{"id":65179,"date":"2024-05-10T18:42:26","date_gmt":"2024-05-10T09:42:26","guid":{"rendered":"https:\/\/monolith.law\/zh-cn\/?p=65179"},"modified":"2024-05-18T21:57:24","modified_gmt":"2024-05-18T12:57:24","slug":"sto-securitytoken","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-cn\/it\/sto-securitytoken","title":{"rendered":"STO\u4e0eICO\u7684\u533a\u522b\u662f\u4ec0\u4e48?\u5173\u4e8e\u5b89\u5168\u4ee4\u724c\u7684\u6982\u5ff5\u548cSTO\u7684\u610f\u4e49\u8fdb\u884c\u89e3\u8bf4"},"content":{"rendered":"\n<p>\u8fd1\u5e74\u6765\uff0c\u201c\u65b0\u578b\u878d\u8d44\u624b\u6bb5\u201dSTO\uff08Security Token Offering\uff09\u53d7\u5230\u4e86\u5e7f\u6cdb\u5173\u6ce8\u3002<\/p>\n\n\n\n<p>\u968f\u7740\u533a\u5757\u94fe\u7b49\u65b0\u6280\u672f\u7684\u5174\u8d77\u4ee5\u53ca\u91d1\u878d\u6cd5\u89c4\u7684\u8fde\u7eed\u4fee\u8ba2\uff0cSTO\u6216\u5176\u6838\u5fc3\u7684\u5b89\u5168\u4ee4\u724c\uff08Security Token\uff09\u7684\u6cd5\u5f8b\u5730\u4f4d\u7a76\u7adf\u5982\u4f55\u786e\u7acb\u5462\uff1f<\/p>\n\n\n\n<p>\u540c\u65f6\uff0c\u4e0e\u540c\u4e3a\u878d\u8d44\u624b\u6bb5\u7684ICO\uff08Initial Coin Offering\uff09\u76f8\u6bd4\uff0cSTO\u7a76\u7adf\u5728\u4f55\u79cd\u610f\u4e49\u4e0a\u662f\u201c\u65b0\u578b\u201d\u7684\u5462\uff1f<\/p>\n\n\n\n<p>\u672c\u6587\u5c06\u56de\u7b54\u4e0a\u8ff0\u95ee\u9898\uff0c\u5e76\u63a2\u8ba8\u5728\u672a\u6765\u65f6\u4ee3\u8ba8\u8bbaSTO\u7684\u610f\u4e49\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\/it\/sto-securitytoken\/#%E4%BB%80%E4%B9%88%E6%98%AFSTO\" title=\"\u4ec0\u4e48\u662fSTO\">\u4ec0\u4e48\u662fSTO<\/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\/it\/sto-securitytoken\/#%E4%BB%80%E4%B9%88%E6%98%AF%E6%B3%95%E5%BE%8B%E4%B8%8A%E7%9A%84%E5%AE%89%E5%85%A8%E4%BB%A4%E7%89%8C\" title=\"\u4ec0\u4e48\u662f\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u4ee4\u724c\">\u4ec0\u4e48\u662f\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u4ee4\u724c<\/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\/it\/sto-securitytoken\/#%E3%80%8A%E7%94%B5%E5%AD%90%E8%AE%B0%E5%BD%95%E8%BD%AC%E7%A7%BB%E6%9C%89%E4%BB%B7%E8%AF%81%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%9D%83%E5%88%A9%E7%AD%89%E3%80%8B%E7%9A%84%E6%B3%95%E5%BE%8B%E5%AE%9A%E4%BD%8D\" title=\"\u300a\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u300b\u7684\u6cd5\u5f8b\u5b9a\u4f4d\">\u300a\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u300b\u7684\u6cd5\u5f8b\u5b9a\u4f4d<\/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\/it\/sto-securitytoken\/#%E3%80%8C%E6%9C%89%E4%BB%B7%E8%AF%81%E5%88%B8%E3%80%8D%E7%9A%84%E8%8C%83%E5%9B%B4\" title=\"\u300c\u6709\u4ef7\u8bc1\u5238\u300d\u7684\u8303\u56f4\">\u300c\u6709\u4ef7\u8bc1\u5238\u300d\u7684\u8303\u56f4<\/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\/zh-cn\/it\/sto-securitytoken\/#%E4%B8%8E%E2%80%9C%E7%94%B5%E5%AD%90%E8%AE%B0%E5%BD%95%E8%BD%AC%E7%A7%BB%E6%9D%83%E5%88%A9%E2%80%9D%E7%9A%84%E5%85%B3%E7%B3%BB\" title=\"\u4e0e\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u7684\u5173\u7cfb\">\u4e0e\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u7684\u5173\u7cfb<\/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\/zh-cn\/it\/sto-securitytoken\/#%E6%89%80%E8%B0%93%E7%9A%84%E2%80%9C%E7%94%B5%E5%AD%90%E8%AE%B0%E5%BD%95%E8%BD%AC%E7%A7%BB%E6%9C%89%E4%BB%B7%E8%AF%81%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%9D%83%E5%88%A9%E7%AD%89%E2%80%9D%E6%98%AF%E4%BB%80%E4%B9%88\" title=\"\u6240\u8c13\u7684\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u662f\u4ec0\u4e48\">\u6240\u8c13\u7684\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u662f\u4ec0\u4e48<\/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\/zh-cn\/it\/sto-securitytoken\/#%E5%88%A9%E7%94%A8%E6%B3%95%E5%BE%8B%E5%AE%89%E5%85%A8%E4%BB%A4%E7%89%8C%E7%9A%84STO%E7%9A%84%E6%84%8F%E4%B9%89\" title=\"\u5229\u7528\u6cd5\u5f8b\u5b89\u5168\u4ee4\u724c\u7684STO\u7684\u610f\u4e49\">\u5229\u7528\u6cd5\u5f8b\u5b89\u5168\u4ee4\u724c\u7684STO\u7684\u610f\u4e49<\/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\/zh-cn\/it\/sto-securitytoken\/#%E4%BA%8B%E5%AE%9E%E4%B8%8A%E7%9A%84%E8%AF%81%E5%88%B8%E5%9E%8B%E4%BB%A3%E5%B8%81%E6%98%AF%E4%BB%80%E4%B9%88\" title=\"\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u662f\u4ec0\u4e48\">\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u662f\u4ec0\u4e48<\/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\/zh-cn\/it\/sto-securitytoken\/#%E5%AE%9E%E9%99%85%E4%B8%8A%E4%BD%BF%E7%94%A8%E5%AE%89%E5%85%A8%E4%BB%A4%E7%89%8C%E7%9A%84STO%E7%9A%84%E6%84%8F%E4%B9%89\" title=\"\u5b9e\u9645\u4e0a\u4f7f\u7528\u5b89\u5168\u4ee4\u724c\u7684STO\u7684\u610f\u4e49\">\u5b9e\u9645\u4e0a\u4f7f\u7528\u5b89\u5168\u4ee4\u724c\u7684STO\u7684\u610f\u4e49<\/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\/zh-cn\/it\/sto-securitytoken\/#%E4%BB%80%E4%B9%88%E6%98%AFICO\" title=\"\u4ec0\u4e48\u662fICO\">\u4ec0\u4e48\u662fICO<\/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\/zh-cn\/it\/sto-securitytoken\/#ICO%E4%B8%8ESTO%E7%9A%84%E5%8C%BA%E5%88%AB\" title=\"ICO\u4e0eSTO\u7684\u533a\u522b\">ICO\u4e0eSTO\u7684\u533a\u522b<\/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\/zh-cn\/it\/sto-securitytoken\/#%E6%80%BB%E7%BB%93%EF%BC%9A%E6%95%A2%E4%BA%8E%E8%AE%A8%E8%AE%BASTO%E6%A6%82%E5%BF%B5%E7%9A%84%E6%84%8F%E4%B9%89\" title=\"\u603b\u7ed3\uff1a\u6562\u4e8e\u8ba8\u8bbaSTO\u6982\u5ff5\u7684\u610f\u4e49\">\u603b\u7ed3\uff1a\u6562\u4e8e\u8ba8\u8bbaSTO\u6982\u5ff5\u7684\u610f\u4e49<\/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\/zh-cn\/it\/sto-securitytoken\/#%E6%9C%AC%E6%89%80%E6%8F%90%E4%BE%9B%E7%9A%84%E5%AF%B9%E7%AD%96%E6%8C%87%E5%8D%97\" title=\"\u672c\u6240\u63d0\u4f9b\u7684\u5bf9\u7b56\u6307\u5357\">\u672c\u6240\u63d0\u4f9b\u7684\u5bf9\u7b56\u6307\u5357<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E4%B9%88%E6%98%AFSTO\"><\/span>\u4ec0\u4e48\u662fSTO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>STO\u662fSecurity Token Offering\uff08\u8bc1\u5238\u578b\u4ee3\u5e01\u53d1\u884c\uff09\u7684\u7f29\u5199\uff0c\u901a\u5e38\u6307\u7684\u662f\u4f01\u4e1a\u7b49\u53d1\u884c\u8bc1\u5238\u578b\u4ee3\u5e01\uff0c\u5411\u516c\u4f17\u7b79\u96c6\u8d44\u91d1\u7684\u884c\u4e3a\u3002<\/p>\n\n\n\n<p>\u5173\u4e8e\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u5b9a\u4e49\uff0c\u867d\u7136\u5728\u6cd5\u5f8b\u4e0a\u6ca1\u6709\u660e\u786e\u7684\u5b9a\u4e49\uff0c\u4f46\u5728\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u4e0a\u7684\u81ea\u5f8b\u7ec4\u7ec7\u2014\u2014<a href=\"https:\/\/jstoa.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e00\u822c\u793e\u56e2\u6cd5\u4eba\u65e5\u672cSTO\u534f\u4f1a[ja]<\/a>\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u65e5\u672cSTO\u534f\u4f1a\u201d\uff09\u7684\u5b98\u65b9\u7f51\u7ad9\u4e0a\u6709\u5982\u4e0b\u63cf\u8ff0\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6240\u8c13\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\uff08Security Token\uff0c\u4ee5\u4e0b\u7b80\u79f0\u201cST\u201d\uff09\uff0c\u662f\u6307\u5c06\u80a1\u7968\u6216\u503a\u5238\u7b49\u6709\u4ef7\u8bc1\u5238\u4e0a\u6240\u8868\u793a\u7684\u6743\u5229\uff0c\u901a\u8fc7\u7535\u5b50\u4fe1\u606f\u5904\u7406\u7ec4\u7ec7\u8f6c\u79fb\u7684\u8d22\u4ea7\u4ef7\u503c\uff08\u901a\u5e38\u4e5f\u79f0\u4e3a\u201c\u4ee3\u5e01\u201d\uff09\u3002\u4e3a\u4e86\u660e\u786e\u8fd9\u7c7bST\u9002\u7528\u6709\u4ef7\u8bc1\u5238\u6cd5\u89c4\uff0c2020\u5e745\u67081\u65e5\uff08\u4ee4\u548c2\u5e74\uff09\u5b9e\u65bd\u4e86\u4fee\u8ba2\u540e\u7684\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u53ca\u76f8\u5173\u653f\u5e9c\u4ee4\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b49\u201d\uff09\uff0c\u5176\u4e2d\u5b9a\u4e49\u4e86\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u3002\u53d1\u884c\u8fd9\u7c7bST\u8fdb\u884c\u8d44\u91d1\u7b79\u96c6\u7684\u884c\u4e3a\uff0c\u7edf\u79f0\u4e3aSTO\uff08Security Token Offering\uff0c\u4ee5\u4e0b\u7b80\u79f0\u201cSTO\u201d\uff09\u3002<\/p>\n<cite><a href=\"https:\/\/jstoa.or.jp\/investor\/sto\/#about-sto\" target=\"_blank\" rel=\"noreferrer noopener\">\u65e5\u672cSTO\u534f\u4f1a\uff5c\u4ec0\u4e48\u662fSTO\uff1f[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>\u6b64\u5916\uff0c\u65e5\u672cSTO\u534f\u4f1a\u7684\u5408\u4f5c\u4f19\u4f34\uff08\u652f\u6301\u4f1a\u5458\uff09\u2014\u2014<a href=\"https:\/\/securitytoken.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e00\u822c\u793e\u56e2\u6cd5\u4eba\u65e5\u672c\u8bc1\u5238\u578b\u4ee3\u5e01\u534f\u4f1a[ja]<\/a>\uff08\u4ee5\u4e0b\u7b80\u79f0\u201cJSTA\u201d\uff09\u7684\u5b98\u65b9\u7f51\u7ad9\u4e0a\u4e5f\u6709\u5982\u4e0b\u63cf\u8ff0\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u8bc1\u5238\u578b\u4ee3\u5e01\u662f\u5728\u533a\u5757\u94fe\u7f51\u7edc\u4e0a\u53d1\u884c\u7684\u6570\u5b57\u4ee3\u5e01\u4e2d\uff0c\u6709\u6709\u4ef7\u8bc1\u5238\u6216\u5176\u4ed6\u8d44\u4ea7\u3001\u4ef7\u503c\u652f\u6491\u7684\u4ee3\u5e01\u3002\u5229\u7528\u533a\u5757\u94fe\u7684\u7279\u6027\uff0c\u53ef\u4ee5\u65e0\u56fd\u754c\u4e14\u5b89\u5168\u5730\u8f6c\u79fb\u5bf9\u80cc\u540e\u8d44\u4ea7\u7684\u6743\u5229\u3002\u5728\u65e5\u672c\u6cd5\u5f8b\u4e0a\uff0c\u5178\u578b\u7684\u662f\u88ab\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u5b9a\u4e49\u4e3a\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u7684\u4ee3\u5e01\uff0c\u4f46JSTA\u7684\u5b9a\u4e49\u8fd8\u5305\u62ec\u4e86\u4e0d\u9002\u7528\u8be5\u6cd5\u5f8b\u7684\u8d44\u4ea7\u7b49\u6743\u5229\u7684\u4ee3\u5e01\u5316\u4ea7\u54c1\u53ca\u8868\u793a\u8fd9\u4e9b\u6743\u5229\u7684\u4ee3\u5e01\u3002<\/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\u7684\u5b9a\u4e49\u53caJSTA\u7684\u8986\u76d6\u8303\u56f4[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8bf4\uff0c\u201cSTO\u201d\u548c\u201c\u8bc1\u5238\u578b\u4ee3\u5e01\u201d\u8fd9\u4e9b\u6982\u5ff5\uff0c\u6839\u636e\u8bba\u8005\u7684\u4e0d\u540c\uff0c\u6240\u6307\u6db5\u76d6\u7684\u8303\u56f4\u53ef\u80fd\u4f1a\u6709\u6240\u4e0d\u540c\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u672c\u6587\u5c06\u6839\u636eJSTA\u7684\u5206\u7c7b\uff0c\u5c06\u201c\u8bc1\u5238\u578b\u4ee3\u5e01\u201d\u5927\u81f4\u5206\u4e3a\u4ee5\u4e0b\u4e24\u7c7b\uff1a<\/p>\n\n\n\n<ul>\n<li>\u6cd5\u5f8b\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u5373\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u4e0a\u7684\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u7b49\uff09<\/li>\n\n\n\n<li>\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u5373\u4e0d\u9002\u7528\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b49\u6cd5\u5f8b\u7684\u8d44\u4ea7\u7b49\u6743\u5229\u7684\u4ee3\u5e01\u5316\u4ea7\u54c1\u53ca\u8868\u793a\u8fd9\u4e9b\u6743\u5229\u7684\u4ee3\u5e01\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u8003\u8651STO\u65f6\uff0c\u660e\u786e\u533a\u5206\u662f\u54ea\u4e00\u7c7b\u8bc1\u5238\u578b\u4ee3\u5e01\u975e\u5e38\u91cd\u8981\u3002\u56e0\u4e3a\u5982\u679c\u5c5e\u4e8e\u6cd5\u5f8b\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\uff0c\u5c31\u4f1a\u53d7\u5230\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7684\u62ab\u9732\u89c4\u5236\u548c\u4e1a\u52a1\u89c4\u5236\u7b49\uff1b\u800c\u5bf9\u4e8e\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\uff0c\u5219\u4e0d\u53d7\u8fd9\u4e9b\u89c4\u5236\uff0c\u56e0\u6b64\u6240\u9700\u7684\u7a0b\u5e8f\u7b49\u4f1a\u6709\u5f88\u5927\u5dee\u5f02\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u4e0b\u6587\u5c06\u5206\u522b\u5bf9\u6cd5\u5f8b\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u548c\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u8fdb\u884c\u89e3\u91ca\uff0c\u9610\u8ff0\u5404\u81eaSTO\u7684\u610f\u4e49\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E4%B9%88%E6%98%AF%E6%B3%95%E5%BE%8B%E4%B8%8A%E7%9A%84%E5%AE%89%E5%85%A8%E4%BB%A4%E7%89%8C\"><\/span>\u4ec0\u4e48\u662f\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u4ee4\u724c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u6cd5\u5f8b\u4e0a\uff0c\u6240\u8c13\u7684\u5b89\u5168\uff08\u8bc1\u5238\uff09\u6307\u7684\u662f\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff08\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff09\u4e2d\u7684\u201c\u6709\u4ef7\u8bc1\u5238\u201d\u3002\u800c\u4ee4\u724c\uff08Token\uff09\u5728\u6cd5\u5f8b\u4e0a\u88ab\u5b9a\u4e49\u4e3a\u201c\u6743\u5229\u53ef\u4ee5\u901a\u8fc7\u7535\u5b50\u65b9\u5f0f\u8bb0\u5f55\u548c\u8f6c\u79fb\u7684\u8d22\u4ea7\u4ef7\u503c\u7684\u8868\u793a\u201d\u3002<\/p>\n\n\n\n<p class=\"has-text-align-left\">\u5728\u672c\u6587\u4e2d\uff0c\u6211\u4eec\u5c06\u6743\u5229\u8868\u793a\u5728\u4ee4\u724c\u4e0a\u7684\u7535\u5b50\u5904\u7406\u79f0\u4e3a\u201c\u4ee4\u724c\u5316\u201d\u3002\u8fd9\u91cc\u6240\u8bf4\u7684\u7535\u5b50\u5904\u7406\u4e3b\u8981\u6307\u7684\u662f\u533a\u5757\u94fe\u6280\u672f\uff0c\u4f46\u5e76\u4e0d\u4ec5\u9650\u4e8e\u6b64\u3002<\/p>\n\n\n\n<p>\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u4ee4\u724c\u53ef\u4ee5\u7b80\u6d01\u5730\u8868\u8ff0\u4e3a\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u7684\u6982\u5ff5\u3002\u7136\u800c\uff0c\u5176\u6cd5\u5f8b\u5730\u4f4d\u76f8\u5f53\u590d\u6742\uff0c\u56e0\u6b64\u6211\u4eec\u5c06\u6309\u987a\u5e8f\u4ed4\u7ec6\u63a2\u8ba8\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8A%E7%94%B5%E5%AD%90%E8%AE%B0%E5%BD%95%E8%BD%AC%E7%A7%BB%E6%9C%89%E4%BB%B7%E8%AF%81%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%9D%83%E5%88%A9%E7%AD%89%E3%80%8B%E7%9A%84%E6%B3%95%E5%BE%8B%E5%AE%9A%E4%BD%8D\"><\/span>\u300a\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u300b\u7684\u6cd5\u5f8b\u5b9a\u4f4d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7531\u4e8e\u5185\u5bb9\u8f83\u957f\uff0c\u6211\u4eec\u5c06\u5176\u5206\u89e3\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul>\n<li>\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u201d<\/li>\n\n\n\n<li>\u201c\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u201d<\/li>\n\n\n\n<li>\u201c\u7b49\u201d<\/li>\n<\/ul>\n\n\n\n<p>\u9996\u5148\uff0c\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u201d\u6307\u7684\u662f\u53ef\u4ee5\u201c\u7535\u5b50\u5316\u8bb0\u5f55\u4e0e\u8f6c\u79fb\u201d\u7684\u610f\u601d\uff0c\u5b83\u6307\u7684\u662f\u524d\u6587\u63d0\u5230\u7684\u201c\u4ee3\u5e01\u5316\u201d\u8d44\u4ea7\u3002<\/p>\n\n\n\n<p>\u63a5\u4e0b\u6765\u662f\u201c\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u201d\uff0c\u5728\u6b64\u4e4b\u524d\uff0c\u6211\u4eec\u9700\u8981\u51c6\u786e\u7406\u89e3\u201c\u6709\u4ef7\u8bc1\u5238\u201d\u8fd9\u4e00\u6cd5\u5f8b\u6982\u5ff5\uff0c\u56e0\u6b64\u4e0b\u9762\u5c06\u8fdb\u884c\u8be6\u7ec6\u89e3\u91ca\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E6%9C%89%E4%BB%B7%E8%AF%81%E5%88%B8%E3%80%8D%E7%9A%84%E8%8C%83%E5%9B%B4\"><\/span>\u300c\u6709\u4ef7\u8bc1\u5238\u300d\u7684\u8303\u56f4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6709\u4ef7\u8bc1\u5238\u662f\u51b3\u5b9a\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\uff08\u91d1\u5546\u6cd5\uff09\u9002\u7528\u8303\u56f4\u7684\u57fa\u672c\u6982\u5ff5\u3002\u7136\u800c\uff0c\u6240\u8c13\u7684\u6709\u4ef7\u8bc1\u5238\u5728\u91d1\u5546\u6cd5\u4e0a\u5206\u4e3a\u201c\u7b2c\u4e00\u9879\u6709\u4ef7\u8bc1\u5238\u201d\u548c\u201c\u89c6\u540c\u6709\u4ef7\u8bc1\u5238\u201d\u4e24\u5927\u7c7b\uff0c\u6839\u636e\u7c7b\u578b\u7684\u4e0d\u540c\uff0c\u9002\u7528\u7684\u62ab\u9732\u89c4\u5236\u548c\u4e1a\u52a1\u89c4\u5236\u4e5f\u6709\u6240\u533a\u522b\u3002<\/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.jp\/wp-content\/uploads\/2022\/09\/a264a031ec0bb22828cdb26e90f7b61b.png\" alt=\"\u300c\u6709\u4ef7\u8bc1\u5238\u300d\u7684\u8303\u56f4\" class=\"wp-image-50681\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<p>\u533a\u5206\u7b2c\u4e00\u9879\u6709\u4ef7\u8bc1\u5238\u548c\u89c6\u540c\u6709\u4ef7\u8bc1\u5238\u7684\u89c6\u89d2\u662f\u201c\u6d41\u901a\u6027\u7684\u9ad8\u4f4e\u201d\u3002<\/p>\n\n\n\n<p>\u5177\u6709\u5178\u578b\u9ad8\u6d41\u901a\u6027\u7684\u7b2c\u4e00\u9879\u6709\u4ef7\u8bc1\u5238\uff0c\u539f\u5219\u4e0a\u9002\u7528\u62ab\u9732\u89c4\u5236\uff0c\u5e76\u5728\u4e1a\u52a1\u89c4\u5236\u4e0a\u53d7\u5230\u4e25\u683c\u7684\u7ba1\u63a7\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5178\u578b\u6d41\u901a\u6027\u8f83\u4f4e\u7684\u89c6\u540c\u6709\u4ef7\u8bc1\u5238\uff0c\u539f\u5219\u4e0a\u4e0d\u9002\u7528\u62ab\u9732\u89c4\u5236\uff0c\u5176\u4e1a\u52a1\u89c4\u5236\u76f8\u6bd4\u7b2c\u4e00\u9879\u6709\u4ef7\u8bc1\u5238\u4e5f\u8f83\u4e3a\u5bbd\u677e\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e00\u9879\u6709\u4ef7\u8bc1\u5238\u662f\u56e0\u4e3a\u6709\u4ef7\u8bc1\u5238\u4ee5\u7eb8\u9762\u5f62\u5f0f\u53d1\u884c\u5e76\u5728\u5e02\u573a\u4e0a\u4ea4\u6613\uff0c\u6240\u4ee5\u5178\u578b\u5730\u5177\u6709\u9ad8\u6d41\u901a\u6027\uff1b\u800c\u89c6\u540c\u6709\u4ef7\u8bc1\u5238\u5219\u662f\u56e0\u4e3a\u6ca1\u6709\u53d1\u884c\u7eb8\u9762\uff0c\u800c\u662f\u5c06\u201c\u6743\u5229\u8fd9\u4e00\u62bd\u8c61\u6982\u5ff5\u89c6\u4e3a\u6709\u4ef7\u8bc1\u5238\u201d\uff0c\u56e0\u6b64\u5178\u578b\u5730\u6d41\u901a\u6027\u8f83\u4f4e\u3002<\/p>\n\n\n\n<p>\u6362\u8a00\u4e4b\uff0c\u201c\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u201d\u6307\u7684\u662f\uff0c\u672c\u5e94\u5728\u7b2c\u4e00\u9879\u5404\u53f7\u4e2d\u5217\u51fa\u7684\u6709\u4ef7\u8bc1\u5238\u4e0a\u8868\u793a\u7684\u6743\u5229\uff0c\u5982\u679c\u6ca1\u6709\u4ee5\u7eb8\u9762\u5f62\u5f0f\u53d1\u884c\uff08\u7b80\u5355\u6765\u8bf4\uff0c\u4ee5\u7535\u5b50\u5f62\u5f0f\u53d1\u884c\uff09\u65f6\u7684\u76f8\u5173\u6743\u5229\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5173\u4e8e\u4ee5\u7535\u5b50\u5f62\u5f0f\u53d1\u884c\u7684\u6743\u5229\uff0c\u9ebb\u70e6\u7684\u662f\uff0c\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u4e0a\u5b58\u5728\u7740\u4e00\u4e2a\u540d\u4e3a\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u7684\u4e0d\u540c\u6982\u5ff5\uff0c\u56e0\u6b64\u4e5f\u9700\u8981\u5bf9\u6b64\u8fdb\u884c\u8bf4\u660e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8E%E2%80%9C%E7%94%B5%E5%AD%90%E8%AE%B0%E5%BD%95%E8%BD%AC%E7%A7%BB%E6%9D%83%E5%88%A9%E2%80%9D%E7%9A%84%E5%85%B3%E7%B3%BB\"><\/span>\u4e0e\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u7684\u5173\u7cfb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>STO\uff08Security Token Offering\uff09\u5e38\u88ab\u63cf\u8ff0\u4e3a\u201c\u65b0\u7684\u878d\u8d44\u624b\u6bb5\u201d\uff0c\u5176\u7279\u70b9\u5728\u4e8e\u5c06\u4e0d\u4e00\u5b9a\u5c5e\u4e8e\u73b0\u6709\u6709\u4ef7\u8bc1\u5238\u7c7b\u578b\u7684\u6743\u5229\u8fdb\u884c\u4ee3\u5e01\u5316\u3002<\/p>\n\n\n\n<p>\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\uff08\u4ee5\u4e0b\u7b80\u79f0\u91d1\u5546\u6cd5\uff09\u4e3a\u4e86\u80fd\u591f\u9002\u5e94\u8fd9\u7c7b\u65b0\u578b\u91d1\u878d\u4ea7\u54c1\uff0c\u8bbe\u7acb\u4e86\u7b2c2\u6761\u7b2c2\u6b3e\u7b2c5\u53f7\u8fd9\u4e00\u5305\u62ec\u6027\u89c4\u5b9a\uff0c\u4f5c\u4e3a\u5176\u9002\u7528\u8303\u56f4\u7684\u5916\u56f4\u754c\u5b9a\u3002\u901a\u5e38\uff0c\u8be5\u6b3e\u6240\u5217\u4e3e\u7684\u6743\u5229\u88ab\u79f0\u4e3a\u201c\u96c6\u56e2\u6295\u8d44\u8ba1\u5212\u4efd\u989d\u201d\u3002<\/p>\n\n\n\n<p>\u91d1\u5546\u6cd5\u89c4\u5b9a\uff0c\u5305\u62ec\u96c6\u56e2\u6295\u8d44\u8ba1\u5212\u4efd\u989d\u5728\u5185\u7684\u7b2c2\u6761\u7b2c2\u6b3e\u5404\u53f7\u6240\u5217\u4e3e\u7684\u6743\u5229\uff0c\u82e5\u88ab\u4ee3\u5e01\u5316\uff0c\u5219\u88ab\u89c4\u8303\u4e3a\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u3002<\/p>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8bf4\uff0c\u201c\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u201d\u4e0e\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u5728\u4ee3\u5e01\u5316\u6743\u5229\u8fd9\u4e00\u70b9\u4e0a\u662f\u5171\u901a\u7684\uff0c\u4f46\u4ee3\u5e01\u5316\u7684\u76ee\u6807\u6743\u5229\u5b58\u5728\u5dee\u5f02\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/0272aa24a008f8af345139a2be808d6c-1024x105.png\" alt=\"\u4e0e\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u7684\u5173\u7cfb\" class=\"wp-image-50673\" \/><\/figure>\n\n\n\n<p>\u82e5\u5c5e\u4e8e\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\uff0c\u5373\u4f7f\u672c\u6765\u6d41\u901a\u6027\u8f83\u4f4e\u3001\u4e0d\u9002\u7528\u62ab\u9732\u89c4\u5236\u7684\u5047\u5b9a\u6709\u4ef7\u8bc1\u5238\uff0c\u4e5f\u4f1a\u5728\u62ab\u9732\u89c4\u5236\u7684\u9002\u7528\u4e0a\u88ab\u89c6\u4e3a\u7b2c1\u6b3e\u6709\u4ef7\u8bc1\u5238\uff08\u91d1\u5546\u6cd5\u7b2c2\u6761\u7b2c3\u6b3e\uff09\u3002\u8fd9\u662f\u5176\u7279\u6b8a\u6027\u6240\u5728\uff08\u53e6\u5916\uff0c\u91d1\u5546\u6cd5\u7b2c28\u6761\u7b2c1\u6b3e\u7b2c1\u53f7\u4e5f\u5c06\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u5728\u4e1a\u52a1\u89c4\u5236\u7684\u9002\u7528\u4e0a\u4e0e\u7b2c1\u6b3e\u6709\u4ef7\u8bc1\u5238\u540c\u7b49\u5bf9\u5f85\uff09\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u3000\u5728\u672c\u6cd5\u5f8b\u4e2d\uff0c\u201c\u6709\u4ef7\u8bc1\u5238\u7684\u52df\u96c6\u201d\u662f\u6307\uff0c\u5bf9\u65b0\u53d1\u884c\u7684\u6709\u4ef7\u8bc1\u5238\u7684\u53d6\u5f97\u7533\u8bf7\u8fdb\u884c\u62db\u63fd\uff08\u5305\u62ec\u5185\u9601\u5e9c\u4ee4\u6240\u89c4\u5b9a\u7684\u4e0e\u6b64\u7c7b\u4f3c\u7684\u884c\u4e3a\uff08\u4ee5\u4e0b\u79f0\u4e3a\u201c\u53d6\u5f97\u62db\u63fd\u7c7b\u4f3c\u884c\u4e3a\u201d\uff09\uff09\u3002\u4ee5\u4e0b\u7b80\u79f0\u201c\u53d6\u5f97\u62db\u63fd\u201d\u3002\u5176\u4e2d\uff0c\u5982\u679c\u8be5\u53d6\u5f97\u62db\u63fd\u6d89\u53ca\u7b2c\u4e00\u6b3e\u5404\u53f7\u6240\u5217\u7684\u6709\u4ef7\u8bc1\u5238\u6216\u524d\u6b3e\u89c4\u5b9a\u89c6\u540c\u6709\u4ef7\u8bc1\u5238\u7684\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u3001\u7279\u5b9a\u7535\u5b50\u8bb0\u5f55\u503a\u6743\u6216\u524d\u6b3e\uff08\u203b\u4f5c\u8005\u6ce8\uff1a\u7b2c2\u6761\u7b2c2\u6b3e\uff09\u5404\u53f7\u6240\u5217\u7684\u6743\u5229\uff08\u5728\u7535\u5b50\u4fe1\u606f\u5904\u7406\u7ec4\u7ec7\u7684\u5e2e\u52a9\u4e0b\u53ef\u4ee5\u8f6c\u79fb\u7684\u8d22\u4ea7\u4ef7\u503c\uff08\u9650\u4e8e\u4ee5\u7535\u5b50\u65b9\u5f0f\u8bb0\u5f55\u5728\u7535\u5b50\u8bbe\u5907\u6216\u5176\u4ed6\u7269\u54c1\u4e0a\u7684\uff09\u3002\u8003\u8651\u5230\u6d41\u901a\u6027\u7b49\u60c5\u51b5\uff0c\u5185\u9601\u5e9c\u4ee4\u53e6\u6709\u89c4\u5b9a\u7684\u9664\u5916\u3002\u4ee5\u4e0b\u7b80\u79f0\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u9002\u7528\u7b2c\u4e00\u53f7\u548c\u7b2c\u4e8c\u53f7\u3002\u5982\u679c\u8be5\u53d6\u5f97\u62db\u63fd\u6d89\u53ca\u524d\u6b3e\u89c4\u5b9a\u89c6\u540c\u6709\u4ef7\u8bc1\u5238\u7684\u524d\u6b3e\u5404\u53f7\u6240\u5217\u7684\u6743\u5229\uff08\u4e0d\u5305\u62ec\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u3002\u4ee5\u4e0b\u7b80\u79f0\u201c\u7b2c2\u6b3e\u6709\u4ef7\u8bc1\u5238\u201d\uff09\uff0c\u5219\u9002\u7528\u7b2c\u4e09\u53f7\u3002<\/p>\n<cite>\u91d1\u5546\u6cd5\u7b2c2\u6761\u7b2c3\u6b3e<\/cite><\/blockquote>\n\n\n\n<p>\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u4e4b\u6240\u4ee5\u5177\u6709\u8fd9\u6837\u7279\u6b8a\u7684\u89c4\u5236\u7ed3\u6784\uff0c\u539f\u56e0\u6709\u4e8c\u3002<\/p>\n\n\n\n<p>\u4e00\u662f\u56e0\u4e3a\u4ee3\u5e01\u8bbe\u8ba1\u7684\u81ea\u7531\u5ea6\u8f83\u9ad8\uff0c\u96be\u4ee5\u50cf\u5176\u4ed6\u6709\u4ef7\u8bc1\u5238\u90a3\u6837\u660e\u6587\u5355\u72ec\u5217\u4e3e\u3002\u4e8c\u662f\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u867d\u7136\u53ef\u4ee5\u5305\u542b\u5728\u96c6\u56e2\u6295\u8d44\u8ba1\u5212\u4efd\u989d\u6982\u5ff5\u4e2d\uff0c\u4f46\u8fd9\u6837\u4f1a\u88ab\u5b9a\u4f4d\u4e3a\u4e0d\u9002\u7528\u62ab\u9732\u89c4\u5236\u7684\u7b2c2\u6b3e\u6709\u4ef7\u8bc1\u5238\uff0c\u7531\u4e8e\u5176\u5728\u533a\u5757\u94fe\u4e0a\u4ea4\u6613\u800c\u5177\u6709\u8f83\u9ad8\u6d41\u901a\u6027\u7684\u4ee3\u5e01\u7279\u6027\uff0c\u8fd9\u6837\u7684\u5b9a\u4f4d\u65e0\u6cd5\u9002\u5e94\u3002<\/p>\n\n\n\n<p>\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u7684\u5b9a\u4e49\u88ab\u653e\u7f6e\u5728\u201c\u6709\u4ef7\u8bc1\u5238\u7684\u52df\u96c6\u201d\u5b9a\u4e49\u89c4\u5b9a\u4e2d\uff0c\u800c\u975e\u6709\u4ef7\u8bc1\u5238\u7684\u5b9a\u4e49\u89c4\u5b9a\u4e2d\uff0c\u4e5f\u662f\u51fa\u4e8e\u8fd9\u4e2a\u539f\u56e0\u3002<\/p>\n\n\n\n<p>\u6b64\u5904\u4e0d\u8be6\u8ff0\uff0c\u4f46\u6839\u636e\u5185\u9601\u5e9c\u4ee4\u6392\u9664\u5728\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u4e4b\u5916\u7684\u60c5\u51b5\uff0c\u5373\u4f7f\u662f\u7535\u5b50\u65b9\u5f0f\u53d1\u884c\u7684\uff0c\u4e5f\u4f1a\u50cf\u901a\u5e38\u7684\u5047\u5b9a\u6709\u4ef7\u8bc1\u5238\u4e00\u6837\u5904\u7406\uff08\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c\u4e8c\u6761\u5173\u4e8e\u5b9a\u4e49\u7684\u5185\u9601\u5e9c\u4ee4\u7b2c9\u6761\u4e4b2\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%89%80%E8%B0%93%E7%9A%84%E2%80%9C%E7%94%B5%E5%AD%90%E8%AE%B0%E5%BD%95%E8%BD%AC%E7%A7%BB%E6%9C%89%E4%BB%B7%E8%AF%81%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%9D%83%E5%88%A9%E7%AD%89%E2%80%9D%E6%98%AF%E4%BB%80%E4%B9%88\"><\/span>\u6240\u8c13\u7684\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u662f\u4ec0\u4e48<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u8fd9\u4e9b\u524d\u63d0\u4e0b\uff0c\u8ba9\u6211\u4eec\u786e\u8ba4\u4e00\u4e0b\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u5728\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u91d1\u5546\u6cd5\u201d\uff09\u4e2d\u7684\u5b9a\u4f4d\u3002<\/p>\n\n\n\n<p>\u5b9e\u9645\u4e0a\uff0c\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u7684\u6982\u5ff5\uff0c\u5e76\u975e\u300a\u91d1\u5546\u6cd5\u300b\u7684\u57fa\u672c\u89c4\u5219\uff0c\u800c\u662f\u5728\u300a\u5173\u4e8e\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u4e1a\u52a1\u7684\u5185\u9601\u5e9c\u4ee4\u300b\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u4e1a\u5e9c\u4ee4\u201d\uff09\u4e2d\u5b9a\u4e49\u7684\uff08\u4e1a\u5e9c\u4ee4\u7b2c1\u6761\u7b2c4\u6b3e\u7b2c17\u53f7\uff09\u3002<\/p>\n\n\n\n<p>\u6839\u636e\u8be5\u5b9a\u4e49\uff0c\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u662f\u6307\u201c\u300a\u91d1\u5546\u6cd5\u300b\u7b2c29\u6761\u4e4b2\u7b2c1\u6b3e\u7b2c8\u53f7\u89c4\u5b9a\u7684\u6743\u5229\u201d\uff08\u5982\u4e0b\uff09\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6839\u636e\u7b2c\u4e8c\u6761\u7b2c\u4e8c\u6b3e\u7684\u89c4\u5b9a\u88ab\u89c6\u4e3a\u6709\u4ef7\u8bc1\u5238\u7684\u6743\u5229\uff08\u4ec5\u9650\u4e8e\u8003\u8651\u5230\u8be5\u6743\u5229\u76f8\u5173\u7684\u8bb0\u5f55\u6216\u8f6c\u79fb\u65b9\u6cd5\u4ee5\u53ca\u5176\u4ed6\u60c5\u51b5\uff0c\u4e3a\u4e86\u516c\u5171\u5229\u76ca\u6216\u6295\u8d44\u8005\u4fdd\u62a4\u7279\u522b\u5fc5\u8981\u7684\uff0c\u7531\u5185\u9601\u5e9c\u4ee4\u89c4\u5b9a\u7684\u60c5\u51b5\u3002\uff09<\/p>\n<cite>\u300a\u91d1\u5546\u6cd5\u300b\u7b2c29\u6761\u4e4b2\u7b2c1\u6b3e\u7b2c8\u53f7<\/cite><\/blockquote>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8bf4\uff0c\u5b83\u662f\u6307\u88ab\u89c6\u4e3a\u6709\u4ef7\u8bc1\u5238\u7684\u6743\u5229\u4e2d\u88ab\u4ee3\u5e01\u5316\u7684\u90e8\u5206\uff08\u4e1a\u5e9c\u4ee4\u7b2c6\u6761\u4e4b3\uff09\u3002<\/p>\n\n\n\n<p>\u4e4b\u6240\u4ee5\u4f7f\u7528\u201c\u7b49\u201d\u5b57\uff0c\u662f\u56e0\u4e3a\u4ee3\u5e01\u5316\u7684\u5bf9\u8c61\u5305\u62ec\u6574\u4e2a\u88ab\u89c6\u4e3a\u6709\u4ef7\u8bc1\u5238\u7684\u6743\u5229\uff0c\u5176\u4e2d\u5c31\u5305\u62ec\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u5305\u62ec\u4e86\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/34be788831efd1b96b2c0a91310ade52-1024x164.png\" alt=\"\u6240\u8c13\u7684\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u662f\u4ec0\u4e48\" class=\"wp-image-51469\" \/><\/figure>\n\n\n\n<p>\u53e6\u5916\uff0c\u4e4b\u6240\u4ee5\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u8868\u793a\u6743\u5229\u7b49\u201d\u7684\u6982\u5ff5\u5728\u4e1a\u5e9c\u4ee4\u4e2d\u53d7\u5230\u89c4\u8303\uff0c\u6b63\u5982\u4e0a\u6587\u6240\u8ff0\uff0c\u662f\u56e0\u4e3a\u4ee3\u5e01\u5316\u7684\u6982\u5ff5\u5728\u62ab\u9732\u89c4\u5236\u76f8\u5173\u6761\u6b3e\u4e2d\u53d7\u5230\u89c4\u8303\uff0c\u5e76\u4e14\u5728\u4e1a\u89c4\u5236\u7684\u9002\u7528\u4e2d\uff0c\u4e5f\u56e0\u4ee3\u5e01\u5316\u800c\u5e26\u6765\u7279\u6709\u7684\u89c4\u5236\uff08\u5982\u300a\u91d1\u5546\u6cd5\u300b\u7b2c29\u6761\u4e4b2\u7b2c1\u6b3e\u7b2c8\u53f7\u7b49\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%88%A9%E7%94%A8%E6%B3%95%E5%BE%8B%E5%AE%89%E5%85%A8%E4%BB%A4%E7%89%8C%E7%9A%84STO%E7%9A%84%E6%84%8F%E4%B9%89\"><\/span>\u5229\u7528\u6cd5\u5f8b\u5b89\u5168\u4ee4\u724c\u7684STO\u7684\u610f\u4e49<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6b63\u5982\u4e0a\u8ff0\uff0c\u5229\u7528\u6cd5\u5f8b\u5b89\u5168\u4ee4\u724c\u7684STO\uff08Security Token Offering\uff09\u56e0\u9075\u5faa\u4e25\u683c\u7684\u91d1\u878d\u76d1\u7ba1\uff0c\u4ece\u6295\u8d44\u8005\u7684\u89d2\u5ea6\u770b\uff0c\u53ef\u4ee5\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u4fdd\u8bc1\u53d1\u884c\u65b9\u7684\u4fe1\u8a89\u3002\u7136\u800c\uff0c\u76f8\u5bf9\u7684\uff0c\u7531\u4e8e\u624b\u7eed\u8fc7\u7a0b\u8017\u65f6\uff0c\u8fd9\u5c31\u4f7f\u5f97\u5feb\u901f\u7b79\u96c6\u8d44\u91d1\u53d8\u5f97\u8f83\u4e3a\u56f0\u96be\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BA%8B%E5%AE%9E%E4%B8%8A%E7%9A%84%E8%AF%81%E5%88%B8%E5%9E%8B%E4%BB%A3%E5%B8%81%E6%98%AF%E4%BB%80%E4%B9%88\"><\/span>\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u662f\u4ec0\u4e48<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u5728\u8003\u8651STO\uff08\u8bc1\u5238\u578b\u4ee3\u5e01\u53d1\u884c\uff09\u7684\u610f\u4e49\u65f6\uff0c\u6211\u4eec\u4e0d\u80fd\u5ffd\u89c6\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u3002<\/p>\n\n\n\n<p>\u5982\u524d\u6240\u8ff0\uff0c\u4e8b\u5b9e\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u6307\u7684\u662f\u90a3\u4e9b\u4e0d\u53d7\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u7b49\u6cd5\u5f8b\u9002\u7528\u7684\u8d44\u4ea7\u7b49\u6743\u5229\u7684\u4ee3\u5e01\u5316\uff0c\u4ee5\u53ca\u8868\u793a\u8fd9\u4e9b\u6743\u5229\u7684\u4ee3\u5e01\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u6309\u7167JSTA\uff08\u65e5\u672cSTO\u534f\u4f1a\uff09\u7684\u5206\u7c7b\uff0c\u5b83\u4ec5\u88ab\u5305\u542b\u5728\u4e0b\u56fe\u7684\u201c\u5e7f\u4e49\u7684ST\u201d\u4e2d\uff08\u201c\u4e0a\u8ff0\u4ee5\u5916\u8d44\u4ea7\u6743\u5229\u7684\u4ee3\u5e01\u5316\u201d\u90e8\u5206\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/0acb377d10ecd2da5be08f90e77979b9-1024x761.png\" alt=\"\u65e5\u672cSTO\u534f\u4f1a\u5173\u4e8e\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u5b9a\u4e49\u548c\u5206\u7c7b\" 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\u5173\u4e8e\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u5b9a\u4e49\u548c\u5206\u7c7b[ja]<\/a><\/figcaption><\/figure>\n\n\n\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u6839\u636e\u300a\u4e0d\u52a8\u4ea7\u7279\u5b9a\u5171\u540c\u4e8b\u4e1a\u6cd5\u300b\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u4e0d\u7279\u6cd5\u201d\uff09\u7684\u51fa\u8d44\u6301\u5206\uff0c\u867d\u7136\u660e\u6587\u6392\u9664\u5728\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u7b2c2\u6761\u7b2c2\u6b3e\u7b2c5\u53f7\u4e4b\u5916\uff0c\u56e0\u6b64\u4e0d\u88ab\u89c6\u4e3a\u201c\u6709\u4ef7\u8bc1\u5238\u201d\uff0c\u4f46\u57fa\u672c\u4e0a\u5177\u6709\u96c6\u56e2\u6295\u8d44\u8ba1\u5212\u6301\u5206\u7684\u6027\u8d28\uff08\u6295\u8d44\u6027\uff09\uff0c\u5e76\u4e14\u90e8\u5206\u9002\u7528\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u7684\u89c4\u5b9a\uff0c\u5982\u9002\u5f53\u6027\u539f\u5219\u548c\u7981\u6b62\u635f\u5931\u8865\u507f\u7b49\uff08\u300a\u4e0d\u7279\u6cd5\u300b\u7b2c21\u6761\u4e4b2\uff09\uff0c\u56e0\u6b64\u4e5f\u53ef\u4ee5\u5e7f\u6cdb\u5730\u88ab\u89c6\u4e3a\u6cd5\u5f8b\u4e0a\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u5f53\u901a\u8fc7\u9500\u552e\u8bbe\u8ba1\u4e3a\u4e0d\u9002\u7528\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u3001\u300a\u8d44\u91d1\u7ed3\u7b97\u6cd5\u300b\u6216\u5176\u4ed6\u6cd5\u5f8b\u6cd5\u89c4\u7684\u4f1a\u5458\u6743\u3001\u91d1\u94b1\u503a\u6743\u7b49\u6743\u5229\u6765\u7b79\u96c6\u8d44\u91d1\u65f6\uff0c\u8fd9\u4e9b\u91d1\u878d\u4ea7\u54c1\u867d\u7136\u5b9e\u8d28\u4e0a\u5177\u6709\u4e0e\u6295\u8d44\u76f8\u8fd1\u7684\u6027\u8d28\uff0c\u4f46\u4e0d\u53d7\u6cd5\u5b9a\u7684\u4fe1\u606f\u62ab\u9732\u4e49\u52a1\u6216\u53d1\u884c\u6761\u4ef6\u7b49\u7ea6\u675f\uff0c\u800c\u662f\u7559\u7ed9\u5f53\u4e8b\u4eba\u4e4b\u95f4\u7684\u81ea\u7531\u5408\u540c\u3002<\/p>\n\n\n\n<p>\u50cf\u65e5\u672cSTO\u534f\u4f1a\u8fd9\u6837\u7684\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u4e0a\u7684\u81ea\u5f8b\u7ec4\u7ec7\uff0c\u901a\u8fc7\u4e3a\u8fd9\u4e9b\u4e0d\u53d7\u6cd5\u89c4\u5236\u7684\u4e8b\u5b9e\u4e0a\u7684\u91d1\u878d\u4ea7\u54c1\u8bbe\u5b9a\u6bd4\u6cd5\u5f8b\u66f4\u9ad8\u6c34\u5e73\u7684\u89c4\u8303\uff0c\u4ece\u800c\u8865\u5145\u6cd5\u5f8b\uff0c\u786e\u4fdd\u5e02\u573a\u7684\u4fe1\u4efb\u548c\u6295\u8d44\u8005\u7684\u4fdd\u62a4\u3002<\/p>\n\n\n\n<p>\u7279\u522b\u662f\u5bf9\u4e8eSTO\u8fd9\u6837\u7684\u65b0\u578b\u8d44\u91d1\u7b79\u96c6\u65b9\u5f0f\uff0c\u81ea\u5f8b\u7ec4\u7ec7\u6240\u53d1\u6325\u7684\u4f5c\u7528\u53ef\u8c13\u91cd\u5927\u3002<\/p>\n\n\n\n<h2 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Offering\uff09\u4e2d\u5c24\u4e3a\u7a81\u51fa\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E4%B9%88%E6%98%AFICO\"><\/span>\u4ec0\u4e48\u662fICO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICO\u662fInitial Coin Offering\uff08\u9996\u6b21\u5e01\u53d1\u884c\uff09\u7684\u7f29\u5199\uff0c\u901a\u5e38\u6307\u7684\u662f\u4f01\u4e1a\u7b49\u53d1\u884c\u7535\u5b50\u4ee3\u5e01\uff08\u4ee5\u4e0b\u7b80\u79f0\u201cICO\u4ee3\u5e01\u201d\uff09\uff0c\u4ece\u516c\u4f17\u90a3\u91cc\u7b79\u96c6\u52a0\u5bc6\u8d44\u4ea7\uff08\u865a\u62df\u8d27\u5e01\uff09\u7684\u884c\u4e3a\u3002<\/p>\n\n\n\n<p>ICO\u4ee3\u5e01\u5bf9\u4e8e\u53d1\u884c\u8005\u6765\u8bf4\uff0c\u662f\u4e00\u79cd\u7b80\u4fbf\u3001\u5feb\u901f\u7684\u5927\u989d\u8d44\u91d1\u7b79\u96c6\u624b\u6bb5\uff1b\u800c\u5bf9\u4e8e\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u5219\u662f\u4e00\u79cd\u98ce\u9669\u8f83\u9ad8\u7684\u91d1\u878d\u4ea7\u54c1\u3002\u5f53\u65f6\uff0c\u65b0\u53d1\u884c\u7684\u4ee3\u5e01\u4ef7\u683c\u4e0d\u65ad\u98d9\u5347\uff0c\u4f34\u968f\u7740\u4eba\u4eec\u7684\u671f\u5f85\uff0cICO\u7684\u6570\u91cf\u5728\u5168\u7403\u8303\u56f4\u5185\u7206\u70b8\u6027\u589e\u957f\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u7531\u4e8e\u5bf9\u4e8e\u4ee5\u52a0\u5bc6\u8d44\u4ea7\u51fa\u8d44\u7684\u8d44\u91d1\u7b79\u96c6\u5f62\u5f0f\u662f\u5426\u9002\u7528\u6cd5\u5f8b\u89c4\u5236\u4e0d\u660e\u786e\uff0c\u53d1\u884c\u8005\u7684\u4fe1\u8a89\u65e0\u6cd5\u5f97\u5230\u4fdd\u8bc1\uff0c\u4e5f\u51fa\u73b0\u4e86\u8bc8\u9a97\u6848\u4ef6\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u65e5\u672c\uff0c\u6839\u636e\u4ee4\u548c\u5143\u5e74\uff082019\u5e74\uff09\u5bf9\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff08\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff09\u7684\u4fee\u6b63\uff0c\u660e\u786e\u4e86\u4ee5\u52a0\u5bc6\u8d44\u4ea7\u51fa\u8d44\u7684\u8d44\u91d1\u7b79\u96c6\u5f62\u5f0f\u4e5f\u9002\u7528\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7684\u89c4\u5236\uff08\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c2\u6761\u4e4b2\uff09\uff0c\u5e76\u4e14\u6295\u8d44\u578bICO\u4ee3\u5e01\u4f5c\u4e3a\u201c\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6743\u5229\u201d\u5728\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u4e0a\u88ab\u65b0\u89c4\u5b9a\uff0c\u4ece\u800c\u4f7f\u5f97ICO\u4e5f\u53d7\u5230\u4e86\u6709\u5173\u6709\u4ef7\u8bc1\u5238\u7684\u5404\u79cd\u89c4\u5236\u3002<\/p>\n\n\n\n<p>\u76f8\u5173\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/ico-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">ICO\u7684\u6cd5\u5f8b\u89c4\u5236\u53ca\u5176\u5408\u6cd5\u8fdb\u884c\u7684\u65b9\u6cd5[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO%E4%B8%8ESTO%E7%9A%84%E5%8C%BA%E5%88%AB\"><\/span>ICO\u4e0eSTO\u7684\u533a\u522b<span 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Offering\uff09\u76f8\u6bd4\uff0cSTO\u7684\u672c\u8d28\u5728\u4e8e\u9075\u5b88\u91d1\u878d\u76d1\u7ba1\u3002\u7136\u800c\uff0c\u6b63\u5982\u672c\u6587\u6240\u89e3\u91ca\u7684\uff0c\u5982\u679c\u4e0d\u6015\u8bef\u89e3\u7684\u8bdd\uff0c\u53ef\u4ee5\u8bf4\uff0c\u662f\u5426\u9075\u5b88\u91d1\u878d\u76d1\u7ba1\u5bf9\u4e8eSTO\u6765\u8bf4\u5df2\u4e0d\u518d\u662f\u4e00\u4e2a\u91cd\u8981\u7684\u89c6\u89d2\u3002<\/p>\n\n\n\n<p>ICO\u548cSTO\u6982\u5ff5\u7684\u51fa\u73b0\u5e26\u6765\u7684\u6311\u6218\uff0c\u5728\u4e8e\u65b0\u6280\u672f\u5982\u533a\u5757\u94fe\u80fd\u591f\u5b9e\u73b0\u4ec0\u4e48\uff0c\u4ee5\u53ca\u6211\u4eec\u5e94\u8be5\u5982\u4f55\u5229\u7528\u8fd9\u4e9b\u6280\u672f\u3002\u5982\u679c\u653e\u5728\u8d44\u91d1\u7b79\u96c6\u7684\u8bed\u5883\u4e2d\uff0c\u95ee\u9898\u5c31\u53d8\u6210\u4e86\uff1a\u4e3a\u4e86\u8fc5\u901f\u54cd\u5e94\u5e02\u573a\u4e0a\u5c1a\u672a\u51fa\u73b0\u7684\uff08\u5c24\u5176\u662f\u5c0f\u989d\u7684\uff09\u8d44\u91d1\u9700\u6c42\uff0c\u540c\u65f6\u4fdd\u6301\u5e02\u573a\u7684\u516c\u6b63\u4e0e\u516c\u5e73\uff0c\u6211\u4eec\u5e94\u8be5\u8003\u8651\u54ea\u4e9b\u5236\u5ea6\u8bbe\u8ba1\u3002<\/p>\n\n\n\n<p>STO\u8fd9\u4e00\u6982\u5ff5\u4f5c\u4e3a\u4e00\u79cd\u5de5\u5177\u6027\u6982\u5ff5\uff0c\u5bf9\u4e8e\u90a3\u4e9b\u6cd5\u5f8b\u5236\u5ea6\u5c1a\u672a\u8ddf\u4e0a\u7684\u8d44\u91d1\u9700\u6c42\uff0c\u4e3a\u5176\u5f00\u8f9f\u8fdb\u5165\u8d44\u672c\u5e02\u573a\u7684\u9053\u8def\uff0c\u56e0\u6b64\u8ba8\u8bbaSTO\u7684\u610f\u4e49\u5728\u672a\u6765\u4ecd\u7136\u5b58\u5728\u3002<\/p>\n\n\n\n<h2 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href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8fd1\u5e74\u6765\uff0c\u201c\u65b0\u578b\u878d\u8d44\u624b\u6bb5\u201dSTO\uff08Security Token Offering\uff09\u53d7\u5230\u4e86\u5e7f\u6cdb\u5173\u6ce8\u3002 \u968f\u7740\u533a\u5757\u94fe\u7b49\u65b0\u6280\u672f\u7684\u5174\u8d77\u4ee5\u53ca\u91d1\u878d\u6cd5\u89c4\u7684\u8fde\u7eed\u4fee\u8ba2\uff0cSTO\u6216\u5176\u6838\u5fc3\u7684\u5b89\u5168\u4ee4\u724c\uff08Security Token\uff09\u7684\u6cd5\u5f8b\u5730\u4f4d\u7a76\u7adf\u5982\u4f55\u786e\u7acb\u5462\uff1f \u540c\u65f6\uff0c\u4e0e\u540c\u4e3a\u878d\u8d44\u624b\u6bb5\u7684ICO\uff08Initial Coin Offering\uff09\u76f8\u6bd4\uff0cSTO\u7a76\u7adf\u5728\u4f55\u79cd\u610f\u4e49\u4e0a\u662f\u201c\u65b0\u578b\u201d\u7684\u5462\uff1f 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