{"id":3448,"date":"2025-06-25T09:05:21","date_gmt":"2025-06-25T01:05:21","guid":{"rendered":"https:\/\/theexchain.com\/what-is-a-security-token-offering-sto-how-does-it-differ-from-traditional-securities\/"},"modified":"2025-06-25T09:05:21","modified_gmt":"2025-06-25T01:05:21","slug":"%d9%85%d8%a7-%d9%87%d9%88-%d8%b9%d8%b1%d8%b6-%d8%a7%d9%84%d8%b1%d9%85%d8%b2-%d8%a7%d9%84%d9%85%d9%85%d9%8a%d8%b2-%d9%84%d9%84%d8%a3%d9%88%d8%b1%d8%a7%d9%82-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9","status":"publish","type":"post","link":"https:\/\/theexchain.com\/ar\/%d9%85%d8%a7-%d9%87%d9%88-%d8%b9%d8%b1%d8%b6-%d8%a7%d9%84%d8%b1%d9%85%d8%b2-%d8%a7%d9%84%d9%85%d9%85%d9%8a%d8%b2-%d9%84%d9%84%d8%a3%d9%88%d8%b1%d8%a7%d9%82-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9\/","title":{"rendered":"\u0645\u0627 \u0647\u0648 \u0639\u0631\u0636 \u0631\u0645\u0632 \u0627\u0644\u0623\u0645\u0627\u0646 (STO)\u061f \u0643\u064a\u0641 \u062a\u062e\u062a\u0644\u0641\n  \u0639\u0646 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\u0627\u0644\u062a\u064a \u0648\u0636\u0639\u0647\u0627 \u0627\u062e\u062a\u0628\u0627\u0631 Howey (\u0633\u062a\u062a\u0645 \u0645\u0646\u0627\u0642\u0634\u062a\u0647\u0627 \u0644\u0627\u062d\u0642\u064b\u0627). \u0648\u0647\u064a \u0639\u0627\u062f\u0629\u064b \u0645\u0627 \u062a\u0645\u0646\u062d \u062d\u0627\u0645\u0644\u064a\u0647\u0627 \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u062e\u062f\u0645\u0627\u062a \u0623\u0648 \u0645\u064a\u0632\u0627\u062a \u0645\u062d\u062f\u062f\u0629 \u062f\u0627\u062e\u0644 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0628\u064a\u0626\u064a \u0644\u0644\u0628\u0644\u0648\u0643 \u062a\u0634\u064a\u0646. \u0648\u064a\u0642\u062f\u0645 \u0628\u0639\u0636\u0647\u0627 \u0645\u0643\u0627\u0641\u0622\u062a \u0623\u0648 \u0645\u0632\u0627\u064a\u0627 \u062d\u0635\u0631\u064a\u0629. \u0648\u064a\u0646\u0637\u0628\u0642 \u0627\u0644\u062a\u062f\u0642\u064a\u0642 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u062a\u0646\u0637\u0648\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u062a\u0637\u0644\u0628 \u0645\u0646 \u062c\u0647\u0627\u062a \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a.<\/p>\n<h2 id=\"the-sto-process-how-it-works\">\u0639\u0645\u0644\u064a\u0629 STO: \u0643\u064a\u0641 \u062a\u0639\u0645\u0644<\/h2>\n<p>\u064a\u062a\u0628\u0639 \u0625\u0637\u0644\u0627\u0642 STO \u0645\u0633\u0627\u0631\u064b\u0627 \u0645\u0646\u0638\u0645\u064b\u0627 \u064a\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644:<\/p>\n<h3 id=\"1-preparation\">1. \u0627\u0644\u062a\u062d\u0636\u064a\u0631<\/h3>\n<p>\u062a\u0628\u062f\u0623 \u0627\u0644\u0631\u062d\u0644\u0629 \u0628\u0627\u0644\u062a\u062e\u0637\u064a\u0637 \u0627\u0644\u062f\u0642\u064a\u0642: \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u063a\u0631\u0636 \u0645\u0646 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 \u0648\u0627\u0644\u0647\u064a\u0643\u0644\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629. \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0635\u062f\u0631\u064a\u0646 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629\u060c \u0648\u0635\u064a\u0627\u063a\u0629 \u0623\u0648\u0631\u0627\u0642 \u0628\u064a\u0636\u0627\u0621 \u0645\u0641\u0635\u0644\u0629\u060c \u0648\u0648\u0636\u0639 \u0645\u0639\u0627\u064a\u064a\u0631 \u0623\u0647\u0644\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 (\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0642\u062a\u0635\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u064a\u0646 \u0623\u0648 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629). \u0648\u062a\u064f\u0639\u062f \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0627\u0644\u0645\u0628\u0643\u0631\u0629 \u0645\u0639 \u0627\u0644\u062e\u0628\u0631\u0627\u0621 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u064a\u0646 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u064a\u0646 \u0623\u0645\u0631\u064b\u0627 \u0628\u0627\u0644\u063a \u0627\u0644\u0623\u0647\u0645\u064a\u0629 \u0644\u062a\u062c\u0627\u0648\u0632 \u0642\u0648\u0627\u0646\u064a\u0646 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0639\u0642\u062f\u0629 \u0648\u0627\u0644\u062d\u0635\u0648\u0644 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\u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0643\u062a\u0644 \u0623\u0645\u0631\u064b\u0627 \u0628\u0627\u0644\u063a \u0627\u0644\u0623\u0647\u0645\u064a\u0629 \u0644\u0644\u0623\u0645\u0627\u0646 \u0648\u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0648\u0633\u0639 \u0648\u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644. \u062a\u0642\u062f\u0645 \u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 \u0625\u064a\u062b\u0631\u064a\u0648\u0645 (\u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u062b\u0644 ERC-1400 \u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0623\u0645\u0627\u0646) \u0623\u0648 \u0628\u0648\u0644\u0643\u0627\u062f\u0648\u062a \u0623\u0648 \u0633\u0644\u0627\u0633\u0644 \u0627\u0644\u0643\u062a\u0644 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0641\u0648\u0627\u0626\u062f \u0645\u062a\u0641\u0627\u0648\u062a\u0629 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\u0627\u0644\u0645\u064f\u0635\u062f\u0650\u0631\u0648\u0646 \u0645\u0639 \u0623\u0645\u0646\u0627\u0621 \u0627\u0644\u062d\u0641\u0638 \u0627\u0644\u0645\u0631\u062e\u0635\u064a\u0646 \u0648\u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0648\u0627\u0644\u062a\u062c\u0627\u0631 \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0648\u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0622\u0645\u0646\u0629 \u0644\u0644\u0623\u0635\u0648\u0644. \u064a\u0633\u0627\u0639\u062f \u0647\u0624\u0644\u0627\u0621 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0641\u064a \u0647\u064a\u0643\u0644\u0629 \u0627\u0644\u0637\u0631\u062d \u0648\u0625\u062f\u0627\u0631\u0629 \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 \u0648\u062a\u0633\u0647\u064a\u0644 \u0627\u0646\u0636\u0645\u0627\u0645 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \"\u0627\u0639\u0631\u0641 \u0639\u0645\u064a\u0644\u0643\" \/ \"\u0645\u0643\u0627\u0641\u062d\u0629 \u063a\u0633\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644\". \u064a\u0639\u0645\u0644 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0630\u0648\u0648 \u0627\u0644\u0633\u0645\u0639\u0629 \u0627\u0644\u0637\u064a\u0628\u0629 \u0639\u0644\u0649 \u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u0645\u0635\u062f\u0627\u0642\u064a\u0629 \u0648\u062a\u0628\u0633\u064a\u0637 \u0639\u0645\u0644\u064a\u0629 \u062c\u0645\u0639 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0639\u0628\u0631 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629.<\/p>\n<h3 id=\"5-capital-raising\">5. \u0632\u064a\u0627\u062f\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644<\/h3>\n<p>\u062a\u0633\u062a\u0647\u062f\u0641 \u0645\u0631\u062d\u0644\u0629 \u062c\u0645\u0639 \u0627\u0644\u062a\u0628\u0631\u0639\u0627\u062a \u0627\u0644\u0646\u0634\u0637\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u064a\u0646 \u0623\u0648 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0637\u0631\u062d \u0627\u0644\u062e\u0627\u0635 \u0623\u0648 \u0627\u0644\u0637\u0631\u0648\u062d\u0627\u062a \u0627\u0644\u0639\u0627\u0645\u0629 \u0627\u0644\u0645\u0646\u0638\u0645\u0629. \u064a\u0631\u0643\u0632 \u0627\u0644\u062a\u0633\u0648\u064a\u0642 \u0639\u0644\u0649 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u062f\u0639\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 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\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u064a\u062a\u0645 \u0625\u062f\u0631\u0627\u062c \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0645\u064a\u0632\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0623\u0645\u0646\u064a\u0629 \u0627\u0644\u0645\u0646\u0638\u0645\u0629 (\u0645\u062b\u0644 tZERO \u0623\u0648 INX) \u0623\u0648 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629. \u0648\u062a\u0648\u0641\u0631 \u0647\u0630\u0647 \u0627\u0644\u062e\u0637\u0648\u0629 \u0633\u064a\u0648\u0644\u0629 \u062d\u0627\u0633\u0645\u0629\u060c \u0645\u0645\u0627 \u064a\u0633\u0645\u062d \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0645\u0648\u0632 \u0628\u0645\u0648\u062c\u0628 \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644. \u062a\u0641\u0631\u0636 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Howey Co. \u0627\u062e\u062a\u0628\u0627\u0631 Howey\u060c \u0627\u0644\u0630\u064a \u064a\u062d\u062f\u062f \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0623\u0635\u0644 \u064a\u0633\u062a\u0648\u0641\u064a \u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0645\u0648\u062c\u0628 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0639\u0627\u0645 1933. \u064a\u062a\u0623\u0647\u0644 \u0627\u0644\u0623\u0635\u0644 \u0625\u0630\u0627 \u0627\u0633\u062a\u0648\u0641\u0649 \u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0623\u0631\u0628\u0639\u0629:<\/p>\n<ol>\n<li><strong>\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0623\u0645\u0648\u0627\u0644:<\/strong> \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u064a\u0642\u062f\u0645\u0648\u0646 \u0631\u0623\u0633 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id=\"investors-guide-how-to-participate-in-an-sto\">\u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631: \u0643\u064a\u0641\u064a\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a STO<\/h2>\n<p>\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u062a\u0646\u0637\u0648\u064a \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0628\u0627\u0644\u062a\u0642\u0633\u064a\u0637 \u0639\u0644\u0649 \u062e\u0637\u0648\u0627\u062a \u0631\u0626\u064a\u0633\u064a\u0629:<\/p>\n<ol>\n<li>\n<p><strong>\u0627\u0644\u0628\u062d\u062b \u0648\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629:<\/strong> \u0642\u0645 \u0628\u0625\u062c\u0631\u0627\u0621 \u062a\u0642\u064a\u064a\u0645 \u0634\u0627\u0645\u0644 \u0644\u0644\u0645\u0634\u0631\u0648\u0639 - \u0641\u0631\u064a\u0642\u0647\u060c 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\u0645\u0646\u0635\u0627\u062a \u0623\u0648 \u0628\u0648\u0631\u0635\u0627\u062a \u0625\u0635\u062f\u0627\u0631 STO \u0627\u0644\u062e\u0627\u0636\u0639\u0629 \u0644\u0644\u062a\u0646\u0638\u064a\u0645. \u0627\u0633\u062a\u0643\u0645\u0644 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \"\u0627\u0639\u0631\u0641 \u0639\u0645\u064a\u0644\u0643\" (KYC) \u0648\u0645\u0643\u0627\u0641\u062d\u0629 \u063a\u0633\u064a\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 (\u0645\u0643\u0627\u0641\u062d\u0629 \u063a\u0633\u064a\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644)\u060c \u0645\u0639 \u062a\u0642\u062f\u064a\u0645 \u0625\u062b\u0628\u0627\u062a \u0627\u0644\u0647\u0648\u064a\u0629 \u0648\u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f.<\/p>\n<\/li>\n<li>\n<p><strong>\u0642\u0645 \u0628\u062a\u0645\u0648\u064a\u0644 \u062d\u0633\u0627\u0628\u0643:<\/strong> \u0642\u0645 \u0628\u0625\u064a\u062f\u0627\u0639 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0648\u0631\u0642\u064a\u0629 \u0623\u0648 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0645\u064f\u0639\u062a\u0645\u062f\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0637\u0631\u0642 \u0622\u0645\u0646\u0629 \u0648\u0645\u064f\u062d\u062f\u064e\u0651\u062f\u0629 \u0645\u0646 \u0642\u0650\u0628\u064e\u0644 \u0627\u0644\u0645\u0646\u0635\u0629. \u0627\u0641\u0647\u0645 \u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0648\u0623\u0648\u0642\u0627\u062a \u0627\u0644\u0645\u0639\u0627\u0644\u062c\u0629.<\/p>\n<\/li>\n<li>\n<p><strong>\u0634\u0631\u0627\u0621 \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0645\u064a\u0632\u0629 \u0648\u0625\u062f\u0627\u0631\u062a\u0647\u0627:<\/strong> \u0628\u0639\u062f \u0627\u062e\u062a\u064a\u0627\u0631 STO\u060c \u0642\u0645 \u0628\u062a\u0623\u0643\u064a\u062f \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0643. \u064a\u062a\u0645 \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0631\u0645\u0648\u0632 \u0625\u0644\u0649 \u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0628\u0644\u0648\u0643\u062a\u0634\u064a\u0646 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643. \u0631\u0627\u0642\u0628 \u0627\u0644\u0645\u0642\u062a\u0646\u064a\u0627\u062a \u0648\u0627\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0646\u062f \u0625\u062f\u0631\u0627\u062c\u0647\u0627.<\/p>\n<\/li>\n<\/ol>\n<h2 id=\"launching-an-sto-critical-considerations\">\u0625\u0637\u0644\u0627\u0642 \u0645\u0646\u0635\u0629 STO: \u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u062d\u0631\u062c\u0629<\/h2>\n<p>\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u062c\u0647\u0627\u062a \u0627\u0644\u0625\u0635\u062f\u0627\u0631\u060c \u0647\u0646\u0627\u0643 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644 \u062a\u062a\u0637\u0644\u0628 \u062a\u0642\u064a\u064a\u0645\u064b\u0627 \u062f\u0642\u064a\u0642\u064b\u0627:<\/p>\n<ol>\n<li>\n<p><strong>\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644:<\/strong> \u0645\u0627 \u0627\u0644\u0630\u064a \u0633\u064a\u062a\u0645 \u062a\u0631\u0645\u064a\u0632\u0647\u061f \u0627\u0644\u0623\u0633\u0647\u0645 \u0623\u0645 \u0627\u0644\u062f\u064a\u0648\u0646 \u0623\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0627\u062f\u064a\u0629\u061f \u062a\u0646\u0637\u0648\u064a \u0643\u0644 \u0641\u0626\u0629 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0641\u0626\u0627\u062a \u0639\u0644\u0649 \u0645\u062a\u0637\u0644\u0628\u0627\u062a \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0648\u0645\u0646\u0647\u062c\u064a\u0627\u062a \u062a\u0642\u064a\u064a\u0645 \u0648\u0645\u0644\u0627\u0645\u062d \u0633\u064a\u0648\u0644\u0629 \u0645\u062a\u0645\u064a\u0632\u0629. \u064a\u062c\u0628 \u0623\u0646 \u062a\u062a\u0648\u0627\u0641\u0642 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u0632\u0629 \u0645\u0639 \u0637\u0644\u0628 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u0623\u0637\u0631 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644.<\/p>\n<\/li>\n<li>\n<p><strong>\u062a\u0646\u0641\u064a\u0630 \"\u0627\u0639\u0631\u0641 \u0639\u0645\u064a\u0644\u0643\/\u063a\u0633\u064a\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644\":<\/strong> \u0623\u0646\u0638\u0645\u0629 \u0642\u0648\u064a\u0629 \u0644\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0644\u0647\u0648\u064a\u0629 \u0648\u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u063a\u064a\u0631 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0641\u0627\u0648\u0636. \u062a\u0639\u0645\u0644 \u0627\u0644\u0623\u062a\u0645\u062a\u0629 \u0639\u0644\u0649 \u062a\u0628\u0633\u064a\u0637 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644\u060c \u0648\u0644\u0643\u0646\u0647\u0627 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\u0648\u062f\u0639\u0645 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629. \u0625\u0639\u0637\u0627\u0621 \u0627\u0644\u0623\u0648\u0644\u0648\u064a\u0629 \u0644\u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0648\u0633\u0639 \u0648\u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u062f\u0642\u064a\u0642 \u0648\u0627\u0644\u062a\u0643\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629.<\/p>\n<\/li>\n<\/ol>\n<h2 id=\"the-sto-launch-process-a-step-by-step-roadmap\">\u0639\u0645\u0644\u064a\u0629 \u0625\u0637\u0644\u0627\u0642 STO: \u062e\u0627\u0631\u0637\u0629 \u0637\u0631\u064a\u0642 \u062e\u0637\u0648\u0629 \u0628\u062e\u0637\u0648\u0629<\/h2>\n<ol>\n<li>\n<p><strong>\u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u0647\u064a\u0643\u0644\u064a\u0629:<\/strong> \u062a\u062d\u062f\u064a\u062f \u0646\u0648\u0639 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 (\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629\/\u0627\u0644\u062f\u064a\u0646\/\u0627\u0644\u0623\u0635\u0648\u0644)\u060c \u0648\u0627\u0644\u0639\u0631\u0636\u060c \u0648\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u062a\u0648\u0632\u064a\u0639\u060c \u0648\u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 (\u0627\u0644\u062a\u0635\u0648\u064a\u062a\u060c \u0648\u0627\u0644\u0623\u0631\u0628\u0627\u062d). \u0625\u0646\u0634\u0627\u0621 \u0648\u062b\u0627\u0626\u0642 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0627\u0636\u062d\u0629.<\/p>\n<\/li>\n<li>\n<p><strong>\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a:<\/strong> \u0627\u0633\u062a\u0639\u0646 \u0628\u0645\u0633\u062a\u0634\u0627\u0631 \u0642\u0627\u0646\u0648\u0646\u064a \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 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\u0627\u0644\u062a\u0631\u062e\u064a\u0635.<\/p>\n<\/li>\n<li>\n<p><strong>\u0627\u062e\u062a\u0631 \u0645\u0646\u0635\u0629 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627:<\/strong> \u0627\u062e\u062a\u0631 \u0633\u0644\u0633\u0644\u0629 \u0628\u0644\u0648\u0643\u0634\u064a\u0646 (Ethereum\u060c Tezos\u060c \u0625\u0644\u062e) \u0648\u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 (\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c ERC-1400) \u0627\u0644\u0630\u064a \u064a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u0627\u0644\u0623\u0645\u0627\u0646 \u0648\u0645\u064a\u0632\u0627\u062a \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0648\u0627\u0644\u062a\u0643\u0644\u0641\u0629.<\/p>\n<\/li>\n<li>\n<p><strong>\u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632:<\/strong> \u0637\u0648\u0650\u0651\u0631 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Offerings (STOs) have emerged as a revolutionary yet regulated method for raising capital using blockchain technology. Unlike their controversial predecessor\u2014Initial Coin Offerings (ICOs)\u2014STOs represent legally compliant investment assets backed by tangible value. These tokens derive their worth from real-world instruments including company equity, [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/posts\/3448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/comments?post=3448"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/posts\/3448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/media\/3447"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/media?parent=3448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/categories?post=3448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/tags?post=3448"}],"curies":[{"name":"\u062f\u0628\u0644\u064a\u0648 \u0628\u064a","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}