{"id":68328,"date":"2025-06-23T19:55:31","date_gmt":"2025-06-23T10:55:31","guid":{"rendered":"https:\/\/monolith.law\/ne\/?p=68328"},"modified":"2025-12-18T11:10:35","modified_gmt":"2025-12-18T02:10:35","slug":"ico-regulation","status":"publish","type":"post","link":"https:\/\/monolith.law\/ne\/it\/ico-regulation","title":{"rendered":"ICO \u092e\u093e \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942 \u0930 \u092f\u0938\u0932\u093e\u0908 \u0915\u093e\u0928\u0942\u0928\u0940 \u0930\u0942\u092a\u092e\u093e \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0947 \u0924\u0930\u093f\u0915\u093e\u0939\u0930\u0942 \u0915\u0947 \u0939\u0941\u0928\u094d?"},"content":{"rendered":"\n<p>ICO \u092d\u0928\u0947\u0915\u094b Initial Coin Offering \u0915\u094b \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0930\u0942\u092a \u0939\u094b, \u091c\u0938\u0932\u0947 \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0924\u092f\u093e \u0915\u092e\u094d\u092a\u0928\u0940\u0939\u0930\u0942\u0932\u0947 \u091c\u0928\u0924\u093e\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) \u0938\u0902\u0915\u0932\u0928 \u0917\u0930\u0940 \u0924\u094d\u092f\u0938\u0915\u094b \u092c\u0926\u0932\u093e\u092e\u093e \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u091f\u094b\u0915\u0928 \u0928\u092f\u093e\u0901 \u0930\u0942\u092a\u092e\u093e \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928\u0947 \u0915\u093e\u0930\u094d\u092f\u0932\u093e\u0908 \u091c\u0928\u093e\u0909\u0901\u091b\u0964<\/p>\n\n\n\n<p>ICO, \u0938\u0928\u094d \u0968\u0966\u0967\u096d (Heisei 29) \u0915\u094b \u092e\u0947 \u092e\u0939\u093f\u0928\u093e\u0915\u094b \u0906\u0938\u092a\u093e\u0938, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u092e\u0942\u0932\u094d\u092f\u092e\u093e \u092d\u090f\u0915\u094b \u0924\u0940\u0935\u094d\u0930 \u0935\u0943\u0926\u094d\u0927\u093f\u0915\u094b \u0915\u093e\u0930\u0923\u0932\u0947, \u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0915\u0932\u0928\u0915\u094b \u092e\u093e\u0927\u094d\u092f\u092e\u0915\u094b \u0930\u0942\u092a\u092e\u093e \u0935\u093f\u0938\u094d\u092b\u094b\u091f\u0915 \u0930\u0942\u092a\u092e\u093e \u0935\u0943\u0926\u094d\u0927\u093f \u092d\u090f\u0915\u094b \u0925\u093f\u092f\u094b\u0964 \u0924\u094d\u092f\u0924\u093f\u092c\u0947\u0932\u093e ICO \u0932\u093e\u0908 \u0938\u094d\u092a\u0937\u094d\u091f \u0930\u0942\u092a\u092e\u093e \u0928\u093f\u092f\u092e\u0928 \u0917\u0930\u094d\u0928\u0947 \u0915\u0941\u0928\u0948 \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0942\u0928 \u0925\u093f\u090f\u0928, \u091c\u0938\u0915\u093e \u0915\u093e\u0930\u0923 \u0936\u0947\u092f\u0930\u0915\u094b \u0928\u092f\u093e\u0901 \u0938\u093e\u0930\u094d\u0935\u091c\u0928\u093f\u0915 \u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935 (IPO) \u092e\u093e\u0930\u094d\u092b\u0924 \u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0915\u0932\u0928\u0915\u094b \u0924\u0941\u0932\u0928\u093e\u092e\u093e \u0938\u091c\u093f\u0932\u094b \u0930 \u091b\u093f\u091f\u094b \u0930\u0942\u092a\u092e\u093e \u0920\u0942\u0932\u094b \u092e\u093e\u0924\u094d\u0930\u093e\u092e\u093e \u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0915\u0932\u0928 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \u092d\u090f\u0915\u093e\u0932\u0947 \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u092a\u0928\u093f \u092f\u0938\u0932\u0947 \u0927\u094d\u092f\u093e\u0928 \u0906\u0915\u0930\u094d\u0937\u093f\u0924 \u0917\u0930\u0947\u0915\u094b \u0925\u093f\u092f\u094b\u0964<\/p>\n\n\n\n<p>\u0905\u0930\u094d\u0915\u094b\u0924\u0930\u094d\u092b, \u0920\u0917\u0940\u091c\u0928\u094d\u092f \u0918\u091f\u0928\u093e\u0939\u0930\u0942 \u092a\u0928\u093f \u0926\u0947\u0916\u093f\u0928 \u0925\u093e\u0932\u0947\u0915\u094b\u0932\u0947, \u091a\u0940\u0928\u0932\u093e\u0908 \u0905\u0917\u0941\u0935\u093e\u0908 \u0917\u0930\u094d\u0926\u0948 \u0935\u093f\u0936\u094d\u0935\u0915\u093e \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0926\u0947\u0936\u0939\u0930\u0942\u092e\u093e ICO \u092a\u094d\u0930\u0924\u093f \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u092a\u094d\u0930\u0935\u0943\u0924\u094d\u0924\u093f \u092c\u0932\u093f\u092f\u094b \u0939\u0941\u0901\u0926\u0948 \u0917\u092f\u094b, \u0930 \u091c\u093e\u092a\u093e\u0928\u092e\u093e \u092a\u0928\u093f, Reiwa 1 (\u0938\u0928\u094d \u0968\u0966\u0967\u096f) \u0915\u094b \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928\u0915\u094b \u0938\u0902\u0936\u094b\u0927\u0928\u0926\u094d\u0935\u093e\u0930\u093e, ICO \u0932\u093e\u0908 \u0928\u093f\u092f\u092e\u0928 \u0917\u0930\u094d\u0928\u0947 \u0915\u0941\u0930\u093e \u0938\u094d\u092a\u0937\u094d\u091f \u092a\u093e\u0930\u093f\u090f\u0915\u094b \u0925\u093f\u092f\u094b\u0964<\/p>\n\n\n\n<p>\u0905\u092c, ICO \u092a\u094d\u0930\u0924\u093f \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0928 \u0938\u094d\u092a\u0937\u094d\u091f \u092d\u090f\u0915\u094b \u0935\u0930\u094d\u0924\u092e\u093e\u0928 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0915\u093e \u0932\u093e\u0917\u093f \u0915\u0947 \u0917\u0930\u094d\u0928\u0941\u092a\u0930\u094d\u091b \u0924? \u092f\u0938 \u0932\u0947\u0916\u092e\u093e, ICO \u092a\u094d\u0930\u0924\u093f \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0938\u093e\u0930\u093e\u0902\u0936\u0938\u0901\u0917\u0948, \u0915\u093e\u0928\u0942\u0928\u0940 \u0930\u0942\u092a\u092e\u093e ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0947 \u0924\u0930\u093f\u0915\u093e\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\/ico-regulation\/#ICO_%E0%A4%AD%E0%A4%A8%E0%A5%87%E0%A4%95%E0%A5%8B_%E0%A4%95%E0%A5%87_%E0%A4%B9%E0%A5%8B\" title=\"ICO \u092d\u0928\u0947\u0915\u094b \u0915\u0947 \u0939\u094b?\">ICO \u092d\u0928\u0947\u0915\u094b \u0915\u0947 \u0939\u094b?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#ICO_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8%E0%A4%95%E0%A4%BE_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%95%E0%A4%BE%E0%A4%B0\" title=\"ICO \u091f\u094b\u0915\u0928\u0915\u093e \u092a\u094d\u0930\u0915\u093e\u0930\">ICO \u091f\u094b\u0915\u0928\u0915\u093e \u092a\u094d\u0930\u0915\u093e\u0930<\/a><\/li><\/ul><\/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\/ico-regulation\/#%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_ICO_%E0%A4%AE%E0%A4%BE_%E0%A4%B2%E0%A4%BE%E0%A4%97%E0%A5%81_%E0%A4%B9%E0%A5%81%E0%A4%A8%E0%A5%87_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%A8%E0%A4%BF%E0%A4%AF%E0%A4%AE%E0%A4%B9%E0%A4%B0%E0%A5%82%E0%A4%95%E0%A5%8B_%E0%A4%B8%E0%A4%AE%E0%A4%97%E0%A5%8D%E0%A4%B0_%E0%A4%A6%E0%A5%83%E0%A4%B7%E0%A5%8D%E0%A4%9F%E0%A4%BF%E0%A4%95%E0%A5%8B%E0%A4%A3\" title=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e ICO \u092e\u093e \u0932\u093e\u0917\u0941 \u0939\u0941\u0928\u0947 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u0938\u092e\u0917\u094d\u0930 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923\">\u091c\u093e\u092a\u093e\u0928\u092e\u093e ICO \u092e\u093e \u0932\u093e\u0917\u0941 \u0939\u0941\u0928\u0947 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u0938\u092e\u0917\u094d\u0930 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923<\/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\/ico-regulation\/#ICO_%E0%A4%B0_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%B8%E0%A4%BE%E0%A4%A7%E0%A4%A8_%E0%A4%A4%E0%A4%A5%E0%A4%BE_%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF_%E0%A4%90%E0%A4%A8\" title=\"ICO \u0930 \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928\">ICO \u0930 \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#%E0%A4%B8%E0%A4%BE%E0%A4%AE%E0%A5%82%E0%A4%B9%E0%A4%BF%E0%A4%95_%E0%A4%B2%E0%A4%97%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%AF%E0%A5%8B%E0%A4%9C%E0%A4%A8%E0%A4%BE_%E0%A4%B9%E0%A4%BF%E0%A4%B8%E0%A5%8D%E0%A4%B8%E0%A5%87%E0%A4%A6%E0%A4%BE%E0%A4%B0%E0%A5%80%E0%A4%AE%E0%A4%BE_%E0%A4%AA%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%85%E0%A4%B5%E0%A4%B8%E0%A5%8D%E0%A4%A5%E0%A4%BE%E0%A4%AE%E0%A4%BE\" title=\"\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 \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 \u0939\u093f\u0938\u094d\u0938\u0947\u0926\u093e\u0930\u0940\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e<\/a><\/li><\/ul><\/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\/ico-regulation\/#ICO_%E0%A4%B0_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A5%80%E8%B3%87%E9%87%91%E6%B1%BA%E6%B8%88%E6%B3%95_%E0%A4%AD%E0%A5%81%E0%A4%95%E0%A5%8D%E0%A4%A4%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%B8%E0%A5%87%E0%A4%9F%E0%A4%B2%E0%A4%AE%E0%A5%87%E0%A4%A8%E0%A5%8D%E0%A4%9F_%E0%A4%90%E0%A4%A8\" title=\"ICO \u0930 \u091c\u093e\u092a\u093e\u0928\u0940\u8cc7\u91d1\u6c7a\u6e08\u6cd5 (\u092d\u0941\u0915\u094d\u0924\u093e\u0928\u0940 \u0938\u0947\u091f\u0932\u092e\u0947\u0928\u094d\u091f \u0910\u0928)\">ICO \u0930 \u091c\u093e\u092a\u093e\u0928\u0940\u8cc7\u91d1\u6c7a\u6e08\u6cd5 (\u092d\u0941\u0915\u094d\u0924\u093e\u0928\u0940 \u0938\u0947\u091f\u0932\u092e\u0947\u0928\u094d\u091f \u0910\u0928)<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#%E3%80%8C%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%E3%80%8D%E3%81%AB_%E0%A4%AA%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%85%E0%A4%B5%E0%A4%B8%E0%A5%8D%E0%A4%A5%E0%A4%BE%E0%A4%AE%E0%A4%BE\" title=\"\u300c\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u300d\u306b \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e\">\u300c\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u300d\u306b \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E2%80%9C%E0%A4%AA%E0%A5%82%E0%A4%B0%E0%A5%8D%E0%A4%B5%E0%A4%AD%E0%A5%81%E0%A4%95%E0%A5%8D%E0%A4%A4%E0%A4%BE%E0%A4%A8_%E0%A4%B5%E0%A4%BF%E0%A4%A7%E0%A4%BF%E2%80%9D_%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%AA%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%85%E0%A4%B5%E0%A4%B8%E0%A5%8D%E0%A4%A5%E0%A4%BE%E0%A4%AE%E0%A4%BE\" title=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e &#8220;\u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0935\u093f\u0927\u093f&#8221; \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e\">\u091c\u093e\u092a\u093e\u0928\u092e\u093e &#8220;\u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0935\u093f\u0927\u093f&#8221; \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%85%E0%A4%B5%E0%A5%88%E0%A4%A7_ICO_%E0%A4%AE%E0%A4%BE_%E0%A4%B2%E0%A4%BE%E0%A4%97%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%A6%E0%A4%A3%E0%A5%8D%E0%A4%A1\" title=\"\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0905\u0935\u0948\u0927 ICO \u092e\u093e \u0932\u093e\u0917\u094d\u0928\u0947 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ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0947 \u0924\u0930\u093f\u0915\u093e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#%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_ICO_%E0%A4%B8%E0%A4%9E%E0%A5%8D%E0%A4%9A%E0%A4%BE%E0%A4%B2%E0%A4%A8_%E0%A4%97%E0%A4%B0%E0%A5%8D%E0%A4%A6%E0%A4%BE_%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 ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0926\u093e \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 ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0926\u093e \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-12\" href=\"https:\/\/monolith.law\/ne\/it\/ico-regulation\/#%E0%A4%B9%E0%A4%BE%E0%A4%AE%E0%A5%8D%E0%A4%B0%E0%A5%8B_%E0%A4%95%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%AF%E0%A4%BE%E0%A4%B2%E0%A4%AF%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 \u0915\u093e\u0930\u094d\u092f\u093e\u0932\u092f\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 \u0915\u093e\u0930\u094d\u092f\u093e\u0932\u092f\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=\"ICO_%E0%A4%AD%E0%A4%A8%E0%A5%87%E0%A4%95%E0%A5%8B_%E0%A4%95%E0%A5%87_%E0%A4%B9%E0%A5%8B\"><\/span>ICO \u092d\u0928\u0947\u0915\u094b \u0915\u0947 \u0939\u094b?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"735\" height=\"490\" src=\"https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/12\/ico-regulation-2.jpg\" alt=\"\" class=\"wp-image-70322\" style=\"width:840px;height:545px\" srcset=\"https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/12\/ico-regulation-2.jpg 735w, https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/12\/ico-regulation-2-300x200.jpg 300w, https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/12\/ico-regulation-2-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><\/figure>\n\n\n\n<p>ICO \u092d\u0928\u0947\u0915\u094b, \u091c\u0938\u094d\u0924\u094b \u0915\u093f \u092a\u0939\u093f\u0932\u0947 \u0909\u0932\u094d\u0932\u0947\u0916 \u0917\u0930\u093f\u092f\u094b, \u0915\u092e\u094d\u092a\u0928\u0940\u0939\u0930\u0942\u0932\u0947 \u091c\u0928\u0924\u093e\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) \u0938\u0902\u0915\u0932\u0928 \u0917\u0930\u094d\u0928\u0915\u093e \u0932\u093e\u0917\u093f \u0928\u092f\u093e\u0901 \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u091f\u094b\u0915\u0928 \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928\u0947 \u0915\u093e\u0930\u094d\u092f \u0939\u094b\u0964<\/p>\n\n\n\n<p>\u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0924\u092f\u093e, \u0936\u0947\u092f\u0930 \u091c\u0938\u094d\u0924\u093e \u0915\u093e\u0928\u0942\u0928\u0940 \u0930\u0942\u092a\u092e\u093e \u0938\u0942\u091a\u0940\u092c\u0926\u094d\u0927 &#8220;\u0938\u093f\u0915\u094d\u092f\u0941\u0930\u093f\u091f\u0940\u091c&#8221; \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u0947\u0930 \u0917\u0930\u093f\u090f\u0915\u094b \u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0915\u0932\u0928\u092e\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\u0932\u093e\u0908 &#8220;\u0915\u093f\u0928\u094d\u0936\u094b \u0939\u094b&#8221; \u092d\u0928\u093f\u0928\u094d\u091b) \u0915\u094b \u0928\u093f\u092f\u092e\u0928 \u0932\u093e\u0917\u0942 \u0939\u0941\u0928\u094d\u091b\u0964 \u0924\u0930, ICO \u091f\u094b\u0915\u0928\u0915\u094b \u0938\u0928\u094d\u0926\u0930\u094d\u092d\u092e\u093e, \u091c\u093e\u0930\u0940\u0915\u0930\u094d\u0924\u093e\u0932\u0947 \u092f\u0938\u0915\u094b \u0938\u093e\u092e\u0917\u094d\u0930\u0940 \u0938\u094d\u0935\u0924\u0928\u094d\u0924\u094d\u0930 \u0930\u0942\u092a\u092e\u093e \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u0923 \u0917\u0930\u094d\u0928 \u0938\u0915\u094d\u0928\u0947 \u092d\u090f\u0915\u093e\u0932\u0947, \u0915\u0941\u0928 \u0938\u093f\u0915\u094d\u092f\u0941\u0930\u093f\u091f\u0940\u092e\u093e \u092a\u0930\u094d\u091b (\u0935\u093e \u0938\u093f\u0915\u094d\u092f\u0941\u0930\u093f\u091f\u0940\u092e\u093e \u092a\u0930\u094d\u091b \u0928\u0948 \u0915\u093f \u092a\u0930\u094d\u0926\u0948\u0928) \u092d\u0928\u094d\u0928\u0947 \u0915\u0941\u0930\u093e \u0915\u093e\u0928\u0942\u0928\u0940 \u0930\u0942\u092a\u092e\u093e \u0938\u094d\u092a\u0937\u094d\u091f \u091b\u0948\u0928 \u092d\u0928\u094d\u0928\u0947 \u0935\u093f\u0936\u0947\u0937\u0924\u093e \u091b\u0964<\/p>\n\n\n\n<p>\u0924\u094d\u092f\u0938\u0948\u0932\u0947, \u092a\u0939\u093f\u0932\u094b\u092e\u093e ICO \u091f\u094b\u0915\u0928\u0915\u094b \u0938\u093e\u092e\u0917\u094d\u0930\u0940 \u0905\u0928\u0941\u0938\u093e\u0930 \u0924\u0925\u094d\u092f\u0917\u0924 \u0935\u0930\u094d\u0917\u0940\u0915\u0930\u0923 \u0917\u0930\u0947\u0930, \u092a\u094d\u0930\u0924\u094d\u092f\u0947\u0915 \u092a\u094d\u0930\u0915\u093e\u0930\u092e\u093e \u0915\u0941\u0928 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0928 \u0932\u093e\u0917\u0942 \u0939\u0941\u0928\u094d\u091b \u092d\u0928\u094d\u0928\u0947 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923\u092c\u093e\u091f \u0924\u0932 \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u0917\u0930\u093f\u0928\u094d\u091b\u0964<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8%E0%A4%95%E0%A4%BE_%E0%A4%AA%E0%A5%8D%E0%A4%B0%E0%A4%95%E0%A4%BE%E0%A4%B0\"><\/span>ICO \u091f\u094b\u0915\u0928\u0915\u093e \u092a\u094d\u0930\u0915\u093e\u0930<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0947\u0935\u093e \u090f\u091c\u0947\u0928\u094d\u0938\u0940\u0915\u094b <a href=\"https:\/\/www.fsa.go.jp\/news\/30\/singi\/20181221-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"\u0930\u093f\u092a\u094b\u0930\u094d\u091f\">\u0930\u093f\u092a\u094b\u0930\u094d\u091f<\/a> \u0905\u0928\u0941\u0938\u093e\u0930, ICO \u091f\u094b\u0915\u0928\u0915\u094b \u0938\u093e\u092e\u0917\u094d\u0930\u0940\u0932\u093e\u0908 \u0924\u0940\u0928 \u092a\u094d\u0930\u0915\u093e\u0930\u092e\u093e \u0935\u0930\u094d\u0917\u0940\u0915\u0943\u0924 \u0917\u0930\u093f\u090f\u0915\u094b \u091b\u0964<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0932\u0917\u093e\u0928\u0940 \u092a\u094d\u0930\u0915\u093e\u0930<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u091c\u093e\u0930\u0940\u0915\u0930\u094d\u0924\u093e\u0932\u0947 \u092d\u0935\u093f\u0937\u094d\u092f\u092e\u093e \u0935\u094d\u092f\u093e\u092a\u093e\u0930\u093f\u0915 \u0906\u092e\u094d\u0926\u093e\u0928\u0940 \u0906\u0926\u093f \u0935\u093f\u0924\u0930\u0923 \u0917\u0930\u094d\u0928\u0947 \u0926\u093e\u092f\u093f\u0924\u094d\u0935 \u0932\u093f\u090f\u0915\u094b \u092e\u093e\u0928\u093f\u0928\u094d\u091b<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0905\u0928\u094d\u092f \u0905\u0927\u093f\u0915\u093e\u0930 \u092a\u094d\u0930\u0915\u093e\u0930<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u091c\u093e\u0930\u0940\u0915\u0930\u094d\u0924\u093e\u0932\u0947 \u092d\u0935\u093f\u0937\u094d\u092f\u092e\u093e \u0935\u0938\u094d\u0924\u0941 \u0935\u093e \u0938\u0947\u0935\u093e \u0906\u0926\u093f \u092a\u094d\u0930\u0926\u093e\u0928 \u0917\u0930\u094d\u0928\u0947 \u091c\u0938\u094d\u0924\u093e, \u092e\u093e\u0925\u093f\u0915\u093e \u092c\u093e\u0939\u0947\u0915\u0915\u093e \u0926\u093e\u092f\u093f\u0924\u094d\u0935 \u0932\u093f\u090f\u0915\u094b \u092e\u093e\u0928\u093f\u0928\u094d\u091b<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0905\u0927\u093f\u0915\u093e\u0930\u0935\u093f\u0939\u0940\u0928 \u092a\u094d\u0930\u0915\u093e\u0930<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u091c\u093e\u0930\u0940\u0915\u0930\u094d\u0924\u093e\u0932\u0947 \u0915\u0941\u0928\u0948 \u0926\u093e\u092f\u093f\u0924\u094d\u0935 \u0928\u0932\u093f\u090f\u0915\u094b \u092e\u093e\u0928\u093f\u0928\u094d\u091b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u0905\u092c, \u092e\u093e\u0925\u093f\u0915\u093e \u0935\u0930\u094d\u0917\u0940\u0915\u0930\u0923\u0932\u093e\u0908 \u0906\u0927\u093e\u0930 \u092e\u093e\u0928\u0947\u0930, \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0932\u093e\u0917\u0942 \u0938\u092e\u094d\u092c\u0928\u094d\u0927 \u0935\u093f\u091a\u093e\u0930 \u0917\u0930\u094c\u0902\u0964<\/p>\n\n\n\n<h2 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_ICO_%E0%A4%AE%E0%A4%BE_%E0%A4%B2%E0%A4%BE%E0%A4%97%E0%A5%81_%E0%A4%B9%E0%A5%81%E0%A4%A8%E0%A5%87_%E0%A4%95%E0%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%A8%E0%A4%BF%E0%A4%AF%E0%A4%AE%E0%A4%B9%E0%A4%B0%E0%A5%82%E0%A4%95%E0%A5%8B_%E0%A4%B8%E0%A4%AE%E0%A4%97%E0%A5%8D%E0%A4%B0_%E0%A4%A6%E0%A5%83%E0%A4%B7%E0%A5%8D%E0%A4%9F%E0%A4%BF%E0%A4%95%E0%A5%8B%E0%A4%A3\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e ICO \u092e\u093e \u0932\u093e\u0917\u0941 \u0939\u0941\u0928\u0947 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u0915\u094b \u0938\u092e\u0917\u094d\u0930 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICO \u092e\u093e \u0932\u093e\u0917\u0941 \u0939\u0941\u0928 \u0938\u0915\u094d\u0928\u0947 \u092e\u0941\u0916\u094d\u092f \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e\u0939\u0930\u0942\u092e\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 (\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5) \u0930 \u091c\u093e\u092a\u093e\u0928\u0940 \u092b\u0928\u094d\u0921 \u0938\u0947\u091f\u0932\u092e\u0947\u0928\u094d\u091f \u0910\u0928 (\u8cc7\u91d1\u6c7a\u6e08\u6cd5) \u0938\u092e\u093e\u0935\u0947\u0936 \u091b\u0928\u094d\u0964<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u0928\u093f\u0935\u0947\u0936\u0915\u094b \u0917\u0941\u0923\u0938\u094d\u0924\u0930 \u092d\u090f\u0915\u093e \u0927\u093f\u0924\u094b\u092a\u0924\u094d\u0930\u0915\u094b \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0928\u0947 \u0930 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923\u0939\u0930\u0942\u0915\u094b \u0932\u0947\u0928\u0926\u0947\u0928\u0915\u094b \u0928\u093f\u0937\u094d\u092a\u0915\u094d\u0937\u0924\u093e \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0917\u0930\u094d\u0926\u0948, \u0932\u0917\u093e\u0928\u0940\u0915\u0930\u094d\u0924\u093e\u0939\u0930\u0942\u0915\u094b \u0938\u0902\u0930\u0915\u094d\u0937\u0923 \u0917\u0930\u094d\u0928\u0947 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u8cc7\u91d1\u6c7a\u6e08\u6cd5<\/td><td class=\"has-text-align-left\" data-align=\"left\">\u0938\u0942\u091a\u0928\u093e \u0938\u091e\u094d\u091a\u093e\u0930 \u092a\u094d\u0930\u0935\u093f\u0927\u093f\u0915\u094b \u0935\u093f\u0915\u093e\u0938\u0932\u0947 \u092c\u0948\u0902\u0915\u0939\u0930\u0942\u0932\u0947 \u092a\u094d\u0930\u0926\u093e\u0928 \u0917\u0930\u094d\u0926\u0948 \u0906\u090f\u0915\u093e \u092a\u0930\u092e\u094d\u092a\u0930\u093e\u0917\u0924 \u0938\u0947\u0935\u093e\u0939\u0930\u0942 \u092d\u0928\u094d\u0926\u093e \u092b\u0930\u0915 \u0928\u092f\u093e\u0901 \u0938\u0947\u0935\u093e\u0939\u0930\u0942\u0932\u093e\u0908 \u0938\u092e\u094d\u092c\u094b\u0927\u0928 \u0917\u0930\u094d\u0926\u0948, \u0928\u0935\u092a\u094d\u0930\u0935\u0930\u094d\u0924\u0928\u0932\u093e\u0908 \u092a\u094d\u0930\u094b\u0924\u094d\u0938\u093e\u0939\u0928 \u0917\u0930\u094d\u0928\u0947 \u0930 \u092a\u094d\u0930\u092f\u094b\u0917\u0915\u0930\u094d\u0924\u093e\u0939\u0930\u0942\u0915\u094b \u0938\u0902\u0930\u0915\u094d\u0937\u0923 \u0917\u0930\u094d\u0928\u0947 \u0915\u093e\u0928\u0942\u0928\u0940 \u0928\u093f\u092f\u092e<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\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 (\u91d1\u5546\u6cd5) \u0930 \u091c\u093e\u092a\u093e\u0928\u0940 \u092b\u0928\u094d\u0921 \u0938\u0947\u091f\u0932\u092e\u0947\u0928\u094d\u091f \u0910\u0928 (\u8cc7\u91d1\u6c7a\u6e08\u6cd5) \u0915\u094b \u0932\u093e\u0917\u0941 \u0939\u0941\u0928\u0947 \u092e\u0941\u0916\u094d\u092f \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923 &#8220;\u0928\u093f\u0935\u0947\u0936\u0915\u094b \u0917\u0941\u0923\u0938\u094d\u0924\u0930 \u091b \u0915\u093f \u091b\u0948\u0928&#8221; \u092d\u0928\u094d\u0928\u0947 \u0939\u094b\u0964<\/p>\n\n\n\n<p>\u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0932\u0947\u0916: <a href=\"https:\/\/monolith-law.jp\/corporate\/cryptoassets-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0939\u0930\u0942\u092e\u093e \u0932\u093e\u0917\u0941 \u0939\u0941\u0928\u0947 \u0928\u093f\u092f\u092e\u0939\u0930\u0942 \u0915\u0947 \u0939\u0941\u0928\u094d? \u091c\u093e\u092a\u093e\u0928\u0940 \u092b\u0928\u094d\u0921 \u0938\u0947\u091f\u0932\u092e\u0947\u0928\u094d\u091f \u0910\u0928 \u0930 \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\u0915\u094b \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u0915\u094b \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO_%E0%A4%B0_%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%B8%E0%A4%BE%E0%A4%A7%E0%A4%A8_%E0%A4%A4%E0%A4%A5%E0%A4%BE_%E0%A4%B5%E0%A4%BF%E0%A4%A8%E0%A4%BF%E0%A4%AE%E0%A4%AF_%E0%A4%90%E0%A4%A8\"><\/span>ICO \u0930 \u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u091c\u093e\u092a\u093e\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928 \u0924\u0925\u093e \u0935\u093f\u0928\u093f\u092e\u092f \u0910\u0928 (FIEA) \u0932\u0947 \u0932\u0917\u093e\u0928\u0940\u092f\u094b\u0917\u094d\u092f \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928\u0939\u0930\u0942\u0932\u093e\u0908 &#8220;\u0938\u093f\u0915\u094d\u092f\u0941\u0930\u093f\u091f\u0940\u091c&#8221; \u0915\u094b \u0930\u0942\u092a\u092e\u093e \u0938\u094d\u092a\u0937\u094d\u091f \u0930\u0942\u092a\u092e\u093e \u0938\u0942\u091a\u0940\u092c\u0926\u094d\u0927 \u0917\u0930\u0947\u0915\u094b \u091b\u0964 \u0936\u0947\u092f\u0930 \u0930 \u0915\u0930\u094d\u092a\u094b\u0930\u0947\u091f \u092c\u0928\u094d\u0921\u0939\u0930\u0942 \u092f\u0938\u0915\u094b \u092a\u094d\u0930\u092e\u0941\u0916 \u0909\u0926\u093e\u0939\u0930\u0923 \u0939\u0941\u0928\u094d\u0964 \u091c\u092c FIEA \u0932\u093e\u0917\u0942 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class=\"ez-toc-section\" id=\"%E0%A4%B8%E0%A4%BE%E0%A4%AE%E0%A5%82%E0%A4%B9%E0%A4%BF%E0%A4%95_%E0%A4%B2%E0%A4%97%E0%A4%BE%E0%A4%A8%E0%A5%80_%E0%A4%AF%E0%A5%8B%E0%A4%9C%E0%A4%A8%E0%A4%BE_%E0%A4%B9%E0%A4%BF%E0%A4%B8%E0%A5%8D%E0%A4%B8%E0%A5%87%E0%A4%A6%E0%A4%BE%E0%A4%B0%E0%A5%80%E0%A4%AE%E0%A4%BE_%E0%A4%AA%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%85%E0%A4%B5%E0%A4%B8%E0%A5%8D%E0%A4%A5%E0%A4%BE%E0%A4%AE%E0%A4%BE\"><\/span>\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 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e<span class=\"ez-toc-section-end\"><\/span><\/h4>\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 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e\u0939\u0930\u0942 \u092f\u0938 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\u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \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; \u0939\u094b\u0964 \u092f\u0938\u0930\u0940, \u091c\u093e\u092a\u093e\u0928\u0940 \u0915\u093e\u0928\u0941\u0928 \u0905\u0928\u0941\u0938\u093e\u0930\u0915\u094b &#8220;\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f&#8221; \u0932\u093e\u0908 \u0932\u0917\u093e\u0928\u0940\u0915\u094b \u0935\u093f\u0937\u092f \u0939\u0941\u0928\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u093e\u0927\u0928\u0939\u0930\u0942\u092c\u093e\u091f \u0938\u094d\u092a\u0937\u094d\u091f \u0930\u0942\u092a\u092e\u093e \u091b\u0941\u091f\u094d\u092f\u093e\u0907\u090f\u0915\u094b \u091b, \u0930 \u092d\u0941\u0915\u094d\u0924\u093e\u0928\u0940\/\u0938\u092e\u093e\u092f\u094b\u091c\u0928\u0915\u094b \u092e\u093e\u0927\u094d\u092f\u092e\u0915\u094b \u0930\u0942\u092a\u092e\u093e \u0928\u093f\u092f\u092e\u0928 \u0917\u0930\u093f\u090f\u0915\u094b \u091b\u0964<\/p>\n\n\n\n<p>\u0909\u092a\u0930\u094b\u0915\u094d\u0924 2 \u0926\u0947\u0916\u093f 4 \u0938\u092e\u094d\u092e\u0915\u093e \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e\u0939\u0930\u0942 \u092a\u0942\u0930\u093e \u0917\u0930\u094d\u0928\u0947, \u0930 \u0905\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0939\u0930\u0942\u0938\u0901\u0917 \u092a\u0930\u0938\u094d\u092a\u0930 \u0935\u093f\u0928\u093f\u092e\u092f \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u092e\u0942\u0932\u094d\u092f \u092a\u0928\u093f \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f (\u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 5, \u0916\u0923\u094d\u0921 2: \u0916\u0923\u094d\u0921 2 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f) \u092e\u093e \u092a\u0930\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.jp\/corporate\/comparision-electronicmoney-virtualcurrency\" target=\"_blank\" rel=\"noreferrer noopener\">\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\u0947 \u0939\u094b? \u0915\u093e\u0928\u0941\u0928\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0930 \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u094b\u0928\u093f\u0915 \u092e\u0928\u0940 \u0906\u0926\u093f \u0938\u0902\u0917\u0915\u094b \u092d\u093f\u0928\u094d\u0928\u0924\u093e \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e<\/a><\/p>\n\n\n\n<p>\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, &#8220;\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0935\u093f\u0928\u093f\u092e\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f&#8221; \u0915\u094b \u0926\u0930\u094d\u0924\u093e \u0928\u0917\u0930\u0940, \u0928\u093f\u092e\u094d\u0928\u0932\u093f\u0916\u093f\u0924 \u0915\u093e\u0930\u094d\u092f\u0939\u0930\u0942 \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0915\u094b \u0930\u0942\u092a\u092e\u093e \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0901\u0926\u0948\u0928 (\u0927\u093e\u0930\u093e 63-2)\u0964<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n\n<blockquote class=\"wp-block-quote\">\n<p>\u090f\u0915\u3000\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u0916\u0930\u093f\u0926-\u092c\u093f\u0915\u094d\u0930\u0940 \u0935\u093e \u0905\u0928\u094d\u092f \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0938\u0901\u0917\u0915\u094b \u0935\u093f\u0928\u093f\u092e\u092f\u0964<br>\u0926\u0941\u0908\u3000\u092a\u0939\u093f\u0932\u094b \u0916\u0923\u094d\u0921\u092e\u093e \u0909\u0932\u094d\u0932\u093f\u0916\u093f\u0924 \u0915\u093e\u0930\u094d\u092f\u0939\u0930\u0942\u0915\u094b \u092e\u0927\u094d\u092f\u0938\u094d\u0925\u0924\u093e, \u092a\u094d\u0930\u0924\u093f\u0928\u093f\u0927\u093f\u0924\u094d\u0935 \u0935\u093e \u090f\u091c\u0947\u0902\u0938\u0940\u0964<br>\u0924\u0940\u0928\u3000\u092a\u0939\u093f\u0932\u0947\u0915\u093e \u0926\u0941\u0908 \u0916\u0923\u094d\u0921\u092e\u093e \u0909\u0932\u094d\u0932\u093f\u0916\u093f\u0924 \u0915\u093e\u0930\u094d\u092f\u0939\u0930\u0942 \u0938\u092e\u094d\u092c\u0928\u094d\u0927\u092e\u093e, \u092a\u094d\u0930\u092f\u094b\u0917\u0915\u0930\u094d\u0924\u093e\u0915\u094b \u0928\u0917\u0926\u0915\u094b \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0928 \u0917\u0930\u094d\u0928\u0941\u0964<br>\u091a\u093e\u0930\u3000\u0905\u0930\u0942\u0915\u094b \u0932\u093e\u0917\u093f \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0928 \u0917\u0930\u094d\u0928\u0941 (\u0909\u0915\u094d\u0924 \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e\u092a\u0928\u0932\u093e\u0908 \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0915\u094b \u0930\u0942\u092a\u092e\u093e \u0917\u0930\u094d\u0928 \u0905\u0928\u094d\u092f \u0915\u093e\u0928\u0941\u0928\u092e\u093e \u0935\u093f\u0936\u0947\u0937 \u092a\u094d\u0930\u093e\u0935\u0927\u093e\u0928 \u092d\u090f\u0915\u094b \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e \u092c\u093e\u0939\u0947\u0915)\u0964<\/p>\n\n<cite>\u0927\u0928 \u092d\u0941\u0915\u094d\u0924\u093e\u0928\u0940 \u0910\u0928 \u0927\u093e\u0930\u093e 2, \u0909\u092a\u0927\u093e\u0930\u093e 7<\/cite><\/blockquote>\n\n\n<p><!-- \/wp:group --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0935\u093f\u0928\u093f\u092e\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0932\u0947 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u091c\u093e\u0930\u0940\u0932\u093e\u0908 \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0935\u093f\u0937\u092f \u092c\u0928\u093e\u0909\u0901\u0926\u0948\u0928, \u0924\u0930 ICO \u091f\u094b\u0915\u0928 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u092e\u093e \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, \u0909\u0915\u094d\u0924 ICO \u091f\u094b\u0915\u0928\u0932\u093e\u0908 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\/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u0938\u092e\u094d\u092c\u0928\u094d\u0927\u093f\u0924 \u0932\u0947\u0916: <a href=\"https:\/\/monolith-law.jp\/corporate\/cryptocurrency-custody\" target=\"_blank\" rel=\"noreferrer noopener\">\u0915\u0938\u094d\u091f\u0921\u0940 \u0915\u093e\u0930\u094d\u092f \u0915\u0947 \u0939\u094b? \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0935\u093f\u0928\u093f\u092e\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0940\u0939\u0930\u0942\u092e\u093e \u0932\u093e\u0917\u094d\u0928\u0947 \u0928\u093f\u092f\u092e\u0928\u0915\u094b \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e<\/a><\/p>\n<p><!-- \/wp:paragraph --><br \/><!-- wp:heading {\"level\":4} --><\/p>\n<h4><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_%E2%80%9C%E0%A4%AA%E0%A5%82%E0%A4%B0%E0%A5%8D%E0%A4%B5%E0%A4%AD%E0%A5%81%E0%A4%95%E0%A5%8D%E0%A4%A4%E0%A4%BE%E0%A4%A8_%E0%A4%B5%E0%A4%BF%E0%A4%A7%E0%A4%BF%E2%80%9D_%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%AA%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%85%E0%A4%B5%E0%A4%B8%E0%A5%8D%E0%A4%A5%E0%A4%BE%E0%A4%AE%E0%A4%BE\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e &#8220;\u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0935\u093f\u0927\u093f&#8221; \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>&#8220;\u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0935\u093f\u0927\u093f&#8221; (\u0927\u093e\u0930\u093e 3, \u0909\u092a\u0927\u093e\u0930\u093e 1) \u092d\u0928\u094d\u0928\u093e\u0932\u0947 \u0928\u093f\u092e\u094d\u0928\u0932\u093f\u0916\u093f\u0924 \u092e\u093e\u092a\u0926\u0923\u094d\u0921\u0939\u0930\u0942 \u092a\u0942\u0930\u093e \u0917\u0930\u094d\u0928\u0947 \u0935\u0938\u094d\u0924\u0941\u0939\u0930\u0942\u0932\u093e\u0908 \u091c\u0928\u093e\u0909\u0901\u091b:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:list {\"ordered\":true} --><\/p>\n<ol>\n<li style=\"list-style-type: none\">\n<ol><!-- wp:list-item -->\n<li>\u0930\u0915\u092e, \u092a\u0930\u093f\u092e\u093e\u0923 \u0906\u0926\u093f \u091c\u0938\u094d\u0924\u093e \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f\u0915\u094b \u092e\u0942\u0932\u094d\u092f \u0909\u0932\u094d\u0932\u0947\u0916 \u0935\u093e \u0905\u092d\u093f\u0932\u0947\u0916 \u0917\u0930\u093f\u090f\u0915\u094b \u0939\u0941\u0928\u0941<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ol>\n<li style=\"list-style-type: none\">\n<ol>\n<li>\u0930\u0915\u092e, \u092a\u0930\u093f\u092e\u093e\u0923 \u0906\u0926\u093f \u0905\u0928\u0941\u0938\u093e\u0930\u0915\u094b \u092e\u0942\u0932\u094d\u092f \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0917\u0930\u0947\u0930 \u091c\u093e\u0930\u0940 \u0917\u0930\u093f\u0928\u0947 \u092a\u094d\u0930\u092e\u093e\u0923\u092a\u0924\u094d\u0930 \u0935\u093e \u0928\u092e\u094d\u092c\u0930 \u0906\u0926\u093f \u0939\u0941\u0928\u0941<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ol>\n<li style=\"list-style-type: none\">\n<ol>\n<li>\u0935\u093f\u0936\u093f\u0937\u094d\u091f \u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0932\u093e\u0908 \u092e\u0942\u0932\u094d\u092f\u0915\u094b \u092d\u0941\u0915\u094d\u0924\u093e\u0928\u0940\u092e\u093e \u092a\u094d\u0930\u092f\u094b\u0917 \u0917\u0930\u094d\u0928 \u0938\u0915\u093f\u0928\u0947 \u0939\u0941\u0928\u0941<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0935\u093f\u0927\u093f \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u092a\u0930\u094d\u0928\u0947 \u0905\u0935\u0938\u094d\u0925\u093e\u092e\u093e, &#8220;\u0906\u0928\u094d\u0924\u0930\u093f\u0915 \u092a\u094d\u0930\u0915\u093e\u0930&#8221; \u0935\u093e &#8220;\u0924\u0947\u0938\u094d\u0930\u094b \u092a\u0915\u094d\u0937 \u092a\u094d\u0930\u0915\u093e\u0930&#8221; \u0905\u0928\u0941\u0938\u093e\u0930, \u091c\u093e\u0930\u0940\u0915\u0930\u094d\u0924\u093e\u0932\u093e\u0908 \u0926\u0930\u094d\u0924\u093e \u0935\u093e \u0938\u0942\u091a\u0928\u093e \u0926\u093f\u0928\u0947, \u091c\u093e\u0930\u0940 \u0917\u094d\u092f\u093e\u0930\u0947\u0928\u094d\u091f\u0940 \u0930\u0915\u092e\u0915\u094b \u0927\u093f\u0924\u094b \u0930\u093e\u0916\u094d\u0928\u0947 \u091c\u0938\u094d\u0924\u093e \u0926\u093e\u092f\u093f\u0924\u094d\u0935\u0939\u0930\u0942 \u0932\u0917\u093e\u0907\u0928\u094d\u091b\u0964<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u091c\u093e\u0930\u0940 \u0917\u094d\u092f\u093e\u0930\u0947\u0928\u094d\u091f\u0940 \u0930\u0915\u092e\u0915\u094b \u0927\u093f\u0924\u094b \u0930\u093e\u0916\u094d\u0928\u0947 \u0926\u093e\u092f\u093f\u0924\u094d\u0935, \u092e\u093e\u092a\u0926\u0923\u094d\u0921 \u092e\u093f\u0924\u093f\u092e\u093e \u092a\u094d\u0930\u092f\u094b\u0917 \u0928\u0917\u0930\u093f\u090f\u0915\u094b \u092c\u093e\u0901\u0915\u0940 \u0930\u0915\u092e (\u0915\u0941\u0932 \u091c\u093e\u0930\u0940 \u0930\u0915\u092e = \u0915\u0941\u0932 \u0938\u0902\u0915\u0932\u0928 \u0930\u0915\u092e) \u0967\u0966 \u092e\u093f\u0932\u093f\u092f\u0928 \u092f\u0947\u0928 \u092d\u0928\u094d\u0926\u093e \u092c\u0922\u0940 \u092d\u090f\u092e\u093e, \u0938\u094b \u092c\u093e\u0901\u0915\u0940 \u0930\u0915\u092e\u0915\u094b \u096b\u0966% \u0928\u0917\u0926 \u091c\u093e\u0930\u0940 \u0917\u094d\u092f\u093e\u0930\u0947\u0928\u094d\u091f\u0940 \u0930\u0915\u092e\u0915\u094b \u0930\u0942\u092a\u092e\u093e \u0927\u093f\u0924\u094b \u0930\u093e\u0916\u094d\u0928\u0941\u092a\u0930\u094d\u0928\u0947 (\u0927\u093e\u0930\u093e 14, \u0909\u092a\u0927\u093e\u0930\u093e 1, \u0915\u093e\u0930\u094d\u092f\u093e\u0928\u094d\u0935\u092f\u0928 \u0906\u0926\u0947\u0936 \u0927\u093e\u0930\u093e 6) \u092d\u090f\u0915\u093e\u0932\u0947, \u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0915\u0932\u0928\u0915\u094b \u0909\u0926\u094d\u0926\u0947\u0936\u094d\u092f\u092e\u093e \u0906\u0927\u093e\u0930\u093f\u0924 ICO \u0915\u094b \u0909\u0926\u094d\u0926\u0947\u0936\u094d\u092f\u0938\u0901\u0917 \u092e\u0947\u0932 \u0928\u0916\u093e\u0928 \u0938\u0915\u094d\u091b\u0964<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u0924\u0930, \u091c\u093e\u0930\u0940 \u092e\u093f\u0924\u093f\u092c\u093e\u091f \u096c 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\u0909\u092a\u0927\u093e\u0930\u093e 2)\u0964<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u092f\u0926\u094d\u092f\u092a\u093f, <a href=\"https:\/\/www.fsa.go.jp\/common\/law\/guide\/kaisya\/16.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0935\u093f\u0928\u093f\u092e\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0926\u093f\u0936\u093e\u0928\u093f\u0930\u094d\u0926\u0947\u0936<\/a> \u2160\u30fc\u0967\uff0d\uff11 \u0905\u0928\u0941\u0938\u093e\u0930, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0930 \u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0935\u093f\u0927\u093f \u092c\u0940\u091a\u0915\u094b \u092d\u093f\u0928\u094d\u0928\u0924\u093e \u092f\u094b \u0939\u094b \u0915\u093f \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b 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id=\"%E0%A4%9C%E0%A4%BE%E0%A4%AA%E0%A4%BE%E0%A4%A8%E0%A4%AE%E0%A4%BE_%E0%A4%85%E0%A4%B5%E0%A5%88%E0%A4%A7_ICO_%E0%A4%AE%E0%A4%BE_%E0%A4%B2%E0%A4%BE%E0%A4%97%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%A6%E0%A4%A3%E0%A5%8D%E0%A4%A1\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0905\u0935\u0948\u0927 ICO \u092e\u093e \u0932\u093e\u0917\u094d\u0928\u0947 \u0926\u0923\u094d\u0921<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:image {\"id\":50418,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} --><\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-70323\" src=\"https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/06\/ico-regulation-3-300x200.jpg\" alt=\"\" width=\"840\" height=\"560\" srcset=\"https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/06\/ico-regulation-3-300x200.jpg 300w, https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/06\/ico-regulation-3-250x167.jpg 250w, https:\/\/monolith.law\/ne\/wp-content\/uploads\/sites\/47\/2025\/06\/ico-regulation-3.jpg 735w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/figure>\n<p><!-- \/wp:image --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u092f\u0926\u093f ICO \u0938\u093e\u092e\u0942\u0939\u093f\u0915 \u0932\u0917\u093e\u0928\u0940 \u092f\u094b\u091c\u0928\u093e \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924 \u092a\u0930\u094d\u091b \u0930 \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 (Financial Instruments and Exchange Act) \u0915\u094b \u0905\u0927\u0940\u0928\u092e\u093e \u091b, \u0924\u0930 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0909\u092a\u0915\u0930\u0923 \u0935\u094d\u092f\u093e\u092a\u093e\u0930\u0915\u094b \u0932\u093e\u0917\u093f \u0926\u0930\u094d\u0924\u093e \u0928\u0917\u0930\u0940 \u0905\u0935\u0948\u0927 \u0930\u0942\u092a\u092e\u093e ICO \u0917\u0930\u093f\u0928\u094d\u091b \u092d\u0928\u0947, \u096b \u0935\u0930\u094d\u0937\u0938\u092e\u094d\u092e\u0915\u094b \u0915\u0948\u0926 \u0935\u093e \u096b\u0966\u0966 \u0932\u093e\u0916 \u092f\u0947\u0928\u0938\u092e\u094d\u092e\u0915\u094b \u091c\u0930\u093f\u0935\u093e\u0928\u093e, \u0935\u093e \u0926\u0941\u0935\u0948 \u0938\u091c\u093e\u092f \u0932\u093e\u0917\u094d\u0928 \u0938\u0915\u094d\u091b (\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 \u0967\u096f\u096d \u0927\u093e\u0930\u093e \u0968 (2008))\u0964<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u0924\u094d\u092f\u0938\u0948\u0917\u0930\u0940, \u091c\u093e\u092a\u093e\u0928\u0940 \u092b\u0923\u094d\u0921 \u0938\u0947\u091f\u0932\u092e\u0947\u0928\u094d\u091f \u0910\u0928 (Fund Settlement Act) \u0915\u094b \u0909\u0932\u094d\u0932\u0919\u094d\u0918\u0928 \u0917\u0930\u094d\u0926\u0948 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0935\u093f\u0928\u093f\u092e\u092f \u0935\u094d\u092f\u0935\u0938\u093e\u092f\u0915\u094b \u0926\u0930\u094d\u0924\u093e \u0928\u0917\u0930\u0940 \u0928\u093f\u092f\u092e\u0928 \u0905\u0928\u094d\u0924\u0930\u094d\u0917\u0924\u0915\u093e \u0915\u093e\u0930\u094d\u092f\u0939\u0930\u0942 \u0917\u0930\u093f\u090f\u092e\u093e, \u0935\u093e \u092a\u0942\u0930\u094d\u0935\u092d\u0941\u0915\u094d\u0924\u093e\u0928 \u0936\u0948\u0932\u0940\u0915\u094b \u092d\u0941\u0915\u094d\u0924\u093e\u0928\u0940 \u0938\u093e\u0927\u0928 \u091c\u093e\u0930\u0940 \u0917\u0930\u094d\u0926\u093e \u0927\u093f\u0924\u094b \u0930\u093e\u0916\u094d\u0928\u0947 \u0926\u093e\u092f\u093f\u0924\u094d\u0935 \u092a\u0942\u0930\u093e \u0928\u0917\u0930\u0947\u092e\u093e, \u0969 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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%A4%BE%E0%A4%A8%E0%A5%82%E0%A4%A8%E0%A5%80_%E0%A4%B0%E0%A5%82%E0%A4%AA%E0%A4%AE%E0%A4%BE_ICO_%E0%A4%B8%E0%A4%9E%E0%A5%8D%E0%A4%9A%E0%A4%BE%E0%A4%B2%E0%A4%A8_%E0%A4%97%E0%A4%B0%E0%A5%8D%E0%A4%A8%E0%A5%87_%E0%A4%A4%E0%A4%B0%E0%A4%BF%E0%A4%95%E0%A4%BE\"><\/span>\u091c\u093e\u092a\u093e\u0928\u092e\u093e \u0915\u093e\u0928\u0942\u0928\u0940 \u0930\u0942\u092a\u092e\u093e ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0947 \u0924\u0930\u093f\u0915\u093e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0926\u093e \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \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 \u091b\u0964 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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_ICO_%E0%A4%B8%E0%A4%9E%E0%A5%8D%E0%A4%9A%E0%A4%BE%E0%A4%B2%E0%A4%A8_%E0%A4%97%E0%A4%B0%E0%A5%8D%E0%A4%A6%E0%A4%BE_%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 ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0926\u093e \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<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u092e\u093e\u0925\u093f \u0909\u0932\u094d\u0932\u0947\u0916 \u0917\u0930\u0947\u091d\u0948\u0902, ICO 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\u0915\u093f\u0928\u0915\u093f \u091c\u093e\u0930\u0940 \u0917\u0930\u093f\u0928\u0947 ICO \u091f\u094b\u0915\u0928\u0915\u094b \u0938\u093e\u092e\u0917\u094d\u0930\u0940 \u0905\u0928\u0941\u0938\u093e\u0930, \u0915\u093e\u0928\u0942\u0928\u0940 \u0905\u0928\u0941\u092a\u094d\u0930\u092f\u094b\u0917\u0915\u094b \u0938\u092e\u094d\u092c\u0928\u094d\u0927 \u092a\u0928\u093f \u091c\u091f\u093f\u0932 \u0939\u0941\u0928\u094d\u091b\u0964<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u0924\u094d\u092f\u0938\u0948\u0932\u0947, \u091c\u093e\u092a\u093e\u0928\u092e\u093e ICO \u0938\u091e\u094d\u091a\u093e\u0932\u0928 \u0917\u0930\u094d\u0928\u0947 \u0935\u093f\u091a\u093e\u0930 \u0917\u0930\u094d\u0926\u093e, \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0938\u092e\u094d\u092a\u0924\u094d\u0924\u093f \u0930 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0928\u093f\u092f\u092e\u0928\u092e\u093e \u0935\u093f\u0936\u0947\u0937\u091c\u094d\u091e\u0924\u093e 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[&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":70321,"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\/68328"}],"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=68328"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/posts\/68328\/revisions"}],"predecessor-version":[{"id":70324,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/posts\/68328\/revisions\/70324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/media\/70321"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/media?parent=68328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/categories?post=68328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/ne\/wp-json\/wp\/v2\/tags?post=68328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}