{"id":67698,"date":"2024-04-10T16:03:46","date_gmt":"2024-04-10T07:03:46","guid":{"rendered":"https:\/\/monolith.law\/zh-tw\/?p=67698"},"modified":"2024-04-17T07:27:25","modified_gmt":"2024-04-16T22:27:25","slug":"sto-securitytoken","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-tw\/it\/sto-securitytoken","title":{"rendered":"STO\u8207ICO\u7684\u5340\u5225\u662f\u4ec0\u9ebc?\u95dc\u65bc\u5b89\u5168\u6027\u4ee3\u5e63\u7684\u6982\u5ff5\u548cSTO\u7684\u610f\u7fa9\u7684\u89e3\u8aaa"},"content":{"rendered":"\n<p>\u8fd1\u5e74\uff0cSTO\u4f5c\u70ba\u300c\u65b0\u7684\u8cc7\u91d1\u8abf\u9054\u65b9\u5f0f\u300d\u53d7\u5230\u4e86\u5ee3\u6cdb\u95dc\u6ce8\u3002<\/p>\n\n\n\n<p>\u96a8\u8457\u5340\u584a\u93c8\u7b49\u65b0\u6280\u8853\u7684\u5d1b\u8d77\uff0c\u91d1\u878d\u76e3\u7ba1\u6cd5\u898f\u4e0d\u65b7\u9032\u884c\u4fee\u8a02\uff0c\u90a3\u9ebcSTO\u6216\u5176\u6838\u5fc3\u6982\u5ff5\u300c\u8b49\u5238\u578b\u4ee3\u5e63\u300d\u7684\u6cd5\u5f8b\u5730\u4f4d\u7a76\u7adf\u5982\u4f55\u5462\uff1f<\/p>\n\n\n\n<p>\u540c\u6642\uff0c\u8207\u540c\u6a23\u4ee3\u8868\u8cc7\u91d1\u8abf\u9054\u65b9\u5f0f\u7684ICO\u6982\u5ff5\u76f8\u6bd4\uff0cSTO\u5728\u4f55\u7a2e\u610f\u7fa9\u4e0a\u88ab\u8996\u70ba\u300c\u65b0\u7684\u300d\u5462\uff1f<\/p>\n\n\n\n<p>\u672c\u6587\u5c07\u70ba\u4e0a\u8ff0\u554f\u984c\u63d0\u4f9b\u7b54\u6848\uff0c\u4e26\u89e3\u91cb\u5728\u672a\u4f86\u8a0e\u8ad6STO\u7684\u610f\u7fa9\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-tw\/it\/sto-securitytoken\/#%E4%BD%95%E8%AC%82STO\" title=\"\u4f55\u8b02STO\">\u4f55\u8b02STO<\/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-tw\/it\/sto-securitytoken\/#%E6%B3%95%E5%BE%8B%E4%B8%8A%E7%9A%84%E8%AD%89%E5%88%B8%E4%BB%A3%E5%B9%A3%E6%98%AF%E4%BB%80%E9%BA%BC\" title=\"\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u4ec0\u9ebc\">\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u4ec0\u9ebc<\/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-tw\/it\/sto-securitytoken\/#%E3%80%8C%E9%9B%BB%E5%AD%90%E8%A8%98%E9%8C%B2%E7%A7%BB%E8%BB%A2%E6%9C%89%E5%83%B9%E8%AD%89%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%AC%8A%E5%88%A9%E7%AD%89%E3%80%8D%E7%9A%84%E6%B3%95%E5%BE%8B%E5%9C%B0%E4%BD%8D\" title=\"\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7684\u6cd5\u5f8b\u5730\u4f4d\">\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7684\u6cd5\u5f8b\u5730\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-tw\/it\/sto-securitytoken\/#%E3%80%8C%E6%9C%89%E5%83%B9%E8%AD%89%E5%88%B8%E3%80%8D%E7%9A%84%E7%AF%84%E7%96%87\" title=\"\u300c\u6709\u50f9\u8b49\u5238\u300d\u7684\u7bc4\u7587\">\u300c\u6709\u50f9\u8b49\u5238\u300d\u7684\u7bc4\u7587<\/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-tw\/it\/sto-securitytoken\/#%E3%80%8C%E9%9B%BB%E5%AD%90%E8%A8%98%E9%8C%84%E7%A7%BB%E8%BD%89%E6%AC%8A%E5%88%A9%E3%80%8D%E7%9A%84%E9%97%9C%E4%BF%82\" title=\"\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u7684\u95dc\u4fc2\">\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u7684\u95dc\u4fc2<\/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-tw\/it\/sto-securitytoken\/#%E3%80%8C%E9%9B%BB%E5%AD%90%E8%A8%98%E9%8C%B2%E7%A7%BB%E8%BB%A2%E6%9C%89%E5%83%B9%E8%AD%89%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%AC%8A%E5%88%A9%E7%AD%89%E3%80%8D%E6%98%AF%E4%BB%80%E9%BA%BC\" title=\"\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u662f\u4ec0\u9ebc\">\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u662f\u4ec0\u9ebc<\/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-tw\/it\/sto-securitytoken\/#%E5%88%A9%E7%94%A8%E6%B3%95%E5%BE%8B%E4%B8%8A%E7%9A%84%E8%AD%89%E5%88%B8%E4%BB%A3%E5%B9%A3STO%E7%9A%84%E6%84%8F%E7%BE%A9\" title=\"\u5229\u7528\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63(STO)\u7684\u610f\u7fa9\">\u5229\u7528\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63(STO)\u7684\u610f\u7fa9<\/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-tw\/it\/sto-securitytoken\/#%E5%AF%A6%E8%B3%AA%E4%B8%8A%E7%9A%84%E8%AD%89%E5%88%B8%E4%BB%A3%E5%B9%A3%E6%98%AF%E4%BB%80%E9%BA%BC\" title=\"\u5be6\u8cea\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u4ec0\u9ebc\">\u5be6\u8cea\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u4ec0\u9ebc<\/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-tw\/it\/sto-securitytoken\/#%E5%AF%A6%E8%B3%AA%E4%B8%8A%E5%88%A9%E7%94%A8%E5%AE%89%E5%85%A8%E4%BB%A3%E5%B9%A3%E7%9A%84STO%E7%9A%84%E6%84%8F%E7%BE%A9\" title=\"\u5be6\u8cea\u4e0a\u5229\u7528\u5b89\u5168\u4ee3\u5e63\u7684STO\u7684\u610f\u7fa9\">\u5be6\u8cea\u4e0a\u5229\u7528\u5b89\u5168\u4ee3\u5e63\u7684STO\u7684\u610f\u7fa9<\/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-tw\/it\/sto-securitytoken\/#%E4%BB%80%E9%BA%BC%E6%98%AFICO\" title=\"\u4ec0\u9ebc\u662fICO\">\u4ec0\u9ebc\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-tw\/it\/sto-securitytoken\/#ICO%E8%88%87STO%E7%9A%84%E5%8D%80%E5%88%A5\" title=\"ICO\u8207STO\u7684\u5340\u5225\">ICO\u8207STO\u7684\u5340\u5225<\/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-tw\/it\/sto-securitytoken\/#%E7%B8%BD%E7%B5%90%EF%BC%9A%E8%A8%8E%E8%AB%96STO%E6%A6%82%E5%BF%B5%E7%9A%84%E6%84%8F%E7%BE%A9\" title=\"\u7e3d\u7d50\uff1a\u8a0e\u8ad6STO\u6982\u5ff5\u7684\u610f\u7fa9\">\u7e3d\u7d50\uff1a\u8a0e\u8ad6STO\u6982\u5ff5\u7684\u610f\u7fa9<\/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-tw\/it\/sto-securitytoken\/#%E6%9C%AC%E6%89%80%E4%BA%8B%E5%8B%99%E6%89%80%E7%9A%84%E5%B0%8D%E7%AD%96%E4%BB%8B%E7%B4%B9\" title=\"\u672c\u6240\u4e8b\u52d9\u6240\u7684\u5c0d\u7b56\u4ecb\u7d39\">\u672c\u6240\u4e8b\u52d9\u6240\u7684\u5c0d\u7b56\u4ecb\u7d39<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BD%95%E8%AC%82STO\"><\/span>\u4f55\u8b02STO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>STO\uff0c\u662fSecurity Token Offering\u7684\u9996\u5b57\u6bcd\u7e2e\u5beb\uff0c\u4e00\u822c\u4f86\u8aaa\uff0c\u6307\u7684\u662f\u4f01\u696d\u7b49\u767c\u884c\u5b89\u5168\u6027\u4ee3\u5e63\uff0c\u5f9e\u516c\u773e\u7c4c\u96c6\u8cc7\u91d1\u7684\u884c\u70ba\u3002<\/p>\n\n\n\n<p>\u95dc\u65bc\u5b89\u5168\u6027\u4ee3\u5e63\u7684\u5b9a\u7fa9\uff0c\u96d6\u7136\u5728\u6cd5\u5f8b\u4e0a\u4e26\u7121\u660e\u78ba\u7684\u5b9a\u7fa9\uff0c\u4f46\u5728<a href=\"https:\/\/jstoa.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e00\u822c\u793e\u5718\u6cd5\u4eba\u65e5\u672cSTO\u5354\u6703[ja]<\/a>\uff08\u4ee5\u4e0b\u7a31\u70ba\u300c\u65e5\u672cSTO\u5354\u6703\u300d\uff09\u7684\u5b98\u65b9\u7db2\u7ad9\u4e0a\uff0c\u6709\u4ee5\u4e0b\u7684\u8aaa\u660e\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5b89\u5168\u6027\u4ee3\u5e63\uff08Security Token\uff09\uff08\u4ee5\u4e0b\u7c21\u7a31\u300cST\u300d\uff09\u662f\u6307\uff0c\u5c07\u80a1\u7968\u6216\u516c\u53f8\u50b5\u7b49\u6709\u50f9\u8b49\u5238\u4e0a\u7684\u6b0a\u5229\uff0c\u5229\u7528\u96fb\u5b50\u4fe1\u606f\u8655\u7406\u7d44\u7e54\u9032\u884c\u8f49\u79fb\u7684\u8ca1\u7522\u50f9\u503c\uff08\u4e5f\u5e38\u88ab\u7a31\u70ba\u300c\u4ee3\u5e63\u300d\uff09\u3002\u70ba\u4e86\u660e\u78ba\u5316\u9019\u7a2eST\u4e5f\u9069\u7528\u65bc\u6709\u50f9\u8b49\u5238\u898f\u5b9a\uff0c\u65bc2020\u5e745\u67081\u65e5\uff08\u897f\u66c62020\u5e74\uff09\u5be6\u65bd\u7684\u4fee\u8a02\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u53ca\u76f8\u95dc\u653f\u5e9c\u4ee4\uff08\u4ee5\u4e0b\u7a31\u70ba\u300c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b49\u300d\uff09\u4e2d\uff0c\u5b9a\u7fa9\u4e86\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u3002\u767c\u884c\u9019\u7a2eST\u9032\u884c\u8cc7\u91d1\u7c4c\u96c6\u7684\u884c\u70ba\u7e3d\u7a31\u70baSTO\uff08Security Token Offering\uff09\uff08\u4ee5\u4e0b\u7c21\u7a31\u300cSTO\u300d\uff09\u3002<\/p>\n<cite><a href=\"https:\/\/jstoa.or.jp\/investor\/sto\/#about-sto\" target=\"_blank\" rel=\"noreferrer noopener\">\u65e5\u672cSTO\u5354\u6703\uff5cSTO\u662f\u4ec0\u9ebc\uff1f[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>\u6b64\u5916\uff0c\u65e5\u672cSTO\u5354\u6703\u7684\u5408\u4f5c\u5925\u4f34\uff08\u8d0a\u52a9\u6703\u54e1\uff09<a href=\"https:\/\/securitytoken.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e00\u822c\u793e\u5718\u6cd5\u4eba\u65e5\u672c\u5b89\u5168\u6027\u4ee3\u5e63\u5354\u6703[ja]<\/a>\uff08\u4ee5\u4e0b\u7a31\u70ba\u300cJSTA\u300d\uff09\u7684\u5b98\u65b9\u7db2\u7ad9\u4e0a\uff0c\u4e5f\u6709\u4ee5\u4e0b\u7684\u8aaa\u660e\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5b89\u5168\u6027\u4ee3\u5e63\u662f\u6307\uff0c\u5728\u5340\u584a\u93c8\u7db2\u7d61\u4e0a\u767c\u884c\u7684\u6578\u5b57\u4ee3\u5e63\u4e2d\uff0c\u6709\u6709\u50f9\u8b49\u5238\u6216\u5176\u4ed6\u8cc7\u7522\u6216\u50f9\u503c\u7684\u64d4\u4fdd\u7684\u7269\u54c1\u3002\u5229\u7528\u5340\u584a\u93c8\u7684\u7279\u6027\uff0c\u53ef\u4ee5\u7121\u570b\u754c\u4e14\u5b89\u5168\u5730\u8f49\u79fb\u5c0d\u64d4\u4fdd\u8cc7\u7522\u7684\u6b0a\u5229\u3002\u5728\u65e5\u672c\u6cd5\u4e0a\uff0c\u5178\u578b\u7684\u662f\u88ab\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u5b9a\u7fa9\u70ba\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7684\u7269\u54c1\uff0c\u4f46\u5728JSTA\uff0c\u4e5f\u5c07\u5c0d\u4e0d\u53d7\u8a72\u6cd5\u9069\u7528\u7684\u8cc7\u7522\u7b49\u7684\u6b0a\u5229\u9032\u884c\u4ee3\u5e63\u5316\u7684\u7269\u54c1\u4ee5\u53ca\u8868\u793a\u8a72\u6b0a\u5229\u7684\u4ee3\u5e63\u5ee3\u6cdb\u5730\u5305\u542b\u5728\u5b89\u5168\u6027\u4ee3\u5e63\u7684\u5b9a\u7fa9\u4e2d\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\u7fa9\u548cJSTA\u7684\u8986\u84cb\u7bc4\u570d[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u300cSTO\u300d\u6216\u300c\u5b89\u5168\u6027\u4ee3\u5e63\u300d\u9019\u6a23\u7684\u6982\u5ff5\uff0c\u5176\u6307\u5411\u7684\u7bc4\u570d\u53ef\u80fd\u6703\u56e0\u8ad6\u8005\u800c\u7570\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u672c\u6587\u4e2d\uff0c\u672c\u6240\u5c07\u53c3\u7167JSTA\u7684\u505a\u6cd5\uff0c\u5c07\u300c\u5b89\u5168\u6027\u4ee3\u5e63\u300d\u5927\u81f4\u5206\u70ba\u4ee5\u4e0b\u5169\u985e\uff1a<\/p>\n\n\n\n<ul>\n<li>\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u6027\u4ee3\u5e63\uff08\u5373\u91d1\u5546\u6cd5\u4e0a\u7684\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7b49\uff09<\/li>\n\n\n\n<li>\u4e8b\u5be6\u4e0a\u7684\u5b89\u5168\u6027\u4ee3\u5e63\uff08\u5373\u5c0d\u4e0d\u53d7\u91d1\u5546\u6cd5\u7b49\u6cd5\u5f8b\u9069\u7528\u7684\u8cc7\u7522\u7b49\u7684\u6b0a\u5229\u9032\u884c\u4ee3\u5e63\u5316\u7684\u7269\u54c1\u4ee5\u53ca\u8868\u793a\u8a72\u6b0a\u5229\u7684\u4ee3\u5e63\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u8003\u616eSTO\u6642\uff0c\u660e\u78ba\u5340\u5206\u662f\u95dc\u65bc\u54ea\u7a2e\u5b89\u5168\u6027\u4ee3\u5e63\u662f\u975e\u5e38\u91cd\u8981\u7684\u3002\u56e0\u70ba\uff0c\u5982\u679c\u5c6c\u65bc\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u6027\u4ee3\u5e63\uff0c\u5247\u6703\u53d7\u5230\u91d1\u5546\u6cd5\u7684\u63ed\u793a\u898f\u5b9a\u548c\u696d\u898f\u5b9a\u7b49\u7684\u5f71\u97ff\uff0c\u800c\u5c0d\u65bc\u4e8b\u5be6\u4e0a\u7684\u5b89\u5168\u6027\u4ee3\u5e63\uff0c\u5247\u4e0d\u6703\u53d7\u5230\u9019\u4e9b\u898f\u5b9a\u7684\u5f71\u97ff\uff0c\u56e0\u6b64\uff0c\u6240\u9700\u7684\u7a0b\u5e8f\u7b49\u6703\u6709\u5f88\u5927\u7684\u5dee\u7570\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u4ee5\u4e0b\u5c07\u5206\u5225\u5c0d\u6cd5\u5f8b\u4e0a\u7684\u5b89\u5168\u6027\u4ee3\u5e63\u548c\u4e8b\u5be6\u4e0a\u7684\u5b89\u5168\u6027\u4ee3\u5e63\u9032\u884c\u5206\u985e\uff0c\u4e26\u89e3\u91cb\u5404\u81ea\u7684STO\u7684\u610f\u7fa9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%95%E5%BE%8B%E4%B8%8A%E7%9A%84%E8%AD%89%E5%88%B8%E4%BB%A3%E5%B9%A3%E6%98%AF%E4%BB%80%E9%BA%BC\"><\/span>\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u4ec0\u9ebc<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\uff08\u8a3c\u5238\uff09\u57fa\u672c\u4e0a\u662f\u6307\u65e5\u672c\u300a\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u300b\u4e2d\u7684\u300c\u6709\u50f9\u8b49\u5238\u300d\uff0c\u800c\u4ee3\u5e63\u5728\u6cd5\u5f8b\u4e0a\u88ab\u5b9a\u7fa9\u70ba\u300c\u6b0a\u5229\u4ee5\u96fb\u5b50\u65b9\u5f0f\u8a18\u9304\u548c\u8f49\u79fb\u7684\u8ca1\u7522\u50f9\u503c\u7684\u8868\u793a\u300d\u3002<\/p>\n\n\n\n<p class=\"has-text-align-left\">\u53e6\u5916\uff0c\u5728\u672c\u6587\u4e2d\uff0c\u5c07\u6b0a\u5229\u8868\u793a\u70ba\u4ee3\u5e63\u7684\u96fb\u5b50\u8655\u7406\u88ab\u7a31\u70ba\u300c\u4ee3\u5e63\u5316\u300d\u3002\u9019\u88e1\u6240\u8aaa\u7684\u96fb\u5b50\u8655\u7406\u4e3b\u8981\u662f\u6307\u5340\u584a\u93c8\u6280\u8853\uff0c\u4f46\u4e26\u4e0d\u50c5\u9650\u65bc\u6b64\u3002<\/p>\n\n\n\n<p>\u7136\u5f8c\uff0c\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u53ef\u4ee5\u7c21\u55ae\u5730\u8868\u793a\u70ba\u300c\u96fb\u5b50\u8a18\u9304\u8f49\u79fb\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7684\u6982\u5ff5\u3002\u7136\u800c\uff0c\u5176\u6cd5\u5f8b\u5730\u4f4d\u6709\u4e9b\u8907\u96dc\uff0c\u672c\u6240\u5c07\u6309\u9806\u5e8f\u8a73\u7d30\u4ecb\u7d39\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E9%9B%BB%E5%AD%90%E8%A8%98%E9%8C%B2%E7%A7%BB%E8%BB%A2%E6%9C%89%E5%83%B9%E8%AD%89%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%AC%8A%E5%88%A9%E7%AD%89%E3%80%8D%E7%9A%84%E6%B3%95%E5%BE%8B%E5%9C%B0%E4%BD%8D\"><\/span>\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7684\u6cd5\u5f8b\u5730\u4f4d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7531\u65bc\u5167\u5bb9\u8f03\u9577\uff0c\u672c\u6240\u5c07\u5176\u5206\u89e3\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul>\n<li>\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u300d<\/li>\n\n\n\n<li>\u300c\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u300d<\/li>\n\n\n\n<li>\u300c\u7b49\u300d<\/li>\n<\/ul>\n\n\n\n<p>\u9996\u5148\uff0c\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u300d\u6307\u7684\u662f\u300c\u53ef\u4ee5\u900f\u904e\u96fb\u5b50\u65b9\u5f0f\u8a18\u9304\u548c\u8f49\u79fb\u7684\uff5e\u300d\uff0c\u9019\u662f\u6307\u524d\u8ff0\u7684\u300c\u4ee3\u5e63\u5316\u300d\u7684\u4e8b\u7269\u3002<\/p>\n\n\n\n<p>\u63a5\u4e0b\u4f86\u662f\u300c\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u300d\uff0c\u5c0d\u65bc\u9019\u4e00\u9ede\uff0c\u672c\u6240\u9700\u8981\u5148\u6b63\u78ba\u7406\u89e3\u300c\u6709\u50f9\u8b49\u5238\u300d\u9019\u4e00\u6cd5\u5f8b\u6982\u5ff5\uff0c\u56e0\u6b64\u672c\u6240\u5c07\u5728\u4e0b\u9762\u9032\u884c\u89e3\u91cb\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E6%9C%89%E5%83%B9%E8%AD%89%E5%88%B8%E3%80%8D%E7%9A%84%E7%AF%84%E7%96%87\"><\/span>\u300c\u6709\u50f9\u8b49\u5238\u300d\u7684\u7bc4\u7587<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6709\u50f9\u8b49\u5238\u662f\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff08\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff09\u9069\u7528\u7bc4\u7587\u7684\u57fa\u672c\u6982\u5ff5\uff0c\u4f46\u662f\uff0c\u7c21\u55ae\u5730\u8aaa\u6709\u50f9\u8b49\u5238\uff0c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u4e0a\u4e3b\u8981\u5206\u70ba\u300c\u7b2c\u4e00\u9805\u6709\u50f9\u8b49\u5238\u300d\u548c\u300c\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\u300d\u5169\u985e\uff0c\u6839\u64da\u985e\u578b\uff0c\u63ed\u9732\u898f\u5b9a\u548c\u696d\u52d9\u898f\u5b9a\u7684\u9069\u7528\u95dc\u4fc2\u6703\u6709\u6240\u4e0d\u540c\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\u50f9\u8b49\u5238\u300d\u7684\u7bc4\u7587\" class=\"wp-image-50681\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<p>\u800c\u5340\u5206\u7b2c\u4e00\u9805\u6709\u50f9\u8b49\u5238\u548c\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\u7684\u8996\u9ede\u662f\u300c\u6d41\u901a\u6027\u7684\u9ad8\u4f4e\u300d\u3002<\/p>\n\n\n\n<p>\u985e\u578b\u4e0a\u6d41\u901a\u6027\u9ad8\u7684\u7b2c\u4e00\u9805\u6709\u50f9\u8b49\u5238\uff0c\u539f\u5247\u4e0a\u9069\u7528\u63ed\u9732\u898f\u5b9a\uff0c\u4e26\u5728\u696d\u52d9\u898f\u5b9a\u4e0a\u53d7\u5230\u56b4\u683c\u7684\u898f\u7bc4\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u985e\u578b\u4e0a\u6d41\u901a\u6027\u4f4e\u7684\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\uff0c\u539f\u5247\u4e0a\u4e0d\u9069\u7528\u63ed\u9732\u898f\u5b9a\uff0c\u4e26\u4e14\uff0c\u696d\u52d9\u898f\u5b9a\u76f8\u5c0d\u65bc\u7b2c\u4e00\u9805\u6709\u50f9\u8b49\u5238\u4f86\u8aaa\u8f03\u70ba\u5bec\u9b06\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e00\u9805\u6709\u50f9\u8b49\u5238\u662f\u56e0\u70ba\u6709\u50f9\u8b49\u5238\u4ee5\u7968\u9762\uff08\u7d19\u5f35\uff09\u5f62\u5f0f\u767c\u884c\u4e26\u5728\u5e02\u5834\u4e0a\u4ea4\u6613\uff0c\u6240\u4ee5\u985e\u578b\u4e0a\u6d41\u901a\u6027\u9ad8\u3002\u800c\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\u662f\u56e0\u70ba\u6c92\u6709\u767c\u884c\u7968\u9762\uff0c\u5c07&#8221;\u6b0a\u5229\u9019\u7a2e\u62bd\u8c61\u6982\u5ff5\u8996\u70ba\u6709\u50f9\u8b49\u5238&#8221;\uff0c\u6240\u4ee5\u985e\u578b\u4e0a\u6d41\u901a\u6027\u4f4e\u3002<\/p>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u300c\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u300d\u662f\u6307\uff0c\u672c\u4f86\u61c9\u8a72\u5728\u7b2c\u4e00\u9805\u5404\u6b3e\u7684\u6709\u50f9\u8b49\u5238\u4e0a\u8868\u793a\u7684\u6b0a\u5229\uff0c\u5982\u679c\u4e0d\u4ee5\u7968\u9762\u5f62\u5f0f\u767c\u884c\uff08\u7c21\u55ae\u5730\u8aaa\uff0c\u4ee5\u96fb\u5b50\u5f62\u5f0f\u767c\u884c\uff09\u7684\u60c5\u6cc1\u4e0b\u7684\u8a72\u6b0a\u5229\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5c0d\u65bc\u9019\u7a2e\u4ee5\u96fb\u5b50\u5f62\u5f0f\u767c\u884c\u7684\u6b0a\u5229\uff0c\u9ebb\u7169\u7684\u662f\uff0c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u4e0a\u5b58\u5728\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u9019\u500b\u4e0d\u540c\u7684\u6982\u5ff5\uff0c\u56e0\u6b64\uff0c\u5c0d\u6b64\u4e5f\u9700\u8981\u9032\u884c\u8aaa\u660e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E9%9B%BB%E5%AD%90%E8%A8%98%E9%8C%84%E7%A7%BB%E8%BD%89%E6%AC%8A%E5%88%A9%E3%80%8D%E7%9A%84%E9%97%9C%E4%BF%82\"><\/span>\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u7684\u95dc\u4fc2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>STO\u5e38\u88ab\u63cf\u8ff0\u70ba\u300c\u65b0\u7684\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u300d\uff0c\u5176\u7279\u9ede\u5728\u65bc\u5c07\u4e0d\u4e00\u5b9a\u5c6c\u65bc\u73fe\u6709\u6709\u50f9\u8b49\u5238\u985e\u578b\u7684\u6b0a\u5229\u9032\u884c\u4ee3\u5e63\u5316\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff08Japanese Financial Instruments and Exchange Act\uff09\u70ba\u4e86\u80fd\u5920\u61c9\u5c0d\u9019\u7a2e\u65b0\u7684\u91d1\u878d\u5546\u54c1\uff0c\u8a2d\u7f6e\u4e86\u7b2c2\u689d\u7b2c2\u9805\u7b2c5\u865f\u4f5c\u70ba\u5305\u542b\u5176\u9069\u7528\u7bc4\u570d\u7684\u898f\u5b9a\uff0c\u4e00\u822c\u5c07\u8a72\u865f\u6240\u5217\u7684\u6b0a\u5229\u7a31\u70ba\u300c\u96c6\u5718\u6295\u8cc7\u8a08\u5283\u6301\u4efd\u300d\u3002<\/p>\n\n\n\n<p>\u7136\u5f8c\uff0c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u5c07\u5305\u542b\u96c6\u5718\u6295\u8cc7\u8a08\u5283\u6301\u4efd\u5728\u5167\u7684\u7b2c2\u689d\u7b2c2\u9805\u5404\u865f\u6240\u5217\u7684\u6b0a\u5229\u4ee3\u5e63\u5316\u7684\u7269\u54c1\u898f\u5b9a\u70ba\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u3002<\/p>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u300c\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u300d\u548c\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u5728\u6b0a\u5229\u4ee3\u5e63\u5316\u7684\u9ede\u4e0a\u6709\u5171\u901a\u4e4b\u8655\uff0c\u4f46\u4ee3\u5e63\u5316\u7684\u5c0d\u8c61\u6b0a\u5229\u6709\u6240\u4e0d\u540c\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=\"\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u7684\u95dc\u4fc2\" class=\"wp-image-50673\" \/><\/figure>\n\n\n\n<p>\u5982\u679c\u7b26\u5408\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\uff0c\u5373\u4f7f\u672c\u4f86\u6d41\u901a\u6027\u4f4e\uff0c\u4e0d\u9069\u7528\u63ed\u9732\u898f\u5b9a\u7684\u5047\u5b9a\u6709\u50f9\u8b49\u5238\uff0c\u4e5f\u6703\u5728\u63ed\u9732\u898f\u5b9a\u7684\u9069\u7528\u4e0a\u88ab\u8996\u70ba\u7b2c1\u9805\u6709\u50f9\u8b49\u5238\uff08\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c2\u689d\u7b2c3\u9805\uff09\u3002\u9019\u662f\u5176\u7279\u6b8a\u6027\uff08\u53e6\u5916\uff0c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c28\u689d\u7b2c1\u9805\u7b2c1\u865f\u4e5f\u5c07\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u8996\u70ba\u8207\u7b2c1\u9805\u6709\u50f9\u8b49\u5238\u540c\u7b49\u7684\u696d\u898f\u5236\u9069\u7528\uff09\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5728\u672c\u6cd5\u4e2d\uff0c\u300c\u6709\u50f9\u8b49\u5238\u7684\u52df\u96c6\u300d\u662f\u6307\u65b0\u767c\u884c\u7684\u6709\u50f9\u8b49\u5238\u7684\u53d6\u5f97\u7533\u8acb\u7684\u52e7\u8a98\uff08\u5305\u62ec\u5167\u95a3\u5e9c\u4ee4\u898f\u5b9a\u7684\u8207\u6b64\u76f8\u4f3c\u7684\u884c\u70ba\uff08\u4ee5\u4e0b\u7a31\u70ba\u300c\u53d6\u5f97\u52e7\u8a98\u300d\uff09\u3002\u5176\u4e2d\uff0c\u8a72\u53d6\u5f97\u52e7\u8a98\u6d89\u53ca\u7b2c\u4e00\u9805\u5404\u865f\u6240\u5217\u7684\u6709\u50f9\u8b49\u5238\u6216\u524d\u9805\u898f\u5b9a\u7684\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u3001\u7279\u5b9a\u96fb\u5b50\u8a18\u9304\u50b5\u6b0a\u6216\u540c\u9805\uff08\u203b\u4f5c\u8005\u8a3b\uff1a\u7b2c2\u689d\u7b2c2\u9805\uff09\u5404\u865f\u6240\u5217\u7684\u6b0a\u5229\uff08\u53ef\u4ee5\u4f7f\u7528\u96fb\u5b50\u4fe1\u606f\u8655\u7406\u7d44\u7e54\u9032\u884c\u79fb\u8f49\u7684\u8ca1\u7522\u50f9\u503c\uff08\u50c5\u9650\u65bc\u4ee5\u96fb\u5b50\u65b9\u5f0f\u8a18\u9304\u5728\u96fb\u5b50\u8a2d\u5099\u6216\u5176\u4ed6\u7269\u54c1\u4e0a\u7684\uff09\u3002\u5728\u8003\u616e\u6d41\u901a\u6027\u7b49\u60c5\u6cc1\u7684\u60c5\u6cc1\u4e0b\uff0c\u5167\u95a3\u5e9c\u4ee4\u898f\u5b9a\u7684\u60c5\u6cc1\u9664\u5916\u3002\u4ee5\u4e0b\u7a31\u70ba\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\uff09\u3002\uff08\u5728\u4e0b\u4e00\u9805\u548c\u7b2c\u516d\u9805\uff0c\u7b2c\u4e8c\u689d\u7684\u4e09\u7b2c\u56db\u9805\u548c\u7b2c\u4e94\u9805\u4ee5\u53ca\u7b2c\u4e8c\u5341\u4e09\u689d\u7684\u5341\u4e09\u7b2c\u56db\u9805\u4e2d\u7a31\u70ba\u300c\u7b2c\u4e00\u9805\u6709\u50f9\u8b49\u5238\u300d\uff09\u3002\u5728\u8a72\u53d6\u5f97\u52e7\u8a98\u6d89\u53ca\u524d\u9805\u898f\u5b9a\u7684\u540c\u9805\u5404\u865f\u6240\u5217\u7684\u6b0a\u5229\uff08\u4e0d\u5305\u62ec\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u3002\u5728\u4e0b\u4e00\u9805\uff0c\u7b2c\u4e8c\u689d\u7684\u4e09\u7b2c\u56db\u9805\u548c\u7b2c\u4e94\u9805\u4ee5\u53ca\u7b2c\u4e8c\u5341\u4e09\u689d\u7684\u5341\u4e09\u7b2c\u56db\u9805\u4e2d\u7a31\u70ba\u300c\u7b2c\u4e8c\u9805\u6709\u50f9\u8b49\u5238\u300d\uff09\u7684\u60c5\u6cc1\u4e0b\uff0c\u8a72\u53d6\u5f97\u52e7\u8a98\u88ab\u8996\u70ba\u7b2c\u4e09\u865f\u6240\u5217\u7684\u60c5\u6cc1\uff0c\u300c\u6709\u50f9\u8b49\u5238\u7684\u79c1\u52df\u300d\u662f\u6307\u53d6\u5f97\u52e7\u8a98\u4e26\u4e0d\u7b26\u5408\u6709\u50f9\u8b49\u5238\u7684\u52df\u96c6\u7684\u60c5\u6cc1\u3002<\/p>\n<cite>\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c2\u689d\u7b2c3\u9805<\/cite><\/blockquote>\n\n\n\n<p>\u5c0d\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u7684\u898f\u5b9a\u6709\u9019\u6a23\u7279\u6b8a\u7684\u7d50\u69cb\uff0c\u539f\u56e0\u6709\u5169\u500b\u3002<\/p>\n\n\n\n<p>\u4e00\u500b\u662f\uff0c\u7531\u65bc\u4ee3\u5e63\u8a2d\u8a08\u7684\u81ea\u7531\u5ea6\u9ad8\uff0c\u56e0\u6b64\u96e3\u4ee5\u5c07\u5176\u8207\u5176\u4ed6\u6709\u50f9\u8b49\u5238\u4e00\u6a23\u660e\u6587\u500b\u5225\u5217\u8209\u3002\u53e6\u4e00\u500b\u662f\uff0c\u96d6\u7136\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u53ef\u4ee5\u5305\u542b\u5728\u96c6\u5718\u6295\u8cc7\u8a08\u5283\u6301\u4efd\u7684\u6982\u5ff5\u4e2d\uff0c\u4f46\u5982\u679c\u9019\u6a23\u7684\u8a71\uff0c\u5c31\u6703\u88ab\u5b9a\u4f4d\u70ba\u4e0d\u9069\u7528\u63ed\u9732\u898f\u5b9a\u7684\u7b2c2\u9805\u6709\u50f9\u8b49\u5238\uff0c\u9019\u6a23\u5c31\u7121\u6cd5\u61c9\u5c0d\u7531\u65bc\u5728\u5340\u584a\u93c8\u4e0a\u4ea4\u6613\u800c\u6d41\u901a\u6027\u9ad8\u7684\u4ee3\u5e63\u7684\u7279\u6027\u3002<\/p>\n\n\n\n<p>\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u7684\u5b9a\u7fa9\u88ab\u653e\u5728\u300c\u6709\u50f9\u8b49\u5238\u7684\u52df\u96c6\u300d\u7684\u5b9a\u7fa9\u898f\u5b9a\u4e2d\uff0c\u800c\u4e0d\u662f\u6709\u50f9\u8b49\u5238\u7684\u5b9a\u7fa9\u898f\u5b9a\u4e2d\uff0c\u4e5f\u662f\u56e0\u70ba\u9019\u500b\u539f\u56e0\u3002<\/p>\n\n\n\n<p>\u96d6\u7136\u9019\u88e1\u4e0d\u8a73\u8ff0\uff0c\u4f46\u5c0d\u65bc\u6839\u64da\u5167\u95a3\u5e9c\u4ee4\u5f9e\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u4e2d\u6392\u9664\u7684\u7269\u54c1\uff0c\u5373\u4f7f\u4ee5\u96fb\u5b50\u65b9\u5f0f\u767c\u884c\uff0c\u4e5f\u6703\u50cf\u5f80\u5e38\u4e00\u6a23\u88ab\u8996\u70ba\u5047\u5b9a\u6709\u50f9\u8b49\u5238\uff08\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c\u4e8c\u689d\u898f\u5b9a\u7684\u5b9a\u7fa9\u95dc\u65bc\u5167\u95a3\u5e9c\u4ee4\u7b2c9\u689d\u76842\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E9%9B%BB%E5%AD%90%E8%A8%98%E9%8C%B2%E7%A7%BB%E8%BB%A2%E6%9C%89%E5%83%B9%E8%AD%89%E5%88%B8%E8%A1%A8%E7%A4%BA%E6%AC%8A%E5%88%A9%E7%AD%89%E3%80%8D%E6%98%AF%E4%BB%80%E9%BA%BC\"><\/span>\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u662f\u4ec0\u9ebc<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u4ee5\u4e0a\u7684\u524d\u63d0\u4e0b\uff0c\u8b93\u672c\u6240\u78ba\u8a8d\u4e00\u4e0b\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u5728\u65e5\u672c\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\uff08\u4ee5\u4e0b\u7c21\u7a31\u300c\u91d1\u5546\u6cd5\u300d\uff09\u4e2d\u7684\u5b9a\u4f4d\u3002<\/p>\n\n\n\n<p>\u4e8b\u5be6\u4e0a\uff0c\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u9019\u500b\u6982\u5ff5\u4e26\u975e\u5728\u91d1\u5546\u6cd5\u7684\u4e3b\u8981\u689d\u6b3e\u4e2d\u5b9a\u7fa9\uff0c\u800c\u662f\u5728\u300c\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u696d\u52d9\u76f8\u95dc\u5167\u95a3\u5e9c\u4ee4\u300d\uff08\u4ee5\u4e0b\u7c21\u7a31\u300c\u696d\u5e9c\u4ee4\u300d\uff09\u4e2d\u5b9a\u7fa9\u7684\uff08\u696d\u5e9c\u4ee4\u7b2c1\u689d\u7b2c4\u9805\u7b2c17\u865f\uff09\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u8a72\u5b9a\u7fa9\uff0c\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u662f\u6307\u300c\u91d1\u5546\u6cd5\u7b2c29\u689d\u76842\u7b2c1\u9805\u7b2c8\u865f\u6240\u898f\u5b9a\u7684\u6b0a\u5229\u300d\uff08\u5982\u4e0b\uff09\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6839\u64da\u7b2c\u4e8c\u689d\u7b2c\u4e8c\u9805\u7684\u898f\u5b9a\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\u7684\u6b0a\u5229\uff08\u8003\u616e\u5230\u8a72\u6b0a\u5229\u76f8\u95dc\u7684\u8a18\u9304\u6216\u8f49\u79fb\u7684\u65b9\u5f0f\u4ee5\u53ca\u5176\u4ed6\u60c5\u6cc1\uff0c\u50c5\u9650\u65bc\u5167\u95a3\u5e9c\u4ee4\u8a8d\u70ba\u7279\u5225\u9700\u8981\u7684\u516c\u76ca\u6216\u6295\u8cc7\u8005\u4fdd\u8b77\u7684\u4e8b\u9805\u3002\uff09<\/p>\n<cite>\u91d1\u5546\u6cd5\u7b2c29\u689d\u76842\u7b2c1\u9805\u7b2c8\u865f<\/cite><\/blockquote>\n\n\n\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u5b83\u662f\u300c\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\u300d\u4e2d\u88ab\u4ee3\u5e63\u5316\u7684\u90e8\u5206\uff08\u696d\u5e9c\u4ee4\u7b2c6\u689d\u76843\uff09\u3002<\/p>\n\n\n\n<p>\u4e4b\u6240\u4ee5\u4f7f\u7528\u300c\u7b49\u300d\uff0c\u662f\u56e0\u70ba\u4ee3\u5e63\u5316\u7684\u5c0d\u8c61\u5305\u62ec\u300c\u88ab\u8996\u70ba\u6709\u50f9\u8b49\u5238\u300d\u7684\u5168\u90e8\uff0c\u5176\u4e2d\u5305\u62ec\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u5305\u62ec\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6b0a\u5229\u300d\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=\"\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u662f\u4ec0\u9ebc\" class=\"wp-image-51469\" \/><\/figure>\n\n\n\n<p>\u53e6\u5916\uff0c\u300c\u96fb\u5b50\u8a18\u9332\u79fb\u8ee2\u6709\u50f9\u8b49\u5238\u8868\u793a\u6b0a\u5229\u7b49\u300d\u7684\u6982\u5ff5\u5728\u696d\u5e9c\u4ee4\u4e2d\u88ab\u898f\u7bc4\uff0c\u662f\u56e0\u70ba\u5982\u4e0a\u6240\u8ff0\uff0c\u4ee3\u5e63\u5316\u7684\u6982\u5ff5\u5728\u63ed\u9732\u898f\u7bc4\u7684\u689d\u6b3e\u4e2d\u88ab\u898f\u7bc4\uff0c\u4e26\u4e14\u5728\u696d\u52d9\u898f\u7bc4\u7684\u9069\u7528\u4e2d\uff0c\u4e5f\u5c0d\u4f34\u96a8\u4ee3\u5e63\u5316\u7684\u7279\u6b8a\u898f\u7bc4\uff08\u5982\u91d1\u5546\u6cd5\u7b2c29\u689d\u76842\u7b2c1\u9805\u7b2c8\u865f\u7b49\uff09\u7522\u751f\u5f71\u97ff\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%E4%B8%8A%E7%9A%84%E8%AD%89%E5%88%B8%E4%BB%A3%E5%B9%A3STO%E7%9A%84%E6%84%8F%E7%BE%A9\"><\/span>\u5229\u7528\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63(STO)\u7684\u610f\u7fa9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5982\u4e0a\u6240\u8ff0\uff0c\u5229\u7528\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u9032\u884cSTO\uff0c\u96d6\u7136\u9700\u8981\u9075\u5b88\u56b4\u683c\u7684\u91d1\u878d\u898f\u5b9a\uff0c\u5f9e\u6295\u8cc7\u8005\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u53ef\u4ee5\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u4fdd\u8b49\u767c\u884c\u8005\u7684\u4fe1\u8b7d\u3002\u7136\u800c\uff0c\u53e6\u4e00\u65b9\u9762\uff0c\u7531\u65bc\u624b\u7e8c\u9700\u8981\u6642\u9593\uff0c\u56e0\u6b64\u5feb\u901f\u7c4c\u96c6\u8cc7\u91d1\u53ef\u80fd\u6703\u8b8a\u5f97\u56f0\u96e3\uff0c\u9019\u662f\u5176\u7279\u9ede\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AF%A6%E8%B3%AA%E4%B8%8A%E7%9A%84%E8%AD%89%E5%88%B8%E4%BB%A3%E5%B9%A3%E6%98%AF%E4%BB%80%E9%BA%BC\"><\/span>\u5be6\u8cea\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u4ec0\u9ebc<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u8003\u616eSTO\u7684\u610f\u7fa9\u6642\uff0c\u672c\u6240\u4e0d\u80fd\u5ffd\u8996\u5be6\u8cea\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u3002<\/p>\n\n\n\n<p>\u5982\u524d\u6240\u8ff0\uff0c\u5be6\u8cea\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u662f\u6307\u5c0d\u65bc\u4e0d\u53d7\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b49\u6cd5\u5f8b\u9069\u7528\u7684\u8cc7\u7522\u7b49\u7684\u6b0a\u5229\u9032\u884c\u4ee3\u5e63\u5316\uff0c\u4ee5\u53ca\u8868\u793a\u8a72\u6b0a\u5229\u7684\u4ee3\u5e63\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u6309\u7167JSTA\u7684\u5206\u985e\uff0c\u5b83\u53ea\u88ab\u300c\u5ee3\u7fa9\u7684ST\u300d\u6240\u6db5\u84cb\u7684\u90e8\u5206\uff08\u300c\u5c07\u4e0a\u8ff0\u4ee5\u5916\u7684\u8cc7\u7522\u6b0a\u5229\u4ee3\u5e63\u5316\u300d\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\u5354\u6703\u5c0d\u8b49\u5238\u4ee3\u5e63\u7684\u5b9a\u7fa9\u548c\u5206\u985e\" 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\u5c0d\u8b49\u5238\u4ee3\u5e63\u7684\u5b9a\u7fa9\u548c\u5206\u985e[ja]<\/a><\/figcaption><\/figure>\n\n\n\n<p>\u53e6\u5916\uff0c\u6839\u64da\u4e0d\u52d5\u7522\u7279\u5b9a\u5171\u540c\u4e8b\u696d\u6cd5\uff08\u4ee5\u4e0b\u7c21\u7a31\u300c\u4e0d\u7279\u6cd5\u300d\uff09\u7684\u51fa\u8cc7\u6301\u5206\uff0c\u5f9e\u96c6\u5718\u6295\u8cc7\u8a08\u5283\u6301\u5206\u4e2d\u660e\u6587\u6392\u9664\uff08\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7b2c2\u689d\u7b2c2\u9805\u7b2c5\u865f\uff09\uff0c\u56e0\u6b64\u4e0d\u5c6c\u65bc\u300c\u6709\u50f9\u8b49\u5238\u300d\uff0c\u4f46\u57fa\u672c\u4e0a\u5177\u6709\u96c6\u5718\u6295\u8cc7\u8a08\u5283\u6301\u5206\u7684\u6027\u8cea\uff08\u6295\u8cc7\u6027\uff09\uff0c\u4e26\u9069\u7528\u9069\u5408\u6027\u539f\u5247\u548c\u640d\u5931\u88dc\u511f\u7981\u6b62\u7b49\u90e8\u5206\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u7684\u898f\u5b9a\uff08\u4e0d\u7279\u6cd5\u7b2c21\u689d\u76842\uff09\uff0c\u56e0\u6b64\u4e5f\u53ef\u4ee5\u5ee3\u7fa9\u4e0a\u8aaa\u662f\u6cd5\u5f8b\u4e0a\u7684\u8b49\u5238\u4ee3\u5e63\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c\u900f\u904e\u92b7\u552e\u8a2d\u8a08\u70ba\u4e0d\u53d7\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u6216\u8cc7\u91d1\u6e05\u7b97\u6cd5\u7b49\u6cd5\u898f\u9069\u7528\u7684\u6703\u54e1\u6b0a\u6216\u91d1\u9322\u50b5\u6b0a\u7b49\u6b0a\u5229\u4f86\u7c4c\u96c6\u8cc7\u91d1\uff0c\u9019\u4e9b\u91d1\u878d\u5546\u54c1\u5be6\u8cea\u4e0a\u5177\u6709\u63a5\u8fd1\u6295\u8cc7\u7684\u6027\u8cea\uff0c\u4f46\u6c92\u6709\u6cd5\u5b9a\u7684\u4fe1\u606f\u62ab\u9732\u7fa9\u52d9\u548c\u767c\u884c\u689d\u4ef6\u7b49\uff0c\u800c\u662f\u7531\u7576\u4e8b\u4eba\u81ea\u7531\u5951\u7d04\u3002<\/p>\n\n\n\n<p>\u50cf\u65e5\u672cSTO\u5354\u6703\u9019\u6a23\u7684\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\u4e0a\u7684\u81ea\u4e3b\u898f\u5236\u7d44\u7e54\uff0c\u5c0d\u65bc\u9019\u7a2e\u4e0d\u53d7\u6cd5\u898f\u9069\u7528\u7684\u5be6\u8cea\u4e0a\u7684\u91d1\u878d\u5546\u54c1\uff0c\u901a\u904e\u8a2d\u5b9a\u6bd4\u6cd5\u5f8b\u66f4\u9ad8\u7d1a\u5225\u7684\u898f\u7bc4\u4f86\u88dc\u5145\u6cd5\u5f8b\uff0c\u4ee5\u589e\u52a0\u5e02\u5834\u7684\u4fe1\u4efb\u548c\u4fdd\u8b77\u6295\u8cc7\u8005\u3002<\/p>\n\n\n\n<p>\u7279\u5225\u662f\u5c0d\u65bcSTO\u9019\u7a2e\u65b0\u7684\u7c4c\u8cc7\u65b9\u5f0f\uff0c\u81ea\u4e3b\u898f\u5236\u7d44\u7e54\u7684\u4f5c\u7528\u53ef\u4ee5\u8aaa\u662f\u5f88\u5927\u7684\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AF%A6%E8%B3%AA%E4%B8%8A%E5%88%A9%E7%94%A8%E5%AE%89%E5%85%A8%E4%BB%A3%E5%B9%A3%E7%9A%84STO%E7%9A%84%E6%84%8F%E7%BE%A9\"><\/span>\u5be6\u8cea\u4e0a\u5229\u7528\u5b89\u5168\u4ee3\u5e63\u7684STO\u7684\u610f\u7fa9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5be6\u8cea\u4e0a\u5229\u7528\u5b89\u5168\u4ee3\u5e63\u7684STO\u8207\u6cd5\u5f8b\u4e0a\u5229\u7528\u5b89\u5168\u4ee3\u5e63\u7684STO\u76f8\u53cd\uff0c\u7531\u65bc\u4e0d\u9700\u8981\u9075\u5b88\u56b4\u683c\u7684\u91d1\u878d\u898f\u5b9a\uff0c\u56e0\u6b64\u53ef\u4ee5\u7c21\u55ae\u4e14\u8fc5\u901f\u5730\u7c4c\u96c6\u8cc7\u91d1\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u53e6\u4e00\u65b9\u9762\uff0c\u7531\u65bc\u767c\u884c\u8005\u7684\u4fe1\u8b7d\u4e26\u672a\u5f97\u5230\u5236\u5ea6\u6027\u7684\u4fdd\u969c\uff0c\u56e0\u6b64\u6709\u6642\u6703\u51fa\u73fe\u6b3a\u8a50\u884c\u70ba\u3002\u9019\u5c31\u662fICO\u51fa\u73fe\u554f\u984c\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E9%BA%BC%E6%98%AFICO\"><\/span>\u4ec0\u9ebc\u662fICO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICO\u662fInitial Coin Offering\u7684\u9996\u5b57\u6bcd\u7e2e\u5beb\uff0c\u4e00\u822c\u4f86\u8aaa\uff0c\u662f\u6307\u4f01\u696d\u7b49\u767c\u884c\u96fb\u5b50\u4ee3\u5e63\uff08\u4ee5\u4e0b\u7a31\u70ba\u300cICO\u4ee3\u5e63\u300d\uff09\uff0c\u5f9e\u516c\u773e\u4e2d\u7c4c\u96c6\u52a0\u5bc6\u8cc7\u7522\uff08\u865b\u64ec\u8ca8\u5e63\uff09\u7684\u884c\u70ba\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5c0d\u65bc\u767c\u884c\u8005\u4f86\u8aaa\uff0cICO\u4ee3\u5e63\u662f\u4e00\u7a2e\u7c21\u55ae\u4e14\u5feb\u901f\u7684\u5927\u984d\u8cc7\u91d1\u7c4c\u96c6\u624b\u6bb5\uff0c\u800c\u5c0d\u65bc\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u5b83\u662f\u4e00\u7a2e\u98a8\u96aa\u8f03\u9ad8\u7684\u91d1\u878d\u7522\u54c1\u3002\u7136\u800c\uff0c\u7531\u65bc\u7576\u6642\u65b0\u767c\u884c\u7684\u5e63\u7a2e\u50f9\u683c\u4e0d\u65b7\u98c6\u5347\uff0c\u52a0\u4e0a\u4eba\u5011\u7684\u671f\u5f85\uff0cICO\u7684\u6848\u4ef6\u6578\u91cf\u5728\u5168\u7403\u7bc4\u570d\u5167\u7206\u70b8\u6027\u589e\u9577\u3002<\/p>\n\n\n\n<p>\u4f46\u662f\uff0c\u7531\u65bc\u5c0d\u65bc\u4ee5\u52a0\u5bc6\u8cc7\u7522\u51fa\u8cc7\u7684\u8cc7\u91d1\u7c4c\u96c6\u5f62\u5f0f\u662f\u5426\u53d7\u5230\u6cd5\u898f\u7ba1\u5236\u7684\u554f\u984c\u5c1a\u4e0d\u660e\u78ba\uff0c\u56e0\u6b64\u7121\u6cd5\u4fdd\u8b49\u767c\u884c\u8005\u7684\u4fe1\u8b7d\uff0c\u4e5f\u51fa\u73fe\u4e86\u4e00\u4e9b\u8a50\u9a19\u6848\u4ef6\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u65e5\u672c\uff0c\u6839\u64da\u4ee4\u548c\u5143\u5e74\uff082019\u5e74\uff09\u7684\u65e5\u672c\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\uff08Japanese Financial Instruments and Exchange Act\uff09\u7684\u4fee\u8a02\uff0c\u5c0d\u65bc\u4ee5\u52a0\u5bc6\u8cc7\u7522\u51fa\u8cc7\u7684\u8cc7\u91d1\u7c4c\u96c6\u5f62\u5f0f\u4e5f\u660e\u78ba\u898f\u5b9a\u4e86\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u7684\u898f\u7bc4\uff08\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u7b2c2\u689d\u76842\uff09\uff0c\u4e26\u4e14\uff0c\u6295\u8cc7\u578b\u7684ICO\u4ee3\u5e63\u4f5c\u70ba\u4e0a\u8ff0\u300c\u96fb\u5b50\u8a18\u9304\u79fb\u8f49\u6b0a\u5229\u300d\u5728\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u4e0a\u65b0\u8a2d\u4e86\u898f\u7bc4\uff0c\u56e0\u6b64\uff0c\u5c0d\u65bcICO\u4e5f\u9069\u7528\u4e86\u5404\u7a2e\u6709\u50f9\u8b49\u5238\u76f8\u95dc\u7684\u898f\u5b9a\u3002<\/p>\n\n\n\n<p>\u76f8\u95dc\u6587\u7ae0\uff1a<a href=\"https:\/\/monolith-law.jp\/corporate\/ico-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">ICO\u7684\u6cd5\u898f\u7ba1\u5236\u53ca\u5408\u6cd5\u9032\u884c\u7684\u65b9\u6cd5[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO%E8%88%87STO%E7%9A%84%E5%8D%80%E5%88%A5\"><\/span>ICO\u8207STO\u7684\u5340\u5225<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5982\u4e0a\u6240\u8ff0\uff0c\u5c0d\u65bc\u6295\u8cc7\u578b\u7684ICO\u4ee3\u5e63\uff0c\u7531\u65bc\u5176\u6d89\u53ca\u5230\u5404\u7a2e\u6709\u50f9\u8b49\u5238\u7684\u898f\u5b9a\uff0c\u56e0\u6b64\u73fe\u5728\u6295\u8cc7\u578b\u7684ICO\u4ee3\u5e63\u5728\u6cd5\u5f8b\u4e0a\u5df2\u7d93\u88ab\u8996\u70ba\u8b49\u5238\u4ee3\u5e63\u3002\u56e0\u6b64\uff0c\u672c\u6240\u53ef\u4ee5\u8aaaSTO\u548cICO\u5728\u5be6\u8cea\u4e0a\u5df2\u7d93\u6c92\u6709\u5dee\u7570\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0cICO\u4ee3\u5e63\u9664\u4e86\u300c\u6295\u8cc7\u578b\u300d\uff0c\u9084\u6709\u300c\u5176\u4ed6\u6b0a\u5229\u578b\u300d\u548c\u300c\u7121\u6b0a\u5229\u578b\u300d\u7b49\u985e\u578b\uff0c\u9019\u4e9b\u985e\u578b\u7684\u4ee3\u5e63\u53d7\u5230\u52a0\u5bc6\u8cc7\u7522\u4ea4\u63db\u696d\u7b49\u8cc7\u91d1\u6c7a\u6fdf\u6cd5\u7684\u898f\u5b9a\uff0c\u56e0\u6b64\u5728\u9019\u4e00\u9ede\u4e0a\uff0c\u672c\u6240\u53ef\u4ee5\u8aaaSTO\u548cICO\u662f\u6709\u5340\u5225\u7684\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5982\u679c\u8aaa\u9075\u5b88\u91d1\u878d\u898f\u5b9a\u662fSTO\u7684\u672c\u8cea\uff0c\u90a3\u9ebc\u672c\u6240\u7121\u9700\u7279\u5225\u63d0\u51faSTO\u9019\u500b\u6a21\u7cca\u7684\u6982\u5ff5\uff0c\u53ea\u9700\u5229\u7528\u524d\u8ff0\u7684\u6cd5\u5f8b\u6982\u5ff5\u5c31\u8db3\u5920\u4e86\u3002\u7279\u5225\u662f\u5728STO\u548cICO\u5728\u5be6\u8cea\u4e0a\u6c92\u6709\u5dee\u7570\u7684\u73fe\u5728\uff0c\u9019\u4e00\u9ede\u66f4\u52a0\u660e\u986f\u3002<\/p>\n\n\n\n<p>\u6700\u5f8c\uff0c\u8b93\u672c\u6240\u601d\u8003\u4e00\u4e0b\u5728\u672a\u4f86\u7684\u6642\u4ee3\uff0c\u7279\u5225\u8a0e\u8ad6STO\u9019\u500b\u6982\u5ff5\u7684\u610f\u7fa9\u3002<\/p>\n\n\n\n<h2 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