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class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u65e5\u672c\u7684\u52a0\u5bc6\u8d44\u4ea7\u76d1\u7ba1\u57282016\u5e74\u901a\u8fc7\u4fee\u6539\u300a\u8d44\u91d1\u7ed3\u7b97\u6cd5\u300b\uff08\u4ee5\u4e0b\u7b80\u79f0\u201c\u8d44\u91d1\u7ed3\u7b97\u6cd5\u201d\uff09\u5f15\u5165\u4e86\u6ce8\u518c\u5236\u548c\u7528\u6237\u4fdd\u62a4\u6846\u67b6\uff0c\u8d70\u5728\u4e86\u4e16\u754c\u7684\u524d\u5217\u3002\u6b64\u540e\uff0c\u7531\u4e8e\u63a5\u8fde\u53d1\u751f\u7684\u975e\u6cd5\u6d41\u51fa\u4e8b\u4ef6\u548c\u53cd\u6d17\u94b1\uff08AML\uff09\u63aa\u65bd\u7684\u9700\u8981\uff0c\u901a\u8fc7\u6cd5\u5f8b\u4fee\u8ba2\u4e0d\u65ad\u5b8c\u5584\u5236\u5ea6\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u7eb5\u89c2\u5f53\u524d\u7684\u60c5\u51b5\uff0c\u53ef\u4ee5\u53d1\u73b0\u56f4\u7ed5\u52a0\u5bc6\u8d44\u4ea7\u7684\u9636\u6bb5\u53d1\u751f\u4e86\u91cd\u5927\u53d8\u5316\u3002\u65e5\u672c\u56fd\u5185\u7684\u52a0\u5bc6\u8d44\u4ea7\u4ea4\u6613\u6240\u7684\u8d26\u6237\u5f00\u8bbe\u6570\u91cf\u5df2\u8d85\u8fc71300\u4e07\uff0c\u5b58\u6b3e\u4f59\u989d\u8fbe\u52305\u4e07\u4ebf\u65e5\u5143\uff08\u622a\u81f3\u64b0\u5199\u65f6\uff09\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\u7528\u6237\u7684\u52a8\u673a\uff0c\u6839\u636e\u95ee\u5377\u8c03\u67e5\uff0c\u7ea687%\u7684\u6301\u6709\u8005\u4ee5\u671f\u5f85\u957f\u671f\u589e\u503c\u7684\u201c\u6295\u8d44\u201d\u4e3a\u76ee\u7684\u3002\u5728\u7f8e\u56fd\u7b49\u5730\uff0c\u6bd4\u7279\u5e01ETF\u7684\u4e0a\u5e02\u548c\u673a\u6784\u6295\u8d44\u8005\u7684\u53c2\u4e0e\u4e5f\u52a0\u901f\u4e86\u8fd9\u4e00\u6295\u8d44\u5316\u7684\u8d8b\u52bf\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u7528\u6237\u4fdd\u62a4\u65b9\u9762\u7684\u95ee\u9898\u4e5f\u65e5\u76ca\u4e25\u91cd\u3002\u65e5\u672c\u91d1\u878d\u5385\u7684\u54a8\u8be2\u7a97\u53e3\u6bcf\u6708\u6536\u5230\u8d85\u8fc7350\u4ef6\u6295\u8bc9\uff0c\u5176\u4e2d\u5927\u591a\u6570\u4e0e\u6b3a\u8bc8\u6027\u6295\u8d44\u529d\u8bf1\u6709\u5173\u3002\u6b64\u5916\uff0c\u7531\u4e8e\u7f51\u7edc\u653b\u51fb\u5bfc\u81f4\u7684\u8d44\u4ea7\u6d41\u5931\u4ecd\u5728\u7ee7\u7eed\uff0c\u653b\u51fb\u8005\u4ee5\u7b79\u96c6\u6050\u6016\u8d44\u91d1\u4e3a\u76ee\u7684\uff0c\u624b\u6cd5\u65e5\u76ca\u590d\u6742\u548c\u7ec4\u7ec7\u5316\u3002<\/p>\n\n\n\n<p>\u8fc4\u4eca\u4e3a\u6b62\uff0c\u300a\u8d44\u91d1\u7ed3\u7b97\u6cd5\u300b\u5c06\u52a0\u5bc6\u8d44\u4ea7\u89c6\u4e3a\u201c\u652f\u4ed8\u624b\u6bb5\u201d\uff0c\u4f46\u4e0e\u6295\u8d44\u5b9e\u9645\u60c5\u51b5\u7684\u5dee\u8ddd\u65e5\u76ca\u660e\u663e\u3002\u8003\u8651\u5230\u56fd\u9645\u8bc1\u5238\u76d1\u7763\u8005\u7ec4\u7ec7\uff08IOSCO\uff09\u5bf9\u4e0d\u516c\u6b63\u4ea4\u6613\u7684\u6291\u5236\u5efa\u8bae\uff0c\u4ee5\u53ca\u6b27\u6d32\u7684MiCA\uff08\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u76d1\u7ba1\uff09\u7b49\u56fd\u9645\u76d1\u7ba1\u52a8\u5411\uff0c\u4ece\u6295\u8d44\u8005\u4fdd\u62a4\u7684\u89d2\u5ea6\u51fa\u53d1\uff0c\u4f5c\u4e3a\u201c\u91d1\u878d\u5546\u54c1\u201d\u8fdb\u884c\u5168\u9762\u76d1\u7ba1\u7684\u5b8c\u5584\u5df2\u6210\u4e3a\u5f53\u52a1\u4e4b\u6025\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B3%E4%BA%8E%E2%80%9C%E5%8A%A0%E5%AF%86%E8%B5%84%E4%BA%A7%E5%88%B6%E5%BA%A6%E5%B7%A5%E4%BD%9C%E7%BB%84%E2%80%9D%E6%8A%A5%E5%91%8A%E7%9A%84%E5%9B%9B%E5%A4%A7%E6%94%AF%E6%9F%B1\"><\/span>\u5173\u4e8e\u201c\u52a0\u5bc6\u8d44\u4ea7\u5236\u5ea6\u5de5\u4f5c\u7ec4\u201d\u62a5\u544a\u7684\u56db\u5927\u652f\u67f1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2026\/03\/2e9102181bc4e468c73cd3a24aa8362b.jpg\" alt=\"\u62a5\u544a\u5185\u5bb9\" class=\"wp-image-209536\" style=\"aspect-ratio:1.5;width:840px;height:auto\" \/><\/figure>\n\n\n\n<p>\u672c\u62a5\u544a\u4e66\u63d0\u51fa\u7684\u53d8\u9769\u6838\u5fc3\u5728\u4e8e\u5c06\u52a0\u5bc6\u8d44\u4ea7\u7684\u6cd5\u5f8b\u5b9a\u4f4d\u4ece\u201c\u652f\u4ed8\u5de5\u5177\u201d\u63d0\u5347\u4e3a\u201c\u91d1\u878d\u5546\u54c1\u201d\u3002\u901a\u8fc7\u8fd9\u4e00\u53d8\u9769\uff0c\u52a0\u5bc6\u8d44\u4ea7\u7684\u76d1\u7ba1\u5c06\u4ece\u4f20\u7edf\u7684\u8d44\u91d1\u7ed3\u7b97\u6cd5\u8f6c\u5411\u66f4\u4e3a\u4e25\u683c\u7684\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff08\u91d1\u5546\u6cd5\uff09\uff0c\u8fd9\u4e00\u8f6c\u53d8\u5728\u65e5\u672c\u53d8\u5f97\u6108\u52a0\u73b0\u5b9e\u3002<\/p>\n\n\n\n<p>\u53c2\u8003\uff1a<a href=\"https:\/\/www.fsa.go.jp\/singi\/singi_kinyu\/tosin\/20251210.html\" target=\"_blank\" rel=\"noopener\" title=\"\u91d1\u878d\u5385\uff5c\u91d1\u878d\u5ba1\u8bae\u4f1a\u201c\u52a0\u5bc6\u8d44\u4ea7\u5236\u5ea6\u5de5\u4f5c\u7ec4\u201d\u62a5\u544a\u7684\u516c\u5e03\">\u91d1\u878d\u5385\uff5c\u91d1\u878d\u5ba1\u8bae\u4f1a\u201c\u52a0\u5bc6\u8d44\u4ea7\u5236\u5ea6\u5de5\u4f5c\u7ec4\u201d\u62a5\u544a\u7684\u516c\u5e03<\/a><\/p>\n\n\n\n<p>\u5177\u4f53\u800c\u8a00\uff0c\u4e3a\u4e86\u63d0\u9ad8\u5e02\u573a\u900f\u660e\u5ea6\u5e76\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e00\u4e2a\u53ef\u4ee5\u5b89\u5fc3\u4ea4\u6613\u7684\u73af\u5883\uff0c\u62a5\u544a\u63d0\u51fa\u4e86\u4ee5\u4e0b\u56db\u4e2a\u91cd\u8981\u9879\u76ee\u3002\u8fd9\u4e9b\u9879\u76ee\u5c06\u6210\u4e3a\u672a\u6765\u52a0\u5bc6\u8d44\u4ea7\u4e1a\u52a1\u4e2d\u7684\u201c\u65b0\u57fa\u672c\u89c4\u5219\u201d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A0%B9%E6%93%9A%E6%97%A5%E6%9C%AC%E6%B3%95%E5%BE%8B%E7%9A%84%E5%85%A8%E9%9D%A2%E6%80%A7%E6%AA%A2%E8%A8%8E\"><\/span>\u6839\u64da\u65e5\u672c\u6cd5\u5f8b\u7684\u5168\u9762\u6027\u6aa2\u8a0e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u672c\u5831\u544a\u7684\u6700\u5927\u8981\u9ede\u5728\u65bc\u5efa\u8b70\u5c07\u52a0\u5bc6\u8cc7\u7522\u7684\u76e3\u7ba1\u4f9d\u64da\u6cd5\u5f8b\uff0c\u5f9e\u73fe\u884c\u7684\u300a\u8cc7\u91d1\u7d50\u7b97\u6cd5\u300b\u8f49\u79fb\u81f3\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\uff08\u4ee5\u4e0b\u7c21\u7a31\u300c\u91d1\u5546\u6cd5\u300d\uff09\u3002<\/p>\n\n\n\n<p>\u91d1\u5546\u6cd5\u7684\u7406\u5ff5\u662f\u6a6b\u5411\u4fdd\u8b77\u5177\u6709\u9ad8\u6295\u8cc7\u6027\u7684\u91d1\u878d\u5546\u54c1\uff0c\u800c\u52a0\u5bc6\u8cc7\u7522\u4ea4\u6613\u56e0\u50f9\u683c\u6ce2\u52d5\u800c\u671f\u5f85\u56de\u5831\u7684\u5be6\u969b\u60c5\u6cc1\uff0c\u88ab\u8a8d\u70ba\u8207\u91d1\u5546\u6cd5\u7684\u76e3\u7ba1\u6846\u67b6\u6975\u70ba\u5951\u5408\u3002\u7136\u800c\uff0c\u7531\u65bc\u52a0\u5bc6\u8cc7\u7522\u4e26\u4e0d\u4ee3\u8868\u6536\u76ca\u5206\u914d\u7b49\u6cd5\u5f8b\u6b0a\u5229\uff0c\u56e0\u6b64\u5c07\u5176\u5b9a\u4f4d\u70ba\u91d1\u5546\u6cd5\u4e0b\u7684\u300c\u6709\u50f9\u8b49\u5238\u300d\u4e4b\u5916\u7684\u65b0\u300c\u91d1\u878d\u5546\u54c1\u300d\u3002<\/p>\n\n\n\n<h3 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