{"id":63470,"date":"2024-05-02T12:19:14","date_gmt":"2024-05-02T03:19:14","guid":{"rendered":"https:\/\/monolith.law\/zh-cn\/?p=63470"},"modified":"2025-12-23T10:20:49","modified_gmt":"2025-12-23T01:20:49","slug":"overseas-cases-of-icoregulation","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation","title":{"rendered":"\u5173\u4e8eICO\u6cd5\u5f8b\u89c4\u5b9a\u7684\u5916\u56fd\u548c\u6d77\u5916\u6848\u4f8b"},"content":{"rendered":"\n<p>ICO\uff08Initial Coin Offering\u7684\u7b80\u79f0\uff09\u662f\u6307\u53d1\u884c\u65b0\u7684\u865a\u62df\u8d27\u5e01\u4ee5\u7b79\u96c6\u6295\u8d44\u8005\u7684\u8d44\u91d1\u3002\u7531\u4e8e\u865a\u62df\u8d27\u5e01\u672c\u8eab\u57fa\u672c\u4e0a\u662f\u7531\u4e00\u79cd\u540d\u4e3a\u533a\u5757\u94fe\u7684\u65b0\u6280\u672f\u652f\u6301\u7684\u6280\u672f\uff0c\u56e0\u6b64\uff0cICO\u8fd9\u79cd\u7b79\u8d44\u65b9\u5f0f\u548c\u5176\u5386\u53f2\u90fd\u76f8\u5bf9\u8f83\u77ed\uff0c\u76ee\u524d\u5728\u8bb8\u591a\u56fd\u5bb6\uff0c\u6cd5\u5f8b\u5236\u5b9a\u4ecd\u7136\u662f\u4e00\u4e2a\u95ee\u9898\uff08\u5173\u4e8e\u533a\u5757\u94fe\u6280\u672f\u5982\u4f55\u652f\u6301\u865a\u62df\u8d27\u5e01\u6d41\u901a\u7684\u95ee\u9898\uff0c\u8bf7\u53c2\u9605\u53e6\u4e00\u7bc7\u6587\u7ae0\uff09\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith-law.jp\/blockchain\/blockchain-technology\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith-law.jp\/blockchain\/blockchain-technology[ja]<\/a><\/p>\n\n\n\n<p>\u672c\u6587\u5c06\u6574\u7406ICO\u5728\u5404\u56fd\u7684\u76d1\u7ba1\u65b9\u5f0f\u6709\u4f55\u4e0d\u540c\u3002\u540c\u65f6\uff0c\u6211\u4eec\u4e5f\u5c06\u63a2\u8ba8\u5728\u8d85\u8d8a\u8fd9\u4e9b\u56fd\u5bb6\u7acb\u573a\u5dee\u5f02\u7684\u540c\u65f6\uff0c\u5f53\u524d\u56fd\u9645\u793e\u4f1a\u6216\u5168\u7403\u7ecf\u6d4e\u9762\u4e34\u7684\u5173\u4e8eICO\u7684\u95ee\u9898\u3002<\/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\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#ICO%E6%B3%95%E5%BE%8B%E8%A7%84%E5%AE%9A%E7%9A%84%E6%A8%A1%E5%BC%8F\" title=\"ICO\u6cd5\u5f8b\u89c4\u5b9a\u7684\u6a21\u5f0f\">ICO\u6cd5\u5f8b\u89c4\u5b9a\u7684\u6a21\u5f0f<\/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\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E7%A6%81%E6%AD%A2ICO%E7%9A%84%E5%9B%BD%E5%AE%B6\" title=\"\u7981\u6b62ICO\u7684\u56fd\u5bb6\">\u7981\u6b62ICO\u7684\u56fd\u5bb6<\/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\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E4%B8%AD%E5%9B%BD\" title=\"\u4e2d\u56fd\">\u4e2d\u56fd<\/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\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E9%9F%A9%E5%9B%BD\" title=\"\u97e9\u56fd\">\u97e9\u56fd<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E8%AF%95%E5%9B%BE%E9%80%9A%E8%BF%87%E6%89%A9%E5%A4%A7%E7%8E%B0%E6%9C%89%E6%B3%95%E5%BE%8B%E9%A2%86%E5%9F%9F%E7%9A%84%E9%80%82%E7%94%A8%E8%8C%83%E5%9B%B4%E6%9D%A5%E8%A7%84%E8%8C%83ICO%E7%9A%84%E5%9B%BD%E5%AE%B6\" title=\"\u8bd5\u56fe\u901a\u8fc7\u6269\u5927\u73b0\u6709\u6cd5\u5f8b\u9886\u57df\u7684\u9002\u7528\u8303\u56f4\u6765\u89c4\u8303ICO\u7684\u56fd\u5bb6\">\u8bd5\u56fe\u901a\u8fc7\u6269\u5927\u73b0\u6709\u6cd5\u5f8b\u9886\u57df\u7684\u9002\u7528\u8303\u56f4\u6765\u89c4\u8303ICO\u7684\u56fd\u5bb6<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" 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class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E4%B8%BAICO%E5%BB%BA%E7%AB%8B%E5%92%8C%E8%A7%84%E8%8C%83%E7%89%B9%E6%AE%8A%E6%B3%95%E5%BE%8B%E9%A2%86%E5%9F%9F%E7%9A%84%E5%9B%BD%E5%AE%B6\" title=\"\u4e3aICO\u5efa\u7acb\u548c\u89c4\u8303\u7279\u6b8a\u6cd5\u5f8b\u9886\u57df\u7684\u56fd\u5bb6\">\u4e3aICO\u5efa\u7acb\u548c\u89c4\u8303\u7279\u6b8a\u6cd5\u5f8b\u9886\u57df\u7684\u56fd\u5bb6<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E6%B3%95%E5%9B%BD\" title=\"\u6cd5\u56fd\">\u6cd5\u56fd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E7%9B%B4%E5%B8%83%E7%BD%97%E9%99%80\" title=\"\u76f4\u5e03\u7f57\u9640\">\u76f4\u5e03\u7f57\u9640<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E9%98%BF%E5%B8%83%E6%89%8E%E6%AF%94\" title=\"\u963f\u5e03\u624e\u6bd4\">\u963f\u5e03\u624e\u6bd4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E5%AF%B9ICO%E4%B8%8D%E7%89%B9%E5%88%AB%E8%BF%9B%E8%A1%8C%E7%9B%91%E7%AE%A1%E7%9A%84%E5%9B%BD%E5%AE%B6\" title=\"\u5bf9ICO\u4e0d\u7279\u522b\u8fdb\u884c\u76d1\u7ba1\u7684\u56fd\u5bb6\">\u5bf9ICO\u4e0d\u7279\u522b\u8fdb\u884c\u76d1\u7ba1\u7684\u56fd\u5bb6<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/overseas-cases-of-icoregulation\/#%E7%99%BD%E4%BF%84%E7%BD%97%E6%96%AF\" title=\"\u767d\u4fc4\u7f57\u65af\">\u767d\u4fc4\u7f57\u65af<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO%E6%B3%95%E5%BE%8B%E8%A7%84%E5%AE%9A%E7%9A%84%E6%A8%A1%E5%BC%8F\"><\/span>ICO\u6cd5\u5f8b\u89c4\u5b9a\u7684\u6a21\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5982\u679c\u6211\u4eec\u5bf9\u5404\u56fd\u4ee5\u53ca\u65e5\u672c\u7684ICO\u89c4\u5b9a\u8fdb\u884c\u5206\u7c7b\uff0c\u90a3\u4e48\u8fd9\u4e9b\u6a21\u5f0f\u5927\u81f4\u53ef\u4ee5\u5206\u4e3a\u4ee5\u4e0b\u56db\u79cd\uff1a<\/p>\n\n\n\n<ol>\n<li>\u7981\u6b62ICO\u7684\u56fd\u5bb6<\/li>\n\n\n\n<li>\u8bd5\u56fe\u901a\u8fc7\u6269\u5927\u73b0\u6709\u6cd5\u5f8b\u9886\u57df\u7684\u9002\u7528\u8303\u56f4\u6765\u89c4\u5b9aICO\u7684\u56fd\u5bb6<\/li>\n\n\n\n<li>\u4e3aICO\u5efa\u7acb\u7279\u6b8a\u7684\u6cd5\u5f8b\u9886\u57df\u8fdb\u884c\u89c4\u5b9a\u7684\u56fd\u5bb6<\/li>\n\n\n\n<li>\u5bf9ICO\u6ca1\u6709\u7279\u522b\u89c4\u5b9a\u7684\u56fd\u5bb6<\/li>\n<\/ol>\n\n\n\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u65e5\u672c\u5c5e\u4e8e\u7b2c\u4e8c\u79cd\u60c5\u51b5\u3002\u56e0\u6b64\uff0c\u5728\u65e5\u672c\uff0c\u53ea\u8981\u5145\u5206\u8003\u8651\u4e0e\u73b0\u6709\u6cd5\u5f8b\u9886\u57df\u7684\u4e00\u81f4\u6027\uff0cICO\u5c31\u88ab\u89c6\u4e3a\u5408\u6cd5\u3002\u7136\u800c\uff0c\u5373\u4f7f\u5728\u65e5\u672c\u8fdb\u884cICO\uff0c\u4e5f\u4e0d\u80fd\u5ffd\u89c6\u5176\u4ed6\u56fd\u5bb6\u7684ICO\u89c4\u5b9a\u3002\u56e0\u4e3aICO\u7684\u6027\u8d28\u51b3\u5b9a\u4e86\u5176\u5728\u7f51\u4e0a\u8de8\u56fd\u7b79\u96c6\u8d44\u91d1\u7684\u60c5\u51b5\u5e76\u4e0d\u5c11\u89c1\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u53ef\u80fd\u9700\u8981\u8003\u8651\u5230\u8d2d\u4e70ICO\u53d1\u884c\u7684\u865a\u62df\u8d27\u5e01\uff08\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u901a\u5e38\u88ab\u79f0\u4e3a\u4ee3\u5e01\uff09\u7684\u8d2d\u4e70\u8005\u5c45\u4f4f\u5730\u7684\u89c4\u5b9a\u3002\u8003\u8651\u5230\u8fd9\u4e9b\u60c5\u51b5\uff0c\u4e3a\u4e86\u5408\u6cd5\u8fdb\u884cICO\uff0c\u5fc5\u987b\u5145\u5206\u6ce8\u610f\u6d77\u5916\u6cd5\u5f8b\u89c4\u5b9a\u7684\u52a8\u5411\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%A6%81%E6%AD%A2ICO%E7%9A%84%E5%9B%BD%E5%AE%B6\"><\/span>\u7981\u6b62ICO\u7684\u56fd\u5bb6<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\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-2.jpg\" alt=\"\" class=\"wp-image-71052\" style=\"aspect-ratio:1.5;width:840px;height:auto\" srcset=\"https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-2.jpg 735w, https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-2-300x200.jpg 300w, https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-2-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption class=\"wp-element-caption\">\u7981\u6b62ICO\u7684\u5404\u56fd\u7684\u539f\u56e0\u662f\u4ec0\u4e48\uff1f<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%AD%E5%9B%BD\"><\/span>\u4e2d\u56fd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4e2d\u56fd\u5bf9\u4e8eICO\u6301\u6709\u6781\u5176\u5f3a\u70c8\u7684\u5426\u5b9a\u6001\u5ea6\u3002\u5728\u4e2d\u56fd\uff0cICO\u88ab\u89c6\u4e3a\u6d17\u94b1\u7b49\u6d3b\u52a8\u7684\u6e29\u5e8a\uff0c\u5176\u5927\u90e8\u5206\u88ab\u8ba4\u4e3a\u662f\u975e\u6cd5\u7684\uff0c\u56e0\u6b64\uff0cICO\u5df2\u7ecf\u88ab\u5168\u9762\u7981\u6b62\u3002<\/p>\n\n\n\n<p>\u5c3d\u7ba1\u4e2d\u56fd\u653f\u5e9c\u5bf9ICO\u8fdb\u884c\u4e86\u4e25\u683c\u7684\u7ba1\u5236\uff0c\u4f46\u9999\u6e2f\u5e76\u4e0d\u5728\u6b64\u5217\u3002\u5728\u9999\u6e2f\uff0c\u53ea\u8981\u662f\u57fa\u4e8e\u6b63\u89c4\u7a0b\u5e8f\u7684ICO\uff0c\u653f\u5e9c\u662f\u4f1a\u63a5\u53d7\u7684\u3002\u9999\u6e2f\u7684ICO\u89c4\u5b9a\u57fa\u672c\u4e0a\u53cd\u6620\u4e86\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u7684\u653f\u7b56\uff0c\u56e0\u6b64\uff0c\u5176\u5185\u5bb9\u57fa\u4e8e\u4e0e\u4e2d\u56fd\u5927\u9646\u5b8c\u5168\u4e0d\u540c\u7684\u601d\u60f3\u3002<\/p>\n\n\n\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5c3d\u7ba1\u4e2d\u56fd\u5bf9ICO\u5b9e\u65bd\u4e86\u5f3a\u786c\u7684\u7ba1\u5236\uff0c\u4f46\u5374\u5728\u56fd\u5bb6\u653f\u7b56\u5c42\u9762\u4e0a\u5927\u529b\u63a8\u52a8\u652f\u6301\u865a\u62df\u8d27\u5e01\u6d41\u901a\u7684\u533a\u5757\u94fe\u6280\u672f\u7684\u5f00\u53d1\u3002\u5728\u653f\u5e9c\u4e3b\u5bfc\u7684\u6280\u672f\u521b\u65b0\u4e2d\uff0c\u5bf9\u65b0\u6280\u672f\u7684\u5e94\u7528\u65b9\u5f0f\u8fdb\u884c\u5f3a\u6709\u529b\u7684\u7ba1\u5236\u662f\u4e2d\u56fd\u7684\u7279\u8272\uff0c\u8fd9\u5728\u533a\u5757\u94fe\u6cd5\u52a1\u4e2d\u4e5f\u662f\u5982\u6b64\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%9F%A9%E5%9B%BD\"><\/span>\u97e9\u56fd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u97e9\u56fd\u4e5f\u5bf9ICO\u6301\u6709\u5426\u5b9a\u6001\u5ea6\uff0c\u51fa\u4e8e\u5bf9\u6b3a\u8bc8\u3001\u5e02\u573a\u64cd\u7eb5\u3001\u6d17\u94b1\u7b49\u7684\u62c5\u5fe7\uff0c2017\u5e74\u7981\u6b62\u4e86\u6240\u6709\u5f62\u5f0f\u7684ICO\u3002\u5728\u97e9\u56fd\uff0c\u5305\u62ec\u4e09\u661f\u7535\u5b50\u5728\u5185\u7684\u5927\u578b\u4f01\u4e1a\u79ef\u6781\u63a8\u52a8\u533a\u5757\u94fe\u6280\u672f\u7684\u53d1\u5c55\uff0c\u540c\u65f6\uff0c\u865a\u62df\u8d27\u5e01\u7684\u8d44\u4ea7\u7ba1\u7406\u4e5f\u4e00\u76f4\u6d3b\u8dc3\u3002\u97e9\u56fd\u7684Fintech\u60c5\u51b5\u5c31\u662f\u653f\u754c\u548c\u8d22\u754c\u7684\u6b65\u4f10\u5e76\u672a\u5b8c\u5168\u4e00\u81f4\u3002\u4f8b\u5982\uff0c\u539f\u672c\u8ba1\u5212\u5728\u56fd\u5185\u8fdb\u884c\u7684ICO\uff0c\u7531\u4e8e\u8fd9\u4e9b\u89c4\u5b9a\u7684\u5f71\u54cd\uff0c\u4e0d\u5f97\u4e0d\u5728\u6d77\u5916\u8fdb\u884c\u3002\u4e0a\u8ff0\u7684ICO\u89c4\u5b9a\u53ef\u80fd\u4f1a\u963b\u788dFintech\u4ea7\u4e1a\u7684\u53d1\u5c55\uff0c\u8fd9\u79cd\u6279\u8bc4\u76ee\u524d\u4ecd\u7136\u5f3a\u70c8\uff0c\u6211\u4eec\u9700\u8981\u7ee7\u7eed\u5173\u6ce8\u672a\u6765\u7684\u89c4\u5b9a\u5c06\u5982\u4f55\u53d8\u5316\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%AF%95%E5%9B%BE%E9%80%9A%E8%BF%87%E6%89%A9%E5%A4%A7%E7%8E%B0%E6%9C%89%E6%B3%95%E5%BE%8B%E9%A2%86%E5%9F%9F%E7%9A%84%E9%80%82%E7%94%A8%E8%8C%83%E5%9B%B4%E6%9D%A5%E8%A7%84%E8%8C%83ICO%E7%9A%84%E5%9B%BD%E5%AE%B6\"><\/span>\u8bd5\u56fe\u901a\u8fc7\u6269\u5927\u73b0\u6709\u6cd5\u5f8b\u9886\u57df\u7684\u9002\u7528\u8303\u56f4\u6765\u89c4\u8303ICO\u7684\u56fd\u5bb6<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\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-3.jpg\" alt=\"\" class=\"wp-image-71053\" style=\"aspect-ratio:1.5;width:840px;height:auto\" srcset=\"https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-3.jpg 735w, https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-3-300x200.jpg 300w, https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-3-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption class=\"wp-element-caption\"> <br>\u6839\u636e\u73b0\u6709\u7684\u6cd5\u5f8b\uff0c\u8fdb\u884cICO\u89c4\u8303\u7684\u5404\u56fd\u90fd\u91c7\u53d6\u4e86\u54ea\u4e9b\u63aa\u65bd\u5462\uff1f<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9B%BD\"><\/span>\u7f8e\u56fd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u7f8e\u56fd\uff0c\u6839\u636e\u7f8e\u56fd\u8bc1\u5238\u6cd5\uff0c\u5982\u679c\u6ca1\u6709\u7279\u522b\u7684\u8bb8\u53ef\uff0cICO\u5c06\u88ab\u89c6\u4e3a\u300a\u65e5\u672c\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7684\u76d1\u7ba1\u5bf9\u8c61\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u5c06ICO\u53d1\u884c\u7684\u4ee3\u5e01\u5b9a\u4f4d\u4e3a\u300a\u65e5\u672c\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u4e2d\u7684\u201c\u6709\u4ef7\u8bc1\u5238\u201d\uff0c\u5e76\u4ee5\u73b0\u6709\u7684\u8bc1\u5238\u6295\u8d44\u6846\u67b6\u4e3a\u57fa\u7840\u6765\u76d1\u7ba1ICO\u3002<\/p>\n\n\n\n<p>\u987a\u4fbf\u8bf4\u4e00\u4e0b\uff0c\u7f8e\u56fd\u7684\u53f8\u6cd5\u673a\u5173\u5728\u5224\u65ad\u662f\u5426\u7b26\u5408\u6709\u4ef7\u8bc1\u5238\u7684\u6807\u51c6\u65f6\uff0c\u63d0\u51fa\u4e86\u4ee5\u4e0b\u56db\u4e2a\u9879\u76ee\uff0c\u79f0\u4e3aHowey Test\uff08\u8c6a\u4f0a\u6d4b\u8bd5\uff09\u3002\u5982\u679c\u6ee1\u8db3\u8fd9\u56db\u4e2a\u9879\u76ee\uff0c\u5c31\u4f1a\u88ab\u5224\u65ad\u4e3a\u7b26\u5408\u6709\u4ef7\u8bc1\u5238\u7684\u6846\u67b6\uff0c\u5bf9ICO\u4e5f\u6709\u540c\u6837\u7684\u770b\u6cd5\u3002<\/p>\n\n\n\n<ol>\n<li>\u662f\u5426\u662f\u73b0\u91d1\u6295\u8d44\u3002<br><\/li>\n\n\n\n<li>\u662f\u5426\u671f\u5f85\u4ece\u6295\u8d44\u4e2d\u83b7\u5f97\u5229\u6da6\u3002<br><\/li>\n\n\n\n<li>\u6295\u8d44\u7684\u94b1\u662f\u5426\u7528\u4e8e\u5171\u540c\u4f01\u4e1a\u3002<\/li>\n\n\n\n<li>\u5229\u6da6\u662f\u5426\u6765\u81ea\u63a8\u5e7f\u8005\u6216\u7b2c\u4e09\u65b9\u7684\u52aa\u529b\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u5728\u8fd9\u6837\u7684\u6807\u51c6\u4e0b\uff0c\u7f8e\u56fd\u8ba4\u4e3a\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u5728\u6cd5\u5f8b\u4e0a\u5e76\u4e0d\u7b26\u5408\u8bc1\u5238\u7684\u5b9a\u4e49\u3002\u56e0\u4e3a\u8fd9\u4e9b\u865a\u62df\u8d27\u5e01\u5e76\u4e0d\u662f\u901a\u8fc7\u53d1\u884c\u516c\u53f8\u7684\u52aa\u529b\u6765\u56de\u6536\u6295\u8d44\u7684\u673a\u5236\uff0c\u800c\u4e14\u8ba4\u4e3a\u5b83\u4eec\u4e0d\u6ee1\u8db3Howey Test\u7684\u56db\u4e2a\u8981\u6c42\u3002\u5bf9\u4e8e\u5177\u6709\u5206\u6563\u5316\u673a\u5236\u7684\u865a\u62df\u8d27\u5e01\uff0c\u4eba\u4eec\u8ba4\u4e3a\u5b83\u4eec\u4e0d\u662f\u6709\u4ef7\u8bc1\u5238\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%96%B0%E5%8A%A0%E5%9D%A1\"><\/span>\u65b0\u52a0\u5761<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u65b0\u52a0\u5761\u5728\u63a8\u8fdb\u672c\u56fd\u8d27\u5e01\u7684\u65e0\u73b0\u91d1\u5316\u65b9\u9762\u6709\u7740\u653f\u5e9c\u4e3b\u5bfc\u7684\u80cc\u666f\uff0c\u4f46\u5bf9\u4e8eICO\uff08\u9996\u6b21\u4ee3\u5e01\u53d1\u884c\uff09\u4e5f\u5c55\u793a\u4e86\u76f8\u5bf9\u8c28\u614e\u7684\u6001\u5ea6\u3002\u5728\u65b0\u52a0\u5761\uff0cICO\u53d1\u884c\u7684\u4ee3\u5e01\u88ab\u89c6\u4e3a\u4e0e\u8bc1\u5238\u671f\u8d27\u4ea4\u6613\u76f8\u540c\u5e76\u53d7\u5230\u76f8\u5e94\u7684\u76d1\u7ba1\u3002\u6b64\u5916\uff0c\u5982\u679c\u5728\u6cd5\u5f8b\u4e0a\u5e94\u4e0e\u80a1\u7968\u7b49\u540c\u7684\u60c5\u51b5\uff0c\u4f8b\u5982\uff0c\u5b83\u5c06\u53d7\u5230\u4e0e\u73b0\u6709\u7684\u6709\u4ef7\u8bc1\u5238\u76f8\u540c\u7684\u6cd5\u89c4\u5236\u7ea6\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u65b0\u52a0\u5761\u4e5f\u6709\u5176\u7279\u8272\uff0c\u5373\u5728\u6cd5\u5f8b\u4e0a\u660e\u786e\u89c4\u5b9a\u4e86\u89c4\u5219\u7684\u9002\u7528\u9664\u5916\u7684\u60c5\u51b5\uff08\u4f8b\u5982\uff0c\u6295\u8d44\u91d1\u989d\u5c0f\u7684\u60c5\u51b5\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%91%9E%E5%A3%AB\"><\/span>\u745e\u58eb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u745e\u58eb\u6b63\u5728\u52aa\u529b\u63a8\u8fdbICO\u6cd5\u89c4\uff0c\u4ee5\u907f\u514d\u963b\u788d\u533a\u5757\u94fe\u4ea7\u4e1a\u7684\u53d1\u5c55\u3002\u4ed6\u4eec\u7684\u7acb\u573a\u662f\u5c06\u73b0\u6709\u7684\u91d1\u878d\u4ea7\u54c1\u89c4\u5b9a\u6269\u5c55\u5230ICO\uff0c\u8fd9\u4e0e\u7f8e\u56fd\u548c\u65b0\u52a0\u5761\u7684\u505a\u6cd5\u76f8\u540c\u3002\u7136\u800c\uff0c\u4ed6\u4eec\u6b63\u5728\u63a8\u8fdb\u4e00\u79cd\u5236\u5ea6\u8bbe\u8ba1\uff0c\u5373\u5bf9\u4ee3\u5e01\u8fdb\u884c\u5206\u7c7b\uff0c\u5e76\u6839\u636e\u5176\u6027\u8d28\u6539\u53d8\u5e94\u7528\u7684\u6cd5\u5f8b\u3002\u4ee3\u5e01\u7684\u5206\u7c7b\u5185\u5bb9\u5982\u4e0b\uff1a<br><\/p>\n\n\n\n<table class=\"alignleft\" style=\"height: 263px;width: 99.1709%;border-collapse: collapse;border-color: #000000\" border=\"3\">\n<tbody>\n<tr style=\"height: 31px\">\n<td style=\"width: 100%;height: 31px;background-color: #faf0e6;text-align: left\">1.\u652f\u4ed8\u4ee3\u5e01\uff08Payment Token\uff09<\/td>\n<\/tr>\n<tr style=\"height: 52px\">\n<td style=\"width: 100%;height: 52px;text-align: left\">\u2192\u4ec5\u7528\u4e8e\u652f\u4ed8\u548c\u7ed3\u7b97\u7684\u4ee3\u5e01\u7c7b\u578b\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u867d\u7136\u4f1a\u6210\u4e3a\u53cd\u6d17\u94b1\u7b49\u89c4\u5b9a\u7684\u5bf9\u8c61\uff0c\u4f46\u4e0d\u88ab\u89c6\u4e3a\u6709\u4ef7\u8bc1\u5238\u3002<\/td>\n<\/tr>\n<tr style=\"height: 31px\">\n<td style=\"width: 100%;height: 31px;background-color: #e6e6fa;text-align: left\">2.\u5b9e\u7528\u4ee3\u5e01\uff08Utility Token\uff09<\/td>\n<\/tr>\n<tr style=\"height: 59px\">\n<td style=\"width: 100%;height: 59px;text-align: left\">\u2192\u4ee3\u8868\u672a\u6765\u4e1a\u52a1\u670d\u52a1\u6743\u5229\u6216\u4e0e\u5546\u54c1\u4ea4\u6362\u6743\u5229\u7684\u4ee3\u5e01\u3002\u5982\u679c\u4ec5\u5177\u6709\u5151\u6362\u5238\u6216\u4f18\u60e0\u5238\u7684\u542b\u4e49\uff0c\u90a3\u4e48\u4e0d\u4f1a\u88ab\u89c6\u4e3a\u6709\u4ef7\u8bc1\u5238\u3002<\/td>\n<\/tr>\n<tr style=\"height: 31px\">\n<td style=\"width: 100%;height: 31px;background-color: #afeeee;text-align: left\">3.\u8d44\u4ea7\u4ee3\u5e01\uff08Asset Token\uff09<\/td>\n<\/tr>\n<tr style=\"height: 59px\">\n<td style=\"width: 100%;height: 59px;text-align: left\">\u2192\u4ee3\u8868\u63a5\u6536\u80a1\u606f\u6743\u5229\u6216\u8868\u51b3\u6743\u7b49\u7684\u4ee3\u5e01\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7531\u4e8e\u5176\u5b9e\u8d28\u4e0a\u4e0e\u80a1\u7968\u76f8\u540c\uff0c\u56e0\u6b64\u4f1a\u88ab\u89c6\u4e3a\u4e00\u79cd\u6709\u4ef7\u8bc1\u5238\uff0c\u5e76\u53d7\u5230\u5404\u79cd\u6cd5\u89c4\u7684\u7ea6\u675f\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u9700\u8981\u5236\u4f5c\u62db\u80a1\u8bf4\u660e\u4e66\uff08\u5373\u6240\u8c13\u7684\u767d\u76ae\u4e66\uff09\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p>\u867d\u7136\u5df2\u7ecf\u91c7\u7528\u4e86\u6839\u636e\u4e0a\u8ff0\u4e09\u79cd\u7c7b\u578b\u533a\u5206\u4ee3\u5e01\u5e94\u53d7\u6cd5\u89c4\u5185\u5bb9\u7684\u601d\u8def\uff0c\u4f46\u672a\u6765\u80af\u5b9a\u4f1a\u53d1\u884c\u540c\u65f6\u6ee1\u8db3\u8fd9\u4e9b\u7c7b\u578b\u7684\u4ee3\u5e01\u3002\u5bf9\u4e8e\u8fd9\u79cd\u6781\u9650\u60c5\u51b5\u4e0b\u7684\u5904\u7406\u65b9\u5f0f\uff0c\u6211\u4eec\u671f\u5f85\u5224\u4f8b\u7684\u79ef\u7d2f\u3002<\/p>\n\n\n\n<p>\u5c24\u5176\u5728\u745e\u58eb\uff0c\u5305\u62ec\u4ee5\u592a\u574a\u5728\u5185\u7684\u5168\u7403\u533a\u5757\u94fe\u76f8\u5173\u516c\u53f8\u7684\u603b\u90e8\u805a\u96c6\u5728\u6b64\uff0c\u800c\u4e14ICO\u6d3b\u52a8\u975e\u5e38\u6d3b\u8dc3\u3002\u4e5f\u56e0\u4e3a\u8fd9\u6837\u7684\u80cc\u666f\uff0c\u4ed6\u4eec\u5728\u76ee\u6807\u4e3a\u8fd9\u4e2a\u4ea7\u4e1a\u7684\u957f\u671f\u53d1\u5c55\u7684\u540c\u65f6\uff0c\u4e5f\u9884\u8ba1\u4f1a\u5bfb\u6c42\u5e73\u8861\u7684\u89c4\u5b9a\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BE%B7%E5%9B%BD\"><\/span>\u5fb7\u56fd<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u5fb7\u56fd\uff0c\u5982\u679cICO\u53d1\u884c\u7684\u4ee3\u5e01\u53ef\u4ee5\u88ab\u89c6\u4e3a\u8bc1\u5238\uff08\u65e5\u672c\u8bc1\u5238\u52df\u96c6\u6cd5\uff09\uff0c\u8d44\u4ea7\uff08\u65e5\u672c\u8d44\u4ea7\u6295\u8d44\u6cd5\uff09\uff0c\u6216\u80a1\u7968\uff08\u65e5\u672c\u8d44\u672c\u6295\u8d44\u6cd5\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u5c06\u4f1a\u88ab\u5206\u4e3a\u4e09\u5927\u7c7b\u522b\uff0c\u5e76\u91c7\u53d6\u9002\u7528\u73b0\u6709\u6cd5\u5f8b\u7684\u7b56\u7565\u3002\u5982\u679c\u7b26\u5408\u8fd9\u4e9b\u6761\u4ef6\u4e2d\u7684\u4efb\u4f55\u4e00\u79cd\uff0c\u6839\u636e\u9002\u7528\u7684\u6cd5\u89c4\uff0cICO\u5b9e\u65bd\u8005\u53ef\u80fd\u9700\u8981\u63d0\u4ea4\u62db\u80a1\u8bf4\u660e\u4e66\u7b49\u6587\u4ef6\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0c\u5173\u4e8eICO\u53d1\u884c\u7684\u4ee3\u5e01\u662f\u5426\u53ef\u4ee5\u88ab\u89c6\u4e3a\u8bc1\u5238\uff0c\u884c\u653f\u90e8\u95e8\u7684\u89c2\u70b9\u662f\uff0c\u8fd9\u53d6\u51b3\u4e8e\u662f\u5426\u6ee1\u8db3\u4ee5\u4e0b\u6761\u4ef6\uff1a<\/p>\n\n\n\n<ul>\n<li>\u53ef\u4ee5\u8f6c\u8ba9\uff0c\u5e76\u4e14\u53ef\u4ee5\u5728\u5e02\u573a\u4e0a\u4e70\u5356<br><\/li>\n\n\n\n<li>\u62e5\u6709\u7c7b\u4f3c\u4e8e\u80a1\u606f\u7684\u6210\u5458\u6743\u5229<br><\/li>\n\n\n\n<li>\u4e0d\u5177\u5907\u4f5c\u4e3a\u652f\u4ed8\u624b\u6bb5\u7684\u7528\u9014\uff0c\u5982\u73b0\u91d1\u7b49<\/li>\n\n\n\n<li>\u6301\u6709\u8005\u7684\u4fe1\u606f\u901a\u8fc7\u533a\u5757\u94fe\u6280\u672f\u8fdb\u884c\u8bb0\u8d26<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BAICO%E5%BB%BA%E7%AB%8B%E5%92%8C%E8%A7%84%E8%8C%83%E7%89%B9%E6%AE%8A%E6%B3%95%E5%BE%8B%E9%A2%86%E5%9F%9F%E7%9A%84%E5%9B%BD%E5%AE%B6\"><\/span>\u4e3aICO\u5efa\u7acb\u548c\u89c4\u8303\u7279\u6b8a\u6cd5\u5f8b\u9886\u57df\u7684\u56fd\u5bb6<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\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-4.jpg\" alt=\"\" class=\"wp-image-71056\" style=\"aspect-ratio:1.5;width:840px;height:auto\" srcset=\"https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-4.jpg 735w, https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-4-300x200.jpg 300w, https:\/\/monolith.law\/zh-cn\/wp-content\/uploads\/sites\/44\/2025\/12\/overseas-cases-of-icoregulation-4-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption class=\"wp-element-caption\">\u4e5f\u6709\u4e00\u4e9b\u56fd\u5bb6\u6b63\u5728\u63a8\u8fdb\u9488\u5bf9ICO\u7684\u65b0\u6cd5\u5f8b\u5236\u5ea6\u3002<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%95%E5%9B%BD\"><\/span>\u6cd5\u56fd<span 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