{"id":66533,"date":"2024-11-01T13:58:32","date_gmt":"2024-11-01T04:58:32","guid":{"rendered":"https:\/\/monolith.law\/zh-cn\/?p=66533"},"modified":"2024-11-29T11:39:43","modified_gmt":"2024-11-29T02:39:43","slug":"digital-securities","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-cn\/it\/digital-securities","title":{"rendered":"\u3010\u4ee4\u548c6\u5e748\u6708(2024)\u3011\u6570\u5b57\u8bc1\u5238(ST)\u76d1\u7ba1\u653e\u5bbd\u7684\u5185\u5bb9\u53ca\u5176\u5f71\u54cd\u89e3\u6790"},"content":{"rendered":"\n<p>\u91d1\u878d\u5e81\u5df2\u5ba3\u5e03\uff0c\u5728\u4ee4\u548c6\u5e74\uff082024\u5e74\uff098\u6708\uff0c\u5c06\u653e\u5bbd\u5bf9\u6570\u5b57\u8bc1\u5238\uff08\u5b89\u5168\u4ee4\u724c\uff0c\u4ee5\u4e0b\u7b80\u79f0ST\uff09\u7684\u76d1\u7ba1\u3002\u8fd9\u9879\u76d1\u7ba1\u653e\u5bbd\u7684\u76ee\u7684\u662f\u4e3a\u4e86\u4fc3\u8fdb\u56fd\u5185\u6570\u5b57\u8bc1\u5238\u7684\u666e\u53ca\u3002\u57282023\u5e74\u5ea6\uff0c\u56fd\u5185\u6570\u5b57\u8bc1\u5238\u7684\u603b\u53d1\u884c\u989d\u5df2\u8fbe\u52301000\u4ebf\u65e5\u5143\uff0c\u5f15\u8d77\u4e86\u4e1a\u754c\u7684\u5e7f\u6cdb\u5173\u6ce8\u3002\u90a3\u4e48\uff0c\u91d1\u878d\u5e81\u6b64\u6b21\u7684\u76d1\u7ba1\u653e\u5bbd\u5c06\u5bf9\u6570\u5b57\u8bc1\u5238\u884c\u4e1a\u4ea7\u751f\u4f55\u79cd\u5f71\u54cd\u5462\uff1f<\/p>\n\n\n\n<p>\u672c\u6587\u5c06\u89e3\u91ca\u201c\u6570\u5b57\u8bc1\u5238\u201d\u662f\u4ec0\u4e48\uff0c\u4ee5\u53ca\u672c\u6b21\u76d1\u7ba1\u653e\u5bbd\u7684\u5177\u4f53\u5185\u5bb9\u548c\u53ef\u80fd\u5e26\u6765\u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n<div 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href=\"https:\/\/monolith.law\/corporate\/web3-law\" target=\"_blank\" rel=\"noreferrer noopener\">\u5173\u4e8eWeb3\u7684\u6cd5\u5f8b\u662f\u4ec0\u4e48\uff1f\u4e5f\u89e3\u91ca\u4e86\u8fdb\u5165\u4f01\u4e1a\u9700\u8981\u638c\u63e1\u7684\u8981\u70b9[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%B0%E5%AD%97%E8%AF%81%E5%88%B8%E4%B8%8E%E4%BC%A0%E7%BB%9F%E8%AF%81%E5%88%B8%E6%9C%89%E4%BD%95%E4%B8%8D%E5%90%8C\"><\/span>\u6570\u5b57\u8bc1\u5238\u4e0e\u4f20\u7edf\u8bc1\u5238\u6709\u4f55\u4e0d\u540c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2024\/08\/7754792bacecaafed2fca2c081c09987.jpg\" alt=\"\u4f20\u7edf\u8bc1\u5238\u7684\u4e0d\u540c\u4e4b\u5904\" class=\"wp-image-88708\" 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class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%B0%E5%AD%97%E8%AF%81%E5%88%B8%E7%9A%84%E7%89%B9%E7%82%B9\"><\/span>\u6570\u5b57\u8bc1\u5238\u7684\u7279\u70b9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6570\u5b57\u8bc1\u5238\u7684\u7279\u70b9\u4e4b\u4e00\u662f\u80fd\u591f\u8fdb\u884c\u591a\u6837\u5316\u7684\u5c0f\u989d\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u4f8b\u5982\uff0c\u901a\u8fc7\u6570\u5b57\u8bc1\u5238\uff0c\u5373\u4f7f\u662f\u4e0d\u52a8\u4ea7\u4e5f\u80fd\u591f\u8fdb\u884c\u4ea4\u6613\u3002\u5728\u4e0d\u52a8\u4ea7ST\u4e2d\uff0c\u5229\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u5c06\u672c\u8d28\u4e0a\u4e0d\u53ef\u5206\u5272\u7684\u571f\u5730\u6216\u7269\u4e1a\u8f6c\u53d8\u4e3a\u53ef\u4ee5\u901a\u8fc7\u5c0f\u989d\u8d2d\u4e70\u7684\u5f62\u5f0f\uff0c\u4ece\u800c\u5b9e\u73b0\u5c0f\u989d\u4ea4\u6613\u3002<\/p>\n\n\n\n<p>\u4e0e\u80fd\u591f\u8fdb\u884c\u4e0d\u52a8\u4ea7\u5c0f\u989d\u73b0\u91d1\u5316\u7684REIT\u76f8\u6bd4\uff0c\u6295\u8d44\u5bf9\u8c61\u7684\u4e0d\u540c\u662f\u4e00\u4e2a\u533a\u522b\u3002\u6570\u5b57\u8bc1\u5238\u6295\u8d44\u4e8e\u5355\u4e00\u7269\u4e1a\uff0c\u800cREIT\u5219\u6295\u8d44\u4e8e\u6301\u6709\u591a\u4e2a\u7269\u4e1a\u7684\u516c\u53f8\u7684\u80a1\u7968\u3002\u56e0\u6b64\uff0c\u6570\u5b57\u8bc1\u5238\u7684\u4f18\u52bf\u5728\u4e8e\u53ef\u4ee5\u6295\u8d44\u4e8e\u7279\u5b9a\u7269\u4e1a\uff0c\u6295\u8d44\u5bf9\u8c61\u66f4\u52a0\u660e\u786e\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u4ef7\u683c\u53d8\u52a8\u4e5f\u4e0d\u540c\u3002\u6570\u5b57\u8bc1\u5238\u7684\u4ea4\u6613\u57fa\u4e8e\u8bc4\u4f30\u4ef7\u503c\uff0c\u800cREIT\u7684\u4ef7\u683c\u5219\u53d7\u80a1\u7968\u5e02\u573a\u8d8b\u52bf\u7684\u6301\u7eed\u5f71\u54cd\uff0c\u4f1a\u56e0\u5229\u7387\u53d8\u5316\u6216\u5927\u989d\u6295\u8d44\u8005\u7684\u4ea4\u6613\u800c\u6ce2\u52a8\u3002<\/p>\n\n\n\n<p>\u6d41\u52a8\u6027\u65b9\u9762\u4e5f\u5b58\u5728\u5dee\u5f02\u3002\u7531\u4e8eREIT\u5728\u80a1\u7968\u5e02\u573a\u4ea4\u6613\uff0c\u6d41\u52a8\u6027\u8f83\u9ad8\uff0c\u6295\u8d44\u8005\u76f8\u5bf9\u5bb9\u6613\u4e70\u5356\u3002\u76f8\u53cd\uff0c\u6570\u5b57\u8bc1\u5238\u4e3b\u8981\u901a\u8fc7\u8bc1\u5238\u516c\u53f8\u51fa\u552e\uff0c\u4ea4\u6613\u573a\u6240\u8f83\u4e3a\u6709\u9650\u3002<\/p>\n\n\n\n<p>\u6b63\u56e0\u4e3a\u5177\u5907\u8fd9\u4e9b\u4f18\u52bf\uff0c\u6570\u5b57\u8bc1\u5238\u5728\u65e5\u672c\u7684\u666e\u53ca\u6d3b\u52a8\u4e5f\u5728\u4e0d\u65ad\u63a8\u8fdb\u3002<\/p>\n\n\n\n<p>\u53c2\u8003\uff1a<a href=\"https:\/\/www.startupandglobalfinancialcity.metro.tokyo.lg.jp\/gfct\/initiatives\/nurturing-players\/fintech\/security-token\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e1c\u4eac\u90fd\u6570\u5b57\u8bc1\u5238(\u5b89\u5168\u4ee4\u724c)\u5e02\u573a\u6269\u5927\u4fc3\u8fdb\u4e8b\u4e1a\u8865\u52a9\u91d1[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%97%A5%E6%9C%AC%E6%95%B0%E5%AD%97%E8%AF%81%E5%88%B8%E7%9B%91%E7%AE%A1%E7%8E%B0%E7%8A%B6%E5%8F%8A%E5%85%B6%E8%83%8C%E6%99%AF\"><\/span>\u65e5\u672c\u6570\u5b57\u8bc1\u5238\u76d1\u7ba1\u73b0\u72b6\u53ca\u5176\u80cc\u666f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6b63\u5982\u6211\u4eec\u8fc4\u4eca\u4e3a\u6b62\u6240\u89e3\u91ca\u7684\uff0c\u6570\u5b57\u8bc1\u5238\u5177\u6709\u8bb8\u591a\u4f18\u52bf\uff0c\u4f46\u540c\u65f6\u4e5f\u9762\u4e34\u7740\u5404\u79cd\u6cd5\u5f8b\u89c4\u5236\u7684\u6311\u6218\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%B0%E5%AD%97%E8%AF%81%E5%88%B8%E9%94%80%E5%94%AE%E4%B8%8E%E6%8E%A8%E5%B9%BF%E7%9A%84%E8%A1%8C%E4%B8%BA%E8%A7%84%E5%88%B6%E7%AD%89\"><\/span>\u6570\u5b57\u8bc1\u5238\u9500\u552e\u4e0e\u63a8\u5e7f\u7684\u884c\u4e3a\u89c4\u5236\u7b49<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u5546\u7b49\u5728\u9500\u552e\u548c\u63a8\u5e7f\u65f6\uff0c\u4e0e\u80a1\u7968\u6216\u516c\u53f8\u503a\u5238\u7b49\u4e00\u6837\uff0c\u9700\u8981\u9075\u5b88\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u4e0a\u7684\u884c\u4e3a\u89c4\u5236\u3001\u300a\u65e5\u672c\u72af\u7f6a\u6240\u5f97\u8f6c\u79fb\u9632\u6b62\u6cd5\u300b\u4e0a\u7684\u4ea4\u6613\u65f6\u786e\u8ba4\u3001\u4ee5\u53ca\u300a\u65e5\u672c\u91d1\u878d\u670d\u52a1\u63d0\u4f9b\u6cd5\u300b\u4e0a\u7684\u91cd\u8981\u4e8b\u9879\u8bf4\u660e\u7b49\u4e49\u52a1\uff08\u4f46\u9700\u6ce8\u610f\uff0cST\u76ee\u524d\u662f\u975e\u4e0a\u5e02\u6709\u4ef7\u8bc1\u5238\uff09\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u4e0e\u7b2c\u4e00\u7c7b\u6709\u4ef7\u8bc1\u5238\u5982\u80a1\u7968\u6216\u516c\u53f8\u503a\u5238\u7b49\u76f8\u540c\uff0c\u4e5f\u9700\u8981\u9075\u5b88\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u4e0a\u7684\u884c\u4e3a\u89c4\u5236\u3001\u300a\u65e5\u672c\u72af\u7f6a\u6240\u5f97\u8f6c\u79fb\u9632\u6b62\u6cd5\u300b\u4e0a\u7684\u4ea4\u6613\u65f6\u786e\u8ba4\u3001\u4ee5\u53ca\u300a\u65e5\u672c\u91d1\u878d\u670d\u52a1\u63d0\u4f9b\u6cd5\u300b\u4e0a\u7684\u91cd\u8981\u4e8b\u9879\u8bf4\u660e\u7b49\u4e49\u52a1\u3002<\/p>\n\n\n\n<p>\u6570\u5b57\u8bc1\u5238\u9700\u8981\u5bf9\u6295\u8d44\u5bf9\u8c61\u5982\u4fe1\u6258\u53d7\u76ca\u6743\u6216\u96c6\u4f53\u6295\u8d44\u8ba1\u5212\u4efd\u989d\u7b49\u5546\u54c1\u5185\u5bb9\u3001\u6295\u8d44\u98ce\u9669\u7b49\u8fdb\u884c\u8bf4\u660e\uff0c\u7531\u4e8e\u5176\u6301\u6709\u5f62\u6001\u3001\u8f6c\u79fb\u548c\u7ed3\u7b97\u7b49\u65b9\u9762\u4e0e\u5176\u4ed6\u6709\u4ef7\u8bc1\u5238\u5b58\u5728\u4e0d\u540c\u7684\u98ce\u9669\uff0c\u56e0\u6b64\u53d7\u5230\u4e25\u683c\u7684\u89c4\u5236\u3002<\/p>\n\n\n\n<ul>\n<li>\u9002\u5f53\u6027\u539f\u5219\uff08\u4ea4\u6613\u5f00\u59cb\u6807\u51c6\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u8fdb\u884c\u7ba1\u7406\u4e1a\u52a1\u7b49\u65f6\uff0c\u9700\u8981\u516c\u5e03\u4e0e\u5206\u522b\u7ba1\u7406\u4e1a\u52a1\u76f8\u5173\u7684\u653f\u7b56\u548c\u63aa\u65bd\uff08\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u653f\u5e9c\u4ee4\u7b2c70\u6761\u4e4b2\u7b2c5\u6b3e\uff09\u3002<\/p>\n\n\n\n<ul>\n<li>\u5e7f\u544a\u7b49\u7684\u89c4\u5236<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u8fdb\u884c\u5e7f\u544a\u65f6\uff0c\u9700\u8981\u786e\u4fdd\u4e0d\u4f1a\u5bf9\u5904\u7406\u7684\u6570\u5b57\u8bc1\u5238\u7684\u6027\u8d28\u6216\u5b58\u50a8\u3001\u8f6c\u79fb\u673a\u5236\u4ea7\u751f\u8bef\u89e3\uff08\u540c\u7b2c78\u6761\uff09\u3002<\/p>\n\n\n\n<ul>\n<li>\u6570\u5b57\u8bc1\u5238\u6982\u8981\u8bf4\u660e\uff08\u5408\u540c\u7b7e\u8ba2\u524d\u4ea4\u4ed8\u6587\u4ef6\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u6570\u5b57\u8bc1\u5238\u4e70\u5356\u7b49\u4ea4\u6613\u4e2d\uff0c\u4ea4\u4ed8\u5408\u540c\u7b7e\u8ba2\u524d\u4ea4\u4ed8\u6587\u4ef6\u65f6\uff0c\u9700\u8981\u5bf9\u6570\u5b57\u8bc1\u5238\u7684\u6027\u8d28\u8fdb\u884c\u6ce8\u610f\u63d0\u793a\uff08\u540c\u7b2c83\u6761\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%B0%E5%AD%97%E8%AF%81%E5%88%B8%E5%88%86%E5%88%AB%E7%AE%A1%E7%90%86%E7%9A%84%E5%BD%BB%E5%BA%95%E7%AD%89\"><\/span>\u6570\u5b57\u8bc1\u5238\u5206\u522b\u7ba1\u7406\u7684\u5f7b\u5e95\u7b49<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9996\u5148\uff0c\u5bf9\u4e8e\u5904\u7406\u6570\u5b57\u8bc1\u5238\u7684\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u5546\u7b49\uff0c\u8981\u6c42\u5f7b\u5e95\u5206\u522b\u7ba1\u7406\u548c\u5e94\u5bf9\u6d41\u51fa\u98ce\u9669\u7684\u63aa\u65bd\u3002<\/p>\n\n\n\n<p>\u201c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u5546\u7b49\u5728\u63a5\u53d7\u5ba2\u6237\u5b58\u653e\u6709\u4ef7\u8bc1\u5238\u548c\u91d1\u94b1\u65f6\uff0c\u5fc5\u987b\u4ee5\u786e\u4fdd\u548c\u6709\u5e8f\u7ba1\u7406\u7684\u65b9\u5f0f\uff0c\u5c06\u8be5\u7b49\u6709\u4ef7\u8bc1\u5238\u4e0e\u81ea\u5df1\u7684\u56fa\u6709\u8d22\u4ea7\u5206\u522b\u7ba1\u7406\u201d\uff08\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u7b2c43\u6761\u4e4b2\uff09\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u4f5c\u4e3a\u6570\u5b57\u8bc1\u5238\u7684\u4ee3\u5e01\u5316\u6709\u4ef7\u8bc1\u5238\uff0c\u6295\u8d44\u8005\u901a\u5e38\u4f1a\u88ab\u8d4b\u4e88\u8fdb\u884c\u4ee3\u5e01\u8f6c\u79fb\u7b49\u6240\u9700\u7684\u79d8\u5bc6\u5bc6\u94a5\uff08\u5728\u516c\u5f00\u5bc6\u94a5\u52a0\u5bc6\u65b9\u5f0f\u4e2d\u4f7f\u7528\u7684\u4e00\u5bf9\u5bc6\u94a5\u4e2d\uff0c\u4e0d\u516c\u5f00\u7684\u5bc6\u94a5\uff09\u3002\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u5546\u7b49\u5728\u63a5\u53d7\u6570\u5b57\u8bc1\u5238\u5b58\u7ba1\u65f6\uff0c\u4e3a\u4e86\u907f\u514d\u8be5\u79d8\u5bc6\u5bc6\u94a5\u6cc4\u9732\u7ed9\u7b2c\u4e09\u65b9\uff0c\u901a\u5e38\u4f1a\u63a5\u53d7\u6295\u8d44\u8005\u7684\u79d8\u5bc6\u5bc6\u94a5\u5b58\u7ba1\uff0c\u5e76\u6839\u636e\u6cd5\u5f8b\u4e0a\u7684\u5206\u522b\u7ba1\u7406\u89c4\u5b9a\u548c\u516c\u53f8\u5185\u90e8\u89c4\u7a0b\u7b49\uff0c\u5728\u81ea\u5df1\u6216\u5916\u90e8\u59d4\u6258\u65b9\u5904\u5c06\u5176\u4e0e\u81ea\u5df1\u7684\u56fa\u6709\u8d22\u4ea7\u7b49\u5206\u522b\u7ba1\u7406\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u201c\u5fc5\u987b\u91c7\u53d6\u5c06\u4ee3\u8868\u5ba2\u6237\u6709\u4ef7\u8bc1\u5238\u7684\u7535\u5b50\u8bb0\u5f55\u8f6c\u79fb\u6709\u4ef7\u8bc1\u5238\u663e\u793a\u6743\u5229\u7b49\u7684\u8d22\u4ea7\u4ef7\u503c\u8f6c\u79fb\u6240\u9700\u4fe1\u606f\uff0c\u8bb0\u5f55\u5728\u5e38\u65f6\u4e0d\u8fde\u63a5\u4e92\u8054\u7f51\u7684\u7535\u5b50\u8bbe\u5907\u3001\u7535\u78c1\u8bb0\u5f55\u4ecb\u8d28\u6216\u5176\u4ed6\u8bb0\u5f55\u4ecb\u8d28\uff08\u5305\u62ec\u6587\u6863\u7b49\u7269\u54c1\uff09[\u5373\u6240\u8c13\u7684\u51b7\u94b1\u5305]\u4e0a\u7ba1\u7406\u7684\u65b9\u6cd5\uff0c\u6216\u91c7\u53d6\u540c\u7b49\u7684\u6280\u672f\u5b89\u5168\u7ba1\u7406\u63aa\u65bd\u201d\u8fdb\u884c\u5206\u522b\u7ba1\u7406\uff08\u300a\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u5185\u9601\u5e9c\u4ee4\u7b2c136\u6761\u7b2c1\u6b3e\u7b2c5\u53f7\uff09\u3002<\/p>\n\n\n\n<p>\u53c2\u8003\uff1a<a href=\"https:\/\/www.fsa.go.jp\/singi\/digital\/siryou\/20230606\/2jstoa.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u5173\u4e8e\u5b89\u5168\u4ee3\u5e01\u7684\u73b0\u72b6\u7b49\u4fe1\u606f[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%95%B0%E5%AD%97%E8%AF%81%E5%88%B8%E7%9B%91%E7%AE%A1%E6%94%BE%E5%AE%BD%E5%B0%86%E5%B8%A6%E6%9D%A5%E7%9A%84%E5%8F%98%E5%8C%96\"><\/span>\u6570\u5b57\u8bc1\u5238\u76d1\u7ba1\u653e\u5bbd\u5c06\u5e26\u6765\u7684\u53d8\u5316<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2024\/08\/9d58bb34f36e44857a5481c8c2868678.jpg\" alt=\"\u76d1\u7ba1\u653e\u5bbd\u5c06\u5e26\u6765\u7684\u53d8\u5316\" class=\"wp-image-88709\" 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