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title=\"\u7e3d\u7d50\uff1a\u95dc\u6ce8\u672a\u4f86\u65e5\u672c\u6cd5\u5f8b\u4fee\u8a02\u7684\u8da8\u52e2\">\u7e3d\u7d50\uff1a\u95dc\u6ce8\u672a\u4f86\u65e5\u672c\u6cd5\u5f8b\u4fee\u8a02\u7684\u8da8\u52e2<\/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\/crypto-assets-fsa-report-2025-summary\/#%E6%9C%AC%E4%BA%8B%E5%8B%99%E6%89%80%E6%8F%90%E4%BE%9B%E7%9A%84%E5%B0%8D%E7%AD%96%E6%8C%87%E5%8D%97\" title=\"\u672c\u4e8b\u52d9\u6240\u63d0\u4f9b\u7684\u5c0d\u7b56\u6307\u5357\">\u672c\u4e8b\u52d9\u6240\u63d0\u4f9b\u7684\u5c0d\u7b56\u6307\u5357<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" 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class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u65e5\u672c\u7684\u6697\u865f\u8cc7\u7522\u898f\u7bc4\u57282016\u5e74\u4fee\u8a02\u7684\u300c\u8cc7\u91d1\u6c7a\u6fdf\u76f8\u95dc\u6cd5\u5f8b\u300d\uff08\u4ee5\u4e0b\u7a31\u70ba\u300c\u8cc7\u91d1\u6c7a\u6fdf\u6cd5\u300d\uff09\u4e2d\uff0c\u7387\u5148\u65bc\u5168\u7403\u5f15\u5165\u4e86\u8a3b\u518a\u5236\u548c\u4f7f\u7528\u8005\u4fdd\u8b77\u6846\u67b6\u3002\u6b64\u5f8c\uff0c\u70ba\u61c9\u5c0d\u63a5\u9023\u767c\u751f\u7684\u4e0d\u6b63\u7576\u6d41\u51fa\u4e8b\u4ef6\u53ca\u53cd\u6d17\u9322\uff08AML\uff09\u63aa\u65bd\uff0c\u901a\u904e\u6cd5\u5f8b\u4fee\u8a02\u9032\u884c\u4e86\u5236\u5ea6\u5b8c\u5584\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5f9e\u7576\u524d\u7684\u60c5\u6cc1\u4f86\u770b\uff0c\u570d\u7e5e\u6697\u865f\u8cc7\u7522\u7684\u968e\u6bb5\u6b63\u5728\u767c\u751f\u91cd\u5927\u8b8a\u5316\u3002\u570b\u5167\u7684\u6697\u865f\u8cc7\u7522\u4ea4\u63db\u696d\u8005\u7684\u958b\u6236\u6578\u5df2\u8d85\u904e1,300\u842c\u500b\uff0c\u8a17\u7ba1\u8cc7\u91d1\u9918\u984d\u9054\u52305\u5146\u65e5\u5713\uff08\u64b0\u5beb\u6642\u9ede\uff09\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\u4f7f\u7528\u8005\u7684\u52d5\u6a5f\uff0c\u6839\u64da\u554f\u5377\u8abf\u67e5\uff0c\u7d0487%\u7684\u6301\u6709\u8005\u4ee5\u671f\u5f85\u9577\u671f\u589e\u503c\u7684\u300c\u6295\u8cc7\u300d\u70ba\u76ee\u7684\u3002\u5728\u7f8e\u570b\u7b49\u5730\uff0c\u6bd4\u7279\u5e63ETF\u7684\u4e0a\u5e02\u53ca\u6a5f\u69cb\u6295\u8cc7\u8005\u7684\u53c3\u8207\uff0c\u4e5f\u52a0\u901f\u4e86\u9019\u4e00\u6295\u8cc7\u5c0d\u8c61\u5316\u7684\u8da8\u52e2\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u4f7f\u7528\u8005\u4fdd\u8b77\u4e0a\u7684\u8ab2\u984c\u4e5f\u65e5\u76ca\u56b4\u91cd\u3002\u91d1\u878d\u5ef3\u7684\u8aee\u8a62\u7a97\u53e3\u6bcf\u6708\u5e73\u5747\u63a5\u5230\u8d85\u904e350\u4ef6\u7684\u6295\u8a34\uff0c\u5176\u4e2d\u591a\u6578\u8207\u8a50\u6b3a\u6027\u6295\u8cc7\u52f8\u8a98\u6709\u95dc\u3002\u6b64\u5916\uff0c\u56e0\u7db2\u7d61\u653b\u64ca\u5c0e\u81f4\u7684\u8cc7\u7522\u6d41\u51fa\u4ecd\u5728\u6301\u7e8c\uff0c\u653b\u64ca\u8005\u4ee5\u78ba\u4fdd\u6050\u6016\u8cc7\u91d1\u70ba\u76ee\u7684\uff0c\u624b\u6cd5\u65e5\u76ca\u7cbe\u5de7\u548c\u7d44\u7e54\u5316\u3002<\/p>\n\n\n\n<p>\u8fc4\u4eca\u70ba\u6b62\u7684\u8cc7\u91d1\u6c7a\u6fdf\u6cd5\u5c07\u6697\u865f\u8cc7\u7522\u8996\u70ba\u300c\u652f\u4ed8\u624b\u6bb5\u300d\uff0c\u4f46\u8207\u6295\u8cc7\u5be6\u614b\u7684\u812b\u7bc0\u65e5\u76ca\u986f\u8457\u3002\u8003\u616e\u5230\u570b\u969b\u8b49\u5238\u76e3\u7ba1\u8005\u7d44\u7e54\uff08IOSCO\uff09\u5c0d\u4e0d\u516c\u6b63\u4ea4\u6613\u7684\u6291\u5236\u5efa\u8b70\uff0c\u4ee5\u53ca\u6b50\u6d32\u7684MiCA\uff08\u52a0\u5bc6\u8cc7\u7522\u5e02\u5834\u898f\u7bc4\uff09\u7b49\u570b\u969b\u898f\u7bc4\u52d5\u5411\uff0c\u5f9e\u6295\u8cc7\u8005\u4fdd\u8b77\u7684\u89d2\u5ea6\u51fa\u767c\uff0c\u5efa\u7acb\u4f5c\u70ba\u300c\u91d1\u878d\u5546\u54c1\u300d\u7684\u5168\u9762\u6027\u898f\u7bc4\u5df2\u6210\u70ba\u7576\u52d9\u4e4b\u6025\u3002<\/p>\n\n\n\n<h2 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\/><\/figure>\n\n\n\n<p>\u672c\u5831\u544a\u66f8\u63d0\u51fa\u7684\u8b8a\u9769\u6838\u5fc3\u5728\u65bc\u5c07\u52a0\u5bc6\u8cc7\u7522\u7684\u6cd5\u5b9a\u5730\u4f4d\u5f9e\u300c\u652f\u4ed8\u5de5\u5177\u300d\u63d0\u5347\u70ba\u300c\u91d1\u878d\u5546\u54c1\u300d\u3002\u56e0\u6b64\uff0c\u5f9e\u50b3\u7d71\u7684\u8cc7\u91d1\u6c7a\u6fdf\u6cd5\u898f\u5236\u8f49\u5411\u66f4\u70ba\u56b4\u683c\u7684\u91d1\u878d\u5546\u54c1\u4ea4\u6613\u6cd5\uff08\u91d1\u5546\u6cd5\uff09\u5df2\u8b8a\u5f97\u66f4\u5177\u73fe\u5be6\u6027\u3002<\/p>\n\n\n\n<p>\u53c3\u8003\uff1a<a href=\"https:\/\/www.fsa.go.jp\/singi\/singi_kinyu\/tosin\/20251210.html\" target=\"_blank\" rel=\"noopener\" title=\"\u91d1\u878d\u5ef3\uff5c\u91d1\u878d\u5be9\u8b70\u6703\u300c\u95dc\u65bc\u65e5\u672c\u52a0\u5bc6\u8cc7\u7522\u5236\u5ea6\u7684\u5de5\u4f5c\u5c0f\u7d44\u300d\u5831\u544a\u7684\u516c\u4f48\">\u91d1\u878d\u5ef3\uff5c\u91d1\u878d\u5be9\u8b70\u6703\u300c\u95dc\u65bc\u65e5\u672c\u52a0\u5bc6\u8cc7\u7522\u5236\u5ea6\u7684\u5de5\u4f5c\u5c0f\u7d44\u300d\u5831\u544a\u7684\u516c\u4f48<\/a><\/p>\n\n\n\n<p>\u5177\u9ad4\u800c\u8a00\uff0c\u70ba\u4e86\u63d0\u9ad8\u5e02\u5834\u900f\u660e\u5ea6\u4e26\u69cb\u5efa\u6295\u8cc7\u8005\u53ef\u4ee5\u5b89\u5fc3\u4ea4\u6613\u7684\u74b0\u5883\uff0c\u5831\u544a\u4e2d\u63d0\u51fa\u4e86\u4ee5\u4e0b\u56db\u500b\u91cd\u8981\u9805\u76ee\u3002\u9019\u4e9b\u9805\u76ee\u5c07\u6210\u70ba\u672a\u4f86\u52a0\u5bc6\u8cc7\u7522\u696d\u52d9\u4e2d\u7684\u300c\u65b0\u57fa\u672c\u898f\u5247\u300d\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%E6%A0%B9%E6%9C%AC%E6%80%A7%E6%AA%A2%E8%A8%8E\"><\/span>\u6839\u64da\u65e5\u672c\u6cd5\u5f8b\u7684\u6839\u672c\u6027\u6aa2\u8a0e<span 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class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BE%B9%E5%BA%95%E6%8A%AB%E9%9C%B2%E4%BB%A5%E4%BF%9D%E8%AD%B7%E6%8A%95%E8%B3%87%E8%80%85%E5%9C%A8%E6%97%A5%E6%9C%AC%E7%9A%84%E6%AC%8A%E7%9B%8A\"><\/span>\u5fb9\u5e95\u62ab\u9732\u4ee5\u4fdd\u8b77\u6295\u8cc7\u8005\u5728\u65e5\u672c\u7684\u6b0a\u76ca<span 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