{"id":61774,"date":"2023-12-04T11:24:19","date_gmt":"2023-12-04T02:24:19","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61774"},"modified":"2024-01-10T16:30:32","modified_gmt":"2024-01-10T07:30:32","slug":"sto-securitytoken","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/it\/sto-securitytoken","title":{"rendered":"STO ve ICO Aras\u0131ndaki Fark Nedir? G\u00fcvenlik Tokeni Kavram\u0131 ve STO'nun \u00d6nemi Hakk\u0131nda A\u00e7\u0131klama"},"content":{"rendered":"\n<p>Son y\u0131llarda, STO &#8220;yeni bir fon toplama y\u00f6ntemi&#8221; olarak dikkat \u00e7ekmektedir.<\/p>\n\n\n\n<p>Blockchain gibi yeni teknolojilerin ortaya \u00e7\u0131kmas\u0131yla birlikte s\u00fcrekli de\u011fi\u015fen finansal d\u00fczenlemeler ba\u011flam\u0131nda, STO veya onun \u00e7ekirde\u011fini olu\u015fturan &#8220;g\u00fcvenlik tokeni&#8221; kavram\u0131n\u0131n hukuki konumu ne olmu\u015ftur?<\/p>\n\n\n\n<p>Ve bu, ayn\u0131 zamanda fon toplama y\u00f6ntemini ifade eden ICO kavram\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, hangi anlamda &#8220;yeni&#8221; bir \u015feydir?<\/p>\n\n\n\n<p>Bu makalede, yukar\u0131daki gibi sorulara yan\u0131t verirken, gelecekte STO hakk\u0131nda tart\u0131\u015fman\u0131n \u00f6nemini a\u00e7\u0131kl\u0131yoruz.<\/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\/tr\/it\/sto-securitytoken\/#STO_Nedir\" title=\"STO Nedir?\">STO Nedir?<\/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\/tr\/it\/sto-securitytoken\/#Hukuki_Acidan_Guvenlik_Tokeni_Nedir\" title=\"Hukuki A\u00e7\u0131dan G\u00fcvenlik Tokeni Nedir?\">Hukuki A\u00e7\u0131dan G\u00fcvenlik Tokeni Nedir?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#%E2%80%9CElektronik_Kayit_Transferi_Menkul_Kiymet_Gosterme_Haklari_vb%E2%80%9Dnin_Hukuki_Durumu\" title=\"&#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221;nin Hukuki Durumu\">&#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221;nin Hukuki Durumu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#%E2%80%9CDegerli_Menkul_Kiymetler%E2%80%9D_Kapsami\" title=\"&#8220;De\u011ferli Menkul K\u0131ymetler&#8221; Kapsam\u0131\">&#8220;De\u011ferli Menkul K\u0131ymetler&#8221; Kapsam\u0131<\/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\/tr\/it\/sto-securitytoken\/#%E2%80%9CElektronik_Kayit_Transfer_Haklari%E2%80%9D_Iliskisi\" title=\"&#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221; \u0130li\u015fkisi\">&#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221; \u0130li\u015fkisi<\/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\/tr\/it\/sto-securitytoken\/#%E2%80%9CElektronik_Kayit_Transferi_Menkul_Kiymet_Gosterme_Haklari_vb%E2%80%9D_Nedir\" title=\"&#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; Nedir?\">&#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; Nedir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#Yasal_Guvenlik_Token%E2%80%99lerini_Kullanarak_STO%E2%80%99nun_Anlami\" title=\"Yasal G\u00fcvenlik Token&#8217;lerini Kullanarak STO&#8217;nun Anlam\u0131\">Yasal G\u00fcvenlik Token&#8217;lerini Kullanarak STO&#8217;nun Anlam\u0131<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#Fiili_Guvenlik_Tokenleri_Nedir\" title=\"Fiili G\u00fcvenlik Tokenleri Nedir\">Fiili G\u00fcvenlik Tokenleri Nedir<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#STO%E2%80%99nun_Gercek_Guvenlik_Tokenlerini_Kullanmanin_Anlami\" title=\"STO&#8217;nun Ger\u00e7ek G\u00fcvenlik Tokenlerini Kullanman\u0131n Anlam\u0131\">STO&#8217;nun Ger\u00e7ek G\u00fcvenlik Tokenlerini Kullanman\u0131n Anlam\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#ICO_Nedir\" title=\"ICO Nedir?\">ICO Nedir?<\/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\/tr\/it\/sto-securitytoken\/#ICO_ve_STO_Arasindaki_Farklar\" title=\"ICO ve STO Aras\u0131ndaki Farklar\">ICO ve STO Aras\u0131ndaki Farklar<\/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\/tr\/it\/sto-securitytoken\/#Ozet_STO_Kavraminin_Tartisilmasinin_Onemi\" title=\"\u00d6zet: STO Kavram\u0131n\u0131n Tart\u0131\u015f\u0131lmas\u0131n\u0131n \u00d6nemi\">\u00d6zet: STO Kavram\u0131n\u0131n Tart\u0131\u015f\u0131lmas\u0131n\u0131n \u00d6nemi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/tr\/it\/sto-securitytoken\/#Buromuz_Tarafindan_Alinan_Onlemler\" title=\"B\u00fcromuz Taraf\u0131ndan Al\u0131nan \u00d6nlemler\">B\u00fcromuz Taraf\u0131ndan Al\u0131nan \u00d6nlemler<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"STO_Nedir\"><\/span>STO Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>STO, Security Token Offering&#8217;in ba\u015f harflerinden olu\u015fan bir k\u0131saltmad\u0131r ve genellikle, bir \u015firketin g\u00fcvenlik tokeni \u00e7\u0131kararak halktan fon toplamas\u0131n\u0131 ifade eder.<\/p>\n\n\n\n<p>G\u00fcvenlik tokeni tan\u0131m\u0131 hakk\u0131nda, yasal olarak net bir tan\u0131m bulunmamaktad\u0131r, ancak Japon G\u00fcvenlik Tokeni Derne\u011fi (JSTOA) olarak bilinen <a href=\"https:\/\/jstoa.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">Japonya STO Derne\u011fi [ja]<\/a> web sitesinde a\u015fa\u011f\u0131daki gibi bir a\u00e7\u0131klama bulunmaktad\u0131r:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>G\u00fcvenlik tokeni (Security Token) (bundan sonra &#8220;ST&#8221; olarak an\u0131lacakt\u0131r), hisse senetleri ve tahviller gibi de\u011ferli menkul k\u0131ymetlerde g\u00f6sterilen haklar\u0131n, elektronik bilgi i\u015flem organizasyonu kullan\u0131larak transfer edilebilece\u011fi m\u00fclkiyet de\u011feri (genellikle &#8220;token&#8221; olarak ifade edilir) olarak kabul edilir. Bu t\u00fcr bir ST&#8217;ye de\u011ferli menkul k\u0131ymet d\u00fczenlemelerinin uygulanaca\u011f\u0131n\u0131 netle\u015ftirmek i\u00e7in, 2020 y\u0131l\u0131nda (Gregorian takvimine g\u00f6re 2020) y\u00fcr\u00fcrl\u00fc\u011fe giren revize edilmi\u015f Japon Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 ve ilgili h\u00fck\u00fcmet kararnameleri (&#8220;Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 vb.&#8221;) kapsam\u0131nda &#8220;Elektronik Kay\u0131t Transfer De\u011ferli Menkul K\u0131ymet G\u00f6sterme Haklar\u0131&#8221; tan\u0131mlanm\u0131\u015ft\u0131r. Bu t\u00fcr bir ST&#8217;nin \u00e7\u0131kar\u0131lmas\u0131yla ger\u00e7ekle\u015ftirilen fon toplama eylemi genel olarak STO (Security Token Offering) (bundan sonra &#8220;STO&#8221; olarak an\u0131lacakt\u0131r) olarak adland\u0131r\u0131l\u0131r.<\/p>\n<cite><a href=\"https:\/\/jstoa.or.jp\/investor\/sto\/#about-sto\" target=\"_blank\" rel=\"noreferrer noopener\">Japonya STO Derne\u011fi\uff5cSTO Nedir? [ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Ayr\u0131ca, Japonya STO Derne\u011fi&#8217;nin orta\u011f\u0131 olan <a href=\"https:\/\/securitytoken.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">Japonya G\u00fcvenlik Tokeni Derne\u011fi [ja]<\/a> (bundan sonra &#8220;JSTA&#8221; olarak an\u0131lacakt\u0131r) web sitesinde a\u015fa\u011f\u0131daki gibi bir a\u00e7\u0131klama da bulunmaktad\u0131r:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>G\u00fcvenlik tokeni, blockchain a\u011f\u0131 \u00fczerinde \u00e7\u0131kar\u0131lan dijital tokenler aras\u0131nda, de\u011ferli menkul k\u0131ymetler veya di\u011fer varl\u0131klar\u0131n veya de\u011ferlerin teminat\u0131n\u0131 sa\u011flayanlar\u0131 ifade eder. Blockchain&#8217;in \u00f6zelliklerini kullanarak, teminatl\u0131 varl\u0131klara ili\u015fkin haklar\u0131 s\u0131n\u0131rs\u0131z ve g\u00fcvenli bir \u015fekilde transfer edebilir. Japon hukukunda, tipik olarak, Japon Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 kapsam\u0131nda &#8220;Elektronik Kay\u0131t Transfer De\u011ferli Menkul K\u0131ymet G\u00f6sterme Haklar\u0131&#8221; olarak tan\u0131mlananlar\u0131 ifade eder. Ancak, JSTA, bu yasan\u0131n uygulanmad\u0131\u011f\u0131 varl\u0131klar vb. i\u00e7in haklar\u0131 tokenle\u015ftiren ve bu haklar\u0131 g\u00f6steren tokenleri de geni\u015f bir \u015fekilde g\u00fcvenlik tokeni tan\u0131m\u0131na dahil etmektedir.<\/p>\n<cite><a href=\"https:\/\/securitytoken.or.jp\/st%e3%81%ae%e5%ae%9a%e7%be%a9\/\" target=\"_blank\" rel=\"noreferrer noopener\">JSTA\uff5cST&#8217;nin Tan\u0131m\u0131 ve JSTA&#8217;n\u0131n Kapsam\u0131 [ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Yani, &#8220;STO&#8221; veya &#8220;g\u00fcvenlik tokeni&#8221; gibi kavramlar\u0131n, tart\u0131\u015fmac\u0131lara g\u00f6re tam olarak neyi ifade etti\u011fi farkl\u0131l\u0131k g\u00f6sterebilir.<\/p>\n\n\n\n<p>Bu nedenle, bu makalede, \u00f6ncelikle JSTA&#8217;y\u0131 takip ederek, &#8220;g\u00fcvenlik tokeni&#8221;ni b\u00fcy\u00fck \u00f6l\u00e7\u00fcde a\u015fa\u011f\u0131daki iki kategoriye ay\u0131raca\u011f\u0131z:<\/p>\n\n\n\n<ul>\n<li>Yasal g\u00fcvenlik tokeni (= Japon Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131&#8217;n\u0131n &#8220;Elektronik Kay\u0131t Transfer De\u011ferli Menkul K\u0131ymet G\u00f6sterme Haklar\u0131&#8221; vb.)<\/li>\n\n\n\n<li>Fiili g\u00fcvenlik tokeni (= Japon Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 vb. yasalar\u0131n uygulanmad\u0131\u011f\u0131 varl\u0131klar vb. i\u00e7in haklar\u0131 tokenle\u015ftiren ve bu haklar\u0131 g\u00f6steren tokenler)<\/li>\n<\/ul>\n\n\n\n<p>Ve STO hakk\u0131nda d\u00fc\u015f\u00fcn\u00fcrken, hangi g\u00fcvenlik tokeni hakk\u0131nda oldu\u011funu a\u00e7\u0131k\u00e7a ay\u0131rt etmek \u00f6nemlidir. \u00c7\u00fcnk\u00fc, yasal g\u00fcvenlik tokenine uyan durumlarda, Japon Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131&#8217;n\u0131n a\u00e7\u0131klama d\u00fczenlemeleri ve i\u015f d\u00fczenlemeleri vb. uygulan\u0131rken, fiili g\u00fcvenlik tokenlerine bu d\u00fczenlemeler uygulanmaz, bu nedenle gereken prosed\u00fcrlerde b\u00fcy\u00fck farkl\u0131l\u0131klar vard\u0131r.<\/p>\n\n\n\n<p>Dolay\u0131s\u0131yla, a\u015fa\u011f\u0131da, yasal g\u00fcvenlik tokeni ve fiili g\u00fcvenlik tokeni olmak \u00fczere iki kategoriye ay\u0131rarak, her bir STO&#8217;nun anlam\u0131n\u0131 a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hukuki_Acidan_Guvenlik_Tokeni_Nedir\"><\/span>Hukuki A\u00e7\u0131dan G\u00fcvenlik Tokeni Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Hukuki a\u00e7\u0131dan g\u00fcvenlik (menkul k\u0131ymet), asl\u0131nda Japon Menkul K\u0131ymetler ve Borsa Kanunu&#8217;nda (Japanese Securities and Exchange Law) belirtildi\u011fi \u00fczere &#8216;de\u011ferli belge&#8217; anlam\u0131na gelir. Token ise, hukuki a\u00e7\u0131dan, &#8216;haklar\u0131n elektronik olarak kaydedilebilir ve transfer edilebilir maddi de\u011feri temsil eden bir \u015fey&#8217; olarak ifade edilir.<\/p>\n\n\n\n<p class=\"has-text-align-left\">Bu makalede, haklar\u0131 token olarak g\u00f6sterme i\u015flemine &#8216;tokenle\u015ftirme&#8217; diyece\u011fiz. Burada bahsedilen elektronik i\u015flem, genellikle blockchain teknolojisi ile ilgilidir, ancak yaln\u0131zca bu teknoloji ile s\u0131n\u0131rl\u0131 de\u011fildir.<\/p>\n\n\n\n<p>Ve hukuki a\u00e7\u0131dan g\u00fcvenlik tokenini net bir \u015fekilde ifade eden kavram &#8216;elektronik kay\u0131t transfer de\u011ferli belge temsil hakk\u0131&#8217; (Japanese Electronic Record Transferable Securities) olarak adland\u0131r\u0131l\u0131r. Ancak, bu kavram\u0131n hukuki stat\u00fcs\u00fc biraz karma\u015f\u0131kt\u0131r, bu y\u00fczden s\u0131rayla ve dikkatlice inceleyece\u011fiz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CElektronik_Kayit_Transferi_Menkul_Kiymet_Gosterme_Haklari_vb%E2%80%9Dnin_Hukuki_Durumu\"><\/span>&#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221;nin Hukuki Durumu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Biraz uzun oldu\u011fu i\u00e7in, a\u015fa\u011f\u0131daki gibi par\u00e7alara ay\u0131ral\u0131m:<\/p>\n\n\n\n<ul>\n<li>&#8220;Elektronik Kay\u0131t Transferi&#8221;<\/li>\n\n\n\n<li>&#8220;Menkul K\u0131ymet G\u00f6sterme Haklar\u0131&#8221;<\/li>\n\n\n\n<li>&#8220;vb.&#8221;<\/li>\n<\/ul>\n\n\n\n<p>\u00d6ncelikle, &#8220;Elektronik Kay\u0131t Transferi&#8221;, &#8220;elektronik olarak kaydedilebilir ve transfer edilebilir ~&#8221; anlam\u0131na gelir ve daha \u00f6nce bahsedilen &#8220;tokenize&#8221; edilmi\u015f \u015feyleri ifade eder.<\/p>\n\n\n\n<p>Sonra &#8220;Menkul K\u0131ymet G\u00f6sterme Haklar\u0131&#8221;na geliriz. Bu konuda, \u00f6ncelikle, &#8220;Menkul K\u0131ymet&#8221; adl\u0131 hukuki kavram\u0131 do\u011fru bir \u015fekilde anlamak gerekti\u011fi i\u00e7in, a\u015fa\u011f\u0131da a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CDegerli_Menkul_Kiymetler%E2%80%9D_Kapsami\"><\/span>&#8220;De\u011ferli Menkul K\u0131ymetler&#8221; Kapsam\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>De\u011ferli menkul k\u0131ymetler, Japon Finansal Ara\u00e7lar ve Borsa Yasas\u0131&#8217;n\u0131n (FIEA) uygulama kapsam\u0131n\u0131 belirleyen temel bir kavramd\u0131r. Ancak, de\u011ferli menkul k\u0131ymetler denildi\u011finde, FIEA kapsam\u0131nda genellikle &#8220;Madde 1 De\u011ferli Menkul K\u0131ymetler&#8221; ve &#8220;Varsay\u0131lan De\u011ferli Menkul K\u0131ymetler&#8221; olmak \u00fczere iki kategoriye ayr\u0131l\u0131r ve bu t\u00fcrlerin her biri, if\u015fa d\u00fczenlemeleri ve i\u015f d\u00fczenlemeleri uygulamalar\u0131 a\u00e7\u0131s\u0131ndan farkl\u0131l\u0131k g\u00f6sterir.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<figure class=\"wp-block-image size-full is-style-default\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/09\/a264a031ec0bb22828cdb26e90f7b61b.png\" alt=\"\u300cDe\u011ferli Menkul K\u0131ymetler\u300d Kapsam\u0131\" class=\"wp-image-50681\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<p>Madde 1 De\u011ferli Menkul K\u0131ymetler ve Varsay\u0131lan De\u011ferli Menkul K\u0131ymetler aras\u0131ndaki ayr\u0131m\u0131n temelinde &#8220;likidite&#8221; bulunmaktad\u0131r.<\/p>\n\n\n\n<p>Tipik olarak y\u00fcksek likiditeye sahip Madde 1 De\u011ferli Menkul K\u0131ymetler, genellikle if\u015fa d\u00fczenlemelerine tabidir ve i\u015f d\u00fczenlemeleri a\u00e7\u0131s\u0131ndan da s\u0131k\u0131 d\u00fczenlemelere tabidir. \u00d6te yandan, tipik olarak d\u00fc\u015f\u00fck likiditeye sahip Varsay\u0131lan De\u011ferli Menkul K\u0131ymetler, genellikle if\u015fa d\u00fczenlemelerine tabi de\u011fildir ve i\u015f d\u00fczenlemeleri de Madde 1 De\u011ferli Menkul K\u0131ymetlere k\u0131yasla daha gev\u015fektir.<\/p>\n\n\n\n<p>Madde 1 De\u011ferli Menkul K\u0131ymetler, de\u011ferli menkul k\u0131ymetlerin fiziksel (ka\u011f\u0131t) olarak \u00e7\u0131kar\u0131l\u0131p piyasada i\u015flem g\u00f6rd\u00fc\u011f\u00fc i\u00e7in tipik olarak y\u00fcksek likiditeye sahipken, Varsay\u0131lan De\u011ferli Menkul K\u0131ymetler, &#8220;haklar\u0131n soyut bir kavram olarak de\u011ferli menkul k\u0131ymet olarak kabul edildi\u011fi&#8221; bir durum oldu\u011fu i\u00e7in, tipik olarak d\u00fc\u015f\u00fck likiditeye sahip oldu\u011fu d\u00fc\u015f\u00fcn\u00fclmektedir.<\/p>\n\n\n\n<p>Yani, &#8220;De\u011ferli Menkul K\u0131ymet G\u00f6sterme Hakk\u0131&#8221;, asl\u0131nda Madde 1&#8217;in her maddesinde belirtilen de\u011ferli menkul k\u0131ymetlerde g\u00f6sterilmesi gereken haklar\u0131n, fiziksel olarak \u00e7\u0131kar\u0131lmad\u0131\u011f\u0131 (basit\u00e7e, elektronik olarak \u00e7\u0131kar\u0131ld\u0131\u011f\u0131) durumlarda ilgili haklar\u0131 ifade eder.<\/p>\n\n\n\n<p>Ancak, bu \u015fekilde elektronik olarak \u00e7\u0131kar\u0131lan haklarla ilgili olarak, karma\u015f\u0131k bir durum olan, FIEA kapsam\u0131nda &#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221; ad\u0131 verilen ayr\u0131 bir kavram\u0131n varl\u0131\u011f\u0131ndan dolay\u0131, bu konuda da bir a\u00e7\u0131klama yap\u0131lmas\u0131 gerekmektedir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CElektronik_Kayit_Transfer_Haklari%E2%80%9D_Iliskisi\"><\/span>&#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221; \u0130li\u015fkisi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>STO, genellikle &#8220;yeni bir fon toplama y\u00f6ntemi&#8221; olarak ifade edilir ve mevcut de\u011ferli menkul k\u0131ymet t\u00fcrlerine tam olarak dahil olmayan haklar\u0131 tokenle\u015ftirme \u00f6zelli\u011fi ile dikkat \u00e7eker.<\/p>\n\n\n\n<p>Japon Finansal Ara\u00e7lar ve Borsa Kanunu (FIEA), bu t\u00fcr yeni finansal \u00fcr\u00fcnlere de yan\u0131t verebilmek i\u00e7in, uygulama kapsam\u0131n\u0131n d\u0131\u015f s\u0131n\u0131rlar\u0131n\u0131 \u00e7izen kapsay\u0131c\u0131 bir h\u00fck\u00fcm olarak 2. Madde 2. F\u0131kra 5. Maddesini belirlemi\u015ftir ve genellikle bu maddede belirtilen haklar\u0131 &#8220;Kolektif Yat\u0131r\u0131m \u015eemas\u0131 Paylar\u0131&#8221; olarak adland\u0131r\u0131r.<\/p>\n\n\n\n<p>Ve FIEA, Kolektif Yat\u0131r\u0131m \u015eemas\u0131 Paylar\u0131 da dahil olmak \u00fczere 2. Madde 2. F\u0131kra&#8217;da belirtilen haklar\u0131 tokenle\u015ftirenleri &#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221; olarak d\u00fczenler.<\/p>\n\n\n\n<p>Yani, &#8220;De\u011ferli Menkul K\u0131ymet G\u00f6sterme Haklar\u0131&#8221; ve &#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221;, haklar\u0131 tokenle\u015ftirme noktas\u0131nda ortakl\u0131k g\u00f6sterir, ancak tokenle\u015ftirilecek haklarda farkl\u0131l\u0131klar vard\u0131r.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/09\/0272aa24a008f8af345139a2be808d6c-1024x105.png\" alt=\"\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6a29\u5229\u300d\u3068\u306e\u95a2\u4fc2\" class=\"wp-image-50673\" \/><\/figure>\n\n\n\n<p>Elektronik Kay\u0131t Transfer Haklar\u0131na uygun oldu\u011funda, asl\u0131nda d\u00fc\u015f\u00fck likiditeye sahip oldu\u011fu i\u00e7in if\u015fa d\u00fczenlemelerinin uygulanmad\u0131\u011f\u0131 varsay\u0131lan de\u011ferli menkul k\u0131ymetler bile, if\u015fa d\u00fczenlemeleri uygulamas\u0131 a\u00e7\u0131s\u0131ndan 1. F\u0131kra de\u011ferli menkul k\u0131ymetleri olarak kabul edilir (FIEA Madde 2, F\u0131kra 3). Bu \u00f6zelli\u011fi vard\u0131r (Ayr\u0131ca, FIEA Madde 28, F\u0131kra 1, Madde 1, i\u015f d\u00fczenlemeleri uygulamas\u0131 a\u00e7\u0131s\u0131ndan da Elektronik Kay\u0131t Transfer Haklar\u0131n\u0131 1. F\u0131kra de\u011ferli menkul k\u0131ymetleri ile ayn\u0131 seviyede kabul eder).<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Bu kanuna g\u00f6re, &#8220;de\u011ferli menkul k\u0131ymetlerin toplanmas\u0131&#8221;, yeni yay\u0131nlanan de\u011ferli menkul k\u0131ymetlerin al\u0131m ba\u015fvurusunun te\u015fviki (buna benzer olanlar\u0131 ve kabine d\u00fczenlemesi ile belirlenenleri (a\u015fa\u011f\u0131daki f\u0131kralarda &#8220;al\u0131m te\u015fvik benzeri eylemler&#8221; olarak adland\u0131r\u0131l\u0131r) dahil eder. A\u015fa\u011f\u0131da &#8220;al\u0131m te\u015fviki&#8221; denir.) aras\u0131nda, bu al\u0131m te\u015fvikinin 1. F\u0131kra&#8217;da belirtilen de\u011ferli menkul k\u0131ymetler veya \u00f6nceki f\u0131kran\u0131n h\u00fck\u00fcmlerine g\u00f6re de\u011ferli menkul k\u0131ymet olarak kabul edilen de\u011ferli menkul k\u0131ymet g\u00f6sterme haklar\u0131, belirli elektronik kay\u0131t bor\u00e7lar\u0131 veya ayn\u0131 f\u0131kra (Not: 2. Madde 2. F\u0131kra) haklar\u0131 (elektronik bilgi i\u015flem organizasyonu kullan\u0131larak transfer edilebilen m\u00fclkiyet de\u011feri (elektronik cihazlar veya di\u011fer nesneler \u00fczerinde elektronik y\u00f6ntemlerle kaydedilenlerle s\u0131n\u0131rl\u0131d\u0131r.) durumunda (likidite ve di\u011fer durumlar\u0131 dikkate alarak kabine d\u00fczenlemesi ile belirlenen durumlar hari\u00e7.) s\u0131n\u0131rl\u0131d\u0131r. A\u015fa\u011f\u0131da &#8220;Elektronik Kay\u0131t Transfer Haklar\u0131&#8221; denir.) (A\u015fa\u011f\u0131daki f\u0131kralar ve Madde 2&#8217;nin \u00fc\u00e7\u00fcnc\u00fcs\u00fc, d\u00f6rd\u00fcnc\u00fcs\u00fc ve be\u015fincisi ile Madde 23&#8217;\u00fcn on \u00fc\u00e7\u00fcnc\u00fcs\u00fc, d\u00f6rd\u00fcnc\u00fcs\u00fcnde &#8220;1. F\u0131kra de\u011ferli menkul k\u0131ymetleri&#8221; denir.) ile ilgili olan durumlarda, bu al\u0131m te\u015fvikinin \u00f6nceki f\u0131kran\u0131n h\u00fck\u00fcmlerine g\u00f6re de\u011ferli menkul k\u0131ymet olarak kabul edilen ayn\u0131 f\u0131kra&#8217;da belirtilen haklar (Elektronik Kay\u0131t Transfer Haklar\u0131 hari\u00e7. A\u015fa\u011f\u0131daki f\u0131kralar ve Madde 2&#8217;nin \u00fc\u00e7\u00fcnc\u00fcs\u00fc, d\u00f6rd\u00fcnc\u00fcs\u00fc ve be\u015fincisi ile Madde 23&#8217;\u00fcn on \u00fc\u00e7\u00fcnc\u00fcs\u00fc, d\u00f6rd\u00fcnc\u00fcs\u00fcnde &#8220;2. F\u0131kra de\u011ferli menkul k\u0131ymetleri&#8221; denir.) ile ilgili olan durumlarda, 3. Madde&#8217;de belirtilen durumlara uygundur ve &#8220;de\u011ferli menkul k\u0131ymetlerin \u00f6zel toplanmas\u0131&#8221;, al\u0131m te\u015fvikinin de\u011ferli menkul k\u0131ymetlerin toplanmas\u0131na uymayan bir durum oldu\u011funu belirtir.<\/p>\n<cite>FIEA Madde 2, F\u0131kra 3<\/cite><\/blockquote>\n\n\n\n<p>Elektronik Kay\u0131t Transfer Haklar\u0131na y\u00f6nelik d\u00fczenlemelerin bu \u015fekilde \u00f6zel bir yap\u0131ya sahip olmas\u0131n\u0131n iki nedeni vard\u0131r.<\/p>\n\n\n\n<p>Birincisi, token tasar\u0131m\u0131n\u0131n y\u00fcksek \u00f6zg\u00fcrl\u00fc\u011fe sahip olmas\u0131 nedeniyle, di\u011fer de\u011ferli menkul k\u0131ymetlerle ayn\u0131 seviyede a\u00e7\u0131k\u00e7a ayr\u0131 ayr\u0131 listelemek zor olabilir. \u0130kincisi, Elektronik Kay\u0131t Transfer Haklar\u0131, Kolektif Yat\u0131r\u0131m \u015eemas\u0131 Paylar\u0131 kavram\u0131n\u0131 kapsayabilir, ancak bu durumda, if\u015fa d\u00fczenlemelerinin uygulanmad\u0131\u011f\u0131 2. F\u0131kra de\u011ferli menkul k\u0131ymetlerine yerle\u015ftirilir ve bu durumda, blockchain \u00fczerinde i\u015flem g\u00f6rd\u00fc\u011f\u00fc i\u00e7in likiditenin y\u00fcksek olmas\u0131 gibi token \u00f6zelliklerine yan\u0131t veremez.<\/p>\n\n\n\n<p>Elektronik Kay\u0131t Transfer Haklar\u0131n\u0131n tan\u0131m\u0131n\u0131n, de\u011ferli menkul k\u0131ymetlerin tan\u0131m h\u00fck\u00fcmlerinde de\u011fil, &#8220;de\u011ferli menkul k\u0131ymetlerin toplanmas\u0131&#8221;n\u0131n tan\u0131m h\u00fck\u00fcmlerinde yer almas\u0131n\u0131n nedeni de budur.<\/p>\n\n\n\n<p>Detaylar\u0131 burada belirtmeyece\u011fim, ancak kabine d\u00fczenlemesi ile Elektronik Kay\u0131t Transfer Haklar\u0131ndan hari\u00e7 tutulanlar, elektronik olarak yay\u0131nlanm\u0131\u015f olsalar bile, normalde oldu\u011fu gibi varsay\u0131lan de\u011ferli menkul k\u0131ymetler olarak kabul edilir (Finansal Ara\u00e7lar ve Borsa Kanunu Madde 2&#8217;ye g\u00f6re tan\u0131m\u0131 belirleyen Kabine D\u00fczenlemesi Madde 9, F\u0131kra 2).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CElektronik_Kayit_Transferi_Menkul_Kiymet_Gosterme_Haklari_vb%E2%80%9D_Nedir\"><\/span>&#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yukar\u0131dakileri g\u00f6z \u00f6n\u00fcnde bulundurarak, &#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221;nin Japon Finansal Hizmetler Yasas\u0131&#8217;ndaki (Japon Finansal Hizmetler Yasas\u0131) konumunu belirleyelim.<\/p>\n\n\n\n<p>Asl\u0131nda, &#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; kavram\u0131, Japon Finansal Hizmetler Yasas\u0131&#8217;n\u0131n ana h\u00fck\u00fcmleri yerine, &#8220;Finansal \u00dcr\u00fcn Ticareti \u0130\u015flemleri ile \u0130lgili Kabine D\u00fczenlemesi&#8221; (bundan sonra &#8220;\u0130\u015f D\u00fczenlemesi&#8221;) i\u00e7inde tan\u0131mlanm\u0131\u015ft\u0131r (\u0130\u015f D\u00fczenlemesi Madde 1, F\u0131kra 4, Madde 17).<\/p>\n\n\n\n<p>Buna g\u00f6re, &#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; &#8220;Japon Finansal Hizmetler Yasas\u0131 Madde 29-2, F\u0131kra 1, Madde 8&#8217;de belirtilen haklar&#8221; (a\u015fa\u011f\u0131da) olarak belirlenmi\u015ftir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Madde 2, F\u0131kra 2 h\u00fck\u00fcmlerine g\u00f6re menkul k\u0131ymet olarak kabul edilen haklar (ilgili haklar\u0131n kayd\u0131 veya transferi, di\u011fer durumlar g\u00f6z \u00f6n\u00fcnde bulundurularak, kamu yarar\u0131 veya yat\u0131r\u0131mc\u0131 korumas\u0131 i\u00e7in \u00f6zellikle gerekli olanlar Kabine D\u00fczenlemesi ile s\u0131n\u0131rl\u0131d\u0131r.)<\/p>\n<cite>Japon Finansal Hizmetler Yasas\u0131 Madde 29-2, F\u0131kra 1, Madde 8<\/cite><\/blockquote>\n\n\n\n<p>Yani, &#8220;varsay\u0131lan menkul k\u0131ymetler&#8221; aras\u0131nda tokenle\u015ftirilmi\u015f olanlar (\u0130\u015f D\u00fczenlemesi Madde 6-3).<\/p>\n\n\n\n<p>&#8220;vb.&#8221; ifadesi, tokenle\u015ftirme hedefinin &#8220;varsay\u0131lan menkul k\u0131ymetler&#8221; t\u00fcm\u00fcn\u00fc i\u00e7eren menkul k\u0131ymet g\u00f6sterme haklar\u0131n\u0131 i\u00e7erdi\u011fi i\u00e7in kullan\u0131lm\u0131\u015ft\u0131r. Yani, &#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; ifadesi &#8220;Elektronik Kay\u0131t Transferi Haklar\u0131&#8221;n\u0131 da i\u00e7erir.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/09\/34be788831efd1b96b2c0a91310ade52-1024x164.png\" alt=\"\u300cElektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.\u300d nedir\" class=\"wp-image-51469\" \/><\/figure>\n\n\n\n<p>Not: &#8220;Elektronik Kay\u0131t Transferi Menkul K\u0131ymet G\u00f6sterme Haklar\u0131 vb.&#8221; kavram\u0131n\u0131n \u0130\u015f D\u00fczenlemesi ile d\u00fczenlenmesinin nedeni, yukar\u0131da belirtildi\u011fi gibi, tokenle\u015ftirme kavram\u0131n\u0131n if\u015fa d\u00fczenlemelerine tabi olmas\u0131 ve i\u015f d\u00fczenlemelerinin uygulanmas\u0131nda, tokenle\u015ftirme ile beraber gelen \u00f6zg\u00fcn d\u00fczenlemeleri (Japon Finansal Hizmetler Yasas\u0131 Madde 29-2, F\u0131kra 1, Madde 8 vb.) i\u00e7ermesidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yasal_Guvenlik_Token%E2%80%99lerini_Kullanarak_STO%E2%80%99nun_Anlami\"><\/span>Yasal G\u00fcvenlik Token&#8217;lerini Kullanarak STO&#8217;nun Anlam\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yukar\u0131da belirtildi\u011fi gibi, yasal g\u00fcvenlik token&#8217;lerini kullanarak yap\u0131lan STO, s\u0131k\u0131 finansal d\u00fczenlemelere uymakla birlikte, yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan, ihra\u00e7 edenin g\u00fcvenilirli\u011fi belirli bir \u00f6l\u00e7\u00fcde garanti edilir. Ancak, bu durumun bir dezavantaj\u0131, prosed\u00fcrlerin zaman almas\u0131 nedeniyle h\u0131zl\u0131 bir \u015fekilde fon toplaman\u0131n zor olmas\u0131d\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fiili_Guvenlik_Tokenleri_Nedir\"><\/span>Fiili G\u00fcvenlik Tokenleri Nedir<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Di\u011fer yandan, STO&#8217;nun anlam\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcrken, fiili g\u00fcvenlik tokenlerini de g\u00f6z ard\u0131 edemeyiz.<\/p>\n\n\n\n<p>Daha \u00f6nce belirtildi\u011fi gibi, fiili g\u00fcvenlik tokenleri, Finansal Ara\u00e7lar ve Borsa Yasas\u0131 (Japon Finansal Ara\u00e7lar ve Borsa Yasas\u0131) gibi yasalar\u0131n uygulanmad\u0131\u011f\u0131 varl\u0131klar\u0131n haklar\u0131n\u0131 tokenle\u015ftiren ve bu haklar\u0131 g\u00f6steren tokenleri ifade eder.<\/p>\n\n\n\n<p>JSTA&#8217;n\u0131n (Japon G\u00fcvenlik Token Derne\u011fi) s\u0131n\u0131fland\u0131rmas\u0131na g\u00f6re, a\u015fa\u011f\u0131daki diyagramdaki &#8220;Geni\u015f anlamda ST&#8221; taraf\u0131ndan sadece kapsanan k\u0131s\u0131m (&#8220;Yukar\u0131da belirtilenlerin d\u0131\u015f\u0131ndaki varl\u0131k haklar\u0131n\u0131n tokenle\u015ftirilmesi&#8221;)&#8217;dir.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/09\/0acb377d10ecd2da5be08f90e77979b9-1024x761.png\" alt=\"Japon STO Derne\u011fi taraf\u0131ndan G\u00fcvenlik Tokenlerinin tan\u0131m\u0131 ve s\u0131n\u0131fland\u0131r\u0131lmas\u0131\" class=\"wp-image-51372\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/securitytoken.or.jp\/st%E3%81%AE%E5%AE%9A%E7%BE%A9\/\" target=\"_blank\" rel=\"noreferrer noopener\">JSTA taraf\u0131ndan G\u00fcvenlik Tokenlerinin tan\u0131m\u0131 ve s\u0131n\u0131fland\u0131r\u0131lmas\u0131 [ja]<\/a><\/figcaption><\/figure>\n\n\n\n<p>\u00d6te yandan, belirli gayrimenkul ortak giri\u015fimleri yasas\u0131 (Japon Belirli Gayrimenkul Ortak Giri\u015fimleri Yasas\u0131) uyar\u0131nca yap\u0131lan yat\u0131r\u0131m paylar\u0131, a\u00e7\u0131k\u00e7a kolektif yat\u0131r\u0131m \u015femas\u0131 paylar\u0131ndan hari\u00e7 tutulmu\u015ftur (Finansal Ara\u00e7lar ve Borsa Yasas\u0131 Madde 2, F\u0131kra 2, Madde 5, Alt Madde Ha). Ancak, temelde kolektif yat\u0131r\u0131m \u015femas\u0131 pay\u0131 niteli\u011fi (yat\u0131r\u0131m \u00f6zelli\u011fi) ta\u015f\u0131d\u0131\u011f\u0131 ve uygunluk ilkesi veya zarar tazminat\u0131 yasa\u011f\u0131 gibi baz\u0131 Finansal Ara\u00e7lar ve Borsa Yasas\u0131 kurallar\u0131n\u0131 uygulad\u0131\u011f\u0131 (Belirli Gayrimenkul Ortak Giri\u015fimleri Yasas\u0131 Madde 21, F\u0131kra 2) i\u00e7in, bu da geni\u015f anlamda yasal g\u00fcvenlik tokeni olarak kabul edilebilir.<\/p>\n\n\n\n<p>Di\u011fer yandan, \u00fcyelik haklar\u0131 veya parasal alacak haklar\u0131 gibi, Finansal Ara\u00e7lar ve Borsa Yasas\u0131 veya \u00d6deme Hizmetleri Yasas\u0131 gibi di\u011fer yasal d\u00fczenlemelerin uygulanmad\u0131\u011f\u0131 \u015fekilde tasarlanm\u0131\u015f haklar\u0131n sat\u0131\u015f\u0131 yoluyla fon toplama durumunda, bu finansal \u00fcr\u00fcnler, yat\u0131r\u0131ma yak\u0131n bir nitelik ta\u015f\u0131mas\u0131na ra\u011fmen, yasal bilgi a\u00e7\u0131klama y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc veya ihra\u00e7 ko\u015fullar\u0131 yoktur ve taraflar aras\u0131nda serbest bir s\u00f6zle\u015fmeye b\u0131rak\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>Japon STO Derne\u011fi gibi Finansal Ara\u00e7lar ve Borsa Yasas\u0131 \u00fczerinde \u00f6z d\u00fczenleyici kurulu\u015flar, bu t\u00fcr yasal d\u00fczenlemelerin uygulanmad\u0131\u011f\u0131 fiili finansal \u00fcr\u00fcnler i\u00e7in, yasalardan daha y\u00fcksek bir d\u00fczeyde normlar belirleyerek yasalar\u0131 tamamlar ve piyasaya g\u00fcven ve yat\u0131r\u0131mc\u0131 korumas\u0131n\u0131 sa\u011flar.<\/p>\n\n\n\n<p>\u00d6zellikle, STO gibi yeni fon toplama y\u00f6ntemlerine kar\u015f\u0131, \u00f6z d\u00fczenleyici kurulu\u015flar\u0131n oynad\u0131\u011f\u0131 rol\u00fcn b\u00fcy\u00fck oldu\u011funu s\u00f6yleyebiliriz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"STO%E2%80%99nun_Gercek_Guvenlik_Tokenlerini_Kullanmanin_Anlami\"><\/span>STO&#8217;nun Ger\u00e7ek G\u00fcvenlik Tokenlerini Kullanman\u0131n Anlam\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ger\u00e7ek g\u00fcvenlik tokenlerini kullanarak yap\u0131lan STO, hukuki g\u00fcvenlik tokenlerini kullanarak yap\u0131lan STO&#8217;nun aksine, kat\u0131 finansal d\u00fczenlemelere tabi olmad\u0131\u011f\u0131 i\u00e7in, basit ve h\u0131zl\u0131 bir \u015fekilde fon toplama imkan\u0131 sunar.<\/p>\n\n\n\n<p>Ancak, bununla birlikte, ihra\u00e7\u00e7\u0131n\u0131n kredibilitesi sistemsel olarak garanti edilmedi\u011fi i\u00e7in, bazen doland\u0131r\u0131c\u0131l\u0131k eylemleri de g\u00f6r\u00fclebilir. Bu durumun sorun haline geldi\u011fi yer, ICO&#8217;dur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO_Nedir\"><\/span>ICO Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICO, Initial Coin Offering&#8217;in ba\u015f harflerinden olu\u015fan bir k\u0131saltmad\u0131r ve genellikle, \u015firketlerin elektronik tokenler (a\u015fa\u011f\u0131da &#8220;ICO tokenleri&#8221; olarak an\u0131lacakt\u0131r) \u00e7\u0131kararak, halktan kripto para birimleri toplamas\u0131 eylemini ifade eder.<\/p>\n\n\n\n<p>Bu \u015fekilde, ICO tokenleri, \u00e7\u0131kar\u0131c\u0131lar i\u00e7in basit ve h\u0131zl\u0131 bir b\u00fcy\u00fck \u00f6l\u00e7ekli fon toplama arac\u0131 olurken, di\u011fer yandan yat\u0131r\u0131mc\u0131lar i\u00e7in y\u00fcksek riskli bir finansal \u00fcr\u00fcnd\u00fcr. Ancak, o d\u00f6nemde yeni \u00e7\u0131kar\u0131lan coinlerin fiyatlar\u0131n\u0131n h\u0131zla artmas\u0131 ve bu durumun yaratt\u0131\u011f\u0131 beklentilerle birlikte, ICO&#8217;lar\u0131n say\u0131s\u0131 d\u00fcnya genelinde patlama yapt\u0131.<\/p>\n\n\n\n<p>Ancak, kripto para birimlerinin yat\u0131r\u0131m olarak kullan\u0131lmas\u0131na y\u00f6nelik fon toplama eyleminin yasal d\u00fczenlemelere tabi olup olmad\u0131\u011f\u0131 belirsiz oldu\u011fundan, \u00e7\u0131kar\u0131c\u0131lar\u0131n g\u00fcvenilirli\u011fi garanti edilemedi ve doland\u0131r\u0131c\u0131l\u0131k vakalar\u0131 g\u00f6r\u00fcld\u00fc.<\/p>\n\n\n\n<p>Bu nedenle, Japonya&#8217;da, Reiwa d\u00f6neminin ilk y\u0131l\u0131nda (2019), kripto para birimlerinin yat\u0131r\u0131m olarak kullan\u0131lmas\u0131na y\u00f6nelik fon toplama eylemine de &#8216;Japon Finansal Ara\u00e7lar ve Borsa Kanunu&#8217;nun (Finansal Ara\u00e7lar ve Borsa Kanunu Madde 2-2) d\u00fczenlemelerinin uygulanaca\u011f\u0131 a\u00e7\u0131k\u00e7a belirtilmi\u015ftir. Ayr\u0131ca, yat\u0131r\u0131m tipi ICO tokenlerinin yukar\u0131da belirtilen &#8220;elektronik kay\u0131t transfer haklar\u0131&#8221; olarak Japon Finansal Ara\u00e7lar ve Borsa Kanunu&#8217;nda yeni bir d\u00fczenlemeye tabi tutulmas\u0131yla, ICO&#8217;lar\u0131n da \u00e7e\u015fitli de\u011ferli ka\u011f\u0131t d\u00fczenlemelerine tabi olaca\u011f\u0131 belirlenmi\u015ftir.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/ico-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">ICO&#8217;ya Y\u00f6nelik Yasal D\u00fczenlemeler ve Yasal Olarak Nas\u0131l Yap\u0131laca\u011f\u0131 [ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO_ve_STO_Arasindaki_Farklar\"><\/span>ICO ve STO Aras\u0131ndaki Farklar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yukar\u0131da belirtildi\u011fi gibi, yat\u0131r\u0131m tipi ICO tokenlerine y\u00f6nelik \u00e7e\u015fitli de\u011ferli menkul k\u0131ymetler d\u00fczenlemeleri uygulanm\u0131\u015ft\u0131r. Sonu\u00e7 olarak, yat\u0131r\u0131m tipi ICO tokenleri art\u0131k hukuki olarak g\u00fcvenlik tokenlerine denk gelir ve bu durumda, STO ve ICO aras\u0131ndaki ger\u00e7ek fark\u0131n ortadan kalkt\u0131\u011f\u0131n\u0131 s\u00f6yleyebiliriz.<\/p>\n\n\n\n<p>Ek olarak, ICO tokenlerinin &#8216;yat\u0131r\u0131m tipi&#8217; d\u0131\u015f\u0131nda &#8216;di\u011fer hak tipi&#8217; ve &#8216;hak i\u00e7ermeyen tip&#8217; gibi \u00e7e\u015fitleri vard\u0131r. Bunlar i\u00e7in ayr\u0131ca, kripto varl\u0131k de\u011fi\u015fim i\u015flemleri gibi para transferi yasalar\u0131 uygulan\u0131r. Bu noktada, STO ve ICO aras\u0131nda bir fark oldu\u011funu s\u00f6yleyebiliriz.<\/p>\n\n\n\n<p>Yine de, finansal d\u00fczenlemelere uymak STO&#8217;nun \u00f6z\u00fcd\u00fcr. Bu durumda, belirsiz bir kavram olan STO&#8217;yu \u00f6zellikle ortaya \u00e7\u0131karmaya gerek yoktur, yukar\u0131da belirtildi\u011fi gibi hukuki kavramlar\u0131 kullanmak yeterlidir. \u00d6zellikle, STO ve ICO aras\u0131ndaki ger\u00e7ek fark\u0131n ortadan kalkt\u0131\u011f\u0131 \u015fu anda, bu daha da ge\u00e7erlidir.<\/p>\n\n\n\n<p>Son olarak, gelecekte STO kavram\u0131n\u0131 \u00f6zellikle tart\u0131\u015fman\u0131n anlam\u0131n\u0131 d\u00fc\u015f\u00fcnelim.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet_STO_Kavraminin_Tartisilmasinin_Onemi\"><\/span>\u00d6zet: STO Kavram\u0131n\u0131n Tart\u0131\u015f\u0131lmas\u0131n\u0131n \u00d6nemi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00d6nceden belirtildi\u011fi gibi, STO kavram\u0131, her zaman hukuki bir kavramla birle\u015ftirilebilir bir \u015fey de\u011fildir. JSTA&#8217;n\u0131n (Japon G\u00fcvenlik Token Derne\u011fi), yaln\u0131zca hukuki g\u00fcvenlik tokenlerini de\u011fil, ayn\u0131 zamanda fiili g\u00fcvenlik tokenlerini de kapsamas\u0131, bu durumu iyi bir \u015fekilde g\u00f6stermektedir.<\/p>\n\n\n\n<p>Bir zamanlar, ICO ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, finansal d\u00fczenlemelere uyma noktas\u0131n\u0131 STO&#8217;nun \u00f6z\u00fc olarak belirleyen bir g\u00f6r\u00fc\u015f vard\u0131, ancak bu makalede a\u00e7\u0131klad\u0131\u011f\u0131m\u0131z gibi, yan\u0131lg\u0131dan korkmadan s\u00f6yleyebiliriz ki, finansal d\u00fczenlemelere uyma ya da uymama art\u0131k STO i\u00e7in \u00f6nemli bir bak\u0131\u015f a\u00e7\u0131s\u0131 de\u011fildir.<\/p>\n\n\n\n<p>ICO ve STO gibi kavramlar\u0131n ortaya \u00e7\u0131k\u0131\u015f\u0131yla getirilen sorunlar, genel olarak, blockchain gibi yeni teknolojilerin neyi m\u00fcmk\u00fcn k\u0131ld\u0131\u011f\u0131 ve bunu nas\u0131l kullanaca\u011f\u0131m\u0131zd\u0131r. Bu, fon toplama ba\u011flam\u0131nda, \u00f6zellikle k\u00fc\u00e7\u00fck miktarlarda olan ve daha \u00f6nce sermaye piyasas\u0131na \u00e7\u0131kmayan fon ihtiya\u00e7lar\u0131na kar\u015f\u0131, piyasan\u0131n adil ve e\u015fitli\u011fini korurken h\u0131zl\u0131 bir \u015fekilde nas\u0131l yan\u0131t verilece\u011fini d\u00fc\u015f\u00fcnmeye devam etmek i\u00e7in hangi sistem tasar\u0131mlar\u0131n\u0131n m\u00fcmk\u00fcn olabilece\u011fidir.<\/p>\n\n\n\n<p>STO kavram\u0131, bu t\u00fcr hukuki d\u00fczenlemelerin yeti\u015femedi\u011fi fon ihtiya\u00e7lar\u0131na kar\u015f\u0131, sermaye piyasas\u0131na bir yol a\u00e7mak i\u00e7in bir ara\u00e7 kavram\u0131 olarak, tart\u0131\u015f\u0131lmas\u0131n\u0131n \u00f6nemi olmaya devam edecektir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buromuz_Tarafindan_Alinan_Onlemler\"><\/span>B\u00fcromuz Taraf\u0131ndan Al\u0131nan \u00d6nlemler<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Monolith Hukuk B\u00fcrosu, \u00f6zellikle IT ve internet hukuku olmak \u00fczere hukukun her iki y\u00f6n\u00fcnde de y\u00fcksek uzmanl\u0131\u011fa sahip bir hukuk firmas\u0131d\u0131r. \u00d6rne\u011fin, yurtd\u0131\u015f\u0131ndaki beyaz ka\u011f\u0131tlar\u0131 okuyarak, bu planlar\u0131n Japonya&#8217;da uygulanabilirli\u011fini ara\u015ft\u0131r\u0131r ve beyaz ka\u011f\u0131tlar veya s\u00f6zle\u015fmeler gibi belgeleri olu\u015ftururuz. Kripto varl\u0131klar ve blockchain ile ilgili i\u015flerin tamam\u0131n\u0131 destekliyoruz. Ayr\u0131nt\u0131lar a\u015fa\u011f\u0131daki makalede belirtilmi\u015ftir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Son y\u0131llarda, STO &#8220;yeni bir fon toplama y\u00f6ntemi&#8221; olarak dikkat \u00e7ekmektedir. Blockchain gibi yeni teknolojilerin ortaya \u00e7\u0131kmas\u0131yla birlikte s\u00fcrekli de\u011fi\u015fen finansal d\u00fczenlemeler ba\u011flam\u0131nda, [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62592,"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\/tr\/wp-json\/wp\/v2\/posts\/61774"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61774"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61774\/revisions"}],"predecessor-version":[{"id":62594,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61774\/revisions\/62594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/62592"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}