{"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":"%e4%bb%80%e9%ba%bc%e6%98%af%e8%ad%89%e5%88%b8%e4%bb%a3%e7%94%a8%e5%b9%a3%e7%99%bc%e5%94%ae%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e4%bb%80%e9%ba%bc%e6%98%af%e8%ad%89%e5%88%b8%e4%bb%a3%e7%94%a8%e5%b9%a3%e7%99%bc%e5%94%ae%ef%bc%9f\/","title":{"rendered":"\u4ec0\u9ebc\u662f\u5b89\u5168\u4ee3\u5e63\u767c\u884c (STO)\uff1f\u8207\u50b3\u7d71\u8b49\u5238\u6709\u4f55\u4e0d\u540c\uff1f\n \u8207\u50b3\u7d71\u8b49\u5238\u6709\u4f55\u4e0d\u540c\uff1f"},"content":{"rendered":"

\u5b89\u5168\u4ee3\u5e63\u767c\u884c (STO)\uff1a\u5408\u898f\u5340\u584a\u93c8\u52df\u8cc7\u7684\u672a\u4f86<\/h1>\n

\u5b89\u5168\u4ee3\u5e63\u767c\u552e (STO) \u5df2\u7d93\u6210\u70ba\u5229\u7528\u5340\u584a\u93c8\u6280\u8853\u7c4c\u96c6\u8cc7\u91d1\u7684\u4e00\u7a2e\u9769\u547d\u6027\u4e14\u53d7\u76e3\u7ba1\u7684\u65b9\u6cd5\u3002\u4e0d\u540c\u65bc\u5176\u5099\u53d7\u722d\u8b70\u7684\u524d\u8eab-\u9996\u6b21\u4ee3\u5e63\u767c\u884c (ICO)\uff0cSTO \u4ee3\u8868\u4e86\u4ee5\u6709\u5f62\u50f9\u503c\u70ba\u5f8c\u76fe\u7684\u5408\u6cd5\u5408\u898f\u7684\u6295\u8cc7\u8cc7\u7522\u3002\u9019\u4e9b\u4ee3\u5e63\u7684\u50f9\u503c\u4f86\u81ea\u65bc\u73fe\u5be6\u4e16\u754c\u7684\u5de5\u5177\uff0c\u5305\u62ec\u516c\u53f8\u80a1\u6b0a\u3001\u50b5\u52d9\u7fa9\u52d9\u6216\u5be6\u9ad4\u8cc7\u7522\uff0c\u5982\u623f\u5730\u7522\u548c\u5546\u54c1\u3002STO \u65e8\u5728\u65e2\u5b9a\u7684\u76e3\u7ba1\u6846\u67b6\u5167\u904b\u4f5c\uff0c\u7d50\u5408\u667a\u6167\u578b\u5951\u7d04\u8207\u5206\u6563\u5f0f\u6280\u8853\uff0c\u63d0\u4f9b\u524d\u6240\u672a\u6709\u7684\u900f\u660e\u5ea6\u3001\u6295\u8cc7\u8005\u4fdd\u8b77\u8207\u6cd5\u898f\u9075\u5faa\u3002<\/p>\n

\u5e02\u5834\u6f5b\u529b\u9a5a\u4eba\uff1a\u6839\u64da Business Research Insights \u7684\u8cc7\u6599\uff0c\u5168\u7403\u8b49\u5238\u4ee3\u7528\u5e63\u5e02\u5834\u5728 2024 \u5e74\u9054\u5230 $1.91 \u5104\u7f8e\u5143\uff0c\u9810\u8a08\u5230 2033 \u5e74\u5c07\u6210\u9577\u5230 $17.44 \u5104\u7f8e\u5143--\u9a5a\u4eba\u7684 27.3% \u5e74\u8907\u5408\u6210\u9577\u7387\u3002\u6839\u64da Arca \u548c Coalition Greenwich \u66f4\u70ba\u96c4\u5fc3\u52c3\u52c3\u7684\u9810\u6e2c\uff0c\u4ee3\u5e63\u5316\u8b49\u5238\u5e02\u5834\u5230 2030 \u5e74\u5c07\u7a81\u7834 $20 \u5146\u3002\u9019\u7a2e\u7206\u70b8\u6027\u7684\u6210\u9577\u4f7f STO \u4e0d\u518d\u662f\u4e00\u7a2e\u6295\u6a5f\u8da8\u52e2\uff0c\u800c\u662f\u6578\u4f4d\u6642\u4ee3\u8cc7\u672c\u5f62\u6210\u548c\u8cc7\u7522\u64c1\u6709\u65b9\u5f0f\u7684\u6839\u672c\u6027\u8f49\u8b8a\u3002<\/p>\n

\u77ad\u89e3\u5b89\u5168\u4ee3\u5e63\u767c\u552e<\/h2>\n

\u5c31\u5176\u6838\u5fc3\u800c\u8a00\uff0c\u8b49\u5238\u4ee3\u5e63\u767c\u884c (STO) \u662f\u4e00\u7a2e\u53d7\u76e3\u7ba1\u7684\u96c6\u8cc7\u65b9\u5f0f\uff0c\u5b83\u767c\u884c\u57fa\u65bc\u5340\u584a\u93c8\u7684\u4ee3\u5e63\uff0c\u4ee3\u8868\u5c0d\u8cc7\u7522\u3001\u516c\u53f8\u6216\u91d1\u878d\u5de5\u5177\u7684\u5408\u6cd5\u6240\u6709\u6b0a\u3002STO \u8207 ICO \u7684\u6839\u672c\u5340\u5225\u5728\u65bc\u5176\u662f\u5426\u7b26\u5408\u8b49\u5238\u6cd5\u898f\u3002ICO \u901a\u5e38\u767c\u884c\u7684\u662f\u6c92\u6709\u5167\u5728\u50f9\u503c\u6216\u6cd5\u898f\u76e3\u7763\u7684\u5be6\u7528\u4ee3\u5e63\uff0c\u800c\u8b49\u5238\u4ee3\u5e63\u5247\u70ba\u6295\u8cc7\u4eba\u63d0\u4f9b\u53ef\u4f9d\u6cd5\u5f37\u5236\u57f7\u884c\u7684\u6b0a\u5229\u548c\u4fdd\u8b77\u3002\u9019\u4e9b\u6578\u4f4d\u8cc7\u7522\u53ef\u4ee5\u4ee3\u8868\u516c\u53f8\u7684\u90e8\u5206\u6240\u6709\u6b0a\uff08\u985e\u4f3c\u65bc\u50b3\u7d71\u80a1\u7968\uff09\u3001\u50b5\u5238\u7b49\u50b5\u52d9\u5de5\u5177\uff0c\u6216\u662f\u5be6\u9ad4\u8cc7\u7522\u7684\u76f4\u63a5\u6240\u6709\u6b0a\u80a1\u4efd\u3002<\/p>\n

\u76e3\u7ba1\u57fa\u790e\u6539\u8b8a\u4e86\u6295\u8cc7\u4e3b\u5f35\u3002STO \u5fc5\u9808\u5728 SEC\uff08\u7f8e\u570b\uff09\u3001FINMA\uff08\u745e\u58eb\uff09\u6216 ESMA\uff08\u6b50\u6d32\uff09\u7b49\u91d1\u878d\u6a5f\u69cb\u8a3b\u518a\uff0c\u63d0\u4f9b\u62db\u80a1\u7ae0\u7a0b\u3001\u900f\u660e\u62ab\u9732\u548c\u6295\u8cc7\u8005\u9a57\u8b49\u6d41\u7a0b\u3002\u6b64\u5408\u898f\u6846\u67b6\u53ef\u5927\u5e45\u964d\u4f4e\u8a50\u9a19\u98a8\u96aa\uff0c\u540c\u6642\u5728\u5340\u584a\u93c8\u57fa\u790e\u8a2d\u65bd\u4e0a\u5275\u9020\u5408\u6cd5\u7684\u6295\u8cc7\u6a5f\u6703\u3002<\/p>\n

\u5b89\u5168\u4ee3\u5e63\u7684\u7a2e\u985e<\/h2>\n

\u8b49\u5238\u4ee3\u7528\u5e63\u4f9d\u5176\u6240\u4ee3\u8868\u7684\u57fa\u790e\u8cc7\u7522\u6216\u8ca1\u52d9\u6b0a\u5229\u4f86\u5206\u985e\uff1a<\/p>\n

1.\u80a1\u6b0a\u4ee3\u5e63<\/h3>\n

\u80a1\u7968\u4ee3\u5e63\u7684\u529f\u80fd\u8207\u50b3\u7d71\u80a1\u7968\u985e\u4f3c\uff0c\u4ee3\u8868\u516c\u53f8\u7684\u76f4\u63a5\u6240\u6709\u6b0a\u3002\u4ee3\u5e63\u6301\u6709\u8005\u53ef\u7372\u5f97\u5305\u62ec\u80a1\u606f\u5206\u914d\u3001\u516c\u53f8\u6c7a\u7b56\u6295\u7968\u6b0a\u548c\u5229\u6f64\u5206\u4eab\u7b49\u6b0a\u5229\u3002\u4ee3\u5e63\u5728\u5340\u584a\u93c8\u7db2\u8def\u4e2d\u767c\u884c\uff0c\u53ef\u5be6\u73fe\u900f\u660e\u7684\u8a18\u9304\u4fdd\u5b58\uff0c\u540c\u6642\u6e1b\u5c11\u884c\u653f\u4e2d\u4ecb\u3002\u6700\u91cd\u8981\u7684\u662f\uff0c\u5b83\u5011\u5c6c\u65bc\u8b49\u5238\u6cd5\u898f\uff0c\u8981\u6c42\u767c\u884c\u8005\u9075\u5b88\u76f8\u95dc\u6cd5\u5f8b\u3002\u5176\u6280\u8853\u57fa\u790e\u53ef\u5be6\u73fe\u90e8\u5206\u6240\u6709\u6b0a\uff0c\u964d\u4f4e\u6295\u8cc7\u9580\u6abb\uff0c\u4e26\u63d0\u9ad8\u50b3\u7d71\u4e0a\u6d41\u52d5\u6027\u4e0d\u8db3\u7684\u79c1\u4eba\u5e02\u5834\u7684\u6d41\u52d5\u6027\u3002<\/p>\n

2.\u8cc7\u7522\u652f\u6301\u4ee3\u5e63<\/h3>\n

\u9019\u4e9b\u4ee3\u5e63\u7684\u50f9\u503c\u4f86\u81ea\u65bc\u5be6\u9ad4\u6216\u91d1\u878d\u8cc7\u7522\uff0c\u4f8b\u5982\u623f\u5730\u7522\u3001\u5546\u54c1\u6216\u8cb4\u91cd\u91d1\u5c6c\u3002\u4ee3\u5e63\u5316\u4f7f\u9032\u5165\u9ad8\u50f9\u503c\u3001\u50b3\u7d71\u4e0a\u6d41\u52d5\u6027\u4e0d\u9ad8\u7684\u5e02\u5834\u8b8a\u5f97\u6c11\u4e3b\u5316 - \u60f3\u50cf\u4e00\u4e0b\u64c1\u6709\u4e00\u68df\u5546\u696d\u5927\u6a13\u6216\u4e00\u5e45\u7a00\u6709\u756b\u4f5c\u7684\u4e00\u5c0f\u90e8\u5206\u3002\u4ee3\u5e63\u7684\u50f9\u683c\u8207\u57fa\u790e\u8cc7\u7522\u7684\u5e02\u5834\u50f9\u503c\u76f4\u63a5\u76f8\u95dc\uff0c\u8207\u6295\u6a5f\u6027\u7684\u52a0\u5bc6\u8ca8\u5e63\u76f8\u6bd4\uff0c\u5275\u9020\u4e86\u66f4\u5927\u7684\u7a69\u5b9a\u6027\u3002\u5340\u584a\u93c8\u53ef\u78ba\u4fdd\u900f\u660e\u7684\u6240\u6709\u6b0a\u9a57\u8b49\u548c\u9ad8\u6548\u7684\u8f49\u8b93\uff0c\u800c\u76e3\u7ba1\u5408\u898f\u5247\u4fdd\u8b49\u4e86\u5c0d\u6295\u8cc7\u8005\u7684\u4fdd\u8b77\u3002<\/p>\n

3.\u50b5\u52d9\u4ee3\u5e63<\/h3>\n

\u50b5\u52d9\u4ee3\u7528\u5e63\u7684\u529f\u80fd\u8207\u50b5\u5238\u985e\u4f3c\uff0c\u4ee3\u8868\u8cb8\u6b3e\u6216\u8ca1\u52d9\u8cac\u4efb\u3002\u6295\u8cc7\u8005\u5411\u5be6\u9ad4\u63d0\u4f9b\u8cc7\u91d1\uff0c\u4ee5\u63db\u53d6\u5b9a\u671f\u5229\u606f\u652f\u4ed8\u548c\u6700\u7d42\u672c\u91d1\u511f\u9084\u3002\u667a\u6167\u5408\u7d04\u53ef\u81ea\u52d5\u57f7\u884c\u5408\u898f\u548c\u4ed8\u6b3e\u6642\u9593\u8868\uff0c\u78ba\u4fdd\u900f\u660e\u7684\u50b5\u52d9\u7ba1\u7406\u3002\u9019\u964d\u4f4e\u4e86\u8207\u50b3\u7d71\u50b5\u5238\u767c\u884c\u76f8\u95dc\u7684\u7ba1\u7406\u6210\u672c\uff0c\u540c\u6642\u901a\u904e\u4e8c\u7d1a\u5e02\u5834\u4ea4\u6613\u63d0\u9ad8\u4e86\u6d41\u52d5\u6027\u3002<\/p>\n

4.\u516c\u7528\u4ee3\u5e63<\/h3>\n

\u96d6\u7136\u516c\u7528\u4ee3\u5e63\u901a\u5e38\u8207\u5e73\u53f0\u5b58\u53d6\u800c\u975e\u6295\u8cc7\u6709\u95dc\uff0c\u4f46\u5982\u679c\u5b83\u5011\u7b26\u5408 Howey Test\uff08\u7a0d\u5f8c\u8a0e\u8ad6\uff09\u6240\u8a2d\u5b9a\u7684\u6a19\u6e96\uff0c\u5247\u53ef\u6b78\u985e\u70ba\u8b49\u5238\u3002\u5b83\u5011\u901a\u5e38\u5141\u8a31\u6301\u6709\u8005\u4f7f\u7528\u5340\u584a\u93c8\u751f\u614b\u7cfb\u7d71\u4e2d\u7684\u7279\u5b9a\u670d\u52d9\u6216\u529f\u80fd\u3002\u6709\u4e9b\u4ee3\u5e63\u63d0\u4f9b\u8ced\u6ce8\u734e\u52f5\u6216\u5c08\u5c6c\u512a\u60e0\u3002\u5982\u679c\u5b83\u5011\u610f\u5473\u8457\u8ca1\u52d9\u56de\u5831\uff0c\u5247\u9069\u7528\u76e3\u7ba1\u5be9\u67e5\uff0c\u8981\u6c42\u767c\u884c\u8005\u78ba\u4fdd\u5408\u6cd5\u5408\u898f\u3002<\/p>\n

STO \u6d41\u7a0b\uff1a\u5982\u4f55\u904b\u4f5c<\/h2>\n

\u555f\u52d5 STO \u9075\u5faa\u7d50\u69cb\u5316\u3001\u4ee5\u5408\u898f\u70ba\u91cd\u9ede\u7684\u9014\u5f91\uff1a<\/p>\n

1.\u6e96\u5099\u5de5\u4f5c<\/h3>\n

\u9019\u6bb5\u65c5\u7a0b\u59cb\u65bc\u7e1d\u5bc6\u7684\u898f\u5283\uff1a\u754c\u5b9a\u4ee3\u5e63\u7684\u76ee\u7684\u3001\u6cd5\u5f8b\u67b6\u69cb\u548c\u76e3\u7ba1\u7b56\u7565\u3002\u767c\u884c\u4eba\u5fc5\u9808\u5206\u6790\u53f8\u6cd5\u7ba1\u8f44\u5340\u7684\u8981\u6c42\u3001\u8349\u64ec\u8a73\u7d30\u7684\u767d\u76ae\u66f8\uff0c\u4e26\u5efa\u7acb\u6295\u8cc7\u4eba\u8cc7\u683c\u6a19\u6e96\uff08\u901a\u5e38\u50c5\u9650\u65bc\u5408\u683c\u6216\u6a5f\u69cb\u6295\u8cc7\u4eba\uff09\u3002\u53ca\u65e9\u8207\u6cd5\u5f8b\u548c\u8ca1\u52d9\u5c08\u5bb6\u63a5\u6d3d\uff0c\u5c0d\u65bc\u638c\u63e1\u8907\u96dc\u7684\u8b49\u5238\u6cd5\u548c\u53d6\u5f97\u76e3\u7ba1\u6838\u51c6\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n

2.STO \u8a2d\u8a08<\/h3>\n

\u6b64\u968e\u6bb5\u6c7a\u5b9a\u4ee3\u5e63\u7684\u7d93\u6fdf\u6a21\u5f0f\u548c\u6280\u8853\u67b6\u69cb\u3002\u767c\u884c\u8005\u5b9a\u7fa9\u4ee3\u7528\u5e63\u7684\u4f9b\u61c9\u3001\u5206\u767c\u6a5f\u5236\u3001\u6295\u8cc7\u8005\u6b0a\u5229\uff08\u6295\u7968\u6b0a\u3001\u80a1\u5229\uff09\u548c\u8f49\u8b93\u9650\u5236\u3002\u667a\u6167\u5951\u7d04\u7684\u8a2d\u8a08\u662f\u70ba\u4e86\u81ea\u52d5\u5316\u5408\u898f\u3001\u6cbb\u7406\u548c\u4ea4\u6613\u529f\u80fd - \u78ba\u4fdd\u900f\u660e\u5ea6\uff0c\u540c\u6642\u6e1b\u5c11\u4eba\u5de5\u76e3\u7763\u3002<\/p>\n

3.\u6280\u8853\u9078\u64c7<\/h3>\n

\u9078\u64c7\u6b63\u78ba\u7684\u5340\u584a\u93c8\u57fa\u790e\u67b6\u69cb\u5c0d\u65bc\u5b89\u5168\u6027\u3001\u53ef\u64f4\u5c55\u6027\u548c\u5408\u898f\u6027\u800c\u8a00\u81f3\u95dc\u91cd\u8981\u3002Ethereum (\u4f7f\u7528\u5b89\u5168\u4ee3\u5e63 ERC-1400 \u7b49\u6a19\u6e96)\u3001Polkadot \u6216\u79c1\u4eba\u4f01\u696d\u5340\u584a\u93c8\u7b49\u5e73\u53f0\u53ef\u5728\u4ea4\u6613\u901f\u5ea6\u3001\u6210\u672c\u548c\u529f\u80fd\u65b9\u9762\u63d0\u4f9b\u4e0d\u540c\u7684\u512a\u52e2\u3002\u6574\u5408\u8eab\u4efd\u9a57\u8b49\u548c\u81ea\u52d5\u5316\u5408\u898f\u5354\u5b9a\u5c0d\u65bc\u9632\u6b62\u6b3a\u8a50\u548c\u5be6\u73fe\u5b89\u5168\u4ea4\u6613\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n

4.\u91d1\u878d\u670d\u52d9\u5408\u4f5c\u5925\u4f34<\/h3>\n

\u767c\u884c\u5546\u8207\u6301\u724c\u8a17\u7ba1\u4eba\u3001\u7d93\u7d00\u4ea4\u6613\u5546\u548c\u6cd5\u5f8b\u4e8b\u52d9\u6240\u5408\u4f5c\uff0c\u4ee5\u78ba\u4fdd\u9075\u5b88\u6cd5\u898f\u548c\u5b89\u5168\u7684\u8cc7\u7522\u7ba1\u7406\u3002\u9019\u4e9b\u5408\u4f5c\u5925\u4f34\u5354\u52a9\u5efa\u69cb\u767c\u884c\u67b6\u69cb\u3001\u7ba1\u7406\u4ee3\u5e63\u767c\u884c\uff0c\u4e26\u900f\u904e KYC\/AML \u9a57\u8b49\u4fc3\u9032\u6295\u8cc7\u8005\u5165\u6703\u3002\u4fe1\u8b7d\u826f\u597d\u7684\u5408\u4f5c\u5925\u4f34\u53ef\u63d0\u9ad8\u53ef\u4fe1\u5ea6\uff0c\u4e26\u7c21\u5316\u8de8\u53f8\u6cd5\u7ba1\u8f44\u5340\u7684\u52df\u8cc7\u7a0b\u5e8f\u3002<\/p>\n

5.\u8cc7\u672c\u52df\u96c6<\/h3>\n

\u4e3b\u52d5\u52df\u8cc7\u968e\u6bb5\u900f\u904e\u79c1\u52df\u6216\u53d7\u76e3\u7ba1\u7684\u516c\u958b\u767c\u552e\uff0c\u4ee5\u8a8d\u53ef\u6216\u6a5f\u69cb\u6295\u8cc7\u4eba\u70ba\u76ee\u6a19\u3002\u5e02\u5834\u884c\u92b7\u5f37\u8abf\u900f\u660e\u5ea6\u3001\u8cc7\u7522\u652f\u6301\u548c\u6cd5\u898f\u9075\u5faa\u3002\u6295\u8cc7\u8005\u5728\u8cfc\u8cb7\u4ee3\u7528\u5e63\u524d\u5fc5\u9808\u5148\u9032\u884c\u8eab\u4efd\u9a57\u8b49\u3002\u667a\u6167\u5408\u7d04\u6703\u81ea\u52d5\u57f7\u884c\u4ea4\u6613\uff0c\u540c\u6642\u5f37\u5236\u57f7\u884c\u6295\u8cc7\u689d\u6b3e\u548c\u53f8\u6cd5\u7ba1\u8f44\u9650\u5236\u3002<\/p>\n

6.\u4ee3\u5e63\u4e0a\u5e02\u8207\u4e8c\u6b21\u4ea4\u6613<\/h3>\n

\u878d\u8cc7\u5f8c\uff0c\u4ee3\u5e63\u6703\u5728\u53d7\u76e3\u7ba1\u7684\u5b89\u5168\u4ee3\u5e63\u4ea4\u6613\u6240\uff08\u5982 tZERO \u6216 INX\uff09\u6216\u4e8c\u7d1a\u5e02\u5834\u4e0a\u5e02\u3002\u9019\u4e00\u6b65\u9a5f\u63d0\u4f9b\u4e86\u91cd\u8981\u7684\u6d41\u52d5\u6027\uff0c\u8b93\u6295\u8cc7\u4eba\u53ef\u4ee5\u5728\u5408\u898f\u898f\u5247\u4e0b\u4ea4\u6613\u4ee3\u5e63\u3002\u4ea4\u6613\u6240\u6703\u57f7\u884c\u8cc7\u683c\u8981\u6c42\u548c\u4ea4\u6613\u9650\u5236\uff0c\u4ee5\u7dad\u6301\u76e3\u7ba1\u7684\u5b8c\u6574\u6027\u3002<\/p>\n

Howey \u6e2c\u8a66\uff1a\u5b9a\u7fa9\u5b89\u5168\u6027<\/h2>\n

\u4ee3\u5e63\u5316\u7684\u4e00\u500b\u57fa\u672c\u554f\u984c\u662f\uff1a\u4ec0\u9ebc\u624d\u7b26\u5408\u8b49\u5238\u8cc7\u683c\uff1f\u5728\u7f8e\u570b\uff0c1946 \u5e74\u5177\u6709\u91cc\u7a0b\u7891\u610f\u7fa9\u7684 SEC v. W.J. Howey Co. \u6848\u5efa\u7acb\u4e86 Howey \u6e2c\u8a66\uff0c\u4ee5\u6c7a\u5b9a\u8cc7\u7522\u662f\u5426\u7b26\u5408 1933 \u5e74\u8b49\u5238\u6cd5\u7684\u8b49\u5238\u5206\u985e\u3002\u5982\u679c\u4e00\u9805\u8cc7\u7522\u7b26\u5408\u6240\u6709\u56db\u9805\u6a19\u6e96\uff0c\u5373\u7b26\u5408\u8cc7\u683c\uff1a<\/p>\n

    \n
  1. \u6295\u8cc7\u91d1\u9322\uff1a<\/strong> \u6295\u8cc7\u4eba\u63d0\u4f9b\u8cc7\u91d1\u3002<\/li>\n
  2. \u5171\u540c\u4f01\u696d\uff1a<\/strong> \u8cc7\u91d1\u532f\u96c6\uff0c\u98a8\u96aa\u8207\u5831\u916c\u5171\u4eab\u3002<\/li>\n
  3. \u5229\u6f64\u9810\u671f\uff1a<\/strong> \u6295\u8cc7\u4eba\u9810\u671f\u6703\u7372\u5f97\u8ca1\u52d9\u6536\u76ca\u3002<\/li>\n
  4. \u4ed6\u4eba\u7684\u52aa\u529b\uff1a<\/strong> \u56de\u5831\u4e3b\u8981\u53d6\u6c7a\u65bc\u7b2c\u4e09\u65b9\u7684\u7ba1\u7406\u6216\u5275\u696d\u5de5\u4f5c\u3002<\/li>\n<\/ol>\n

    \u7b26\u5408\u9019\u4e9b\u6a19\u6e96\u7684\u4ee3\u5e63 (\u5305\u62ec\u5927\u591a\u6578\u80a1\u7968\u3001\u50b5\u5238\u548c\u8cc7\u7522\u652f\u6301\u4ee3\u5e63) \u5fc5\u9808\u9075\u5b88\u8b49\u5238\u6cd5\u898f\u3002<\/p>\n

    STO \u7684\u512a\u52e2<\/h2>\n

    \u76f8\u8f03\u65bc\u50b3\u7d71\u52df\u6b3e\u548c ICO\uff0cSTO \u5177\u6709\u4ee4\u4eba\u4fe1\u670d\u7684\u512a\u52e2\uff1a<\/p>\n

      \n
    1. \n

      \u6cd5\u898f\u9075\u5faa\uff1a<\/strong> \u5728\u8b49\u5238\u67b6\u69cb\u5167\u904b\u4f5c\u53ef\u63d0\u4f9b\u5408\u6cd5\u7684\u6295\u8cc7\u4eba\u4fdd\u8b77\u3001\u6e1b\u5c11\u8a50\u9a19\u4e26\u5efa\u7acb\u5e02\u5834\u4fe1\u5fc3\u3002\u6cd5\u898f\u76e3\u7763\u53ef\u78ba\u4fdd\u62ab\u9732\u548c\u71df\u904b\u7684\u900f\u660e\u5ea6\u3002<\/p>\n<\/li>\n

    2. \n

      \u589e\u5f37\u6d41\u52d5\u6027\uff1a<\/strong> \u4ee3\u5e63\u5316\u53ef\u5be6\u73fe\u90e8\u5206\u6240\u6709\u6b0a\uff0c\u4e26\u5728\u5168\u7403\u4ea4\u6613\u6240\u9032\u884c\u5168\u5929\u5019\u4ea4\u6613\u3002\u9019\u53ef\u91cb\u653e\u50b3\u7d71\u4e0a\u4e0d\u5177\u6d41\u52d5\u6027\u8cc7\u7522 (\u5982\u623f\u5730\u7522\u6216\u79c1\u52df\u80a1\u6b0a) \u7684\u6d41\u52d5\u6027\uff0c\u4e26\u64f4\u5927\u6295\u8cc7\u4eba\u7684\u5b58\u53d6\u7bc4\u570d\u3002<\/p>\n<\/li>\n

    3. \n

      \u6210\u672c\u6548\u76ca\uff1a<\/strong> \u5340\u584a\u93c8\u6d88\u9664\u4e86\u4e2d\u4ecb\uff08\u7d93\u7d00\u4eba\u3001\u904e\u6236\u4ee3\u7406\uff09\uff0c\u964d\u4f4e\u4e86\u767c\u884c\u548c\u7ba1\u7406\u6210\u672c\u3002\u667a\u6167\u5951\u7d04\u53ef\u81ea\u52d5\u8655\u7406\u5408\u898f\u6027\u3001\u80a1\u5229\u5206\u914d\u53ca\u5831\u544a\uff0c\u964d\u4f4e\u71df\u904b\u958b\u92b7\u3002<\/p>\n<\/li>\n

    4. \n

      \u900f\u660e\u5ea6\u8207\u5b89\u5168\u6027\uff1a<\/strong> \u6bcf\u7b46\u4ea4\u6613\u90fd\u6703\u4ee5\u4e0d\u8b8a\u7684\u65b9\u5f0f\u8a18\u9304\u5728\u93c8\u4e0a\uff0c\u5c07\u6b3a\u8a50\u884c\u70ba\u964d\u81f3\u6700\u4f4e\u3002\u6240\u6709\u6b0a\u3001\u516c\u53f8\u884c\u52d5\u548c\u8cc7\u7522\u7e3e\u6548\u7684\u5373\u6642\u53ef\u898b\u6027\u53ef\u5efa\u7acb\u4fe1\u4efb\u3002\u81ea\u52d5\u5316\u5408\u898f\u6027\u53ef\u78ba\u4fdd\u9075\u5b88\u6cd5\u898f\u3002<\/p>\n<\/li>\n

    5. \n

      \u5168\u7403\u6295\u8cc7\u8005\u901a\u8def\uff1a<\/strong> STO \u53ef\u8de8\u8d8a\u5730\u7406\u754c\u9650\uff0c\u8b93\u516c\u53f8\u5728\u570b\u969b\u9593\u52df\u96c6\u8cc7\u91d1\u3002\u96d6\u7136\u53f8\u6cd5\u7ba1\u8f44\u6cd5\u898f\u9069\u7528\uff0c\u4f46\u7b26\u5408\u898f\u5b9a\u7684\u5e73\u53f0\u53ef\u5728\u5168\u7403\u5404\u5730\u52a0\u5165\u7d93\u9a57\u8b49\u7684\u6295\u8cc7\u4eba\uff0c\u64f4\u5927\u6f5b\u5728\u7684\u8cc7\u91d1\u6c60\u3002<\/p>\n<\/li>\n<\/ol>\n

      \u514b\u670d STO \u6311\u6230<\/h2>\n

      \u5118\u7ba1\u5177\u6709\u8f49\u578b\u6f5b\u529b\uff0cSTO \u4ecd\u9762\u81e8\u91cd\u5927\u969c\u7919\uff1a<\/p>\n

        \n
      1. \n

        \u6cd5\u898f\u7684\u8907\u96dc\u6027\uff1a<\/strong> \u5728\u4e0d\u540c\u7684\u53f8\u6cd5\u7ba1\u8f44\u5340\u99d5\u99ad\u4e0d\u540c\u7684\u8b49\u5238\u6cd5\u9700\u8981\u5c08\u696d\u7684\u6cd5\u5f8b\u77e5\u8b58\u3002\u5408\u898f\u6210\u672c\u53ef\u80fd\u5f88\u9ad8\uff0c\u800c\u4e14\u4e0d\u65b7\u6f14\u8b8a\u7684\u6cd5\u898f\u6703\u9020\u6210\u4e0d\u78ba\u5b9a\u6027\u3002\u4e0d\u9075\u5b88\u6cd5\u898f\u7684\u98a8\u96aa\u662f\u7f70\u6b3e\u6216\u71df\u904b\u505c\u9813\u3002<\/p>\n<\/li>\n

      2. \n

        \u6709\u9650\u7684\u6295\u8cc7\u8005\u6c60\uff1a<\/strong> \u8207 ICO \u76f8\u6bd4\uff0c\u76e3\u7ba1\u8981\u6c42\u901a\u5e38\u6703\u9650\u5236\u8a8d\u53ef\u6216\u6a5f\u69cb\u6295\u8cc7\u8005\u7684\u53c3\u8207\uff0c\u5f9e\u800c\u6e1b\u5c11\u4e86\u6f5b\u5728\u7684\u6295\u8cc7\u8005\u57fa\u790e\u3002\u5728\u76ee\u524d\u7684\u6846\u67b6\u4e0b\uff0c\u64f4\u5927\u5c0d\u6563\u6236\u6295\u8cc7\u8005\u7684\u51c6\u5165\u4ecd\u7136\u5177\u6709\u6311\u6230\u6027\u3002<\/p>\n<\/li>\n

      3. \n

        \u6280\u8853\u969c\u7919\uff1a<\/strong> \u6210\u529f\u7684 STO \u9700\u8981\u5728\u5340\u584a\u93c8\u958b\u767c\u3001\u667a\u80fd\u5408\u7d04\u7de8\u7a0b\u3001\u7db2\u7d61\u5b89\u5168\u548c\u76e3\u7ba1\u6280\u8853 (RegTech) \u65b9\u9762\u7684\u5c08\u696d\u77e5\u8b58\u3002\u4ee3\u78bc\u6216\u57fa\u790e\u7d50\u69cb\u4e2d\u7684\u6f0f\u6d1e\u53ef\u80fd\u6703\u5c0e\u81f4\u6f0f\u6d1e\u5229\u7528\u3001\u8ca1\u52d9\u640d\u5931\u6216\u5408\u898f\u5931\u6557\u3002<\/p>\n<\/li>\n<\/ol>\n

        \u6295\u8cc7\u4eba\u6307\u5357\uff1a\u5982\u4f55\u53c3\u8207 STO<\/h2>\n

        \u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u53c3\u8207 STO \u6d89\u53ca\u95dc\u9375\u6b65\u9a5f\uff1a<\/p>\n

          \n
        1. \n

          \u7814\u7a76\u8207\u76e1\u8077\u8abf\u67e5\uff1a<\/strong> \u5fb9\u5e95\u8a55\u4f30\u5c08\u6848 - \u5176\u5718\u968a\u3001\u8cc7\u7522\u652f\u6301\u3001\u5546\u696d\u6a21\u5f0f\u3001\u4ee3\u5e63\u7d93\u6fdf\u53ca\u6cd5\u898f\u72c0\u6cc1\u3002\u9a57\u8b49\u6cd5\u5f8b\u6587\u4ef6\u548c\u4f30\u503c\u5831\u544a\u3002\u5c0b\u6c42\u7368\u7acb\u7684\u8ca1\u52d9\u5efa\u8b70\u3002<\/p>\n<\/li>\n

        2. \n

          \u5728\u5408\u898f\u5e73\u53f0\u4e0a\u8a3b\u518a\uff1a<\/strong> \u5728\u53d7\u76e3\u7ba1\u7684 STO \u767c\u884c\u5e73\u53f0\u6216\u4ea4\u6613\u6240\u8a3b\u518a\u3002\u5b8c\u6210 KYC\uff08\u8a8d\u8b58\u60a8\u7684\u5ba2\u6236\uff09\u548c AML\uff08\u53cd\u6d17\u9322\uff09\u9a57\u8b49\uff0c\u63d0\u4f9b\u8eab\u4efd\u548c\u8a8d\u8b49\u8b49\u660e\u3002<\/p>\n<\/li>\n

        3. \n

          \u70ba\u60a8\u7684\u5e33\u6236\u6ce8\u8cc7\uff1a<\/strong> \u4f7f\u7528\u5e73\u53f0\u6307\u5b9a\u7684\u5b89\u5168\u65b9\u6cd5\u5b58\u5165\u6cd5\u5b9a\u8ca8\u5e63\u6216\u7d93\u6838\u51c6\u7684\u52a0\u5bc6\u8ca8\u5e63\u3002\u77ad\u89e3\u4ea4\u6613\u8cbb\u7528\u548c\u8655\u7406\u6642\u9593\u3002<\/p>\n<\/li>\n

        4. \n

          \u8cfc\u8cb7\u548c\u7ba1\u7406\u4ee3\u5e63\uff1a<\/strong> \u9078\u64c7 STO \u5f8c\uff0c\u78ba\u8a8d\u60a8\u7684\u6295\u8cc7\u3002\u4ee3\u5e63\u6703\u767c\u884c\u5230\u60a8\u7684\u5340\u584a\u93c8\u9322\u5305\u4e2d\u3002\u76e3\u63a7\u6301\u6709\u7684\u4ee3\u5e63\uff0c\u4e26\u5728\u4e0a\u5e02\u6642\u5229\u7528\u4e8c\u7d1a\u5e02\u5834\u9032\u884c\u4ea4\u6613\u3002<\/p>\n<\/li>\n<\/ol>\n

          \u555f\u52d5 STO\uff1a\u95dc\u9375\u8003\u91cf\u56e0\u7d20<\/h2>\n

          \u5c0d\u65bc\u767c\u884c\u5546\u800c\u8a00\uff0c\u6709\u5e7e\u500b\u56e0\u7d20\u9700\u8981\u4ed4\u7d30\u8a55\u4f30\uff1a<\/p>\n

            \n
          1. \n

            \u8cc7\u7522\u9078\u64c7\uff1a<\/strong> \u4ec0\u9ebc\u6703\u88ab\u4ee3\u5e63\u5316\uff1f\u80a1\u7968\u3001\u50b5\u52d9\u9084\u662f\u5be6\u9ad4\u8cc7\u7522\uff1f\u6bcf\u500b\u985e\u5225\u90fd\u6709\u4e0d\u540c\u7684\u76e3\u7ba1\u8981\u6c42\u3001\u4f30\u503c\u65b9\u6cd5\u548c\u6d41\u52d5\u6027\u6982\u6cc1\u3002\u4ee3\u5e63\u5316\u8cc7\u7522\u5fc5\u9808\u7b26\u5408\u6295\u8cc7\u4eba\u7684\u9700\u6c42\u548c\u5408\u898f\u6846\u67b6\u3002<\/p>\n<\/li>\n

          2. \n

            KYC\/AML \u5be6\u65bd\uff1a<\/strong> \u5f37\u5927\u7684\u8eab\u4efd\u9a57\u8b49\u548c\u4ea4\u6613\u76e3\u63a7\u7cfb\u7d71\u662f\u4e0d\u53ef\u6216\u7f3a\u7684\u3002\u81ea\u52d5\u5316\u53ef\u7c21\u5316\u5408\u898f\u6027\uff0c\u4f46\u9700\u8981\u5b89\u5168\u7684\u6574\u5408\uff0c\u4ee5\u9632\u6b62\u8cc7\u6599\u5916\u6d29\u548c\u6cd5\u898f\u61f2\u8655\u3002<\/p>\n<\/li>\n

          3. \n

            \u516c\u53f8\u7d50\u69cb\u8207\u6cbb\u7406\uff1a<\/strong> \u5efa\u7acb\u5408\u6cd5\u5408\u898f\u7684\u5be6\u9ad4\u3002\u5728\u660e\u78ba\u7684\u6cbb\u7406\u6846\u67b6\u5167\u5b9a\u7fa9\u4ee3\u7528\u5e63\u6301\u6709\u8005\u7684\u6b0a\u5229\u3001\u6295\u7968\u6a5f\u5236\u3001\u80a1\u5229\u653f\u7b56\u548c\u722d\u8b70\u89e3\u6c7a\u7a0b\u5e8f\u3002\u900f\u660e\u7684\u5831\u544a\u662f\u5fc5\u8981\u7684\u3002<\/p>\n<\/li>\n

          4. \n

            \u4ee3\u5e63\u5316\u5e73\u53f0\u9078\u64c7\uff1a<\/strong> \u9078\u64c7\u63d0\u4f9b\u5b89\u5168\u4ee3\u5e63\u767c\u884c\u3001\u7ba1\u7406\u3001\u5167\u5efa\u6cd5\u898f\u9075\u5faa\u529f\u80fd\u548c\u4e8c\u7d1a\u5e02\u5834\u652f\u63f4\u7684\u5e73\u53f0\u3002\u512a\u5148\u8003\u91cf\u53ef\u64f4\u5145\u6027\u3001\u53ef\u7a3d\u6838\u6027\uff0c\u4ee5\u53ca\u8207\u73fe\u6709\u91d1\u878d\u7cfb\u7d71\u7684\u6574\u5408\u3002<\/p>\n<\/li>\n<\/ol>\n

            STO \u555f\u52d5\u7a0b\u5e8f\uff1a\u4e00\u6b65\u4e00\u6b65\u7684\u8def\u7dda\u5716<\/h2>\n
              \n
            1. \n

              \u5b9a\u7fa9\u7d50\u69cb\uff1a<\/strong> \u78ba\u5b9a\u4ee3\u5e63\u985e\u578b (\u80a1\u7968\/\u50b5\u5238\/\u8cc7\u7522)\u3001\u4f9b\u61c9\u3001\u5206\u92b7\u6a21\u5f0f\u548c\u6295\u8cc7\u8005\u6b0a\u5229 (\u6295\u7968\u6b0a\u3001\u80a1\u5229)\u3002\u5efa\u7acb\u660e\u78ba\u7684\u6cd5\u5f8b\u6587\u4ef6\u3002<\/p>\n<\/li>\n

            2. \n

              \u78ba\u4fdd\u7b26\u5408\u6cd5\u898f\uff1a<\/strong> \u8058\u8acb\u6cd5\u5f8b\u9867\u554f\u5354\u52a9\u8655\u7406 SEC\u3001ESMA\u3001FINMA \u6216\u7576\u5730\u6cd5\u898f\u3002\u6e96\u5099\u62db\u80a1\u66f8\u3001\u79c1\u4eba\u914d\u552e\u5099\u5fd8\u9304\uff0c\u4e26\u78ba\u4fdd\u53d6\u5f97\u6388\u6b0a\u3002<\/p>\n<\/li>\n

            3. \n

              \u9078\u64c7\u6280\u8853\u5e73\u53f0\uff1a<\/strong> \u9078\u64c7\u4e00\u500b\u80fd\u5e73\u8861\u5b89\u5168\u6027\u3001\u5408\u898f\u529f\u80fd\u548c\u6210\u672c\u7684\u5340\u584a\u93c8 (Ethereum\u3001Tezos \u7b49) \u548c\u4ee3\u5e63\u6a19\u6e96 (\u4f8b\u5982 ERC-1400)\u3002<\/p>\n<\/li>\n

            4. \n

              \u4ee3\u5e63\u958b\u767c\uff1a<\/strong> \u958b\u767c\u4e26\u56b4\u683c\u5be9\u6838\u7ba1\u7406\u767c\u884c\u3001\u8f49\u8b93\u3001\u5206\u7d05\u548c\u5408\u898f\u6027\u7684\u667a\u6167\u578b\u5951\u7d04\u3002\u8207\u7d93\u9a57\u8c50\u5bcc\u7684\u5340\u584a\u93c8\u958b\u767c\u4eba\u54e1\u5408\u4f5c\u3002<\/p>\n<\/li>\n

            5. \n

              \u52df\u6b3e\u57f7\u884c\uff1a<\/strong> \u91dd\u5c0d\u8a8d\u8b49\u6295\u8cc7\u4eba\u57f7\u884c\u76ee\u6a19\u884c\u92b7\u3002\u6574\u5408 KYC\/AML \u9a57\u8b49\u548c\u5b89\u5168\u4ed8\u6b3e\u5165\u53e3\u7db2\u7ad9\u3002\u5168\u7a0b\u4fdd\u6301\u900f\u660e\u6e9d\u901a\u3002<\/p>\n<\/li>\n

            6. \n

              \u4ea4\u63db\u4e0a\u5e02\uff1a<\/strong> STO \u5f8c\uff0c\u5728\u53d7\u76e3\u7ba1\u7684\u4ea4\u6613\u6240\u639b\u724c\u4ee3\u5e63\uff0c\u4ee5\u5be6\u73fe\u4e8c\u6b21\u4ea4\u6613\u4e26\u63d0\u4f9b\u6295\u8cc7\u8005\u6d41\u52d5\u6027\uff0c\u78ba\u4fdd\u4ea4\u6613\u6240\u9075\u5b88\u76f8\u95dc\u8b49\u5238\u6cd5\u3002<\/p>\n<\/li>\n<\/ol>\n

              \u524d\u9032\u4e4b\u8def<\/h2>\n

              STO \u4ee3\u8868\u4e86\u5340\u584a\u93c8\u5275\u65b0\u8207\u65e2\u6709\u8b49\u5238\u76e3\u7ba1\u7684\u5f37\u5927\u878d\u5408\u3002\u5b83\u5011\u8b93\u767c\u884c\u8005\u80fd\u5920\u9032\u5165\u5168\u7403\u8cc7\u91d1\u6c60\uff0c\u540c\u6642\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u50b3\u7d71\u5e02\u5834\u6240\u671f\u671b\u7684\u5b89\u5168\u6027\u548c\u6b0a\u5229\uff0c\u800c\u5340\u584a\u93c8\u7684\u6548\u7387\u3001\u900f\u660e\u5ea6\u548c\u6d41\u52d5\u6027\u512a\u52e2\u5247\u589e\u5f37\u4e86\u9019\u4e00\u529f\u80fd\u3002\u96d6\u7136\u5728\u6cd5\u898f\u3001\u6280\u8853\u548c\u5e02\u5834\u51c6\u5165\u65b9\u9762\u7684\u6311\u6230\u4ecd\u7136\u5b58\u5728\uff0c\u4f46\u767c\u5c55\u8ecc\u8de1\u662f\u660e\u78ba\u7684\uff1a\u4ee3\u5e63\u5316\u6b63\u5728\u91cd\u5851\u91d1\u878d\u3002<\/p>\n

              \u9810\u671f\u7684\u6210\u9577\uff08\u5f9e\u6578\u5341\u5104\u7f8e\u5143\u5230\u6f5b\u5728\u7684\u6578\u842c\u5104\u7f8e\u5143\uff09\u5f37\u8abf\u4e86 STO \u5728\u6295\u8cc7\u6c11\u4e3b\u5316\u3001\u91cb\u653e\u8cc7\u7522\u50f9\u503c\u4ee5\u53ca\u5275\u9020\u66f4\u6709\u6548\u7387\u7684\u8cc7\u672c\u5e02\u5834\u65b9\u9762\u7684\u6f5b\u529b\u3002\u7136\u800c\uff0c\u6210\u529f\u8207\u5426\u53d6\u6c7a\u65bc\u7e1d\u5bc6\u7684\u898f\u5283\u3001\u5805\u5b9a\u4e0d\u79fb\u7684\u5408\u898f\u627f\u8afe\u4ee5\u53ca\u7b56\u7565\u6027\u7684\u57f7\u884c\u3002\u5c0d\u65bc\u6295\u8cc7\u4eba\u548c\u767c\u884c\u4eba\u800c\u8a00\uff0c\u77ad\u89e3 STO \u4e0d\u518d\u662f\u53ef\u6709\u53ef\u65e0\u7684\u4e8b\uff0c\u800c\u662f\u5f15\u9818\u672a\u4f86\u91d1\u878d\u7684\u5fc5\u8981\u689d\u4ef6\u3002<\/p>","protected":false},"excerpt":{"rendered":"

              Security Token Offerings (STOs): The Future of Compliant Blockchain Fundraising Security Token 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, […]<\/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\/zh\/wp-json\/wp\/v2\/posts\/3448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=3448"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/3447"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=3448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=3448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=3448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}