{"id":184771,"date":"2023-03-29T11:25:41","date_gmt":"2023-03-29T03:25:41","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/new-form-of-security-in-the-blockchain-era\/"},"modified":"2023-03-29T16:07:55","modified_gmt":"2023-03-29T08:07:55","slug":"%e5%8d%80%e5%a1%8a%e9%8f%88%e6%99%82%e4%bb%a3%e7%9a%84%e8%ad%89%e5%88%b8%e6%96%b0%e5%bd%a2%e6%85%8b","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/%e5%8d%80%e5%a1%8a%e9%8f%88%e6%99%82%e4%bb%a3%e7%9a%84%e8%ad%89%e5%88%b8%e6%96%b0%e5%bd%a2%e6%85%8b\/","title":{"rendered":"\u5340\u584a\u93c8\u6642\u4ee3\u7684\u8b49\u5238\u65b0\u5f62\u614b"},"content":{"rendered":"

\u8b49\u5238\u578b\u4ee3\u5e63\u767c\u884c\uff08Security Token Offering\uff1b\u7c21\u7a31STO\uff09\u6307\u5728\u7b26\u5408\u8b49\u5238\u5e02\u5834\u7684\u76e3\u7ba1\u8981\u6c42\u4e0b\uff0c\u5229\u7528\u65e5\u65b0\u6708\u7570\u7684\u5340\u584a\u93c8\u6280\u8853\uff0c\u5c07\u80a1\u7968\u3001\u623f\u5730\u7522\u3001\u53e4\u8463\u7b49\u6709\u5f62\u548c\u7121\u5f62\u8cc7\u7522\u4ee3\u5e63\u5316\u7684\u4e00\u7a2e\u4f01\u696d\u878d\u8cc7\u9014\u5f91\u3002<\/p>\n

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\u70ba\u8b49\u5238\u5b9a\u7fa9<\/h5>\n

1946\u5e74\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u8d77\u8a34Howey\u516c\u53f8\uff0c\u6700\u9ad8\u6cd5\u9662\u88c1\u5b9a\uff0c\u4e00\u9805\u6295\u8cc7\u662f\u5426\u5c6c\u65bc\u300c\u8b49\u5238\u300d\uff0c\u5fc5\u9808\u5177\u50994\u9805\u689d\u4ef6\uff1a\u4e00\u3001\u91d1\u9322\u5f62\u5f0f\u9032\u884c\u7684\u8cc7\u7522\u6295\u8cc7\uff1b\u4e8c\u3001\u9810\u671f\u5f9e\u4e2d\u7372\u5f97\u6536\u76ca\uff1b\u4e09\u3001\u8cc7\u91d1\u6295\u653e\u65bc\u5171\u540c\u696d\u52d9\uff08common enterprise\uff09\uff1b\u56db\u3001\u6536\u76ca\u901a\u904e\u767c\u884c\u4eba\u6216\u7b2c\u4e09\u65b9\u6536\u53d6\u3002\u9019\u5c31\u662f\u8457\u540d\u7684\u8c6a\u5a01\u6e2c\u8a66\uff08Howey Test\uff09\uff0c\u5176\u5c0d\u4eca\u65e5\u63a8\u5c55\u865b\u64ec\u8cc7\u7522\u5e02\u5834\u767c\u63ee\u8209\u8db3\u8f15\u91cd\u7684\u4f5c\u7528\u3002<\/p>\n

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\u6295\u8cc7\u5feb\u8eca\u9053<\/h5>\n

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STO\u7684\u884d\u751f\u80fd\u5920\u63d0\u5347\u8cc7\u7522\u7684\u6d41\u52d5\u6027\uff0c\u8cc7\u7522\u64c1\u6709\u4eba\u53ca\u4ee3\u5e63\u767c\u884c\u4eba\u53ef\u5229\u7528\u5176\u591a\u5143\u5316\u7279\u9ede\u5411\u4e0d\u540c\u4eba\u58eb\u96c6\u8cc7\uff0c\u4ee4\u8cc7\u91d1\u8f03\u5c11\u7684\u96f6\u552e\u6295\u8cc7\u8005\u4e5f\u53ef\u53c3\u8207\u5176\u4e2d\uff0c\u6295\u8cc7\u98a8\u96aa\u53ca\u6210\u672c\u4ea6\u53ef\u964d\u4f4e\u3002<\/p>\n

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\u5408\u898f\u633d\u4fe1\u5fc3<\/h5>\n

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\u76e3\u7ba1\u88dc\u6f0f\u6d1e<\/h5>\n

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\u5728\u73fe\u884c\u76e3\u7ba1\u6a5f\u5236\u4e0b\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u53ca\u5176\u4ed6\u865b\u64ec\u8cc7\u7522\u7684\u5c0d\u8c61\u4e3b\u8981\u70ba\u5c08\u696d\u6295\u8cc7\u8005\u3002\u865b\u64ec\u8cc7\u7522\u548c\u8b49\u5238\u578b\u4ee3\u5e63\u4f5c\u70ba\u65b0\u8208\u8cc7\u7522\uff0c\u6709\u52a9\u65bc\u9999\u6e2f\u978f\u56fa\u4f5c\u70ba\u9818\u5148\u7684\u96c6\u8cc7\u3001\u4ea4\u6613\u548c\u8cc7\u7522\u7ba1\u7406\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u5f9e\u800c\u5438\u5f15\u66f4\u591a\u5c08\u696d\u6295\u8cc7\u8005\u7e7c\u7e8c\u5728\u672c\u6e2f\u6295\u8cc7\u3002<\/p>\n

\u8de8\u5730\u57df\u5c55\u671b<\/h5>\n

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\u5728\u5927\u7063\u5340\u8a2d\u7acb\u7684\u79c1\u4eba\u8ca1\u5bcc\u548c\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff0c\u53ef\u6839\u64da\u5404\u985e\u4e92\u806f\u4e92\u901a\u8a08\u5283\u9032\u884c\u8b49\u5238\u578b\u4ee3\u5e63\u4ea4\u6613\uff0c\u8b93\u5340\u5167\u7684\u8cc7\u672c\u53ef\u9032\u5165\u672c\u6e2f\u7684\u8b49\u5238\u578b\u4ee3\u5e63\u4ea4\u6613\u5e02\u5834\uff0c\u4e26\u63d0\u9ad8\u96c6\u8cc7\u7684\u6d41\u52d5\u6027\u3002\u6b64\u5916\uff0c\u9999\u6e2f\u4ea6\u53ef\u5229\u7528\u865b\u64ec\u8cc7\u7522\u4ea4\u6613\u5e73\u53f0\uff0c\u81f4\u529b\u6210\u70ba\u4e2d\u592e\u9280\u884c\u6578\u78bc\u8ca8\u5e63\uff08Central Bank Digital Currency\uff09\u5168\u7403\u5916\u532f\u7d50\u7b97\u4e2d\u5fc3\u3002<\/p>\n

\u6b78\u6839\u7a76\u67e2\uff0c\u8cc7\u7522\u4ee3\u5e63\u5316\u53ef\u5f9e\u6839\u672c\u4e0a\u6539\u8b8a\u50b3\u7d71\u91d1\u878d\u7684\u878d\u8cc7\u65b9\u5f0f\uff0c\u6295\u8cc7\u8005\u53ca\u6a5f\u69cb\u5f97\u4ee5\u5f9e\u5b8c\u5168\u6578\u78bc\u5316\u7684\u91d1\u878d\u5de5\u5177\u4e2d\u7372\u76ca\u3002\u5118\u7ba1\u8b49\u5238\u578b\u4ee3\u5e63\u63a1\u7528\u5340\u584a\u93c8\u6280\u8853\uff0c\u4f46\u8207\u52a0\u5bc6\u8ca8\u5e63\u4ee5\u81f3\u5176\u4ed6\u4ee3\u5e63\u76f8\u6bd4\uff0c\u5247\u66f4\u63a5\u8fd1\u65bc\u50b3\u7d71\u8b49\u5238\uff0c\u7136\u800c\u5728\u76e3\u7ba1\u65b9\u9762\uff0c\u4ecd\u6709\u6539\u5584\u7684\u7a7a\u9593\u3002\u7531\u65bc\u9019\u4e9b\u8cc7\u7522\u53ef\u5728\u5168\u7403\u5340\u584a\u93c8\u8f15\u9b06\u79fb\u8f49\uff0c\u56e0\u6b64\u5404\u570b\u5fc5\u9808\u53ca\u6642\u52a0\u5f37\u5176\u767c\u884c\u53ca\u6d41\u52d5\u6027\u6a5f\u5236\u3002\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u4ea4\u6613\u6d3b\u52d5\u8de8\u8d8a\u570b\u754c\uff0c\u6709\u8cf4\u5168\u7403\u76f8\u95dc\u6a5f\u69cb\u901a\u529b\u5408\u4f5c\uff0c\u4e88\u4ee5\u66f4\u6709\u6548\u7684\u76e3\u7ba1\u3002<\/p>\n

 <\/p>\n

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\u4f55\u654f\u6dd9\u5148\u751f
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