{"id":589269,"date":"2025-05-14T14:20:41","date_gmt":"2025-05-14T06:20:41","guid":{"rendered":"https:\/\/law.asia\/?p=589269"},"modified":"2025-05-27T11:28:05","modified_gmt":"2025-05-27T03:28:05","slug":"crypto-regulation-trends-hong-kong-japan-taiwan","status":"publish","type":"post","link":"https:\/\/law.asia\/ko\/crypto-regulation-trends-hong-kong-japan-taiwan\/","title":{"rendered":"\uc554\ud638\ud654\ud3d0 \uaddc\uc81c\uc758 \ubc95\uc801 \ub3d9\ud5a5"},"content":{"rendered":"<p><span class=\"vantage-red vantage-grey\"><em><strong>\ud64d\ucf69, \uc77c\ubcf8 \ubc0f \ub300\ub9cc\uc758 \uaddc\uc81c \ub2f9\uad6d\uc774 \uac15\ud654\ub41c \ubcf4\ud638 \uc870\uce58\ub97c \ud1b5\ud574 \uc554\ud638\ud654\ud3d0 \uad00\ub828 \uc790\uc0b0\uc744 \uac15\ud654\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4<\/strong><\/em><\/span><\/p>\n<div id=\"navigation\">\n<table style=\"margin-top: 0px; width: 100%; overflow: hidden;\">\n<tbody>\n<tr style=\"display: flex; flex-wrap: wrap;\">\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/law.asia\/ko\/hong-kong-crypto-regulations-global-hub\/\"><span style=\"color: #67a3a3; font-size: clamp(.9rem, 2.5vw, 1.125rem);\"><span style=\"color: #f1f9fb; text-shadow: 1px 1px 2px #16151d;\"><b>\ud64d\ucf69<\/b><\/span><\/span><\/a><\/p>\n<\/td>\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/law.asia\/ko\/japan-crypto-stablecoin-regulations-2025\/\"><span style=\"color: #ffffff; text-shadow: 1px 1px 2px #16151d;\"><b>\uc77c\ubcf8<\/b><\/span><\/a><\/p>\n<\/td>\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/law.asia\/ko\/taiwan-crypto-regulations-challenges\/\"><span style=\"color: #ffffff; font-size: clamp(.9rem, 2.5vw, 1.125rem); text-shadow: 1px 1px 2px #16151d;\"><b>\ub300\ub9cc<\/b><\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\ud64d\ucf69 \uc554\ud638\ud654\ud3d0 \uad00\ud560\uad8c\uc758 \ud655\ub300<\/strong><\/h2>\n<p>\uc554\ud638\ud654\ud3d0 \uaddc\uc81c\uac00 \uc804 \uc138\uacc4 \uc2dc\uc7a5\uc5d0\uc11c \uc5ec\uc804\ud788 \ubd84\uc0b0\ub418\uc5b4 \uc788\ub294 \uac00\uc6b4\ub370, \ud64d\ucf69\uc740 \ud601\uc2e0\uacfc \uae30\uad00 \uc790\ubcf8 \ud22c\uc790 \ubd84\uc57c\uc5d0\uc11c \uc138\uacc4\ub97c \uc120\ub3c4\ud558\ub294 \uad00\ud560\uad8c\uc73c\ub85c\uc11c\uc758 \uc785\uc9c0\ub97c \uad73\ud788\uace0 \uc788\ub2e4. \ubbf8\uad6d\uc774 \ubcc0\ud654\ud558\ub294 \uaddc\uc81c \uc6b0\uc120\uc21c\uc704\uc5d0 \uc9c0\uc18d\uc801\uc73c\ub85c \uc5b4\ub824\uc6c0\uc744 \uacaa\uace0 \uc788\ub294 \ubc18\uba74, \uc2f1\uac00\ud3ec\ub974\ub294 \uac1c\uc778 \ud22c\uc790\uc790\uc758 \uc554\ud638\ud654\ud3d0 \ucc38\uc5ec\uc5d0 \uc0ac\uc2e4\uc0c1 \uaddc\uc81c\ub97c \ubd80\uacfc\ud558\uace0 \uc788\uace0, EU\ub294 \uc554\ud638\ud654\ud3d0 \uc2dc\uc7a5 \uaddc\uc81c(MiCA)\uc5d0 \ub530\ub77c \uc5c4\uaca9\ud55c \uc778\ud5c8\uac00 \uc81c\ub3c4\ub97c \uc2dc\ud589\ud558\uace0 \uc788\ub2e4. \uc774\uc5d0 \ubc18\ud574 \ud64d\ucf69\uc740 \ud22c\uc790\uc790 \ubcf4\ud638 \uc870\uce58\uc640 \ud601\uc2e0\uc744 \ucd09\uc9c4\ud558\uae30 \uc704\ud55c \ubbf8\ub798\uc9c0\ud5a5\uc801 \uc815\ucc45\uc744 \uc815\uad50\ud558\uac8c \uacb0\ud569\ud558\uc5ec \uc0c1\uc5c5\uc801\uc73c\ub85c \uc2e4\ud589 \uac00\ub2a5\ud55c \uaddc\uc81c \ud504\ub808\uc784\uc6cc\ud06c\ub97c \ub3c4\uc785\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774 \uae30\uace0\ubb38\uc5d0\uc11c\ub294 \ud64d\ucf69\uc758 \uaddc\uc81c \uccb4\uacc4, \uc870\uc138 \uc81c\ub3c4 \ubc0f \uad00\uc2b5\ubc95\uc0c1\uc758 \uc548\uc804\uc7a5\uce58\uac00 \uc5b4\ub5bb\uac8c \uacbd\uc7c1 \uad00\ud560\uad8c\uacfc \ub2ec\ub9ac \uc554\ud638\ud654\ud3d0 \uae30\uc5c5\uacfc \ud22c\uc790\uc790\uc5d0\uac8c \ucd5c\uc801\uc758 \ud658\uacbd\uc744 \uc81c\uacf5\ud558\ub294\uc9c0 \uac1c\uad04\uc801\uc73c\ub85c \uc0b4\ud3b4\ubcfc \uc608\uc815\uc774\ub2e4. \uc7a5\uae30\uc801\uc778 \uc548\uc815\uc131, \uc81c\ub3c4\uad8c \uc218\uc900\uc758 \uaddc\uc81c \ucef4\ud50c\ub77c\uc774\uc5b8\uc2a4, \uadf8\ub9ac\uace0 \uc544\uc2dc\uc544 \uc790\ubcf8\uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc6d0\ud65c\ud55c \uc811\uadfc\uc131\uc744 \uc911\uc2dc\ud558\ub294 \ud22c\uc790\uc790\uc5d0\uac8c \ud64d\ucf69\uc740 \uc554\ud638\ud654\ud3d0 \ud5c8\ube0c\uc758 \uae00\ub85c\ubc8c \uae30\uc900\uc73c\ub85c \uc790\ub9ac\ub9e4\uae40\ud560 \uc900\ube44\uac00 \ub418\uc5b4 \uc788\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc554\ud638\ud654\ud3d0\uc5d0 \ub300\ud55c<\/span><\/strong><span style=\"color: #ce7d08;\"> \uba85\ud655<\/span><span style=\"color: #ce7d08;\">\ud55c<\/span><strong><span style=\"color: #ce7d08;\"> \uaddc\uc81c<\/span><\/strong><\/h3>\n<figure id=\"attachment_586948\" aria-describedby=\"caption-attachment-586948\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586948 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Bowie-Fung.jpg\" alt=\"Bowie Fung\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586948\" class=\"wp-caption-text\"><strong>Bowie Fung<\/strong><br \/>Managing Partner<br \/>CFN Lawyers <br \/>\ud64d\ucf69<br \/>\uc804\ud654: +852 2114 2195<br \/>\uc774\uba54\uc77c: <a href=\"mailto:bowie.fung@cfnlaw.com.hk\">bowie.fung@cfnlaw.com.hk<\/a><\/figcaption><\/figure>\n<p>SFC\uc758 \uac10\ub3c5 \ubc0f \ubd84\ub958. \ud64d\ucf69\uc758 \uaddc\uc81c \uccb4\uacc4\ub294 \uc6d0\uce59 \uc911\uc2ec\uc758 \uc811\uadfc \ubc29\uc2dd\uacfc \ub514\uc9c0\ud138 \uc790\uc0b0 \uad00\ub828\ud558\uc5ec \uba85\ud655\ud558\uac8c \ubd84\ub958\ub41c \uc2dc\uc2a4\ud15c\uc744 \ud1b5\ud574 \ucc28\ubcc4\ud654\ub41c\ub2e4. \uc99d\uad8c\uc120\ubb3c\uc870\ub840(SFO, \uc81c571\uc7a5)\uc5d0 \ub530\ub77c, \uc81c3\uc790\ud22c\uc790 \uc218\uc775 \ub4f1 \uc99d\uad8c\uc758 \ud2b9\uc131\uc744 \ubcf4\uc774\ub294 \ud1a0\ud070\uc740 \uc99d\uad8c\uc120\ubb3c\uc704\uc6d0\ud68c(SFC)\uc758 \uae30\uc874 \uc99d\uad8c \uaddc\uc81c \uccb4\uacc4\uc758 \uc801\uc6a9\uc744 \ubc1b\ub294\ub2e4.<\/p>\n<p>\uc774\ub97c \ud1b5\ud574 \uc99d\uad8c\ud615 \ud1a0\ud070\uc740 \ubc95\uc801 \ud655\uc2e4\uc131 \ubc0f \uc804\ud1b5\uc801\uc778 \uae08\uc735 \uc0c1\ud488\uacfc \ub3d9\uc77c\ud55c \uc5c4\uaca9\ud568\uc744 \ubc14\ud0d5\uc73c\ub85c \uaddc\uc81c\ub41c\ub2e4. \uc21c\uc218 \uc720\ud2f8\ub9ac\ud2f0 \ud1a0\ud070\uacfc \ube44\ud2b8\ucf54\uc778 \ubc0f \uc774\ub354\ub9ac\uc6c0 \ub4f1 \ud0c8\uc911\uc559\ud654 \uc554\ud638\ud654\ud3d0\ub294 \uac00\uc0c1 \uc0c1\ud488\uc73c\ub85c \uac04\uc8fc\ub418\uba70, \uc0ac\uae30\ub098 \uc2dc\uc138 \uc870\uc791 \ud589\uc704\uac00 \uc5c6\ub294 \ud55c \uc99d\uad8c \uaddc\uc81c\uc5d0\uc11c \uc81c\uc678\ub41c\ub2e4.<\/p>\n<p>\ubbf8\uad6d\uc774\ub098 EU\uc640\ub294 \ub2ec\ub9ac, \ud64d\ucf69\uc740 \uc99d\uad8c\ud615 \ud1a0\ud070\uacfc \uc720\ud2f8\ub9ac\ud2f0 \ub610\ub294 \uc0c1\ud488\ud615 \ud1a0\ud070\uc744 \uad6c\ubd84\ud558\ub294 \uc774\uc6d0\ud654 \uc811\uadfc \ubc29\uc2dd\uc744 \ucc44\ud0dd\ud558\uace0 \uc788\ub2e4. \ubbf8\uad6d\uc5d0\uc11c\ub294 \uc99d\uad8c\uac70\ub798\uc704\uc6d0\ud68c(SEC)\uc758 \ud558\uc704 \ud14c\uc2a4\ud2b8(Howey Test) \uc801\uc6a9\uc774 \uc77c\uad00\uc131 \uc5c6\uc774 \uc2dc\ud589\ub418\uc5b4 \ud601\uc2e0\uc744 \uc800\ud574\ud558\ub294 \ud6a8\uacfc\uac00 \uc788\ub2e4.<\/p>\n<p>MiCA\uac00 EU \ub0b4 \uc554\ud638\uc790\uc0b0 \uc720\ud615\uc5d0 \ub300\ud574 \uc77c\ub960\uc801\uc778 \uc778\uac00 \uc694\uac74\uc744 \uc801\uc6a9\ud574 \uc99d\uad8c\ud615 \ud1a0\ud070, \uc720\ud2f8\ub9ac\ud2f0 \ud1a0\ud070, \uacb0\uc81c \ud1a0\ud070\uc744 \uad6c\ubd84\ud558\uc9c0 \uc54a\uace0 \uaddc\uc81c\ud558\ub294 \uac83\uacfc \ub2ec\ub9ac, \ud64d\ucf69\uc740 \uc138\ubd84\ud654\ub41c \ubd84\ub958 \uccb4\uacc4\ub97c \ud1b5\ud574 \uace0\uc704\ud5d8 \ud65c\ub3d9\ub9cc \uc5c4\uaca9\ud55c \uac10\ub3c5\uc744 \ubc1b\ub3c4\ub85d \ubcf4\uc7a5\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uac00\uc0c1\uc790\uc0b0 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc5c5\uccb4(VASP) \uc778\uac00. 2023\ub144 6\uc6d4\ubd80\ud130 \ud64d\ucf69\uc740 \uc911\uc559\ud654\ub41c \uac00\uc0c1\uc790\uc0b0 \uac70\ub798 \ud50c\ub7ab\ud3fc\uc774 \u2018\uc790\uae08\uc138\ud0c1\ubc29\uc9c0 \ubc0f \ud14c\ub7ec\uc790\uae08\uc870\ub2ec \ubc29\uc9c0 \uc870\ub840\u2019(\uc81c615\uc7a5)\uc5d0 \ub530\ub77c \uc778\uac00\ub97c \ucde8\ub4dd\ud558\ub3c4\ub85d \uc694\uad6c\ud558\uace0 \uc788\ub2e4. \uc774 \uc778\uac00 \uc81c\ub3c4\ub294 \uaddc\uc81c\ub418\uba74\uc11c\ub3c4 \ud22c\uba85\ud55c \ud504\ub808\uc784\uc6cc\ud06c\ub97c \ud1b5\ud574 \uac1c\uc778 \ud22c\uc790\uc790 \ubcf4\ud638\ub97c \uac15\ud654\ud558\uace0 \uc704\ud5d8\uc744 \uc644\ud654\ud558\ub3c4\ub85d \uace0\uc548\ub410\uc73c\uba70, \uc8fc\uc694 \uc694\uac74\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uac15\ud654\ub41c KYC\/AML(\uace0\uac1d\ud655\uc778 \ubc0f \uc790\uae08\uc138\ud0c1\ubc29\uc9c0) \uc808\ucc28. \uae08\uc735\ud589\ub3d9\ud2b9\ubcc4\uae30\uad6c(FAFT) \uad8c\uace0\uc5d0 \ub530\ub77c \uc778\uac00\ub97c \ubc1b\uc740 \uac70\ub798\uc18c\ub294 \uc2e4\uba85 \ud655\uc778, \uac70\ub798 \ubaa8\ub2c8\ud130\ub9c1\uc744 \uc2e4\uc2dc\ud558\uba70 \uc758\uc2ec\uc2a4\ub7ec\uc6b4 \ud65c\ub3d9\uc744 \ubcf4\uace0\ud574\uc57c \ud55c\ub2e4.<\/li>\n<li>\uc900\ube44\uae08 \uc99d\uba85 \uac10\uc0ac. FTX \uc0ac\ud0dc \uc774\ud6c4 \uac70\ub798\uc0c1\ub300\ubc29 \uc704\ud5d8\uc744 \uc644\ud654\ud558\uae30 \uc704\ud574, \ub9e4\uc6d4 \uc900\ube44\uae08 \ubcf4\uc720 \ub0b4\uc5ed\uc744 \ud655\uc778\ud558\ub3c4\ub85d \uc758\ubb34\ud654\ud558\uc5ec \ud22c\uba85\uc131\uacfc \uc9c0\uae09\ub2a5\ub825\uc744 \ubcf4\uc7a5\ud574\uc57c \ud55c\ub2e4.<\/li>\n<li>\uace0\uac1d \uc790\uc0b0 \ubd84\ub9ac \ubcf4\uad00. \uc790\uae08\uc758 \ud63c\ud569\uc744 \ubc29\uc9c0\ud558\uba70, \uc804\ud1b5 \uae08\uc735\uc758 \ud22c\uc790\uc790 \ubcf4\ud638 \uc870\uce58\uc640 \uc720\uc0ac\ud55c \uc548\uc804\uc7a5\uce58\ub97c \uc81c\uacf5\ud574\uc57c \ud55c\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\uc2f1\uac00\ud3ec\ub974\uac00 \uc18c\ub9e4 \uc554\ud638\ud654\ud3d0 \uac70\ub798\ub97c \uc81c\ud55c\ud558\uace0 \uad11\uace0\ub97c \uae08\uc9c0\ud558\ub294 \ub4f1 \ud1b5\ud654 \ub2f9\uad6d\uc774 \uc2e0\uc911\ud55c \uc785\uc7a5\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub294 \uac83\uacfc \ub2ec\ub9ac, \ud64d\ucf69\uc740 \ubcf4\ub2e4 \uc9c4\ubcf4\uc801\uc778 \uc81c\ub3c4\ub97c \ub3c4\uc785\ud558\uace0 \uc788\ub2e4. \uc5c4\uaca9\ud55c \uc801\ud569\uc131 \uc2ec\uc0ac \ud558\uc5d0 \uaddc\uc81c\ub41c \uc18c\ub9e4 \ud22c\uc790 \ucc38\uc5ec\ub97c \ud5c8\uc6a9\ud568\uc73c\ub85c\uc368, \ud64d\ucf69\uc740 \ud22c\uc790\uc790 \ubcf4\ud638\uc640 \uc2dc\uc7a5 \uc811\uadfc\uc131 \uc0ac\uc774\uc758 \uade0\ud615\uc744 \uc774\ub8e8\uace0 \uc788\ub2e4.<\/p>\n<p>\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c. \ud64d\ucf69\uc740 \ubc95\uc815\ud654\ud3d0 \uc5f0\ub3d9 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc5d0 \ub300\ud55c \ub9de\ucda4\ud615 \uaddc\uc81c \uccb4\uacc4\ub97c \ub9c8\ubb34\ub9ac\ud558\uace0 \uc788\ub294 \uc911\uc774\ub2e4. \ubc1c\ud589\uc0ac\ub294 1:1 \uc900\ube44\uae08 \uc720\uc9c0, \uc815\uae30\uc801\uc778 \uac10\uc0ac, \uc6b4\uc601\uc758 \ud22c\uba85\uc131 \ud655\ubcf4, \uadf8\ub9ac\uace0 \ud64d\ucf69\uae08\uc735\uad00\ub9ac\uad6d(HKMA)\uc758 \uc778\uac00\ub97c \ubc1b\uc544\uc57c \ud55c\ub2e4.<\/p>\n<p>\uc774 \uc81c\ub3c4\ub294 \ud64d\ucf69\uc744 \uc138\uacc4 \uc8fc\uc694 \uae08\uc735 \uc911\uc2ec\uc9c0 \uc911 \ud558\ub098\ub85c \uc790\ub9ac\ub9e4\uae40\uc2dc\ud0a4\uae30 \uc704\ud574 \ub9c8\ub828\ub41c \uac83\uc73c\ub85c, TerraUSD \uc0ac\ud0dc\uc640 \uac19\uc740 \uc2dc\uc2a4\ud15c\uc801 \uc704\ud5d8\uc744 \ubc29\uc9c0\ud558\ub294 \ud3ec\uad04\uc801\uc778 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c \uccb4\uacc4\ub97c \uac16\ucd94\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4. \uacac\uace0\ud55c \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c \ud504\ub808\uc784\uc6cc\ud06c\ub294 \uaddc\uc81c \ucc28\uc775\uac70\ub798\uc758 \uae30\ud68c\ub97c \ucd5c\uc18c\ud654\ud568\uc73c\ub85c\uc368 \uc2dc\uc7a5\uc758 \uc548\uc815\uc131\uc744 \ub192\uc77c \uac83\uc774\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc870\uc138 \ud6a8\uc728\uc131\uacfc \ucd5c\uc801\uc758 \uc218\uc775<\/span><\/strong><\/h3>\n<p>\ud64d\ucf69\uc758 \uc870\uc138 \uc81c\ub3c4\ub294 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc5d0\uac8c \ube44\ud560 \ub370 \uc5c6\ub294 \uc774\uc810\uc744 \uc81c\uacf5\ud55c\ub2e4.<\/p>\n<p>\uc790\ubcf8 \uc774\ub4dd\uc138 \uc5c6\uc74c. \ubbf8\uad6d(\uc5f0\ubc29\uc138\uc728 20% \ubc0f \uc8fc\ubcc4 \uc138\uae08), \uc601\uad6d(\ucd5c\ub300 20%), \ud638\uc8fc(\ucd5c\ub300 45%)\uc640 \ub2ec\ub9ac, \ud64d\ucf69\uc740 \uc554\ud638\ud654\ud3d0 \uac70\ub798\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \uc790\ubcf8 \uc774\ub4dd\uc5d0 \ub300\ud574 \uc138\uae08\uc744 \ubd80\uacfc\ud558\uc9c0 \uc54a\ub294\ub2e4. \uc774\ub294 \uace0\ube48\ub3c4 \uac70\ub798\uc790, \ud5e4\uc9c0\ud380\ub4dc \ubc0f \ubca4\ucc98 \ud22c\uc790\uc790\uc5d0\uac8c \uc911\uc694\ud55c \uc778\uc13c\ud2f0\ube0c\uac00 \ub41c\ub2e4.<\/p>\n<p>\uc554\ud638\ud654\ud3d0 \uac70\ub798\uc5d0 \ubd80\uac00\uac00\uce58\uc138(VAT) \ub610\ub294 \uc0c1\ud488\uc6a9\uc5ed\uc138(GST) \uc5c6\uc74c. EU\uc758 VAT\ub294 \uc554\ud638\ud654\ud3d0 \uac70\ub798\ub97c \uacfc\uc138 \ub300\uc0c1 \uacf5\uae09\uc73c\ub85c \uac04\uc8fc\ud558\uc5ec, \uac70\ub798 \ubc0f \ubcf4\uad00 \ub4f1 \uc554\ud638\ud654\ud3d0 \uad00\ub828 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\ub294 \uae30\uc5c5\uc5d0 VAT(\ub300\ubd80\ubd84 20%\uc774\ub098 \uad00\ud560\uc9c0\uc5ed\uc5d0 \ub530\ub77c \ub2e4\ub984)\ub97c \ubd80\uacfc\ud55c\ub2e4. \ubc18\uba74, \ud64d\ucf69\uc740 \uc554\ud638\ud654\ud3d0\ub97c \ubb34\ud615\uc790\uc0b0\uc73c\ub85c \ubd84\ub958\ud558\uc5ec \ubaa8\ub4e0 \ud310\ub9e4\uc138\uc5d0\uc11c \uc644\uc804\ud788 \uba74\uc81c\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uacbd\uc7c1\ub825 \uc788\ub294 \ubc95\uc778\uc138. \ud64d\ucf69\uc758 \uc9c0\uc5ed \uacfc\uc138 \uc81c\ub3c4\ub294 \ud604\uc9c0\uc5d0\uc11c \ubc1c\uc0dd\ud55c \uc774\uc775\uc5d0 \ub300\ud574\uc11c\ub9cc 16.5%\uc758 \uc138\uc728\ub85c \uacfc\uc138\ud558\uba70, \uc774\ub294 \uc2f1\uac00\ud3ec\ub974(17%), \ubbf8\uad6d(\uc5f0\ubc29\uc138\uc728 21%), EU(\ud3c9\uade0 21.3%)\ubcf4\ub2e4 \ub0ae\ub2e4.<\/p>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\ud22c\uc790\uc790 \ubcf4\ud638\uc7a5\uce58<\/span><\/strong><\/h2>\n<figure id=\"attachment_586954\" aria-describedby=\"caption-attachment-586954\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586954 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Yuan-Kai.jpg\" alt=\"Yuan Kai\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586954\" class=\"wp-caption-text\"><strong>Yuan Kai<\/strong><br \/>\ucee8\uc124\ud134\ud2b8<br \/>CFN Lawyers <br \/>\ud64d\ucf69<br \/>\uc804\ud654: +852 3468 7365<br \/>\uc774\uba54\uc77c: <a href=\"mailto:kaiyuan@cfnlaw.com.hk\">kaiyuan@cfnlaw.com.hk<\/a><\/figcaption><\/figure>\n<p>\uc601\ubbf8\ubc95 \uccb4\uacc4. \ud64d\ucf69 \uc0ac\ubc95\ubd80\ub294 \uc624\ub7ab\ub3d9\uc548 \uc608\uce21 \uac00\ub2a5\ud55c \uacc4\uc57d \uc9d1\ud589\uc73c\ub85c \uc778\uc815\ubc1b\uc544 \uc654\ub2e4. 2024\ub144 Mantra Dao Inc \ubc0f \uae30\ud0c0 \ub300 John Patrick Mullin \ubc0f \uae30\ud0c0 \uc0ac\uac74\uc5d0\uc11c, \ud64d\ucf69 1\uc2ec \ubc95\uc6d0\uc740 \uc554\ud638\ud654\ud3d0 \ubd84\uc57c\uc5d0\uc11c \uc6b4\uc601\ub418\ub294 \ud0c8\uc911\uc559\ud654 \uc790\uc728\uc870\uc9c1(DAO)\uc5d0 \uc7ac\ubb34 \uae30\ub85d\uacfc \ud68c\uacc4 \uc7a5\ubd80\ub97c \uacf5\uac1c\ud558\ub3c4\ub85d \uba85\ub839\ud588\ub2e4. \uc774 \ud310\uacb0\uc740 \ub450 \uac00\uc9c0 \uc911\uc694\ud55c \ubc95\uc801 \uc6d0\uce59\uc744 \uac15\uc870\ud588\ub2e4.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc554\ud638\ud654\ud3d0 \uc6b4\uc601\uc758 \uc7ac\ubb34 \ud22c\uba85\uc131: \ubc95\uc6d0\uc740 \ud0c8\uc911\uc559\ud654 \uad6c\uc870\ub97c \uac00\uc9c4 \uacbd\uc6b0\ub77c\ub3c4 \uc554\ud638\ud654\ud3d0 \ud50c\ub7ab\ud3fc\uc740 \ud45c\uc900 \uc7ac\ubb34 \ucc45\uc784 \uae30\uc900\uc744 \uc900\uc218\ud574\uc57c \ud55c\ub2e4\ub294 \uc810\uc744 \ud655\uc778\ud588\ub2e4.<\/li>\n<li>. DAO\uc758 \ubc95\uc801 \ucc45\uc784. \uc774 \ud310\uacb0\uc740 DAO\uac00 \uc0c8\ub85c\uc6b4 \uac70\ubc84\ub10c\uc2a4 \ubaa8\ub378\uc744 \uac00\uc9c0\uace0 \uc788\ub354\ub77c\ub3c4, \ubd84\uc7c1\uc774 \ubc1c\uc0dd\ud560 \uacbd\uc6b0 \uc0ac\ubc95\uc801 \uac10\ub3c5\uc5d0\uc11c \uc608\uc678\uac00 \uc544\ub2d8\uc744 \uba85\ud655\ud788 \ud588\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\uc774 \uc0ac\uac74\uc740 \uc2e0\ud765 \ube14\ub85d\uccb4\uc778 \uae30\ubc18 \uc870\uc9c1\uc5d0 \ub300\ud55c \ud64d\ucf69\uc758 \uc720\uc5f0\ud55c \uaddc\uc81c \uc811\uadfc \ubc29\uc2dd\uc744 \ubcf4\uc5ec\uc900 \uc0ac\ub840\ub2e4. \ud574\ub2f9 \ud310\uacb0\uc740 \ud0c8\uc911\uc559\ud654 \uc870\uc9c1\uacfc \uad00\ub828\ub41c \ud6c4\uc18d \ubd84\uc7c1\uc5d0\uc11c \uc124\ub4dd\ub825 \uc788\ub294 \ud310\ub840\ub85c \uc778\uc6a9\ub418\uace0 \uc788\ub2e4.<\/p>\n<p>\uae30\uad00\uae09 \uc790\uc0b0 \ubcf4\uad00 \uaddc\uc815. \ub77c\uc774\uc120\uc2a4\ub97c \ubcf4\uc720\ud55c VASP\ub294 \ud22c\uc790\uc790 \ubcf4\ud638\ub97c \uc704\ud574 \uc138\uacc4\uc5d0\uc11c \uac00\uc7a5 \uc5c4\uaca9\ud55c \ubcf4\uad00 \uc694\uac74\uc744 \uc900\uc218\ud574\uc57c \ud55c\ub2e4. \uc5ec\uae30\uc5d0\ub294 \uace0\uac1d \uc790\uc0b0\uc758 98%\ub97c \ucf5c\ub4dc\uc6d4\ub81b\uc5d0 \ubcf4\uad00\ud558\ub294 \uc758\ubb34, \uc900\ube44\uae08 \uc801\uc815\uc131\uc744 \uac80\uc99d\ud558\ub294 \ub3c5\ub9bd\uc801\uc778 \uc81c3\uc790 \uac10\uc0ac, \uadf8\ub9ac\uace0 \uace0\uac1d \uc790\uae08\uacfc \ud68c\uc0ac \uc790\uae08\uc758 \ubd84\ub9ac \ub4f1\uc774 \ud3ec\ud568\ub41c\ub2e4.<\/p>\n<p>\ubc14\ud558\ub9c8 \ub4f1\uacfc \uac19\uc740 \uc5ed\uc678 \uc9c0\uc5ed\uc758 \ub290\uc2a8\ud55c \uc790\uc0b0 \ubcf4\uad00 \uaddc\uc815\uc774 2022\ub144 FTX\uc758 \ubd95\uad34\ub85c \uc774\uc5b4\uc9c4 \uac83\uacfc \ub2ec\ub9ac, \ud64d\ucf69\uc758 \uc81c\ub3c4\ub294 \uad6c\uc870\uc801\uc73c\ub85c FTX\uc640 \uac19\uc740 \uc2e4\ud328\uac00 \ubc1c\uc0dd\ud560 \uc218 \uc5c6\ub3c4\ub85d \uc124\uacc4\ub418\uc5b4 \uc788\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc911\uad6d \ubc0f \uc544\uc2dc\uc544\ub85c\uc758 \uad00\ubb38<\/span><\/strong><\/h3>\n<figure id=\"attachment_586944\" aria-describedby=\"caption-attachment-586944\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586944 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Amanda-Li.jpg\" alt=\"Amanda Li\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586944\" class=\"wp-caption-text\"><strong>Amanda Li<\/strong><br \/>\ucee8\uc124\ud134\ud2b8<br \/>CFN Lawyers <br \/>\ud64d\ucf69<br \/>\uc804\ud654: +852 2114 2208<br \/>\uc774\uba54\uc77c: <a href=\"mailto:amanda.li@cfnlaw.com.hk\">amanda.li@cfnlaw.com.hk<\/a><\/figcaption><\/figure>\n<p>\uc911\uad6d \uc811\uadfc\uc131. \uc911\uad6d \ubcf8\ud1a0\ub294 \uc5ec\uc804\ud788 \uc554\ud638\ud654\ud3d0 \uac70\ub798\uc640 \ucc44\uad74\uc744 \uae08\uc9c0\ud558\uace0 \uc788\uc9c0\ub9cc, \ud64d\ucf69\uc740 \uaddc\uc81c\ub41c \uacbd\ub85c\ub97c \ud1b5\ud574 \uc911\uad6d \uc790\ubcf8\uc758 \uc720\uc785(\uc801\uaca9 \uc678\uad6d\uc778 \uae30\uad00\ud22c\uc790\uc790 \ubc0f \uc8fc\uc2dd \uc5f0\uacc4 \ud504\ub85c\uadf8\ub7a8 \ub4f1)\uacfc \uc911\uad6d \ubcf8\ud1a0 \uc790\uc0b0\uc6b4\uc6a9\uc0ac\uc758 \uae30\uad00 \ucc38\uc5ec(\uc608: \uc911\uad6d\uc790\uc0b0\uc6b4\uc6a9\uc774 \ucd9c\uc2dc\ud55c \ube44\ud2b8\ucf54\uc778 \ubc0f \uc774\ub354\ub9ac\uc6c0 \uc0c1\uc7a5\uc9c0\uc218\ud380\ub4dc \ub4f1)\uac00 \uac00\ub2a5\ud558\ub2e4. \uc774\ub7ec\ud55c \uc774\uc6d0\uc801 \uc811\uadfc \ubc29\uc2dd\uc740 \ud64d\ucf69\uc774 \uc911\uad6d\uc758 \uad6d\ub0b4 \uae08\uc735 \uc548\uc815\uc744 \uc720\uc9c0\ud558\uba74\uc11c\ub3c4 \ud1b5\uc81c\ub41c \uc5ed\uc678 \ub178\ucd9c\uc744 \ud5c8\uc6a9\ud558\ub294 \uad00\ubb38 \uc5ed\ud560\uc744 \ud558\uac8c \ub420 \uac83\uc744 \uc2dc\uc0ac\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc544\uc138\uc548 \uc2dc\uc7a5 \uc811\uadfc\uc131. \ud64d\ucf69\uc774 \uc544\uc138\uc548 \uad6d\uac00\ub4e4\uacfc \uccb4\uacb0\ud55c \uc790\uc720\ubb34\uc5ed\ud611\uc815\uc740 \ud540\ud14c\ud06c \ubc0f \uc554\ud638\ud654\ud3d0 \uae30\uc5c5\ub4e4\uc774 \uace0\uc131\uc7a5 \uc2dc\uc7a5\uc5d0 \uc9c4\ucd9c\ud560 \uc218 \uc788\ub294 \uc804\ub7b5\uc801 \uad00\ubb38\uc744 \uc81c\uacf5\ud55c\ub2e4. \uc608\ub97c \ub4e4\uc5b4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\ubca0\ud2b8\ub0a8\uc758 \uae09\uc131\uc7a5\ud558\ub294 \ub514\uc9c0\ud138 \uacbd\uc81c\ub294 \uc138\uacc4\uc5d0\uc11c \uac00\uc7a5 \ub192\uc740 \uc218\uc900\uc758 \uc554\ud638\ud654\ud3d0 \ub3c4\uc785\ub960\uc744 \uae30\ub85d\ud558\uace0 \uc788\uc73c\uba70, 2025\ub144\uc5d0\ub294 30~40%\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4. \uc774\ub294 \ud64d\ucf69 \uc18c\uc7ac \uae30\uc5c5\uc5d0 \ub9e4\uc6b0 \uc720\ub9dd\ud55c \uc2dc\uc7a5 \ud658\uacbd\uc744 \uc81c\uacf5\ud55c\ub2e4.<\/li>\n<li>\ud0dc\uad6d\uc758 \uc9c4\ubcf4\uc801\uc778 \uc554\ud638\ud654\ud3d0 \uaddc\uc81c \uccb4\uacc4\uc640 \uc18c\ub9e4\uc6a9 \uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138\ud654\ud3d0(CBDC) \uc2dc\ubc94\uc0ac\uc5c5\uc740 \ud64d\ucf69 \ud540\ud14c\ud06c \uae30\uc5c5\ub4e4\uc774 \ud06c\ub85c\uc2a4\ubcf4\ub354 \ub514\uc9c0\ud138 \ud654\ud3d0 \ud14c\uc2a4\ud2b8\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc788\ub294 \uae30\ud68c\ub97c \uc81c\uacf5\ud55c\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\ub2e4\uc74c \ub2e8\uacc4: \uc790\uc0b0\ub2f4\ubcf4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778? \ud64d\ucf69\uc758 \uc0c8\ub85c\uc6b4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c \uccb4\uacc4\ub294 \uaddc\uc81c\ub41c \uc790\uc0b0\ub2f4\ubcf4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc5d0 \ub300\ud55c \ub9e4\ub825\uc801\uc778 \uc7a0\uc7ac\ub825\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\uc73c\uba70, \uae08, \uadc0\uae08\uc18d \ubc0f \ubd80\ub3d9\uc0b0 \uc5f0\uacc4 \ud1a0\ud070\uc5d0 \ub300\ud55c \uc811\uadfc\uc131\uc744 \uc81c\uacf5\ud558\uace0 \ud540\ud14c\ud06c \uc2a4\ud0c0\ud2b8\uc5c5\uc5d0 \ud14c\uc2a4\ud2b8 \ud658\uacbd\uc744 \ub9c8\ub828\ud55c\ub2e4. \ucd08\uae30 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ud504\ub808\uc784\uc6cc\ud06c\ub294 \ubc95\uc815\ud654\ud3d0 \ub2f4\ubcf4 \ubaa8\ub378\uc744 \uc6b0\uc120\uc2dc\ud558\uc9c0\ub9cc, \ud64d\ucf69\uc758 \uc601\ubbf8\ubc95 \uccb4\uacc4\uc640 \uc801\uadf9\uc801\uc778 \uaddc\uc81c \ub2f9\uad6d\uc740 \uc0c1\ud488 \uc5f0\uacc4\ud615 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uae4c\uc9c0 \uac10\ub3c5 \ubc94\uc704\ub97c \ud655\uc7a5\ud560 \uc218 \uc788\ub294 \uc88b\uc740 \uc704\uce58\uc5d0 \uc788\ub2e4. \uacac\uace0\ud55c \uae08\uc735 \uc778\ud504\ub77c\uc640 \uc911\uad6d\uacfc\uc758 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\ub97c \ubc14\ud0d5\uc73c\ub85c, \ubc95\uc815\ud654\ud3d0 \uad00\ub828 \uaddc\uc815\uc774 \uc644\uc804\ud788 \ub9c8\ub828\ub418\uba74 \ud64d\ucf69\uc740 \uc0c1\ud488\ub2f4\ubcf4 \ud1a0\ud070\uc758 \uc7a0\uc7ac\uc801 \ucd9c\uc2dc \uac70\uc810\uc774 \ub420 \uc218 \uc788\uc744 \uac83\uc774\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc801\uadf9\uc801\uc778 \ud540\ud14c\ud06c \uc9c4\ud765<\/span><\/strong><\/h3>\n<p>\ud64d\ucf69 \uc815\ubd80\ub294 \uc804\ub7b5\uc801 \uc774\ub2c8\uc154\ud2f0\ube0c\uc640 \uaddc\uc81c \uc720\uc5f0\uc131\uc744 \ud1b5\ud574 \ud540\ud14c\ud06c \ud601\uc2e0\uc744 \uc801\uadf9\uc801\uc73c\ub85c \ucd09\uc9c4\ud558\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \ub178\ub825\uc758 \ud575\uc2ec\uc740 HKMA\uc758 \u2018\ud540\ud14c\ud06c 2025 \uc804\ub7b5\u2019\uc73c\ub85c, \uc774\ub294 \ud06c\ub85c\uc2a4\ubcf4\ub354 \uacb0\uc81c\ub97c \uc704\ud55c \ube14\ub85d\uccb4\uc778 \uc0c1\ud638\uc6b4\uc6a9\uc131\uc744 \uc6b0\uc120\uc2dc\ud558\uace0 \uc18c\ub9e4\uc6a9 CBDC \uac1c\ubc1c\uc744 \ucd94\uc9c4\ud558\ub294 \ub370 \uc911\uc810\uc744 \ub450\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774\ub7ec\ud55c \ube44\uc804\uc744 \ub354\uc6b1 \ub4b7\ubc1b\uce68\ud558\ub294 \ub610 \ub2e4\ub978 \uc694\uc18c\ub294 HKMA\uc758 \uaddc\uc81c \uc0cc\ub4dc\ubc15\uc2a4\uc774\ub2e4. \uc774 \uc0cc\ub4dc\ubc15\uc2a4\ub294 \ud540\ud14c\ud06c \uae30\uc5c5\ub4e4\uc774 \ud1a0\ud070\ud654 \uc99d\uad8c\uacfc \ube14\ub85d\uccb4\uc778 \uae30\ubc18 \uacb0\uc81c \uc194\ub8e8\uc158\uc744 \uc2e4\ud5d8\ud560 \uc218 \uc788\ub294 \ud1b5\uc81c\ub41c \ud658\uacbd\uc744 \uc81c\uacf5\ud55c\ub2e4. \uc774\ub7ec\ud55c \uc870\uce58\ub4e4\uc740 \ubcc0\ud654\ud558\ub294 \ud540\ud14c\ud06c \ud658\uacbd\uc5d0\uc11c \ud64d\ucf69\uc774 \uacbd\uc7c1\ub825\uc744 \uc720\uc9c0\ud558\uae30 \uc704\ud574 \uc801\uadf9\uc801\uc73c\ub85c \ub300\uc751\ud558\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\ub2e4.<\/p>\n<p>\ud64d\ucf69\uc740 \uaddc\uc81c\uc758 \uba85\ud655\uc131, \uc870\uc138 \uc911\ub9bd\uc131, \uc601\ubbf8\ubc95 \uc9d1\ud589\ub825, \uadf8\ub9ac\uace0 \uc911\uad6d \uc778\uc811 \uc720\ub3d9\uc131\uc774 \uacb0\ud569\ub41c \uacf3\uc774\ub2e4. VASP \ub77c\uc774\uc120\uc2a4 \uc2e0\uccad\uc774 \uae09\uc99d\ud558\uace0 \uc0c8\ub85c\uc6b4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc81c\ub3c4\uac00 \ub3c4\uc785\ub418\ub294 \uac00\uc6b4\ub370, \uc55e\uc73c\ub85c \ub2e4\uc74c\uacfc \uac19\uc740 \ubcc0\ud654\uac00 \uc608\uc0c1\ub41c\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc2a4\ud0c0\ud2b8\uc5c5\uc740 VASP \ubc0f \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubc1c\ud589\uc790 \ub77c\uc774\uc120\uc2a4 \uc2b9\uc778 \uc808\ucc28\ub97c \uc6d0\ud65c\ud788 \uc9c4\ud589\ud558\uae30 \uc704\ud574 \ubc95\ub960 \uc790\ubb38\uc744 \ud65c\uc6a9\ud560 \uac83\uc774\ub2e4.<\/li>\n<li>\ud380\ub4dc\ub294 \uc138\uc81c \ud6a8\uc728\uc801\uc778 \uad6c\uc870\ub97c \uc704\ud574 \ud64d\ucf69\uc758 \uc720\ud55c\ucc45\uc784\uc870\ud569\uc81c\ub3c4(LPF)\ub97c \uc801\uadf9\uc801\uc73c\ub85c \ud65c\uc6a9\ud560 \uac83\uc774\ub2e4.<\/li>\n<li>\ud22c\uc790\uc790\ub294 SFC \uc2b9\uc778 \uc554\ud638\ud654\ud3d0 \ud380\ub4dc\uc5d0 \uc790\uc0b0\uc744 \ubc30\ubd84\ud574 \uaddc\uc81c\ub41c \ubc29\uc2dd\uc73c\ub85c \uc554\ud638\ud654\ud3d0\uc5d0 \uc811\uadfc\ud560 \uac83\uc774\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<section class=\"format-info\" style=\"text-align: center;\"><strong><img class=\"size-medium wp-image-586928 align-center aligncenter\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-300x74.png\" alt=\"\" width=\"300\" height=\"74\" srcset=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-300x74.png 300w, https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-1024x254.png 1024w, https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-768x191.png 768w, https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-696x173.png 696w, https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-1068x265.png 1068w, https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo.png 1128w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>CFN Lawyers<\/strong><br \/>\n27th Floor, Neich Tower, 128 Gloucester Road<br \/>\nWanchai, Hong Kong<br \/>\n\uc804\ud654: +852 2114 2208<br \/>\n\uc774\uba54\uc77c: <a href=\"mailto:cfn@cfnlaw.com.hk\">cfn@cfnlaw.com.hk<\/a><br \/>\n<a href=\"http:\/\/www.cfnlaw.com\">www.cfnlaw.com<\/a><\/section>\n<p style=\"text-align: right;\"><a style=\"text-decoration: none;\" href=\"#navigation\"><button style=\"width: 20%; font-size: 12px; letter-spacing: 1px; padding: 3px 3px; color: #000000; border-color: #F4F4F4; background-color: #e96526; background-image: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); background-repeat: repeat-x; border-radius: 3px; a: hover{background-color:#035389;\"><span style=\"color: #ffffff; font-weight: bold; text-transform: uppercase; text-shadow: 1px 1px 2px #16151d;\"><span class=\"color: #fffff; text-shadow: 1px 1px 2px #16151d;\">\ub9e8 \uc704\ub85c<\/span><\/span><\/button><\/a><\/p>\n<hr \/>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\uc77c\ubcf8\uc758 \uc554\ud638\uc790\uc0b0, \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubc0f \uc99d\uad8c\ud615 \ud1a0\ud070 \uaddc\uc81c<\/strong><\/h2>\n<p>\uc774 \uae30\uace0\ubb38\uc740 \uc77c\ubcf8 \uad6d\ub0b4 \uc554\ud638\uc790\uc0b0 \ubc0f \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc2dc\uc7a5\uc758 \ucd5c\uadfc \ub3d9\ud5a5\uc744 \uac1c\uad04\ud558\uace0, \uc62c\ud574 \uac1c\uc815\ub41c \uc9c0\uae09\uacb0\uc81c\uc11c\ube44\uc2a4\ubc95\uc758 \uc8fc\uc694 \ub0b4\uc6a9\uc744 \uc0c1\uc138\ud788 \uc124\uba85\ud558\uba70, \uc554\ud638\uc790\uc0b0 \uad00\ub828 \ubc95\ub960 \ubc0f \uc870\uc138 \ud504\ub808\uc784\uc6cc\ud06c\uc758 \uc9c0\uc18d\uc801\uc778 \ubcc0\ud654\uc640 \ud1a0\ud070\ud654\ub41c \ubd80\ub3d9\uc0b0 \uc9c0\ubd84 \ubc0f \ud22c\uc790\ud380\ub4dc \uaddc\uc815\uc5d0 \uad00\ud55c \ucd5c\uadfc \uc785\ubc95 \ubcc0\ud654\ub97c \ub2e4\ub8f0 \uc608\uc815\uc774\ub2e4.<\/p>\n<h3 style=\"color: #ce7d08; text-shadow: 1px 1px 2px #cccccc;\"><strong>\uc554\ud638\uc790\uc0b0 \ubc0f \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ub3d9\ud5a5<\/strong><\/h3>\n<figure id=\"attachment_586960\" aria-describedby=\"caption-attachment-586960\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586960 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Takafumi-Ochiai.jpg\" alt=\"Takafumi Ochiai\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586960\" class=\"wp-caption-text\"><strong>Takafumi Ochiai<\/strong><br \/>\uc2dc\ub2c8\uc5b4 \ud30c\ud2b8\ub108 \ubcc0\ud638\uc0ac<br \/>Atsumi &amp; Sakai <br \/>\ub3c4\ucfc4\u00a0<br \/>\uc804\ud654 : +81-3-5501-2361<br \/>\uc774\uba54\uc77c : <a href=\"mailto:takafumi.ochiai@aplaw.jp\">takafumi.ochiai@aplaw.jp<\/a><\/figcaption><\/figure>\n<p>\uc77c\ubcf8 \uad6d\ub0b4 \uc554\ud638\uc790\uc0b0 \uc2dc\uc7a5\uc740 \uacc4\uc18d\ud574\uc11c \ud655\uc7a5\uc138\ub97c \ubcf4\uc774\uace0 \uc788\ub2e4. \uc77c\ubcf8\uac00\uc0c1\uc790\uc0b0\uac70\ub798\uc18c\ud611\ud68c(JVAC)\uc758 \ud1b5\uacc4\uc5d0 \ub530\ub974\uba74, 2025\ub144 4\uc6d4 30\uc77c \uae30\uc900 \ub4f1\ub85d\ub41c \uc554\ud638\uc790\uc0b0 \uac70\ub798\uc18c \uc0ac\uc5c5\uc790\ub294 32\uacf3\uc5d0 \ub2ec\ud588\ub2e4. 2025\ub144 2\uc6d4 \uae30\uc900 \ud604\ubb3c \uac70\ub798\ub7c9\uc740 \uc57d 1\uc870 9000\uc5b5\uc5d4(\uc57d 131\uc5b5 \ub2ec\ub7ec), \ub9c8\uc9c4 \uac70\ub798\ub7c9\uc740 \uc57d 1\uc870 5000\uc5b5\uc5d4\uc774\uc5c8\ub2e4.<\/p>\n<p>\uc774\ub7ec\ud55c \uc554\ud638\uc790\uc0b0 \uac70\ub798\uc18c \uc0ac\uc5c5\uc790\ub4e4\uc740 \ubcf4\uc720\ud55c \ub204\uc801 \uacc4\uc88c \uc218\ub294 1200\ub9cc\uac1c\ub97c \ub118\uc5b4\uc130\uc73c\uba70, \uace0\uac1d \uc608\uce58\uae08 \ucd1d\uc561\ub3c4 5\uc870 \uc5d4\uc744 \ub3cc\ud30c\ud588\ub2e4. (\ub450 \uc218\uce58 \ubaa8\ub450 2025\ub144 1\uc6d4 \ub9d0 \uae30\uc900) \uae08\uc735\uccad(FSA)\uc774 \uc2e4\uc2dc\ud55c \ud22c\uc790\uc790 \uc778\uc2dd \uc870\uc0ac\uc5d0 \ub530\ub974\uba74, \ud22c\uc790 \uacbd\ud5d8\uc774 \uc788\ub294 \uad6d\ub0b4 \uac1c\uc778 \ud22c\uc790\uc790\uc758 7.3%\uac00 \uc554\ud638\uc790\uc0b0\uc744 \ubcf4\uc720\ud558\uace0 \uc788\uc73c\uba70 \uc774\ub294 FX \uac70\ub798\ub098 \ud68c\uc0ac\ucc44\ub97c \ubcf4\uc720\ud55c \ud22c\uc790\uc790\ubcf4\ub2e4 \ub192\uc740 \ube44\uc728\uc774\ub2e4.<\/p>\n<p>\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubd84\uc57c\uc5d0\uc11c\ub294 SBI VC Trade\uac00 2025\ub144 4\uc6d4 \ubbf8\uad6d \ub2ec\ub7ec \uc5f0\ub3d9 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc778 USDC(USD \ucf54\uc778)\ub97c \ucde8\uae09\ud558\uae30 \uc2dc\uc791\ud588\ub2e4. \uc5ec\ub7ec \uc790\uae08\uc774\uccb4 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc5c5\uccb4\ub4e4\uc740 \uae30\uc874 \uc790\uae08\uc774\uccb4 \uc11c\ube44\uc2a4 \ub77c\uc774\uc120\uc2a4 \ud558\uc5d0 \uc77c\ubcf8 \uc5d4 \uc5f0\ub3d9 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubc1c\ud589\uc744 \ubaa8\uc0c9\ud558\uace0 \uc788\ub2e4. \uc740\ud589 \uc608\uae08\uc744 \ud1a0\ud070\ud654\ud558\ub294 \uc2dc\uc2a4\ud15c\uc778 DCJPY(\ub514\uc9c0\ud138 \uc5d4)\uc758 \ud65c\uc6a9\ub3c4 \ud655\ub300\ub418\uace0 \uc788\uc73c\uba70, GMO Aozora Net Bank\uc758 \ubc1c\ud589 \uc0ac\ub840\ub97c \ube44\ub86f\ud558\uc5ec \uc5ec\ub7ec \uc8fc\uc694 \uc740\ud589 \ubc0f \uc778\ud130\ub137 \uc740\ud589\uc774 \ucc38\uc5ec\ud558\ub294 \ud504\ub85c\uc81d\ud2b8\uac00 \uc9c4\ud589 \uc911\uc774\ub2e4.<\/p>\n<p>\ub2e4\ub9cc \uc2dc\uc7a5 \uc131\uc7a5\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc5ec\uc804\ud788 \uc0c1\ub2f9\ud55c \uacfc\uc81c\uac00 \ub0a8\uc544 \uc788\ub2e4. \ud55c \uc8fc\uc694 \uad6d\ub0b4 \uc554\ud638\uc790\uc0b0 \uac70\ub798\uc18c\uc5d0\uc11c \ub300\uaddc\ubaa8 \ud574\ud0b9 \uc0ac\uac74\uc774 \ubc1c\uc0dd\ud574 \uc57d 3\uc5b5 500\ub9cc \ub2ec\ub7ec \uc0c1\ub2f9\uc758 \ube44\ud2b8\ucf54\uc778\uc774 \uc720\ucd9c\ub41c \ubc14 \uc788\uc73c\uba70, \uc774\ub294 \uacac\uace0\ud55c \uace0\uac1d \uc790\uc0b0 \ubcf4\ud638 \uc870\uce58\uc758 \uc911\uc694\uc131\uc774 \uc5ec\uc804\ud788 \ud06c\ub2e4\ub294 \uc810\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\ub2e4.<\/p>\n<p>\uc554\ud638\uc790\uc0b0\uacfc \uad00\ub828\ub41c \ubd80\uc801\uc808\ud55c \ud22c\uc790 \uad00\ub9ac \ubc0f \uc790\ubb38 \uad00\ud589, \uadf8\ub9ac\uace0 \ubbf8\ub4f1\ub85d \uc0ac\uc5c5\uc790\uc5d0 \uc758\ud55c \ubd88\ubc95 \uad8c\uc720 \ud589\uc704\uc5d0 \ub300\ud55c \uc6b0\ub824\ub3c4 \uc81c\uae30\ub418\uace0 \uc788\ub2e4. \ub610\ud55c \uc0ac\uc6a9\uc790 \ubcf4\ud638 \uc7a5\uce58\ub97c \uac15\ud654\ud558\uace0 \ubbf8\ub4f1\ub85d \uc0ac\uc5c5\uc790\uc5d0 \ub300\ud55c \uc5b5\uc9c0\ub825\uc744 \ub192\uc5ec\uc57c \ud560 \ud544\uc694\uc131\ub3c4 \uc778\uc2dd\ub418\uace0 \uc788\ub2e4.<\/p>\n<h3 style=\"color: #ce7d08; text-shadow: 1px 1px 2px #cccccc;\"><strong>PSA \uac1c\uc815<\/strong><\/h3>\n<figure id=\"attachment_586968\" aria-describedby=\"caption-attachment-586968\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586968 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Kenichi-Tanizaki.jpg\" alt=\"Kenichi Tanizaki\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586968\" class=\"wp-caption-text\"><strong>Kenichi Tanizaki<\/strong><br \/>\uc2dc\ub2c8\uc5b4 \ud30c\ud2b8\ub108 \ubcc0\ud638\uc0ac<br \/>Atsumi &amp; Sakai <br \/>\ub3c4\ucfc4<br \/>\uc804\ud654: +81-3-5501-1140<br \/>\uc774\uba54\uc77c: <a href=\"mailto:kenichi.tanizaki@aplaw.jp\">kenichi.tanizaki@aplaw.jp<\/a><\/figcaption><\/figure>\n<p>\uc554\ud638\uc790\uc0b0 \ubc0f \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uacfc \uad00\ub828\ub41c \uc9c0\uae09\uacb0\uc81c\uc11c\ube44\uc2a4\ubc95(PSA) \uac1c\uc815 \ub0b4\uc6a9\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc2e0\ud0c1\ud615 \uc2a4\ud14c\uc774\ube14\ucf54\uc778(\uc804\uc790\uc9c0\uae09\uc218\ub2e8)\uc5d0 \ub300\ud55c \uc900\ube44\uae08 \uc694\uac74 \uc644\ud654. \ud604\ud589 \uaddc\uc815\uc5d0 \ub530\ub974\uba74, \uc2e0\ud0c1\ud615 \uc2a4\ud14c\uc774\ube14\ucf54\uc778(\ubc95\uc801\uc73c\ub85c \u2018\uc804\uc790\uc9c0\uae09\uc218\ub2e8\u2019\uc73c\ub85c \uc815\uc758\ub428) \ubc1c\ud589\uc790\ub294 \ubc1c\ud589\uc561 \uc804\uc561\uc744 \uc694\uad6c\ubd88\uc608\uae08 \ub610\ub294 \uc774\uc640 \uc720\uc0ac\ud55c \uace0\uc720\ub3d9\uc131 \uc0c1\ud488\uc5d0 \ubcf4\uc720\ud574\uc57c \ud55c\ub2e4. \uac1c\uc815\uc548\uc740 \uc774 \uc694\uac74\uc744 \uc644\ud654\ud574, \ubc1c\ud589\uc561\uc758 \ucd5c\ub300 50%\uae4c\uc9c0 \uc6d0\uae08 \uc190\uc2e4 \uc704\ud5d8\uc774 \ub9e4\uc6b0 \ub0ae\uc740 \uc800\uc704\ud5d8 \uc790\uc0b0\uc73c\ub85c \uc6b4\uc6a9\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9\ud560 \uc608\uc815\uc774\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">\uc801\uaca9 \uc790\uc0b0\uc5d0\ub294 \uc794\uc874 \ub9cc\uae30\uac00 3\uac1c\uc6d4 \uc774\ud558\uc778 \uc77c\ubcf8 \ub610\ub294 \ubbf8\uad6d \uad6d\ucc44, \ub610\ub294 \uc911\ub3c4\ud574\uc9c0\uac00 \uac00\ub2a5\ud55c \uc815\uae30\uc608\uae08 \ub4f1\uc774 \ud3ec\ud568\ub420 \uc218 \uc788\ub2e4. \uc774\ub7ec\ud55c \ubcc0\ud654\ub294 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubc1c\ud589\uc790\uc758 \ud6a8\uc728\uc131\uacfc \uae00\ub85c\ubc8c \uacbd\uc7c1\ub825\uc744 \ub192\uc77c \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"2\">\n<li>\uc0c8\ub85c\uc6b4 \u2018\uc804\uc790\uc9c0\uae09\uc218\ub2e8\/\uc554\ud638\uc790\uc0b0 \uc11c\ube44\uc2a4 \uc911\uac1c\uc778\u2019 \ubc94\uc8fc \uc2e0\uc124. \ud604\ud589 \uc81c\ub3c4\uc5d0\uc11c\ub294 \uc554\ud638\uc790\uc0b0 \uac70\ub798 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc5c5\uccb4\uc640 \uc774\uc6a9\uc790 \uc0ac\uc774\uc5d0\uc11c \uc911\uac1c \uc5ed\ud560\ub9cc \uc218\ud589\ud558\ub294 \uc0ac\uc5c5\uc790\ub3c4 \uc815\uc2dd \uad50\ud658\uc5c5\uc790\uc640 \ub3d9\uc77c\ud558\uac8c \uc5c4\uaca9\ud55c \ub4f1\ub85d \uc694\uac74\uc744 \uc801\uc6a9\ubc1b\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">\uac1c\uc815\uc548\uc740 \uace0\uac1d \uc790\uc0b0\uc744 \ubcf4\uad00\ud558\uc9c0 \uc54a\ub294 \uc911\uac1c\uc778\uc744 \uc704\ud55c \uc0c8\ub85c\uc6b4 \ubcc4\ub3c4\uc758 \ubc94\uc8fc\ub97c \ub3c4\uc785\ud560 \uc608\uc815\uc774\ub2e4. \uc774 \uc911\uac1c\uc778\ub4e4\uc740 \uc554\ud638\uc790\uc0b0 \ub610\ub294 \uc804\uc790\uc9c0\uae09\uc218\ub2e8\uc758 \ub9e4\uc218, \ub9e4\ub3c4 \ub610\ub294 \uad50\ud658\uc744 \uc6d0\ud558\ub294 \uc774\uc6a9\uc790\uc640 \ub4f1\ub85d\ub41c \uc554\ud638\uc790\uc0b0 \uac70\ub798 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc5c5\uccb4 \ub610\ub294 \uc804\uc790\uc9c0\uae09\uc218\ub2e8 \uac70\ub798 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc790\ub97c \uc5f0\uacb0\ud574\uc8fc\ub294 \uac70\ub798 \uc911\uac1c(\ube0c\ub85c\ucee4\ub9c1) \uc5ed\ud560\uc5d0\ub9cc \uc9d1\uc911\ud558\uac8c \ub41c\ub2e4.<\/p>\n<p style=\"padding-left: 40px;\">\uc774\ub7ec\ud55c \uc0c8\ub85c\uc6b4 \uc911\uac1c\uc778\ub4e4\uc740 \uace0\uac1d \uc790\uc0b0\uc744 \ubcf4\uad00\ud558\uc9c0 \uc54a\uae30 \ub54c\ubb38\uc5d0 \uc790\uae30\uc790\ubcf8\ube44\uc728 \uc694\uac74\uc774 \uba74\uc81c\ub41c\ub2e4. \ub610\ud55c \uc790\uae08\uc138\ud0c1\ubc29\uc9c0 \ubc0f \ud14c\ub7ec\uc790\uae08\uc870\ub2ec\ubc29\uc9c0(AML\/CFT) \uc758\ubb34\ub294 \uc8fc\uc694 \uc81c\ud734\uc0ac\uc5d0 \ubd80\uacfc\ub418\ubbc0\ub85c, \uc774\ub4e4 \uc0c8\ub85c\uc6b4 \uc911\uac1c\uc778\ub4e4\uc5d0\uac8c\ub294 AML\/CFT \uaddc\uc81c\uac00 \uc9c1\uc811 \uc801\uc6a9\ub418\uc9c0 \uc54a\ub294\ub2e4.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"3\">\n<li>\uad6d\ub0b4 \uc790\uc0b0 \ubcf4\uc720 \uba85\ub839 \ub3c4\uc785. \ud604\ubb3c \uac70\ub798(\ud30c\uc0dd\uc0c1\ud488 \uc81c\uc678)\ub9cc\uc744 \ucde8\uae09\ud558\ub294 \uc554\ud638\uc790\uc0b0 \uac70\ub798\uc18c \uc81c\uacf5\uc5c5\uccb4 \ub610\ub294 \uc804\uc790\uc9c0\uae09\uc218\ub2e8 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc790\uac00 \uc9c0\uae09\ubd88\ub2a5 \uc0c1\ud0dc\uc5d0 \ube60\uc9c8 \uacbd\uc6b0, \uace0\uac1d \uc790\uc0b0\uc758 \ud06c\ub85c\uc2a4\ubcf4\ub354 \uc720\ucd9c\uc744 \ubc29\uc9c0\ud558\uae30 \uc704\ud574 \uc0c8\ub85c\uc6b4 \ubc95\uc801 \uc7a5\uce58\uac00 \ub3c4\uc785\ub41c\ub2e4. \uc774 \uc81c\ub3c4\ub294 \uaddc\uc81c \ub2f9\uad6d\uc774 \ud574\ub2f9 \uc0ac\uc5c5\uc790\uc758 \uc790\uc0b0\uc744 \uc77c\ubcf8 \ub0b4\uc5d0 \ubcf4\uc720\ud558\ub3c4\ub85d \uba85\ub839\ud560 \uc218 \uc788\uac8c \ud5c8\uc6a9\ud55c\ub2e4. \uc774 \uc870\uce58\ub294 2022\ub144 FTX Japan\uc758 \ud30c\uc0b0 \uc808\ucc28\uc5d0\uc11c \uc790\uc0b0\uc744 \uad6d\ub0b4\uc5d0 \uc720\uc9c0\ud558\ub294 \uac83\uc774 \uace0\uac1d \uc774\uc775 \ubcf4\ud638\uc5d0 \ud6a8\uacfc\uc801\uc778 \uac83\uc73c\ub85c \uc785\uc99d\ub41c \uc811\uadfc \ubc29\uc2dd\uc744 \ubc95\uc81c\ud654\ud55c \uac83\uc73c\ub85c, \uba85\ud655\ud55c \ubc95\uc801 \uc218\ub2e8\uc73c\ub85c \uc790\ub9ac\uc7a1\uc744 \uc608\uc815\uc774\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h3 style=\"color: #ce7d08; text-shadow: 1px 1px 2px #cccccc;\"><strong>\uc554\ud638\uc790\uc0b0 \uad00\ub828 \ubc95\ub960 \uc5c5\ub370\uc774\ud2b8<\/strong><\/h3>\n<figure id=\"attachment_586975\" aria-describedby=\"caption-attachment-586975\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586975 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Issei-Matsuda.jpg\" alt=\"Issei Matsuda\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586975\" class=\"wp-caption-text\"><strong>Issei Matsuda<\/strong> <br \/>\uc18c\uc18d \ubcc0\ud638\uc0ac\u00a0<br \/>Atsumi &amp; Sakai<br \/>\ub3c4\ucfc4<br \/>\uc804\ud654: +81-3-5501-2188 <br \/>\uc774\uba54\uc77c: <a href=\"mailto:issei.matsuda@aplaw.jp\">issei.matsuda@aplaw.jp<\/a><\/figcaption><\/figure>\n<p>2025\ub144 4\uc6d4 \uae30\uc900, \uc77c\ubcf8\uc740 \uc554\ud638\uc790\uc0b0\uc5d0 \ub300\ud55c \ubc95\ub960 \ubc0f \uc870\uc138 \uccb4\uacc4\ub97c \uc801\uadf9\uc801\uc73c\ub85c \uc815\ube44\ud558\uace0 \uc788\ub2e4. \uc9d1\uad8c \uc790\ubbfc\ub2f9\uc758 Web3 \ud504\ub85c\uc81d\ud2b8\ud300(Web3PT)\uc740 \uc554\ud638\uc790\uc0b0\uc744 \uae08\uc735\uc0c1\ud488\uac70\ub798\ubc95(FIEA)\uc5d0 \ub530\ub77c \ubcc4\ub3c4\uc758 \uc790\uc0b0 \uc720\ud615\uc73c\ub85c \ubd84\ub958\ud560 \uac83\uc744 \uc81c\uc548\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774 \uc81c\uc548\uc758 \ud575\uc2ec \uc694\uc18c\ub294 \ud604\uc7ac\uc758 \uc138\uae08 \ucc98\ub9ac \ubc29\uc2dd, \uc989 \uc554\ud638\uc790\uc0b0 \uc774\uc775\uc774 \uc77c\ubc18\uc801\uc73c\ub85c \uc885\ud569\uc18c\ub4dd\uc73c\ub85c \ubd84\ub958\ub418\uc5b4 \ucd5c\ub300 55%\uc758 \ub204\uc9c4\uc138\uc728\uc774 \uc801\uc6a9\ub418\ub294 \uccb4\uacc4\uc5d0\uc11c, 20%\uc758 \ub2e8\uc77c \uc138\uc728\uc774 \uc801\uc6a9\ub418\ub294 \ubd84\ub9ac \uacfc\uc138 \uccb4\uacc4\ub85c \uc804\ud658\ud558\ub294 \uac83\uc774\ub2e4. \uc138\uc81c \uac1c\ud601\uc548\uc5d0\ub294 \ub610\ud55c \uc554\ud638\uc790\uc0b0 \uac70\ub798\uc5d0\uc11c \ubc1c\uc0dd\ud55c \uc774\uc775\uc744 \ubcc4\ub3c4\uc758 \uc2e0\uace0\ubd84\ub9ac\uacfc\uc138 \ub300\uc0c1\uc73c\ub85c \ud3ec\ud568\uc2dc\ud0a4\ub294 \ud55c\ud3b8, \ub0a9\uc138\uc790\uac00 \uc190\uc2e4\uc744 \ucd5c\ub300 3\ub144\uac04 \uc774\uc6d4\ud558\uc5ec \ud5a5\ud6c4 \uc774\uc775\uacfc \uc0c1\uacc4\ud560 \uc218 \uc788\ub3c4\ub85d \ud558\ub294 \uc190\uc2e4 \uc774\uc6d4 \uaddc\uc815\ub3c4 \ud3ec\ud568\ub418\uc5b4 \uc788\ub2e4.<\/p>\n<p>FSA\uac00 2025\ub144 4\uc6d4 \ubc1c\ud45c\ud55c &#8216;\uc554\ud638\uc790\uc0b0 \uad00\ub828 \uc2dc\uc2a4\ud15c \uac80\ud1a0&#8217; \ub17c\uc758 \ubb38\uc11c\ub294 \uc2dc\uc7a5 \ud601\uc2e0\uacfc \uc774\uc6a9\uc790 \ubcf4\ud638 \uac04\uc758 \uade0\ud615\uc744 \ubaa8\uc0c9\ud558\uace0 \uc788\ub2e4. \ub17c\uc758\uc758 \uc8fc\uc694 \ucd08\uc810\uc740 \uc554\ud638\uc790\uc0b0\uc744 \uadf8 \uae30\ub2a5\uc5d0 \ub530\ub77c \ubd84\ub958\ud558\ub294 \uac83\uacfc, FIEA\uac00 \uc801\uc6a9\ub418\ub294 \uc99d\uad8c\ud615 \ud1a0\ud070 \uad00\ub828\ud558\uc5ec \uadf8 \uaddc\uc815\uacfc \uade0\ud615\uc744 \uc774\ub8e8\ub294 \uaddc\uc81c \uccb4\uacc4\ub97c \ub9c8\ub828\ud558\ub294 \ub370 \uc788\ub2e4.<\/p>\n<p>\uc554\ud638\uc790\uc0b0 \uac70\ub798\uc18c\uc5d0 \ub300\ud574\uc11c\ub294, \ud604\uc7ac\uc758 \uad00\uc810\uc740 \uc804\ud1b5\uc801\uc778 \uae08\uc735\uc0c1\ud488 \uac70\ub798\uc18c\uc758 \ub77c\uc774\uc120\uc2a4 \uc81c\ub3c4\ub098 \uae08\uc735\uc0c1\ud488\ud68c\uc0ac\uac00 \uc6b4\uc601\ud558\ub294 \ub3c5\uc810 \uac70\ub798 \uc2dc\uc2a4\ud15c\uc5d0 \uc801\uc6a9\ub418\ub294 \uaddc\uc81c\uc640 \uc720\uc0ac\ud55c \uc2dc\uc7a5 \uc778\ud504\ub77c \uaddc\uc81c\ub97c \ub3c4\uc785\ud560 \ud544\uc694\uc131\uc740 \ub0ae\ub2e4\ub294 \uc2dc\uac01\uc774 \uc81c\uc2dc\ub418\uace0 \uc788\ub2e4.<\/p>\n<p>\uadf8\ub7ec\ub098 \uc774\ub7ec\ud55c \ud50c\ub7ab\ud3fc\uc774 \ub2e4\uc218\uc758 \ub2f9\uc0ac\uc790\uac00 \ucc38\uc5ec\ud558\ub294 \uacf5\ub3d9 \uac70\ub798\uc758 \uc7a5(\u5834)\uc744 \uc81c\uacf5\ud558\ub294 \ub9cc\ud07c, \uc801\uc808\ud55c \uac70\ub798 \uad00\ub9ac\uc640 \uc2dc\uc2a4\ud15c \uac1c\ubc1c\uc774 \ud544\uc218\uc801\uc774\ub77c\ub294 \uc810\uc740 \uc778\uc815\ub418\uace0 \uc788\uc73c\uba70, \ud5a5\ud6c4 \ucd94\uac00\uc801\uc778 \uac80\ud1a0\uac00 \ud544\uc694\ud558\ub2e4.<\/p>\n<p>\uc554\ud638\uc790\uc0b0 \uc0c1\uc7a5\uc9c0\uc218\ud380\ub4dc(ETF) \ub3c4\uc785\uc5d0 \ub300\ud55c \ubaa8\uba58\ud140\ub3c4 \ucee4\uc9c0\uace0 \uc788\ub2e4. KPMG\uc640 QUICK\uc758 \ubcf4\uace0\uc11c\ub294 \uad6d\ub0b4 \uc5d4\ud654 \ud45c\uc2dc \uc554\ud638\uc790\uc0b0 \ubca4\uce58\ub9c8\ud06c \uac1c\ubc1c\uacfc ETF \ucd9c\uc2dc\uc5d0 \ud544\uc694\ud55c \ubc95\ub960 \ubc0f \uaddc\uc81c \uccb4\uacc4 \uad6c\ucd95\uc744 \uc81c\uc548\ud588\ub2e4. \ud5a5\ud6c4 \ubc95\ub960 \uac1c\uc815\uc740 \uc554\ud638\uc790\uc0b0\uc758 \u2018\uae08\uc735\uc0c1\ud488\ud654\u2019\uc5d0 \uae38\uc744 \uc5f4\uc5b4\uc904 \uac83\uc73c\ub85c \uae30\ub300\ub41c\ub2e4.<\/p>\n<p>\ubd80\ub3d9\uc0b0 \uc99d\uad8c\ud615 \ud1a0\ud070(STs) \ubc0f \uc720\ud55c\ucc45\uc784\uc870\ud569(LPS) \ubc95<\/p>\n<p>\ud1a0\ud070\ud654 \uc790\uc0b0\uacfc \ud22c\uc790 \uad6c\uc870\uc5d0\ub3c4 \uc911\uc694\ud55c \ubc95\ub960 \ubcc0\ud654\uac00 \uc601\ud5a5\uc744 \ubbf8\uce58\uace0 \uc788\ub2e4.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>FIEA\uc5d0 \ub530\ub978 \ubd80\ub3d9\uc0b0 \uc99d\uad8c\ud615 \ud1a0\ud070(STs). 2024\ub144 11\uc6d4 1\uc77c \ubc1c\ud6a8\ub41c \uae08\uc735\uc0c1\ud488\uac70\ub798\ubc95 \ubc0f \uae30\ud0c0 \ubc95\ub960\uc758 \uc77c\ubd80 \uac1c\uc815\uc73c\ub85c \uc778\ud574, \ud1a0\ud070\ud654\ub41c \ubd80\ub3d9\uc0b0 \ud2b9\uc815 \uacf5\ub3d9\uc0ac\uc5c5\uacc4\uc57d(\ubd80\ub3d9\uc0b0 STs)\uc5d0 \uae30\ubc18\ud55c \uad8c\ub9ac\uac00 FIEA\uc758 \uc801\uc6a9\uc744 \ubc1b\uac8c \ub410\ub2e4. \uc774\ub7ec\ud55c \ubd80\ub3d9\uc0b0 STs\ub294 \uc774\uc81c \u2018\uc804\uc790\uc801\uc73c\ub85c \uae30\ub85d\ub41c \uc591\ub3c4\uc131 \uc720\uac00\uc99d\uad8c \ub4f1\uc744 \ub098\ud0c0\ub0b4\ub294 \uad8c\ub9ac\u2019\ub85c \ubd84\ub958\ub418\uba70, FIEA\uc0c1 \ubc95\uc801\uc73c\ub85c \uc720\uac00\uc99d\uad8c\uc73c\ub85c \uac04\uc8fc\ub418\uac8c \ub410\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">\uc774\ub7ec\ud55c \ubcc0\ud654\ub85c \uc778\ud574, \ud1a0\ud070\ud654\ub41c \uc0c1\ud488\uc744 \ucde8\uae09\ud558\ub294 \ubd80\ub3d9\uc0b0 \ud2b9\uc815 \uacf5\ub3d9\uc0ac\uc5c5\ubc95\uc0c1 \uc0ac\uc5c5\uc790\ub4e4\uc740 \uc774\uc81c \ubd80\ub3d9\uc0b0 \ud2b9\uc815 \uacf5\ub3d9\uc0ac\uc5c5\ubc95 \ubfd0\ub9cc \uc544\ub2c8\ub77c FIEA \ubc0f \uad00\ub828 \uaddc\uc815\ub3c4 \uc900\uc218\ud574\uc57c \ud55c\ub2e4.<\/p>\n<p style=\"padding-left: 40px;\">\uad6c\uccb4\uc801\uc73c\ub85c, \uc774\ub7ec\ud55c \uc0ac\uc5c5\uc790\ub294 \ubd80\ub3d9\uc0b0 STs\uc758 \uc790\uae30\uacf5\ubaa8 \ub610\ub294 \uc0ac\ubaa8\ubc1c\ud589\uc5d0 \uad00\uc5ec\ud558\ub294 \uacbd\uc6b0, \uc77c\ubc18\uc801\uc73c\ub85c \uc81c2\uc885 \uae08\uc735\uc0c1\ud488\uac70\ub798\uc5c5\uc790\ub85c \ub4f1\ub85d\ud558\uac70\ub098 \uc801\uaca9\uae30\uad00\ud22c\uc790\uc790 \ub4f1 \ud2b9\ubcc4\uc778\uc815\uc0ac\uc5c5\uc790 \uc81c\ub3c4\uc5d0 \ub530\ub77c \uc2e0\uace0\ud574\uc57c \ud55c\ub2e4.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol start=\"2\">\n<li>\uc554\ud638\uc790\uc0b0 \ud22c\uc790\ub97c \ud5c8\uc6a9\ud558\ub294 \uc720\ud55c\ucc45\uc784\uc870\ud569(LPS)\ubc95 \uac1c\uc815. \uc720\ud55c\ucc45\uc784\uc870\ud569\ubc95(LPS\ubc95) \uac1c\uc815\uc73c\ub85c LPS\uac00 \uc554\ud638\uc790\uc0b0\uc744 \ucde8\ub4dd\ud558\uace0 \ubcf4\uc720\ud560 \uc218 \uc788\uac8c \ub410\ub2e4. \uc774\uc804\uc5d0\ub294 LPS\ubc95\uc774 LPS\uc758 \ud5c8\uc6a9 \uc0ac\uc5c5 \ubaa9\uc801\uc744 \uc81c\ud55c\uc801\uc73c\ub85c \uc815\uc758\ud588\uc73c\ub098, \uc774\ubc88 \uac1c\uc815\uc73c\ub85c \uc554\ud638\uc790\uc0b0\ub3c4 \ud5c8\uc6a9 \uc0ac\uc5c5 \ubaa9\uc801\uc5d0 \ud3ec\ud568\ub410\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">\uc774\ub7ec\ud55c \ubcc0\ud654\ub85c \uc778\ud574 \uae30\uc874\uc758 LPS \uad6c\uc870\ub97c \ud1b5\ud574 Web3 \uad00\ub828 \uc2a4\ud0c0\ud2b8\uc5c5 \ubc0f \uc554\ud638\uc790\uc0b0\uc744 \ube44\uc988\ub2c8\uc2a4 \ubaa8\ub378\uc5d0 \ud65c\uc6a9\ud558\ub294 \uc2e0\uc0dd \uae30\uc5c5\uc5d0 \ub300\ud55c \ubca4\ucc98\uce90\ud53c\ud138 \ud22c\uc790\uac00 \uac00\ub2a5\ud574\uc84c\ub2e4. \ub2e4\ub9cc, \ubaa8\ub4e0 \uc885\ub958\uc758 \uc554\ud638\uc790\uc0b0\uc774 \ubc18\ub4dc\uc2dc \ud22c\uc790 \ub300\uc0c1\uc774 \ub418\ub294 \uac83\uc740 \uc544\ub2c8\ub77c\ub294 \uc810\uc740 \uc720\uc758\ud574\uc57c \ud560 \uac83\uc774\ub2e4.<\/p>\n<section class=\"format-info\" style=\"text-align: center;\"><img class=\"size-medium wp-image-573011 aligncenter\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/03\/Atsumi-Sakai-Logo-300x109.jpg\" alt=\"\" width=\"300\" height=\"109\" \/><strong>Atsumi &amp; Sakai<\/strong><br \/>\nFukoku Seimei Bldg. (Reception: 16F)<br \/>\n2-2-2 Uchisaiwaicho,<br \/>\nChiyoda-ku, Tokyo 100-0011 Japan<br \/>\n\uc804\ud654: +81-(0)3-5501-2111<br \/>\n\ud329\uc2a4: +81-(0)3-5501-2211<br \/>\n<a href=\"http:\/\/www.aplawjapan.com\">www.aplawjapan.com<\/a><\/section>\n<p style=\"text-align: right;\"><a style=\"text-decoration: none;\" href=\"#navigation\"><button style=\"width: 20%; font-size: 12px; letter-spacing: 1px; padding: 3px 3px; color: #000000; border-color: #F4F4F4; background-color: #e96526; background-image: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); background-repeat: repeat-x; border-radius: 3px; a: hover{background-color:#035389;\"><span style=\"color: #ffffff; font-weight: bold; text-transform: uppercase; text-shadow: 1px 1px 2px #16151d;\"><span class=\"color: #fffff; text-shadow: 1px 1px 2px #16151d;\">\ub9e8 \uc704\ub85c<\/span><\/span><\/button><\/a><\/p>\n<hr \/>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\uc554\ud638\ud654\ud3d0 \ub09c\uc81c\ub97c \ud5e4\uccd0 \ub098\uac00\ub294 \ub300\ub9cc\uc758 \ud5d8\ub09c\ud55c \uae38<\/strong><\/h2>\n<p>\ud604\uc7ac \ub300\ub9cc\uc5d0\uc11c\ub294 \uc554\ud638\ud654\ud3d0\uac00 \ud654\ud3d0\ub85c \uc778\uc815\ub418\uc9c0 \uc54a\uace0 \uc788\ub2e4. 2013\ub144\ubd80\ud130 \uc911\uc559\uc740\ud589\uacfc \uae08\uc735\uac10\ub3c5\uc704\uc6d0\ud68c(FSC)\ub294 \ube44\ud2b8\ucf54\uc778\uc744 \ud654\ud3d0\uac00 \uc544\ub2cc, \ud22c\uae30\uc131\uc774 \ub9e4\uc6b0 \ub192\uc740 \ub514\uc9c0\ud138 \uac00\uc0c1 \u2018\uc0c1\ud488\u2019\uc73c\ub85c \uac04\uc8fc\ud55c\ub2e4\ub294 \uc785\uc7a5\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.<\/p>\n<figure id=\"attachment_586979\" aria-describedby=\"caption-attachment-586979\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586979 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Robin-Chang-1.jpg\" alt=\"Robin Chang\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586979\" class=\"wp-caption-text\"><strong>Robin Chang<\/strong><br \/>\ud30c\ud2b8\ub108 \ubcc0\ud638\uc0ac\u00a0<br \/>Lee and Li <br \/>\ud0c0\uc774\ud398\uc774\u00a0<br \/>\uc804\ud654: +886 2 2763 8000 (ext. 2208)<br \/>\uc774\uba54\uc77c: <a href=\"mailto:robinchang@leeandli.com\">robinchang@leeandli.com <\/a><\/figcaption><\/figure>\n<p>2014\ub144\ubd80\ud130 FSC\ub294 \uad6d\ub0b4 \uc740\ud589\uc5d0 \ube44\ud2b8\ucf54\uc778\uc744 \uc218\uc6a9\ud558\uac70\ub098 \uc554\ud638\ud654\ud3d0\uc640 \uad00\ub828\ub41c \uc5b4\ub5a0\ud55c \uc11c\ube44\uc2a4\ub3c4 \uc81c\uacf5\ud558\uc9c0 \ub9d0\ub77c\uace0 \uba85\ub839\ud574 \uc654\ub2e4. \uc774\ud6c4 FSC\uc758 \ubc1c\ud45c\uc640 \uacb0\uc815\ub4e4\ub3c4 \uac19\uc740 \uc785\uc7a5\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uadf8 \uc678\uc5d0\ub294 \ub2e4\uc74c\uc758 \uacbd\uc6b0\ub97c \uc81c\uc678\ud558\uace0 \uc554\ud638\ud654\ud3d0\ub97c \uad6c\uccb4\uc801\uc73c\ub85c \ub2e4\ub8e8\ub294 \ubc95\ub960\uc774\ub098 \uaddc\uc815\uc774 \uacf5\uc2dd\uc801\uc73c\ub85c \uc81c\uc815\ub418\uac70\ub098 \uac1c\uc815\ub41c \ubc14 \uc5c6\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc99d\uad8c\uc801 \uc131\uaca9\uc744 \uac00\uc9c4 \ud1a0\ud070, \uc989 \uc77c\ubc18\uc801\uc73c\ub85c \u2018\uc99d\uad8c\ud615 \ud1a0\ud070\u2019\uc774\ub77c \ubd88\ub9ac\ub294 \ud1a0\ud070\uacfc \uadf8 \ubc1c\ud589(\uc99d\uad8c\ud615 \ud1a0\ud070 \ubc1c\ud589, STO)\uc5d0 \uad00\ud55c \uaddc\uc815<\/li>\n<li>\uac00\uc0c1\uc790\uc0b0 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc5c5\uc790(VASP)\uc5d0 \ub300\ud55c \uc790\uae08\uc138\ud0c1\ubc29\uc9c0(AML) \uad00\ub828 \uaddc\uc815.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\ud1a0\ud070 \ubc1c\ud589<\/strong><\/h3>\n<p>ICO(Initial Coin Offering)\uacfc \uac19\uc774 \ud1a0\ud070 \ubc1c\ud589\uacfc \uad00\ub828\ub41c \ud575\uc2ec \uaddc\uc81c \ubb38\uc81c\ub294 \ud574\ub2f9 \ubc1c\ud589\uc774 \ub300\ub9cc\uc758 \uc99d\uad8c \uaddc\uc815\uc0c1 \uc99d\uad8c \ubc1c\ud589\uc73c\ub85c \uac04\uc8fc\ub418\ub294\uc9c0 \uc5ec\ubd80\ub2e4. \ub9cc\uc57d \uc99d\uad8c \ubc1c\ud589\uc73c\ub85c \uac04\uc8fc\ub41c\ub2e4\uba74, \ub300\ub9cc\uc758 \uc99d\uad8c\uac70\ub798\ubc95(SEA)\uc758 \uc801\uc6a9\uc744 \ubc1b\uac8c \ub41c\ub2e4.<\/p>\n<p>\ud1a0\ud070\uc774 \uc99d\uad8c\uc758 \ubc1c\ud589 \ubc0f \uc81c\uacf5\uc5d0 \ud574\ub2f9\ud55c\ub2e4\uace0 \uac04\uc8fc\ub420 \uacbd\uc6b0(\uc989, \ud1a0\ud070\uc774 \uc99d\uad8c\ud615 \ud1a0\ud070\uc73c\ub85c \uac04\uc8fc\ub418\ub294 \uacbd\uc6b0) STO \uad00\ub828 \uaddc\uc815\uc744 \uc900\uc218\ud558\uc9c0 \uc54a\uc73c\uba74 \uc774\ub294 SEA \uc704\ubc18\uc5d0 \ud574\ub2f9\ud558\ub294 \ubd88\ubc95 \uc790\uae08\uc870\ub2ec \ud589\uc704\uac00 \ub41c\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\uc99d\uad8c\ud615 \ud1a0\ud070 \ubc0f STO<\/strong><\/h3>\n<p>2019\ub144 FSC\ub294 \ud2b9\uc815 \uc131\uaca9\uc744 \uac00\uc9c4 \uc554\ud638\ud654\ud3d0\ub97c SEA\uc0c1 \u2018\uc99d\uad8c\u2019(\uc989 \uc99d\uad8c\ud615 \ud1a0\ud070)\uc73c\ub85c \uc9c0\uc815\ud558\ub294 \uacf5\uc2dd \uacb0\uc815\uc744 \ub0b4\ub838\ub2e4.<\/p>\n<p>\uc774\uc5d0 \ub530\ub77c, \uc99d\uad8c\ud615 \ud1a0\ud070\uc774\ub780 \ub2e4\uc74c\uacfc \uac19\uc740 \ud2b9\uc9d5\uc744 \uac00\uc9c4 \ud1a0\ud070\uc744 \uc758\ubbf8\ud55c\ub2e4:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: disc;\">\n<li>\uc554\ud638\ud654, \ubd84\uc0b0\uc6d0\uc7a5 \uae30\uc220 \ub610\ub294 \uae30\ud0c0 \uc720\uc0ac\ud55c \uae30\uc220\uc744 \ud65c\uc6a9\ud558\uc5ec \ub514\uc9c0\ud138 \uba54\ucee4\ub2c8\uc998\uc744 \ud1b5\ud574 \uc800\uc7a5, \uad50\ud658 \ub610\ub294 \uc804\uc1a1\ub420 \uc218 \uc788\ub294 \ud1a0\ud070<\/li>\n<li>\uc591\ub3c4\uac00 \uac00\ub2a5\ud55c \ud1a0\ud070<\/li>\n<li>\ub2e4\uc74c\uacfc \uac19\uc740 \ud22c\uc790 \uc18d\uc131\uc744 \ubaa8\ub450 \ud3ec\ud568\ud558\ub294 \ud1a0\ud070:<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol style=\"list-style-type: none;\" type=\"I\">\n<li style=\"list-style-type: none;\">\n<ol style=\"list-style-type: none;\">\n<li>(i) \ud22c\uc790\uc790\uc5d0 \uc758\ud574 \uc790\uae08\uc774 \uc81c\uacf5\ub428<\/li>\n<li>(ii) \uacf5\ub3d9 \uc0ac\uc5c5 \ub610\ub294 \ud504\ub85c\uc81d\ud2b8\uc5d0 \ub300\ud55c \uc790\uae08 \uc81c\uacf5<\/li>\n<li>(iii) \ud22c\uc790\uc790\uac00 \uc774\uc775\uc744 \uae30\ub300\ud568<\/li>\n<li>(iv) \uc774\uc775\uc774 \uc8fc\ub85c \ubc1c\ud589\uc778 \ub610\ub294 \uc81c3\uc790\uc758 \ub178\ub825\uc5d0 \uc758\ud574 \ucc3d\ucd9c\ub428<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>FSC\uc640 \ud0c0\uc774\ubca0\uc774\uac70\ub798\uc18c(TPEx)\ub294 SSTO\ub97c \uaddc\uc728\ud558\ub294 \uc77c\ub828\uc758 \uaddc\uc815\uc744 \uacf5\ub3d9\uc73c\ub85c \ub9c8\ub828\ud588\uc73c\uba70, \ud574\ub2f9 \uaddc\uc815\uc740 220\ub144\uc5d0 \ucd5c\uc885 \ud655\uc815\ub418\uace0 2023\ub144\uc5d0 \ucd94\uac00\ub85c \uac1c\uc815\ub41c \ubc14 \uc788\ub2e4.<\/p>\n<p>\uc774 \uaddc\uc815\uc740 3000\ub9cc \ub300\ub9cc\ub2ec\ub7ec(\uc57d 93\ub9cc \ub2ec\ub7ec) \uae30\uc900\uc5d0 \ub530\ub77c \uad6c\ubd84\ub41c\ub2e4. 3000\ub9cc \ub300\ub9cc\ub2ec\ub7ec \uc774\ud558\uc758 STO\ub294 STO \uaddc\uc815\uc744 \uc900\uc218\ud558\uc5ec \uc9c4\ud589\ub420 \uc218 \uc788\ub2e4. 3000\ub9cc \ub300\ub9cc\ub2ec\ub7ec\ub97c \ucd08\uacfc\ud558\ub294 STO\ub294 \uba3c\uc800 \u2018\uae08\uc735\uaddc\uc81c \uc0cc\ub4dc\ubc15\uc2a4\u2019\uc5d0\uc11c \ud14c\uc2a4\ud2b8\ub97c \uc2e0\uccad\ud574\uc57c \ud558\uba70, \uae0d\uc815\uc801\uc778 \uacb0\uacfc\uac00 \ub098\uc62c \uacbd\uc6b0 SEA\uc5d0 \ub530\ub77c \uc9c4\ud589\ub420 \uc218 \uc788\ub2e4.<\/p>\n<p>3000\ub9cc \ub300\ub9cc\ub2ec\ub7ec \uc774\ud558 STO\uc5d0 \ub300\ud55c \uc8fc\uc694 \uaddc\uc815\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc790\uaca9 \uc694\uac74: \ubc1c\ud589\uc778\uc740 \ub300\ub9cc \ubc95\ub960\uc5d0 \ub530\ub77c \uc124\ub9bd\ub41c \uc8fc\uc2dd\ud68c\uc0ac\uc5ec\uc57c \ud558\uba70, \ub300\ub9cc \uc99d\uad8c\uac70\ub798\uc18c \ub610\ub294 TPEx\uc5d0 \uc0c1\uc7a5\ub418\uc5b4 \uc788\uac70\ub098 \uc2e0\ud765\uc8fc\uc2dd\uc2dc\uc7a5\uc5d0 \ub4f1\ub85d\ub418\uc5b4 \uc788\uc9c0 \uc54a\uc544\uc57c \ud55c\ub2e4.<\/li>\n<li>\ubc1c\ud589 \uac00\ub2a5 \uc720\ud615: \uc8fc\uc8fc\uad8c\uc774 \uc5c6\ub294 \uc774\uc775\ubd84\ubc30\ud615 \ub610\ub294 \ucc44\ubb34\ud615 \ud1a0\ud070\ub9cc \ubc1c\ud589\ud560 \uc218 \uc788\ub2e4.<\/li>\n<li>\uc801\uaca9 \ud22c\uc790\uc790 \ubc0f \ud55c\ub3c4: \uc804\ubb38 \ud22c\uc790\uc790\ub9cc \ucc38\uc5ec\ud560 \uc218 \uc788\uc73c\uba70, \uc804\ubb38 \ud22c\uc790\uc790\uac00 \uc790\uc5f0\uc778\uc778 \uacbd\uc6b0 STO\ub2f9 \ucd5c\ub300 \uccad\uc57d \ud55c\ub3c4\ub294 30\ub9cc \ub300\ub9cc\ub2ec\ub7ec\ub2e4.<\/li>\n<li>STO \ud50c\ub7ab\ud3fc \uc6b4\uc601\uc790: \uc99d\uad8c \ub51c\ub7ec \ub77c\uc774\uc120\uc2a4\ub97c \ucde8\ub4dd\ud574\uc57c \ud558\uba70, \ucd5c\uc18c \ub0a9\uc785 \uc790\ubcf8\uae08\uc740 1\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc6b4\uc601 \ubcf4\uc99d\uae08\uc740 1000\ub9cc \ub300\ub9cc\ub2ec\ub7ec\ub2e4.<\/li>\n<li>\ucd1d \ubc1c\ud589 \ud55c\ub3c4: \ub2e8\uc77c \ud50c\ub7ab\ud3fc\uc5d0\uc11c \ubaa8\ub4e0 STO\uc758 \ucd1d \ubc1c\ud589 \uae08\uc561\uc740 2\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub97c \ucd08\uacfc\ud560 \uc218 \uc5c6\ub2e4.<\/li>\n<li>\uae30\ud0c0 \uc694\uac74 \ubc0f \uc81c\ud55c \uc0ac\ud56d\uc5d0\ub294 \uac70\ub798(\uc720\ud1b5 \uc2dc\uc7a5), \uc2e4\uba85\uc81c, \ub300\ub9cc\ub2ec\ub7ec\ub9cc \uc0ac\uc6a9 \ub4f1\uc758 \uc0ac\ud56d\uc774 \ud3ec\ud568\ub41c\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\ud2b9\ud788 \ubc1c\ud589\uc778 \uc790\uaca9, \uc801\uaca9 \ud22c\uc790\uc790, \uae08\uc561 \ud55c\ub3c4 \ubc0f \uc900\uc218 \ube44\uc6a9 \ub4f1 STO \uaddc\uc815\uc758 \ube44\uad50\uc801 \uc5c4\uaca9\ud55c \uc81c\ud55c\uc73c\ub85c \uc778\ud574 \ud604\uc7ac\uae4c\uc9c0 \ub2e8 \ud55c \uac74\uc758 STO \ud504\ub85c\uadf8\ub7a8\ub9cc \ucd9c\uc2dc\ub410\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\uc790\uae08\uc138\ud0c1 \ubc29\uc9c0<\/strong><\/h3>\n<figure id=\"attachment_586984\" aria-describedby=\"caption-attachment-586984\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586984 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/05\/Eddie-Hsiung.jpg\" alt=\"Eddie Hsiung\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586984\" class=\"wp-caption-text\"><strong>Eddie Hsiung<\/strong><br \/>\ud30c\ud2b8\ub108 \ubcc0\ud638\uc0ac\u00a0<br \/>Lee and Li <br \/>\ud0c0\uc774\ud398\uc774<br \/>\uc804\ud654: +886 2 2763 8000 (ext. 2162)<br \/>\uc774\uba54\uc77c: <a href=\"mailto:eddiehsiung@leeandli.com\">eddiehsiung@leeandli.com <\/a><\/figcaption><\/figure>\n<p>STO \ud65c\ub3d9\uc740 \uc81c\ud55c\uc801\uc774\uc9c0\ub9cc, \uc99d\uad8c\ud615 \ud1a0\ud070\uc774 \uc544\ub2cc \uc554\ud638\ud654\ud3d0\uc640 \uad00\ub828\ub41c \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\ub294 \uc554\ud638\ud654\ud3d0 \ud50c\ub7ab\ud3fc \ubc0f \uac70\ub798\uc18c \uc6b4\uc601\uc790\ub4e4\ub3c4 \uc874\uc7ac\ud55c\ub2e4.<\/p>\n<p>\uc99d\uad8c\ud615 \ud1a0\ud070\uc774 \ud3ec\ud568\ub418\uc9c0 \uc54a\ub294 \ud55c, \uc554\ud638\ud654\ud3d0 \uac70\ub798\ub97c \ud2b9\ubcc4\ud788 \uaddc\uc728\ud558\ub294 \ubc95\ub960\uc774\ub098 \uaddc\uc815\uc740 \uc5c6\uc73c\ubbc0\ub85c \uc554\ud638\ud654\ud3d0 \ud50c\ub7ab\ud3fc\uc774\ub098 \uac70\ub798\uc18c\ub97c \uc6b4\uc601\ud558\ub294 \ub370 \ubcc4\ub3c4\uc758 \uc778\ud5c8\uac00\ub294 \ud544\uc694\ud558\uc9c0 \uc54a\ub2e4.<\/p>\n<p>\uadf8\ub7ec\ub098 \uc790\uae08\uc138\ud0c1 \ubc29\uc9c0\ub97c \uaddc\uc728\ud558\ub294 \uc8fc\uc694 \ubc95\ub960\uc778 \u2018\uc790\uae08\uc138\ud0c1\ubc29\uc9c0\ubc95\u2019(AML\ubc95)\uc740 VASP\ub97c \ub300\ub9cc\uc758 \uc790\uae08\uc138\ud0c1 \ubc29\uc9c0 \uaddc\uc81c \uccb4\uacc4\uc5d0 \ud3ec\ud568\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>AML\ubc95\uc5d0 \ub530\ub978 \ud604\ud589 FSC \uaddc\uc815\uc5d0 \ub530\ub974\uba74, VASP\uc758 \ubc94\uc704\uc5d0\ub294 \ub2e4\uc74c\uacfc \uac19\uc740 \ud65c\ub3d9\uc774 \ud3ec\ud568\ub41c\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uac00\uc0c1\uc790\uc0b0\uacfc \uc2e0\ub300\ub9cc\ub2ec\ub7ec, \uc678\ud654 \ub610\ub294 \uc911\uad6d \ubcf8\ud1a0, \ud64d\ucf69, \ub9c8\uce74\uc624\uc5d0\uc11c \ubc1c\ud589\ud55c \ud1b5\ud654 \uac04\uc758 \uad50\ud658<\/li>\n<li>\uac00\uc0c1\uc790\uc0b0 \uac04\uc758 \uad50\ud658<\/li>\n<li>\uac00\uc0c1\uc790\uc0b0\uc758 \uc774\uc804<\/li>\n<li>\uac00\uc0c1\uc790\uc0b0\uc758 \ubcf4\uad00 \ubc0f\/\ub610\ub294 \uad00\ub9ac, \ub610\ub294 \uac00\uc0c1\uc790\uc0b0\uc5d0 \ub300\ud55c \ud1b5\uc81c\uad8c\uc744 \ubd80\uc5ec\ud558\ub294 \uc218\ub2e8\uc758 \uc81c\uacf5<\/li>\n<li>\uac00\uc0c1\uc790\uc0b0\uc758 \ubc1c\ud589 \ub610\ub294 \ud310\ub9e4\uc640 \uad00\ub828\ub41c \uae08\uc735 \uc11c\ube44\uc2a4 \ucc38\uc5ec \ubc0f \uc81c\uacf5<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>2024\ub144, FSC\ub294 AML\ubc95\uc5d0 \ub530\ub77c VASP\uac00 \uac70\ub798\uc18c \uc6b4\uc601, \uac70\ub798 \ud50c\ub7ab\ud3fc, \uc774\uc804 \uc11c\ube44\uc2a4, \ubcf4\uad00 \uc11c\ube44\uc2a4 \ub610\ub294 \uc778\uc218 \ud65c\ub3d9 \ub4f1 \uac00\uc0c1\uc790\uc0b0 \uad00\ub828 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\uae30 \uc804\uc5d0 \ubc18\ub4dc\uc2dc FSC\uc5d0 \ub4f1\ub85d\ud558\ub3c4\ub85d \ud558\ub294 \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc744 \ub3c4\uc785\ud588\ub2e4.<\/p>\n<p>\ub4f1\ub85d\ud558\uc9c0 \uc54a\uc744 \uacbd\uc6b0 \ucd5c\ub300 2\ub144\uc758 \uc9d5\uc5ed, \ucd5c\ub300 500\ub9cc \uc2e0\ub300\ub9cc\ub2ec\ub7ec\uc758 \ubc8c\uae08 \ub610\ub294 \uadf8 \ub450 \uac00\uc9c0 \ucc98\ubc8c\uc774 \ud568\uaed8 \ubd80\uacfc\ub418\ub294 \ud615\uc0ac \ucc98\ubc8c\uc744 \ubc1b\uc744 \uc218 \uc788\ub2e4.<\/p>\n<p>\uc774\uc5d0 \ub530\ub77c \ub9ce\uc740 \uae30\uc874 VASP\ub4e4\uc774 \uc2e0\uccad\uc11c\ub97c \uc81c\ucd9c\ud588\uc73c\uba70, FSC\ub294 \ub2a6\uc5b4\ub3c4 2025\ub144 9\uc6d4\uae4c\uc9c0 \uc2b9\uc778 \uacb0\uacfc\ub97c \ubc1c\ud45c\ud560 \uc608\uc815\uc774\ub2e4.<\/p>\n<p>\ub610\ud55c, \ud574\ub2f9 \uaddc\uc815\uc740 VASP\uc5d0 \uba87 \uac00\uc9c0 \uc6b4\uc601\uc0c1 \uc758\ubb34\ub97c \ubd80\uacfc\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc5ec\uae30\uc5d0\ub294 \ub2e4\uc74c\uc774 \ud3ec\ud568\ub41c\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\ub0b4\ubd80 \ud1b5\uc81c \uc2dc\uc2a4\ud15c \ubc0f \uac10\uc0ac \uba54\ucee4\ub2c8\uc998 \uad6c\ucd95;<\/li>\n<li>\uace0\uac1d\ud655\uc778\uc758\ubb34(KYC) \uc808\ucc28 \uc2dc\ud589;<\/li>\n<li>\uc801\uc808\ud55c \uac70\ub798 \uae30\ub85d \uc720\uc9c0;<\/li>\n<li>\uace0\uac1d \ud65c\ub3d9\uc758 \uc9c0\uc18d\uc801\uc778 \ubaa8\ub2c8\ud130\ub9c1 \uc218\ud589;<\/li>\n<li>\ub300\uaddc\ubaa8 \uac70\ub798 \ubc0f \uc758\uc2ec\uc2a4\ub7ec\uc6b4 \ud65c\ub3d9 \ub2f9\uad6d\uc5d0 \ubcf4\uace0.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>\ucd5c\uc2e0 \ub3d9\ud5a5<\/strong><\/h3>\n<p>\ud5a5\ud6c4 VASP \uaddc\uc81c\uc758 \uae30\ubc18\uc744 \ub9c8\ub828\ud558\uae30 \uc704\ud574, FSC\ub294 \ub2e4\uc591\ud55c \uc774\uc288\ub97c \ub2e4\ub8e8\ub294 \uac00\uc774\ub4dc\ub77c\uc778\uc744 \ubc1c\ud45c\ud588\ub2e4. \uc5ec\uae30\uc5d0\ub294 \ub2e4\uc74c\uc774 \ud3ec\ud568\ub41c\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\ubc31\uc11c \ubc1c\ud589 \ub4f1 \uac00\uc0c1\uc790\uc0b0 \ubc1c\ud589\uc790\uc5d0 \ub300\ud55c \uc758\ubb34;<\/li>\n<li>VASP\uac00 \uc0c8\ub85c\uc6b4 \uac00\uc0c1\uc790\uc0b0\uc744 \uc0c1\uc7a5\ud558\uac70\ub098 \ucd9c\uc2dc\ud558\uae30 \uc804\uc758 \uc2ec\uc0ac \uc808\ucc28;<\/li>\n<li>\uace0\uac1d \uc790\uc0b0\uacfc VASP \uc790\uccb4 \uc790\uae08\uc758 \ubd84\ub9ac \uc694\uac74;<\/li>\n<li>\uac70\ub798\uc758 \uacf5\uc815\uc131\uacfc \ud22c\uba85\uc131 \ubcf4\uc7a5;<\/li>\n<li>\uc0ac\uc774\ubc84 \ubcf4\uc548 \ubc0f \ud56b\uc6d4\ub81b\u00b7\ucf5c\ub4dc\uc6d4\ub81b \uad00\ub9ac \ub4f1 \uc6b4\uc601 \uad00\ub9ac \uae30\uc900;<\/li>\n<li>\uacf5\uc2dc \uc758\ubb34;<\/li>\n<li>\ub0b4\ubd80 \ud1b5\uc81c \ubc0f \uac10\uc0ac \uc2dc\uc2a4\ud15c \uad6c\ucd95;<\/li>\n<li>\uc77c\ubd80 \uc900\ubc95 \uc758\ubb34\uc758 \ud574\uc678 VASP\ub85c\uc758 \ud655\ub300.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\uc774\ub7ec\ud55c \uae30\ubc18 \ubc14\ud0d5\uc73c\ub85c, FSC\ub294 2025\ub144 3\uc6d4 VASP \uc804\ub2f4 \ubc95\ub960\uc744 \uc81c\uc815\ud558\uaca0\ub2e4\uace0 \ubc1c\ud45c\ud558\uba70 \uac10\ub3c5\uc744 \ud55c\uce35 \ub354 \uac15\ud654\ud558\uae30\ub85c \ud588\ub2e4.<\/p>\n<p>\uc81c\uc548\ub41c \ubc95\uc548\uc740 \ucd5c\uc18c \uc790\ubcf8 \ud55c\ub3c4, VASP \ucc45\uc784\uc790 \ubc0f \uc218\uc775\uc790\uc758 \uc790\uaca9 \uc694\uac74, \uadf8\ub9ac\uace0 \uc18c\ube44\uc790 \ubcf4\ud638 \uac15\ud654\uc5d0 \uc911\uc810\uc744 \ub450\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774 \ubc95\uc774 \uc2dc\ud589\ub418\uba74 \ud604\ud589 \uc2dc\uc2a4\ud15c\uc740 AML \uc81c\ub3c4 \ud558\uc758 \uae30\ubcf8 \ub4f1\ub85d \uc81c\ub3c4\uc5d0\uc11c \uc644\uc804\ud55c \uc778\uac00 \uc81c\ub3c4\ub85c \uc804\ud658\ub418\uc5b4, VASP\ub294 \uac00\uc0c1\uc790\uc0b0 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\uae30 \uc804\uc5d0 \uaddc\uc81c \ub2f9\uad6d\uc758 \uc2b9\uc778\uc744 \ubc1b\uc544\uc57c \ud55c\ub2e4.<\/p>\n<p>\ud558\uc9c0\ub9cc \ud574\ub2f9 \ubc95\uc548\uc774 \uc785\ubc95\uc6d0(\uad6d\ud68c)\uc744 \uc5b8\uc81c, \uadf8\ub9ac\uace0 \uc2e4\uc81c\ub85c \ud1b5\uacfc\ud560 \uc218 \uc788\uc744\uc9c0\ub294 \uc544\uc9c1 \ubd88\ud655\uc2e4\ud558\ub2e4.<\/p>\n<h3 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc; color: #ce7d08;\"><strong>DeFi\uc640 NFT<\/strong><\/h3>\n<p>\uac00\uc0c1\uc790\uc0b0 \ubc0f \ube14\ub85d\uccb4\uc778 \uae30\uc220\uc758 \uc0c8\ub85c\uc6b4 \uc751\uc6a9 \ubd84\uc57c\uc778 \ud0c8\uc911\uc559\ud654 \uae08\uc735(DeFi)\uc640 \ub300\uccb4\ubd88\uac00\ud1a0\ud070(NFT)\ub3c4 \ud65c\ubc1c\ud788 \ub17c\uc758\ub418\uace0 \uc788\ub2e4.<\/p>\n<p>DeFi\uc758 \ud655\uc0b0\uc5d0 \ub300\ud574 \uacf5\uc2dd\uc801\uc778 \uc815\ubd80 \uc785\uc7a5\uc774 \ubc1c\ud45c\ub41c \ubc14\ub294 \uc5c6\uc9c0\ub9cc, \ud604\uc9c0 \uad00\uc810\uc5d0\uc11c \ubcfc \ub54c DeFi\uc758 \ubd84\ub958\ub294 \uc0ac\ub840\ubcc4\ub85c \uacb0\uc815\ub418\uc5b4\uc57c \ud558\uba70, \uc740\ud589, \uc2e0\ud0c1, \uc120\ubb3c \ub4f1 \uad00\ub828 \ubc95\ub960\uc744 \uac80\ud1a0\ud574 \ub300\ub9cc \ubc95\ub960 \uc900\uc218 \uc5ec\ubd80\ub97c \ud655\uc778\ud560 \ud544\uc694\uac00 \uc788\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc740 DeFi \uad6c\uc870\uc5d0\uc11c\ub294 \uc911\uc559\ud654\ub41c \uc0ac\uc5c5 \uc6b4\uc601\uc790\uac00 \uc5c6\uc73c\ubbc0\ub85c \uc5b4\ub5a0\ud55c \ud65c\ub3d9(\ubd88\ubc95 \uc5ec\ubd80\uc640 \uad00\uacc4\uc5c6\uc774)\uc5d0 \ub300\ud574\uc11c\ub3c4 \ucc45\uc784\uc744 \uc838\uc57c \ud560 \uc8fc\uccb4\uac00 \uc5c6\ub2e4\uace0 \uc8fc\uc7a5\ud560 \uc218 \uc788\ub2e4. \uadf8\ub7ec\ub098 \ubc95\uc801 \uad00\uc810\uc5d0\uc11c \uc774\ub294 \uc0ac\uc2e4\uad00\uacc4 \ub610\ub294 \uc99d\uac70\uc5d0 \ub530\ub77c \ud310\ub2e8\ud574\uc57c \ud560 \ubb38\uc81c\uc774\ubbc0\ub85c, DeFi \ud504\ub85c\uc81d\ud2b8\ub97c \uc2dc\uc791\ud558\uac70\ub098 \uc774\ud6c4\uc5d0 \uc8fc\uc694 \uc5ed\ud560\uc744 \ud55c \uc0ac\ub78c\uc774 \uc7a0\uc7ac\uc801\uc778 \ubc95\uc801 \ucc45\uc784 \uad00\ub828\ud558\uc5ec \uc2e4\uc81c \u2018\ud589\uc704\uc790\u2019\ub85c \uac04\uc8fc\ub420 \uac00\ub2a5\uc131\uc744 \ubc30\uc81c\ud560 \uc218 \uc5c6\ub2e4.<\/p>\n<p>NFT\uc640 \uad00\ub828\ud574\uc11c\ub294 NFT \ubcf4\uc720\uc790\uac00 \uc2e4\uc81c\ub85c \ubb34\uc5c7\uc744 \uc18c\uc720\ud558\uac70\ub098 \ucde8\ub4dd\ud558\ub294\uc9c0, \uc989 \ub514\uc9c0\ud138 \uc544\ud2b8\uc6cc\ud06c, \uc74c\uc545 \uc791\ud488, \uc218\uc9d1\ud488, \uc57c\uad6c\/\ub18d\uad6c \uce74\ub4dc, \uc0ac\uc9c4 \uc568\ubc94 \ub4f1\uc5d0 \ub300\ud55c \ub17c\uc758\uac00 \uc774\ub904\uc9c0\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \uacbd\uc6b0, \uac01 NFT \ub610\ub294 \uadf8 \uc81c\uacf5 \ubc29\uc2dd\uc758 \ubd84\ub958 \uc5ed\uc2dc \uac1c\ubcc4 \uc0ac\ub840\ubcc4\ub85c \uac80\ud1a0\ub418\uc5b4\uc57c \ud560 \uac83\uc774\ub2e4.<\/p>\n<p>NFT\uc758 \uad6c\uc870\ub97c \uc124\uacc4\ud558\ub294 \ubc29\ubc95\uc5d0\ub294(\uc608\ub97c \ub4e4\uc5b4 \u2018\uae30\ucd08 \uc790\uc0b0\u2019\uc744 \uc815\uc758\ud558\ub294 \ub4f1) \uc5ec\ub7ec \uac00\uc9c0\uac00 \uc788\uc744 \uc218 \uc788\uc9c0\ub9cc, \ud2b9\ud788 \uc800\uc791\uad8c \uad00\uc810\uc5d0\uc11c \ubc1c\ud589\uc778, \ud50c\ub7ab\ud3fc \uc6b4\uc601\uc790 \ubc0f\/\ub610\ub294 \uc11c\ube44\uc2a4\u00b7\uae30\uc220 \uc81c\uacf5\uc790 \ub4f1 \ucc38\uc5ec \ub2f9\uc0ac\uc790\uc758 \uad8c\ub9ac\uc640 \uc758\ubb34\ub97c \uc57d\uad00\uc5d0 \uba85\ud655\ud788 \uaddc\uc815\ud558\ub294 \uac83\uc774 \ubc14\ub78c\uc9c1\ud560 \uac83\uc774\ub2e4.<\/p>\n<p>\ub610\ud55c, NFT\uac00 \ub300\uccb4 \ubd88\uac00\ub2a5\ud558\uace0 \uace0\uc720\ud558\ub2e4\ub294 \ud2b9\uc131\uc744 \uac00\uc9c0\uace0 \uc788\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc99d\uad8c \uaddc\uc81c\uc640 \uac19\uc740 \uae08\uc735\ubc95\uc758 \uc801\uc6a9 \uac00\ub2a5\uc131\uc744 \uc644\uc804\ud788 \ubc30\uc81c\ud560 \uc218\ub294 \uc5c6\ub2e4.<\/p>\n<p>\ub9c8\uc9c0\ub9c9\uc73c\ub85c, DeFi \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc774 \uc55e\uc11c \uc5b8\uae09\ud55c AML \uad00\ub828 \uaddc\uc81c\uc758 \uc801\uc6a9 \ub300\uc0c1\uc5d0 \ud3ec\ud568\ub418\ub294\uc9c0 \uc5ec\ubd80\ub3c4 \ubd88\ud655\uc2e4\ud558\uc5ec, \uc774\ub294 \uaddc\uc81c \uad00\uc810\uc5d0\uc11c \uc774\ub7ec\ud55c \uc2e0\ud765 \ud65c\ub3d9\uc758 \ud5a5\ud6c4 \ubc1c\uc804\uc5d0 \ubd88\ud655\uc2e4\uc131\uc744 \ucd08\ub798\ud558\uace0 \uc788\ub2e4.<\/p>\n<section class=\"format-info\" style=\"text-align: center;\"><img class=\"size-medium wp-image-556038 aligncenter\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo-300x81.png\" alt=\"\" width=\"300\" height=\"81\" srcset=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo-300x81.png 300w, https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo-1024x278.png 1024w, https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo-768x209.png 768w, https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo-696x189.png 696w, https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo-1068x290.png 1068w, https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Lee-and-Li_Logo.png 1536w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><strong>LEE AND LI, ATTORNEYS-AT-LAW<\/strong><br \/>\n8F, No 555, Sec 4, Zhongxiao E Rd<br \/>\nTaipei 110055, Taiwan, ROC<br \/>\n\uc804\ud654 : 886 2 2763 8000<br \/>\n\uc774\uba54\uc77c : <a href=\"mailto:attorneys@leeandli.com\">attorneys@leeandli.com<\/a><br \/>\n<a href=\"http:\/\/www.leeandli.com\">www.leeandli.com<\/a><\/section>\n<p style=\"text-align: right;\"><a style=\"text-decoration: none;\" href=\"#navigation\"><button style=\"width: 20%; font-size: 12px; letter-spacing: 1px; padding: 3px 3px; color: #000000; border-color: #F4F4F4; background-color: #e96526; background-image: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); background-repeat: repeat-x; border-radius: 3px; a: hover{background-color:#035389;\"><span style=\"color: #ffffff; font-weight: bold; text-transform: uppercase; text-shadow: 1px 1px 2px #16151d;\"><span class=\"color: #fffff; text-shadow: 1px 1px 2px #16151d;\">\ub9e8 \uc704\ub85c<\/span><\/span><\/button><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud64d\ucf69, \uc77c\ubcf8 \ubc0f \ub300\ub9cc\uc758 \uaddc\uc81c \ub2f9\uad6d\uc774 \uac15\ud654\ub41c \ubcf4\ud638 \uc870\uce58\ub97c \ud1b5\ud574 \uc554\ud638\ud654\ud3d0 \uad00\ub828 \uc790\uc0b0\uc744 \uac15\ud654\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4 \ud64d\ucf69 \uc77c\ubcf8 \ub300\ub9cc \ud64d\ucf69 \uc554\ud638\ud654\ud3d0 \uad00\ud560\uad8c\uc758 \ud655\ub300 \uc554\ud638\ud654\ud3d0 \uaddc\uc81c\uac00 \uc804 \uc138\uacc4 \uc2dc\uc7a5\uc5d0\uc11c \uc5ec\uc804\ud788 \ubd84\uc0b0\ub418\uc5b4 \uc788\ub294 \uac00\uc6b4\ub370, \ud64d\ucf69\uc740 \ud601\uc2e0\uacfc \uae30\uad00 \uc790\ubcf8 \ud22c\uc790 \ubd84\uc57c\uc5d0\uc11c \uc138\uacc4\ub97c \uc120\ub3c4\ud558\ub294 \uad00\ud560\uad8c\uc73c\ub85c\uc11c\uc758 \uc785\uc9c0\ub97c \uad73\ud788\uace0 \uc788\ub2e4. \ubbf8\uad6d\uc774 \ubcc0\ud654\ud558\ub294 \uaddc\uc81c \uc6b0\uc120\uc21c\uc704\uc5d0 \uc9c0\uc18d\uc801\uc73c\ub85c \uc5b4\ub824\uc6c0\uc744 \uacaa\uace0 \uc788\ub294 \ubc18\uba74, \uc2f1\uac00\ud3ec\ub974\ub294 \uac1c\uc778 \ud22c\uc790\uc790\uc758<\/p>\n","protected":false},"author":13501,"featured_media":586924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","meta-author":""},"categories":[8398,8531],"tags":[167302,146919,167300,167303,111400,167366,167365,58719,112338,167327,167301,8400],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.7 (Yoast SEO v17.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"\ud64d\ucf69, \uc77c\ubcf8 \ubc0f \ub300\ub9cc\uc758 \uaddc\uc81c \ub2f9\uad6d\uc774 \uac15\ud654\ub41c \ubcf4\ud638 \uc870\uce58\ub97c \ud1b5\ud574 \uc554\ud638\ud654\ud3d0 \uad00\ub828 \uc790\uc0b0\uc744 \uac15\ud654\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4...\" 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