{"id":2762,"date":"2026-09-21T17:27:15","date_gmt":"2026-09-21T09:27:15","guid":{"rendered":"https:\/\/jengacorp.com\/?p=2762"},"modified":"2026-09-21T17:27:20","modified_gmt":"2026-09-21T09:27:20","slug":"blog-web3-token-santi-jiegou-devco-jijinhui-faxing-zh","status":"publish","type":"post","link":"https:\/\/jengacorp.com\/zh-hans\/2026\/09\/21\/blog-web3-token-santi-jiegou-devco-jijinhui-faxing-zh\/","title":{"rendered":"Web3 Token\u9879\u76ee\u4e09\u5b9e\u4f53\u67b6\u6784\uff1aDev Co\u3001\u57fa\u91d1\u4f1a\u4e0eToken\u53d1\u884c\u4e3b\u4f53\u5982\u4f55\u5206\u5de5"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u5927\u591a\u6570Token\u9879\u76ee\u4ee5\u5355\u4e00\u5b9e\u4f53\u8d77\u6b65\u3002\u771f\u6b63\u8dd1\u901a\u7684\u9879\u76ee\uff0c\u5230TGE\uff08Token Generation Event\uff0c\u4ee3\u5e01\u751f\u6210\u4e8b\u4ef6\uff09\u524d\u51e0\u4e4e\u90fd\u5b8c\u6210\u4e86\u67b6\u6784\u62c6\u5206\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u4e0d\u590d\u6742\uff1a\u628a\u6280\u672f\u5f00\u53d1\u3001Token\u53d1\u884c\u4e0e\u534f\u8bae\u6cbb\u7406\u5168\u90e8\u538b\u5728\u540c\u4e00\u4e2a\u5b9e\u4f53\u91cc\uff0c\u610f\u5473\u7740\u76d1\u7ba1\u98ce\u9669\u3001\u6295\u8d44\u4eba\u8bc9\u8bbc\u98ce\u9669\u548c\u8fd0\u8425\u8d23\u4efb\u540c\u65f6\u96c6\u4e2d\u5728\u4e00\u4e2a\u4e3b\u4f53\u4e0a\u3002\u8fd9\u79cd\u96c6\u4e2d\u4e0d\u4ec5\u6ca1\u6709\u5fc5\u8981\uff0c\u5927\u591a\u6570\u60c5\u51b5\u4e0b\u4e5f\u5b8c\u5168\u53ef\u4ee5\u907f\u514d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u62c6\u89e3\u76ee\u524dWeb3\u9879\u76ee\u6700\u4e3b\u6d41\u7684\u4e09\u5b9e\u4f53\u67b6\u6784\uff1a\u5f00\u53d1\u516c\u53f8\uff08Dev Co\uff09\u3001\u57fa\u91d1\u4f1a\uff08Foundation\uff09\u4e0eToken\u53d1\u884c\u4e3b\u4f53\uff08Token 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class=\"wp-block-paragraph\">\u4e00\u65e6Token\u8fdb\u5165\u56fe\u666f\uff0c\u4e09\u4e2a\u7ef4\u5ea6\u7684\u98ce\u9669\u540c\u65f6\u53d1\u751f\u53d8\u5316\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u76d1\u7ba1\u655e\u53e3\u53d8\u6210\u4e86\u8de8\u6cd5\u57df\u7684<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4efb\u4f55\u6301\u6709\u52a0\u5bc6\u94b1\u5305\u7684\u4eba\u90fd\u53ef\u4ee5\u63a5\u6536\u3001\u4ea4\u6613\u6216\u6301\u6709Token\uff0c\u8fd9\u610f\u5473\u7740\u9879\u76ee\u5728\u4e3b\u89c2\u4e0a\u6ca1\u6709\u8de8\u5883\u7ecf\u8425\u610f\u56fe\u7684\u60c5\u51b5\u4e0b\uff0c\u5df2\u7ecf\u540c\u65f6\u66b4\u9732\u5728\u7f8e\u56fd\u3001\u6b27\u76df\u3001\u65b0\u52a0\u5761\u3001\u9999\u6e2f\u4ee5\u53ca\u5176\u4ed6\u4e3b\u8981\u5e02\u573a\u7684\u8bc1\u5238\u4e0e\u91d1\u878d\u670d\u52a1\u6cd5\u5f8b\u4e4b\u4e0b\u3002\u5355\u4e00\u5b9e\u4f53\u540c\u65f6\u627f\u62c5\u5f00\u53d1\u804c\u80fd\u4e0eToken\u53d1\u884c\u804c\u80fd\uff0c\u7b49\u4e8e\u5728\u6240\u6709\u8fd9\u4e9b\u6cd5\u57df\u91cc\u540c\u65f6\u66b4\u9732\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u8d23\u4efb\u89e6\u53d1\u70b9\u6210\u500d\u589e\u52a0<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Token\u6301\u6709\u4eba\u53ef\u80fd\u4ee5\u53d1\u884c\u65b9\u8eab\u4efd\u5411\u9879\u76ee\u4e3b\u5f20\u6743\u5229\uff1b\u534f\u8bae\u516c\u53f8\u7684\u80a1\u6743\u6295\u8d44\u65b9\u53ef\u80fd\u5c31Token\u7ecf\u6d4e\u8bbe\u8ba1\u63d0\u51fa\u4e3b\u5f20\uff1b\u5982\u679c\u80a1\u6743\u6fc0\u52b1\u4e0eToken\u6fc0\u52b1\u5728\u65e9\u671f\u6ca1\u6709\u6e05\u6670\u533a\u5206\uff0c\u5f00\u53d1\u56e2\u961f\u6210\u5458\u4e5f\u53ef\u80fd\u5728IP\u5f52\u5c5e\u4e0a\u4ea7\u751f\u4e89\u8bae\u3002\u5355\u4e00\u5b9e\u4f53\u7ed3\u6784\u8ba9\u6240\u6709\u8fd9\u4e9b\u4e3b\u5f20\u540c\u65f6\u843d\u5728\u540c\u4e00\u4e2a\u5730\u65b9\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u53bb\u4e2d\u5fc3\u5316\u7684\u8868\u8ff0\u9700\u8981\u7ed3\u6784\u652f\u6491<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7f8e\u56fd\u3001\u82f1\u56fd\u548c\u6b27\u76df\u7684\u76d1\u7ba1\u673a\u6784\u8d8a\u6765\u8d8a\u4ed4\u7ec6\u5730\u5ba1\u67e5\u4e00\u4e2a\u9879\u76ee\u5ba3\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u662f\u5426\u771f\u5b9e\uff0c\u8fd8\u662f\u540d\u4e49\u4e0a\u7684\u3002\u4e00\u5bb6\u516c\u53f8\u540c\u65f6\u53d1\u884c\u5e76\u63a7\u5236Token\uff0c\u5728\u4efb\u4f55\u6807\u51c6\u4e0b\u90fd\u662f\u4e2d\u5fc3\u5316\u53d1\u884c\u4eba\u3002\u4e00\u4e2a\u6709\u660e\u786e\u6cbb\u7406\u6388\u6743\u3001\u4e0e\u5f00\u53d1\u516c\u53f8\u6cd5\u5f8b\u72ec\u7acb\u7684\u57fa\u91d1\u4f1a\uff0c\u662f\u672c\u8d28\u4e0a\u4e0d\u540c\u7684\u76d1\u7ba1\u59ff\u6001\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0a\u4e09\u4e2a\u538b\u529b\u5171\u540c\u9a71\u52a8\u4e86\u591a\u5b9e\u4f53\u67b6\u6784\u7684\u51fa\u73b0\u3002\u8fd9\u4e2a\u67b6\u6784\u4e0d\u662f\u5f62\u5f0f\u4e0a\u7684\u5408\u89c4\u6446\u8bbe\uff0c\u662f\u529f\u80fd\u6027\u7684\u98ce\u9669\u9694\u79bb\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#82c044\" class=\"has-inline-color\">\u4e8c\u3001\u4e09\u4e2a\u5b9e\u4f53\u5404\u81ea\u627f\u62c5\u4ec0\u4e48<\/mark><\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u5f00\u53d1\u516c\u53f8\uff08Dev Co\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dev Co\u662f\u9879\u76ee\u7684\u5546\u4e1a\u4e3b\u4f53\uff0c\u6301\u6709IP\u3001\u96c7\u7528\u6280\u672f\u56e2\u961f\u3001\u7ba1\u7406\u80a1\u6743\u878d\u8d44\u3001\u7b7e\u7f72\u5546\u4e1a\u5408\u540c\u3002\u98ce\u9669\u8d44\u672c\uff08VC\uff09\u901a\u8fc7\u80a1\u6743\u8fdb\u5165Dev Co\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u57fa\u91d1\u4f1a\u7684\u804c\u8d23\u662f\u534f\u8bae\u5c42\u9762\u7684\u6cbb\u7406\uff0c\u4e0d\u662f\u5546\u4e1a\u8fd0\u8425\u3002\u5b83\u6301\u6709Token\u50a8\u5907\u3001\u7ba1\u7406\u534f\u8bae\u56fd\u5e93\u3001\u5411\u7b2c\u4e09\u65b9\u5f00\u53d1\u8005\u53d1\u653e\u751f\u6001\u8865\u8d34\uff0c\u5e76\u5728\u7f51\u7edc\u7ea7\u522b\u7684\u91cd\u5927\u51b3\u7b56\u4e2d\u627f\u62c5\u6cbb\u7406\u804c\u80fd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u57fa\u91d1\u4f1a\u4e0eDev Co\u5728\u7ed3\u6784\u4e0a\u76f8\u4e92\u72ec\u7acb\uff0c\u4e0d\u662f\u5b50\u516c\u53f8\u5173\u7cfb\u3002\u5b83\u4e0d\u96c7\u7528\u6838\u5fc3\u5f00\u53d1\u56e2\u961f\uff0c\u4e5f\u4e0d\u5bf9Dev Co\u7684\u80a1\u4e1c\u8d1f\u6709\u4e49\u52a1\u3002\u8fd9\u79cd\u72ec\u7acb\u6027\u662f\u57fa\u91d1\u4f1a\u80fd\u591f\u652f\u6491\u53bb\u4e2d\u5fc3\u5316\u4e3b\u5f20\u7684\u524d\u63d0\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u5f00\u66fc\u57fa\u91d1\u4f1a\u7684\u5173\u952e\u6cd5\u5f8b\u7ec6\u8282\uff1a\u300a\u57fa\u91d1\u4f1a\u516c\u53f8\u6cd5\u300b\u8981\u6c42\u65e0\u6210\u5458\u57fa\u91d1\u4f1a\u5fc5\u987b\u59d4\u4efb\u76d1\u7763\u4eba\uff08Supervisor\uff09\u3002\u76d1\u7763\u4eba\u4e0d\u53c2\u4e0e\u65e5\u5e38\u8fd0\u8425\uff0c\u4f46\u6301\u6709\u6cd5\u5b9a\u76d1\u7763\u6743\u9650\uff0c\u5728\u7279\u5b9a\u60c5\u5f62\u4e0b\u53ef\u4efb\u547d\u6216\u64a4\u6362\u8463\u4e8b\u3002\u8fd9\u4e0d\u662f\u540d\u4e49\u804c\u4f4d\uff0c\u662f\u5177\u6709\u5b9e\u8d28\u6cd5\u5f8b\u6743\u529b\u7684\u89d2\u8272\u3002\u521b\u59cb\u4eba\u5728\u540c\u610f\u8fd9\u4e00\u67b6\u6784\u524d\uff0c\u9700\u8981\u771f\u6b63\u7406\u89e3\u76d1\u7763\u4eba\u7684\u6743\u9650\u8fb9\u754c\uff0c\u800c\u4e0d\u53ea\u662f\u5728\u6587\u4ef6\u4e0a\u7b7e\u5b57\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Token\u53d1\u884c\u4e3b\u4f53\uff08Token Issuer\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Token\u53d1\u884c\u4e3b\u4f53\u662f\u5728\u6cd5\u5f8b\u610f\u4e49\u4e0a\u5c06Token\u53d1\u884c\u81f3\u5e02\u573a\u7684\u5b9e\u4f53\u3002\u5728\u7ed3\u6784\u5b8c\u6574\u7684\u9879\u76ee\u4e2d\uff0cToken Issuer\u901a\u5e38\u662f\u72ec\u7acb\u4e8eDev Co\u548c\u57fa\u91d1\u4f1a\u4e4b\u5916\u7684\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Token Issuer\u7684\u804c\u8d23\u8303\u56f4\u5f88\u7a84\uff1a\u7ba1\u7406Token\u7684\u6280\u672f\u53d1\u884c\u673a\u5236\u3001\u5bf9\u63a5\u4ea4\u6613\u6240\u548c\u505a\u5e02\u5546\u3001\u627f\u62c5Token\u9500\u552e\u4e0e\u5206\u53d1\u7684\u76f4\u63a5\u76d1\u7ba1\u655e\u53e3\u3002\u5c06\u8fd9\u4e00\u804c\u80fd\u9694\u79bb\u5728\u72ec\u7acb\u5b9e\u4f53\u4e2d\uff0c\u53ef\u4ee5\u5c06Token\u53d1\u884c\u76f8\u5173\u8bc9\u8bbc\u548c\u76d1\u7ba1\u6311\u6218\u7684\u5f71\u54cd\u8303\u56f4\u9650\u5236\u5728\u8fd9\u4e00\u4e3b\u4f53\u5185\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Token Issuer\u7684\u53f8\u6cd5\u7ba1\u8f96\u53d6\u51b3\u4e8eToken\u9884\u671f\u5728\u54ea\u91cc\u4ea4\u6613\u3001\u9879\u76ee\u5e0c\u671b\u4e3b\u52a8\u63a5\u89e6\u54ea\u4e2a\u76d1\u7ba1\u6846\u67b6\u3002\u5f00\u66fc\u7fa4\u5c9b\uff08\u9762\u5411\u7f8e\u56fd\u6295\u8d44\u4eba\u3001\u5bfb\u6c42\u8bc1\u5238\u6cd5\u8ddd\u79bb\u7684\u9879\u76ee\uff09\u3001\u65b0\u52a0\u5761\uff08\u4e3b\u52a8\u4e0eMAS\u63a5\u89e6\u7684\u9879\u76ee\uff09\u548c\u82f1\u5c5e\u7ef4\u5c14\u4eac\u7fa4\u5c9b\uff08\u7ed3\u6784\u8f83\u7b80\u5355\u3001\u76d1\u7ba1\u63a5\u89e6\u9700\u6c42\u8f83\u4f4e\u7684\u9879\u76ee\uff09\u662f\u5e38\u89c1\u9009\u62e9\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>\u5b9e\u4f53<\/strong><\/th><th><strong>\u6838\u5fc3\u804c\u80fd<\/strong><\/th><th><strong>\u5e38\u89c1\u53f8\u6cd5\u7ba1\u8f96<\/strong><\/th><th><strong>\u4e3b\u8981\u5bf9\u63a5\u65b9<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Dev Co<\/td><td>IP\u6301\u6709\u3001\u56e2\u961f\u96c7\u7528\u3001\u80a1\u6743\u878d\u8d44<\/td><td>\u65b0\u52a0\u5761 Pte. Ltd. \/ \u7279\u62c9\u534e C-Corp<\/td><td>VC\u6295\u8d44\u65b9\u3001\u5458\u5de5\u3001\u670d\u52a1\u5546<\/td><\/tr><tr><td>\u57fa\u91d1\u4f1a<\/td><td>Token\u50a8\u5907\u3001\u56fd\u5e93\u6cbb\u7406\u3001\u751f\u6001\u8865\u8d34<\/td><td>\u5f00\u66fc\u7fa4\u5c9b\u57fa\u91d1\u4f1a\u516c\u53f8<\/td><td>Token\u6301\u6709\u4eba\u3001\u751f\u6001\u5f00\u53d1\u8005\u3001DAO<\/td><\/tr><tr><td>Token Issuer<\/td><td>Token\u53d1\u884c\u3001\u4ea4\u6613\u6240\u5bf9\u63a5\u3001\u76d1\u7ba1\u63a5\u53e3<\/td><td>\u5f00\u66fc SPV \/ \u65b0\u52a0\u5761 \/ BVI<\/td><td>\u4ea4\u6613\u6240\u3001\u505a\u5e02\u5546\u3001\u76d1\u7ba1\u673a\u6784<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#82c044\" class=\"has-inline-color\">\u4e09\u3001\u4e09\u79cd\u67b6\u6784\u6a21\u578b\uff1a\u6309\u9636\u6bb5\u9009\u62e9<\/mark><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u662f\u6bcf\u4e2a\u9879\u76ee\u4ece\u7b2c\u4e00\u5929\u5c31\u9700\u8981\u4e09\u4e2a\u5b9e\u4f53\u3002\u5408\u9002\u7684\u67b6\u6784\u53d6\u51b3\u4e8e\u9879\u76ee\u5f53\u524d\u6240\u5904\u9636\u6bb5\u3001Token\u53d1\u884c\u8ba1\u5212\u7684\u65f6\u95f4\u7ebf\u3001\u76d1\u7ba1\u63a5\u89e6\u7b56\u7565\u548c\u6295\u8d44\u65b9\u6784\u6210\u3002\u4e09\u79cd\u5bbd\u6cdb\u7684\u6a21\u578b\u8986\u76d6\u5927\u591a\u6570\u60c5\u51b5\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6a21\u578bA\uff1a\u5355\u4e00\u5b9e\u4f53\uff08Token\u53d1\u884c\u524d\u671f\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u9879\u76ee\u5c1a\u672a\u53d1\u884cToken\uff0c\u8fd1\u671f\u4e5f\u6ca1\u6709\u53d1\u884c\u8ba1\u5212\uff0c\u5b8c\u5168\u4f5c\u4e3a\u6280\u672f\u5f00\u53d1\u516c\u53f8\u8fd0\u8425\uff0c\u5355\u4e00Dev Co\u662f\u5408\u9002\u7684\u8d77\u70b9\u3002\u6240\u6709\u8d44\u672c\u5747\u4e3a\u80a1\u6743\uff0cIP\u96c6\u4e2d\u5728\u4e00\u5904\uff0c\u76d1\u7ba1\u655e\u53e3\u662f\u5e38\u89c4\u5546\u4e1a\u655e\u53e3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u662f\u5927\u591a\u6570\u9879\u76ee\u7684\u51fa\u53d1\u70b9\uff0c\u4f46\u5b83\u662f\u4e00\u4e2a\u8fc7\u6e21\u72b6\u6001\u3002\u5728\u6761\u4ef6\u4e0d\u6210\u719f\u65f6\u5f3a\u884c\u642d\u5efa\u4e09\u5b9e\u4f53\u67b6\u6784\u53ea\u4f1a\u589e\u52a0\u4e0d\u5fc5\u8981\u7684\u5408\u89c4\u6210\u672c\uff1b\u800c\u5728Token\u53d1\u884c\u4ea7\u751f\u76d1\u7ba1\u655e\u53e3\u4e4b\u540e\u624d\u88ab\u52a8\u8865\u5efa\uff0c\u4ee3\u4ef7\u66f4\u9ad8\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6a21\u578bB\uff1aDev Co + \u57fa\u91d1\u4f1a\uff08\u53d1\u884c\u524d\u671f\uff0c\u6cbb\u7406\u5148\u884c\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u9879\u76ee\u5f00\u59cb\u63a8\u8fdbToken\u53d1\u884c\u2014\u2014\u8d77\u8349\u767d\u76ae\u4e66\u3001\u786e\u5b9a\u4ee3\u5e01\u7ecf\u6d4e\u6a21\u578b\u3001\u4e0e\u751f\u6001\u4f19\u4f34\u63a5\u89e6\u2014\u2014\u5c31\u662f\u5efa\u7acb\u57fa\u91d1\u4f1a\u7684\u65f6\u673a\u3002\u57fa\u91d1\u4f1a\u53ef\u4ee5\u5728Token\u5b58\u5728\u4e4b\u524d\u5f00\u59cb\u7ba1\u7406\u56fd\u5e93\u3001\u53d1\u653e\u65e9\u671f\u751f\u6001\u8865\u8d34\u3001\u5efa\u7acb\u6cbb\u7406\u6846\u67b6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e00\u6a21\u578b\u9002\u5408\u5e0c\u671b\u4ece\u65e9\u671f\u5efa\u7acb\u771f\u5b9e\u53bb\u4e2d\u5fc3\u5316\u4fe1\u7528\u7684\u9879\u76ee\u3002\u76d1\u7ba1\u673a\u6784\u548c\u673a\u6784\u6295\u8d44\u65b9\u5728\u8bc4\u4f30\u53bb\u4e2d\u5fc3\u5316\u4e3b\u5f20\u65f6\uff0c\u8d8a\u6765\u8d8a\u5173\u6ce8\u57fa\u91d1\u4f1a\u7684\u6210\u7acb\u65f6\u95f4\u7ebf\uff1aTGE\u524d\u4e00\u5468\u8bbe\u7acb\u7684\u57fa\u91d1\u4f1a\uff0c\u4e0e\u72ec\u7acb\u8fd0\u8425\u4e8612\u4e2a\u6708\u4ee5\u4e0a\u7684\u57fa\u91d1\u4f1a\uff0c\u5728\u76d1\u7ba1\u548c\u878d\u8d44\u573a\u666f\u4e0b\u6709\u5b9e\u8d28\u6027\u7684\u4fe1\u7528\u5dee\u5f02\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6a21\u578bC\uff1a\u5b8c\u6574\u4e09\u5b9e\u4f53\uff08TGE\u524d\u6216\u5df2\u53d1\u884c\u540e\uff09<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dev Co + \u57fa\u91d1\u4f1a + Token Issuer\u7684\u5b8c\u6574\u67b6\u6784\uff0c\u9002\u5408\u6b63\u5728\u7b79\u5907TGE\u3001\u8ba1\u5212\u5728\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4e0a\u7ebf\uff0c\u6216\u9700\u8981\u4e3b\u52a8\u7ba1\u7406\u8de8\u6cd5\u57df\u76d1\u7ba1\u655e\u53e3\u7684\u9879\u76ee\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5927\u591a\u6570\u8fbe\u5230\u4e00\u5b9a\u5e02\u503c\u89c4\u6a21\u7684\u9879\u76ee\u90fd\u5728\u8fd9\u4e00\u67b6\u6784\u4e0b\u8fd0\u8425\u3002Token Issuer SPV\u4e13\u95e8\u4e3a\u53d1\u884c\u673a\u5236\u548c\u4ea4\u6613\u6240\u5bf9\u63a5\u800c\u8bbe\u7acb\uff0c\u57fa\u91d1\u4f1a\u7ee7\u7eed\u6301\u6709\u56fd\u5e93\u5e76\u6cbb\u7406\u534f\u8bae\uff0cDev Co\u7ee7\u7eed\u5f00\u53d1\u4ea7\u54c1\u5e76\u6301\u6709IP\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fde\u63a5\u4e09\u4e2a\u5b9e\u4f53\u7684\u516c\u53f8\u95f4\u534f\u8bae\u2014\u2014IP\u8bb8\u53ef\u534f\u8bae\u3001\u670d\u52a1\u534f\u8bae\u3001Token\u5206\u914d\u6846\u67b6\u2014\u2014\u662f\u67b6\u6784\u80fd\u5426\u7ecf\u53d7\u76d1\u7ba1\u548c\u7a0e\u52a1\u5ba1\u67e5\u7684\u5173\u952e\u3002\u8fd9\u4e9b\u534f\u8bae\u9700\u8981\u6309\u5546\u4e1a\u60ef\u5e38\u6761\u4ef6\u72ec\u7acb\u7b7e\u8ba2\uff0c\u4e0d\u80fd\u9760\u53e3\u5934\u7ea6\u5b9a\u66ff\u4ee3\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#82c044\" class=\"has-inline-color\">\u56db\u3001\u65b0\u52a0\u5761\u4e0e\u9999\u6e2f\uff1a\u4e24\u6761\u76d1\u7ba1\u63a5\u5165\u8def\u5f84<\/mark><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bf9\u4e8e\u5728\u65b0\u52a0\u5761\u6216\u9999\u6e2f\u6ce8\u518c\u5b9e\u4f53\u3001\u6216\u8fd0\u8425\u56e2\u961f\u4f4d\u4e8e\u8fd9\u4e24\u4e2a\u53f8\u6cd5\u7ba1\u8f96\u533a\u7684\u9879\u76ee\uff0c\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u4e0e\u9999\u6e2f\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08SFC\uff09\u7684\u76d1\u7ba1\u6846\u67b6\u76f4\u63a5\u76f8\u5173\u3002\u4e24\u5730\u5728\u6570\u5b57\u8d44\u4ea7\u76d1\u7ba1\u4e0a\u7684\u8def\u5f84\u4e0d\u540c\uff0c\u9002\u5408\u4e0d\u540c\u67b6\u6784\u8bc9\u6c42\u7684\u9879\u76ee\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u65b0\u52a0\u5761\uff1aMAS\u4e0e\u300a\u652f\u4ed8\u670d\u52a1\u6cd5\u300b\u4e0b\u7684DPT\u724c\u7167<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6839\u636e\u300a\u652f\u4ed8\u670d\u52a1\u6cd5\u300b\uff08Payment Services 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class=\"wp-block-paragraph\">\u5b9e\u52a1\u63d0\u793a\uff1aMAS\u81ea2023\u5e74\u4ee5\u6765\u5bf9\u65e0\u724cDPT\u6d3b\u52a8\u7684\u6267\u6cd5\u529b\u5ea6\u6301\u7eed\u52a0\u5f3a\u3002\u65b0\u52a0\u5761\u6ce8\u518c\u5b9e\u4f53\u6216\u65b0\u52a0\u5761\u56e2\u961f\u6210\u5458\u7ba1\u7406Token\u76f8\u5173\u4e1a\u52a1\u7684\u9879\u76ee\uff0c\u5e94\u5728Token\u53d1\u884c\u524d\u5b8c\u6210\u76d1\u7ba1\u5b9a\u6027\u5206\u6790\uff0c\u800c\u4e0d\u662f\u7b49\u5230\u4e8b\u540e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MAS\u5bf9DPT\u670d\u52a1\u5546\u8bbe\u6709\u4e24\u4e2a\u724c\u7167\u7ea7\u522b\uff1a\u6807\u51c6\u652f\u4ed8\u673a\u6784\uff08Standard Payment Institution\uff0cSPI\uff0c\u9002\u7528\u4e8e\u8f83\u4f4e\u4ea4\u6613\u91cf\uff09\u548c\u4e3b\u8981\u652f\u4ed8\u673a\u6784\uff08Major Payment Institution\uff0cMPI\uff0c\u9002\u7528\u4e8e\u8f83\u9ad8\u4ea4\u6613\u91cf\uff0c\u8d44\u672c\u4e0e\u5408\u89c4\u8981\u6c42\u66f4\u9ad8\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u9999\u6e2f\uff1aSFC\u4e0e\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\uff08VASP\uff09\u724c\u7167<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9999\u6e2f\u8bc1\u76d1\u4f1a\uff08SFC\uff09\u4e8e2023\u5e74\u6b63\u5f0f\u63a8\u51fa\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\uff08VASP\uff09\u724c\u7167\u5236\u5ea6\uff0c\u5bf9\u9762\u5411\u9999\u6e2f\u6295\u8d44\u4eba\u8fd0\u8425\u7684\u865a\u62df\u8d44\u4ea7\u4ea4\u6613\u5e73\u53f0\u5b9e\u65bd\u5f3a\u5236\u6301\u724c\u8981\u6c42\u3002\u8fd9\u4e00\u5236\u5ea6\u4e0e\u6b64\u524d\u4ec5\u9488\u5bf9\u673a\u6784\u6295\u8d44\u4eba\u7684\u81ea\u613f\u76d1\u7ba1\u6846\u67b6\u4e0d\u540c\uff0c\u662f\u5177\u6709\u6cd5\u5f8b\u7ea6\u675f\u529b\u7684\u5f3a\u5236\u8981\u6c42\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u5728\u5b9e\u8df5\u4e2d\uff0cToken\u9879\u76ee\u7684\u67b6\u6784\u8bbe\u8ba1\u7531\u4e09\u4e2a\u5224\u65ad\u9a71\u52a8\u3002\u5728\u8fd9\u4e09\u4e2a\u95ee\u9898\u4e0a\u660e\u786e\u7acb\u573a\uff0c\u53ef\u4ee5\u6d88\u89e3\u5927\u591a\u6570\u7684\u4e0b\u6e38\u590d\u6742\u5ea6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u5224\u65ad\u4e00\uff1a\u4e3b\u8981\u7684\u76d1\u7ba1\u63a5\u89e6\u5728\u54ea\u91cc<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u9879\u76ee\u7684\u4e3b\u8981\u5e02\u573a\u548c\u6295\u8d44\u65b9\u5728\u7f8e\u56fd\uff0c\u67b6\u6784\u4ece\u4e00\u5f00\u59cb\u5c31\u9700\u8981\u6b63\u89c6\u7f8e\u56fd\u8bc1\u5238\u6cd5\u7684\u95ee\u9898\u3002\u8fd9\u901a\u5e38\u610f\u5473\u7740\u9009\u62e9\u5f00\u66fc\u57fa\u91d1\u4f1a\uff08\u4ee5\u4e0e\u7f8e\u56fd\u8bc1\u5238\u6cd5\u7ba1\u8f96\u4fdd\u6301\u8ddd\u79bb\uff09\uff0c\u5e76\u8ba4\u771f\u8bc4\u4f30Token\u5728Howey\u6d4b\u8bd5\u4e0b\u662f\u5426\u6784\u6210\u8bc1\u5238\u3002<\/p>\n\n\n\n<p 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