\u0902\u0936 \u0935\u093e \u0938\u094b \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u0935\u093f\u0924\u0930\u0923 \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0917\u0930\u094d\u0928 \u0938\u0915\u094d\u0928\u0947 \u0905\u0927\u093f\u0915\u093e\u0930 \u0930\u093e\u0916\u094d\u0928\u0947<\/li>\n<\/ul>\n\n\n\n<p>\u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940\u0915\u094b \u0938\u0928\u094d\u0926\u0930\u094d\u092d\u092e\u093e, \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0924\u092f\u093e, \u0915\u094b\u0937\u0915\u094b \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940\u0915\u094b \u0915\u0932\u094d\u092a\u0928\u093e \u0917\u0930\u093f\u0928\u094d\u091b, \u0924\u0930 LP \u091f\u094b\u0915\u0928 \u092a\u0928\u093f \u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u091b\u0964 \u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0920\u0939\u0930 \u092d\u090f\u092e\u093e, \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928 \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924\u0915\u094b \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0905\u0927\u0940\u0928\u092e\u093e \u092a\u0930\u094d\u0928\u0947\u091b\u0964<\/p>\n\n\n\n<p>\u0924\u094d\u092f\u0938\u094d\u0924\u0948, \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u0930\u0947\u0915\u0930\u094d\u0921 \u091f\u094d\u0930\u093e\u0928\u094d\u0938\u092b\u0930 \u0905\u0927\u093f\u0915\u093e\u0930 \u092d\u0928\u0947\u0915\u094b, \u0927\u093e\u0930\u0915\u0932\u093e\u0908 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0906\u092e\u094d\u0926\u093e\u0928\u0940\u0915\u094b \u0935\u093f\u0924\u0930\u0923 \u0917\u0930\u093f\u0928\u0947 \u0921\u093f\u091c\u093e\u0907\u0928 \u0917\u0930\u093f\u090f\u0915\u094b, &#8220;\u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u0938\u0942\u091a\u0928\u093e \u092a\u094d\u0930\u0936\u094b\u0927\u0928 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u0940 \u0938\u094d\u0925\u093e\u0928\u093e\u0928\u094d\u0924\u0930\u0923 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u092e\u0942\u0932\u094d\u092f\u092e\u093e \u092a\u094d\u0930\u0926\u0930\u094d\u0936\u093f\u0924&#8221; \u0935\u0938\u094d\u0924\u0941 \u0939\u094b\u0964 \u092f\u0926\u093f LP \u091f\u094b\u0915\u0928 \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u0930\u0947\u0915\u0930\u094d\u0921 \u091f\u094d\u0930\u093e\u0928\u094d\u0938\u092b\u0930 \u0905\u0927\u093f\u0915\u093e\u0930\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0939\u094b \u092d\u0928\u0947, \u092f\u0938\u0915\u094b \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928\u0915\u093e \u0932\u093e\u0917\u093f \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923 \u0935\u094d\u092f\u093e\u092a\u093e\u0930\u0915\u094b \u0926\u0930\u094d\u0924\u093e, \u0916\u0941\u0932\u093e\u0938\u093e \u0926\u093e\u092f\u093f\u0924\u094d\u0935 \u091c\u0938\u094d\u0924\u093e \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u092a\u093e\u0932\u0928\u093e \u0917\u0930\u094d\u0928 \u0906\u0935\u0936\u094d\u092f\u0915 \u0939\u0941\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0924\u094d\u092f\u0938\u0948\u0932\u0947, LP \u091f\u094b\u0915\u0928\u0915\u094b \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0926\u093e, LP \u091f\u094b\u0915\u0928\u092c\u093e\u091f \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0939\u0941\u0928\u0947 \u092e\u0942\u0932\u094d\u092f\u0938\u0901\u0917\u0915\u094b \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u092e\u093e, \u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940 \u0935\u093e \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u0930\u0947\u0915\u0930\u094d\u0921 \u091f\u094d\u0930\u093e\u0928\u094d\u0938\u092b\u0930 \u0905\u0927\u093f\u0915\u093e\u0930\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0939\u094b \u0915\u093f \u0939\u094b\u0907\u0928 \u092d\u0928\u094d\u0928\u0947 \u0915\u0941\u0930\u093e \u0935\u093f\u091a\u093e\u0930 \u0917\u0930\u094d\u0928\u0941 \u092e\u0939\u0924\u094d\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0941\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940 \u0930 \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u0930\u0947\u0915\u0930\u094d\u0921 \u091f\u094d\u0930\u093e\u0928\u094d\u0938\u092b\u0930 \u0905\u0927\u093f\u0915\u093e\u0930\u0915\u094b \u092c\u093e\u0930\u0947\u092e\u093e \u0935\u093f\u0938\u094d\u0924\u0943\u0924 \u091c\u093e\u0928\u0915\u093e\u0930\u0940\u0915\u093e \u0932\u093e\u0917\u093f \u0924\u0932\u0915\u094b \u0932\u0947\u0916\u092e\u093e \u0939\u0947\u0930\u094d\u0928\u0941\u0939\u094b\u0938\u094d\u0964<\/p>\n\n\n\n<p>\u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0932\u0947\u0916: <a href=\"https:\/\/monolith.law\/corporate\/cryptoassets-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">\u6697\u53f7\u8cc7\u7523\u306b\u95a2\u3059\u308b\u898f\u5236\u3068\u306f\uff1f\u8cc7\u91d1\u6c7a\u6e08\u6cd5\u3068\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u3068\u306e\u95a2\u4fc2\u3092\u89e3\u8aac[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%97%E0%A4%AD%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A4%A8%E0%A5%8D%E0%A4%B8_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A4%BF%E0%A4%A4_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928 \u092d\u0928\u094d\u0928\u093e\u0932\u0947, \u0938\u0930\u0932 \u0930\u0942\u092a\u092e\u093e \u092d\u0928\u094d\u0928\u0941\u092a\u0930\u094d\u0926\u093e, \u092f\u0938\u0932\u093e\u0908 \u0927\u093e\u0930\u0923 \u0917\u0930\u094d\u0928\u0947 \u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0932\u0947 DEX \u0915\u094b \u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u092a\u094d\u0930\u094b\u091f\u094b\u0915\u0932\u0915\u094b \u0938\u091e\u094d\u091a\u093e\u0932\u0928\u092e\u093e \u0938\u0902\u0932\u0917\u094d\u0928 \u0939\u0941\u0928 \u0938\u0915\u094d\u0928\u0947 \u091f\u094b\u0915\u0928\u0932\u093e\u0908 \u091c\u0928\u093e\u0909\u0901\u091b\u0964 \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928 \u0927\u093e\u0930\u0923 \u0917\u0930\u094d\u0926\u093e \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0906\u092b\u0948\u0902\u0915\u094b \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928\u092e\u093e \u092a\u094d\u0930\u092d\u093e\u0935 \u092a\u093e\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u092f\u094b \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0932\u093e\u0908 \u0905\u0928\u094d\u092f \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0938\u0901\u0917 \u0938\u093e\u091f\u093e\u0938\u093e\u091f \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \u0927\u0947\u0930\u0948 \u0915\u0947\u0938\u0939\u0930\u0942 \u091b\u0928\u094d, \u0930 \u092f\u0938\u094d\u0924\u093e \u0915\u0947\u0938\u0939\u0930\u0942\u092e\u093e, \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928 &#8220;\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f&#8221; (\u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u094b\u0937 \u0928\u093f\u092a\u091f\u093e\u0928 \u0910\u0928\u0915\u094b \u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 5) \u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u091b, \u0930 \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0915\u094b \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928\u0941 &#8220;\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0938\u093e\u091f\u093e\u0938\u093e\u091f \u0935\u094d\u092f\u0935\u0938\u093e\u092f&#8221; (\u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u094b\u0937 \u0928\u093f\u092a\u091f\u093e\u0928 \u0910\u0928\u0915\u094b \u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 7) \u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u091b\u0964<\/p>\n\n\n\n<p>\u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0915\u094b \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928 \u0938\u0928\u094d\u0926\u0930\u094d\u092d\u092e\u093e, \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0915\u094b \u092a\u094d\u0930\u093e\u092a\u094d\u0924\u093f\u092e\u093e \u092e\u0942\u0932\u094d\u092f\u0915\u094b \u0909\u0924\u094d\u092a\u0924\u094d\u0924\u093f \u0939\u0941\u0928\u094d\u091b \u0915\u093f \u0939\u0941\u0901\u0926\u0948\u0928 \u092d\u0928\u094d\u0928\u0947 \u0915\u0941\u0930\u093e\u0932\u0947 &#8220;\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0938\u093e\u091f\u093e\u0938\u093e\u091f \u0935\u094d\u092f\u0935\u0938\u093e\u092f&#8221; (\u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u094b\u0937 \u0928\u093f\u092a\u091f\u093e\u0928 \u0910\u0928\u0915\u094b \u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 7) \u0915\u094b \u0930\u0942\u092a\u092e\u093e \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928 \u0917\u0930\u093f\u0928\u0947 \u0935\u093e \u0928\u0917\u0930\u094d\u0928\u0947 \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928 \u0939\u0941\u0928 \u0938\u0915\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0924\u094d\u092f\u0938\u0948\u0932\u0947, \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0915\u094b \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0926\u093e, \u0917\u092d\u0930\u094d\u0928\u0928\u094d\u0938 \u091f\u094b\u0915\u0928\u0915\u094b \u092a\u094d\u0930\u093e\u092a\u094d\u0924\u093f\u0915\u094b \u092e\u0942\u0932\u094d\u092f\u0938\u0901\u0917\u0915\u094b \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u092e\u093e, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0938\u093e\u091f\u093e\u0938\u093e\u091f \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0935\u093e \u0928\u092a\u0930\u094d\u0928\u0947 \u0915\u0941\u0930\u093e \u0935\u093f\u091a\u093e\u0930 \u0917\u0930\u094d\u0928\u0941 \u092e\u0939\u0924\u094d\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0941\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AA%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A4%BF_%E0%A4%AD%E0%A4%B0%E0%A5%8D%E0%A4%9A%E0%A5%81%E0%A4%85%E0%A4%B2_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE_%E0%A4%95%E0%A5%8B_%E0%A4%95%E0%A4%BE%E0%A4%B0%E0%A5%8B%E0%A4%AC%E0%A4%BE%E0%A4%B0%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A4%BF%E0%A4%A4_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%9A%E0%A5%81%E0%A4%A8%E0%A5%8C%E0%A4%A4%E0%A5%80%E0%A4%B9%E0%A4%B0%E0%A5%82\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0915\u094b \u0915\u093e\u0930\u094b\u092c\u093e\u0930\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942<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.jp\/wp-content\/uploads\/2023\/01\/shutterstock_158369042.jpg\" alt=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u0915\u094b \u0915\u093e\u0930\u094b\u092c\u093e\u0930\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0915\u093e\u0928\u0942\u0928\u0940 \u091a\u0941\u0928\u094c\u0924\u0940\u0939\u0930\u0942\" class=\"wp-image-57247\" \/><\/figure>\n\n\n\n<p>\u0915\u0947\u0939\u0940 DEX \u092e\u093e, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u0906\u0926\u093e\u0928\u092a\u094d\u0930\u0926\u093e\u0928\u0926\u094d\u0935\u093e\u0930\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0917\u0930\u094d\u0928\u0947 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0905\u092a\u0928\u093e\u0907\u090f\u0915\u094b \u0939\u0941\u0928\u094d\u091b\u0964 \u092f\u0938\u094d\u0924\u094b \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0905\u092a\u0928\u093e\u0907\u090f\u0915\u094b \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, \u092f\u0938\u0932\u093e\u0908 &#8220;\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0906\u0926\u093e\u0928\u092a\u094d\u0930\u0926\u093e\u0928 \u0935\u094d\u092f\u0935\u0938\u093e\u092f&#8221; (\u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u094b\u0937 \u0928\u093f\u092a\u091f\u093e\u0928 \u0910\u0928 \u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 7) \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u092a\u0930\u094d\u0928\u0947 \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u0930\u0939\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0924\u0930, \u091c\u0938\u094d\u0924\u094b \u0915\u093f \u092a\u0939\u093f\u0932\u0947 \u0909\u0932\u094d\u0932\u0947\u0916 \u0917\u0930\u093f\u092f\u094b, DEX \u092e\u093e \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0924\u092f\u093e \u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f\u0915\u094b \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0905\u092a\u0928\u093e\u0907\u090f\u0915\u094b \u0939\u0941\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<p>\u0938\u094d\u092e\u093e\u0930\u094d\u091f \u0915\u0928\u094d\u091f\u094d\u0930\u094d\u092f\u093e\u0915\u094d\u091f\u0926\u094d\u0935\u093e\u0930\u093e \u0938\u094d\u0935\u091a\u093e\u0932\u093f\u0924 \u0930\u0942\u092a\u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u0906\u0926\u093e\u0928\u092a\u094d\u0930\u0926\u093e\u0928 \u092d\u0907\u0930\u0939\u0947\u0915\u094b \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, DEX \u092e\u093e \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0906\u0926\u093e\u0928\u092a\u094d\u0930\u0926\u093e\u0928 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0947 \u0915\u0941\u0928\u0948 \u092a\u0928\u093f \u0907\u0915\u093e\u0908\u0915\u094b \u0905\u0938\u094d\u0924\u093f\u0924\u094d\u0935 \u0928\u0939\u0941\u0928\u0947 \u0939\u0941\u0901\u0926\u093e, DEX \u0906\u092b\u0948\u0902\u092e\u093e \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0935\u093f\u0937\u092f \u092c\u0928\u094d\u0928\u0947 \u0915\u0941\u0928\u0948 \u0907\u0915\u093e\u0908\u0915\u094b \u0905\u0938\u094d\u0924\u093f\u0924\u094d\u0935 \u0928\u0939\u0941\u0928\u0947 \u0930 \u092f\u0938\u0948\u0932\u0947 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u094b\u0937 \u0928\u093f\u092a\u091f\u093e\u0928 \u0910\u0928 \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0935\u093f\u0937\u092f \u0928\u092c\u0928\u094d\u0928\u0947 \u0938\u092e\u094d\u092d\u093e\u0935\u0928\u093e \u0930\u0939\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E0%A4%B8%E0%A4%BE%E0%A4%B0%E0%A4%BE%E0%A4%82%E0%A4%B6_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%B5%E0%A4%BF%E0%A4%95%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4_DeFi_%E0%A4%B8%E0%A4%AE%E0%A5%8D%E0%A4%AC%E0%A4%A8%E0%A5%8D%E0%A4%A7%E0%A5%80_%E0%A4%AA%E0%A4%B0%E0%A4%BE%E0%A4%AE%E0%A4%B0%E0%A5%8D%E0%A4%B6%E0%A4%95%E0%A4%BE_%E0%A4%B2%E0%A4%BE%E0%A4%97%E0%A4%BF_%E0%A4%B5%E0%A4%95%E0%A4%BF%E0%A4%B2%E0%A4%B8%E0%A4%81%E0%A4%97_%E0%A4%AA%E0%A4%B0%E0%A4%BE%E0%A4%AE%E0%A4%B0%E0%A5%8D%E0%A4%B6_%E0%A4%97%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%81%E0%A4%B9%E0%A5%8B%E0%A4%B8%E0%A5%8D\"><\/span>\u0938\u093e\u0930\u093e\u0902\u0936: \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924 (DeFi) \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u092a\u0930\u093e\u092e\u0930\u094d\u0936\u0915\u093e \u0932\u093e\u0917\u093f \u0935\u0915\u093f\u0932\u0938\u0901\u0917 \u092a\u0930\u093e\u092e\u0930\u094d\u0936 \u0917\u0930\u094d\u0928\u0941\u0939\u094b\u0938\u094d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u092f\u0939\u093e\u0901, \u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f\u0915\u094b \u0909\u092a\u092f\u094b\u0917 \u0917\u0930\u0947\u0930 \u0935\u093f\u0915\u0947\u0928\u094d\u0926\u094d\u0930\u093f\u0924 \u0935\u093f\u0924\u094d\u0924 (DeFi) \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u092c\u093e\u0930\u0947\u092e\u093e \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u0917\u0930\u093f\u090f\u0915\u094b \u091b\u0964 DeFi \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0940, \u091c\u093e\u0930\u0940 \u0917\u0930\u093f\u0928\u0947 \u091f\u094b\u0915\u0928\u0915\u094b 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class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E0%A4%B9%E0%A4%BE%E0%A4%AE%E0%A5%8D%E0%A4%B0%E0%A5%8B_%E0%A4%AB%E0%A4%B0%E0%A5%8D%E0%A4%AE%E0%A4%A6%E0%A5%8D%E0%A4%B5%E0%A4%BE%E0%A4%B0%E0%A4%BE_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%A6%E0%A4%BE%E0%A4%A8_%E0%A4%97%E0%A4%B0%E0%A4%BF%E0%A4%A8%E0%A5%87_%E0%A4%89%E0%A4%AA%E0%A4%BE%E0%A4%AF%E0%A4%B9%E0%A4%B0%E0%A5%82%E0%A4%95%E0%A5%8B_%E0%A4%9C%E0%A4%BE%E0%A4%A8%E0%A4%95%E0%A4%BE%E0%A4%B0%E0%A5%80\"><\/span>\u0939\u093e\u092e\u094d\u0930\u094b \u092b\u0930\u094d\u092e\u0926\u094d\u0935\u093e\u0930\u093e \u092a\u094d\u0930\u0926\u093e\u0928 \u0917\u0930\u093f\u0928\u0947 \u0909\u092a\u093e\u092f\u0939\u0930\u0942\u0915\u094b \u091c\u093e\u0928\u0915\u093e\u0930\u0940<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u092e\u094b\u0928\u094b\u0932\u093f\u0925 \u0915\u093e\u0928\u0942\u0928\u0940 \u092b\u0930\u094d\u092e \u090f\u0915 \u092f\u0938\u094d\u0924\u094b \u0915\u093e\u0928\u0942\u0928\u0940 \u092b\u0930\u094d\u092e \u0939\u094b \u091c\u0938\u0932\u0947 IT, \u0935\u093f\u0936\u0947\u0937 \u0917\u0930\u0940 \u0907\u0928\u094d\u091f\u0930\u0928\u0947\u091f \u0930 \u0915\u093e\u0928\u0942\u0928\u0940 \u0915\u094d\u0937\u0947\u0924\u094d\u0930\u0915\u094b \u0926\u0941\u0935\u0948 \u092a\u0915\u094d\u0937\u092e\u093e \u0909\u091a\u094d\u091a \u0935\u093f\u0936\u0947\u0937\u091c\u094d\u091e\u0924\u093e \u0930\u093e\u0916\u094d\u091b\u0964 \u0939\u093e\u092e\u094d\u0930\u094b \u092b\u0930\u094d\u092e\u0932\u0947 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0930 \u092c\u094d\u0932\u0915\u091a\u0947\u0928\u0938\u0901\u0917 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0939\u0930\u0942\u0915\u094b \u092a\u0942\u0930\u094d\u0923 \u0938\u092e\u0930\u094d\u0925\u0928 \u092a\u094d\u0930\u0926\u093e\u0928 \u0917\u0930\u094d\u0926\u091b\u0964 \u0924\u0932\u0915\u094b \u0932\u0947\u0916\u092e\u093e \u092f\u0938\u092c\u093e\u0930\u0947 \u0935\u093f\u0938\u094d\u0924\u0943\u0924 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0938\u092e\u093e\u0935\u0947\u0936 \u0917\u0930\u093f\u090f\u0915\u094b \u091b\u0964<\/p>\n\n\n\n<p>\u092e\u094b\u0928\u094b\u0932\u093f\u0925 \u0915\u093e\u0928\u0942\u0928\u0940 \u092b\u0930\u094d\u092e\u0915\u094b \u0915\u093e\u0930\u094d\u092f\u0915\u094d\u0937\u0947\u0924\u094d\u0930: <a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0930 \u092c\u094d\u0932\u0915\u091a\u0947\u0928[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u092c\u094d\u0932\u0915\u091a\u0947\u0928 \u092a\u094d\u0930\u0935\u093f\u0927\u093f \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0915\u094d\u0937\u0947\u0924\u094d\u0930\u0939\u0930\u0942\u092e\u093e \u092a\u094d\u0930\u092f\u094b\u0917 \u092d\u0907\u0930\u0939\u0947\u0915\u094b \u091b\u0964 \u091c\u093e\u092a\u093e\u0928\u092e\u093e, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u092d\u0930\u094d\u091a\u0941\u0905\u0932 \u092e\u0941\u0926\u094d\u0930\u093e) \u092e\u093e, \u0915\u0947\u0928\u094d\u0926\u094d\u0930\u0940\u092f \u092c\u0948\u0902\u0915\u0915\u094b \u092e\u0927\u094d\u092f\u0938\u094d\u0925\u0924\u093e \u092c\u093f\u0928\u093e \u0928\u0948 \u092e\u0941\u0926\u094d\u0930\u093e (\u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f) \u0915\u094b \u0915\u093e\u0930\u094d\u092f\u093e\u0928\u094d\u0935\u092f\u0928 \u0917\u0930\u093f\u090f\u0915\u094b \u091b, \u0930 \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0926\u0947\u0916\u093f \u0915\u0932\u093e \u0938 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":69042,"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\/ne\/wp-json\/wp\/v2\/posts\/67003"}],"collection":[{"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/comments?post=67003"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/posts\/67003\/revisions"}],"predecessor-version":[{"id":69043,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/posts\/67003\/revisions\/69043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/media\/69042"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/media?parent=67003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/categories?post=67003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/tags?post=67003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}