{"id":19808,"date":"2016-01-06T11:21:03","date_gmt":"2016-01-06T02:21:03","guid":{"rendered":"http:\/\/www.singapore-startup.com\/?p=19808"},"modified":"2025-12-31T10:52:05","modified_gmt":"2025-12-31T01:52:05","slug":"e%e3%83%a9%e3%83%bc%e3%83%8b%e3%83%b3%e3%82%b0%e3%81%a7%e3%81%a7%e3%81%8d%e3%82%8b%e3%82%b3%e3%83%88-%e3%80%90worddive-suomi%e3%80%91%e3%81%a7%e6%a4%9c%e7%b4%a2%e3%81%97%e3%81%9f%e4%ba%ba%e3%81%af","status":"publish","type":"post","link":"https:\/\/www.singapore-startup.com\/?p=19808","title":{"rendered":"BlackRock\u306e\u30c8\u30fc\u30af\u30f3\u5316MMF\u300cBUIDL\u300d\u5b8c\u5168\u30ac\u30a4\u30c9"},"content":{"rendered":"<div class=\"aafe36d7afa19a8010513acdd90193c0\" data-index=\"1\" style=\"float: none; margin:0px 0 0px 0; text-align:center;\">\n<center>Sponsored Link<\/center>\r\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- Article upper_singapore-startup.com -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8303070969424899\"\r\n     data-ad-slot=\"5656608650\"\r\n     data-ad-format=\"rectangle\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<h1>BlackRock\u306e\u30c8\u30fc\u30af\u30f3\u5316MMF\u300cBUIDL\u300d\u5b8c\u5168\u30ac\u30a4\u30c9<\/h1>\n<h2>\u3044\u304d\u306a\u308a\u7d50\u8ad6\uff08\u521d\u5fc3\u8005\u5411\u3051\uff09<\/h2>\n<p><strong>\u3000BUIDL\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u304c\u904b\u7528\u3059\u308b\u300c\u7c73\u30c9\u30eb\u5efa\u3066\u306e\u77ed\u671f\u30fb\u5b89\u5168\u8cc7\u7523\uff08\u73fe\u91d1\uff0f\u7c73\u56fd\u50b5T-bill\uff0f\u30ec\u30dd\u7b49\uff09\u300d\u306b\u6295\u8cc7\u3059\u308b\u201c\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\uff08MMF\uff09\u201d\u306e\u6301\u5206\u3092\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u306e\u30c8\u30fc\u30af\u30f3\u3068\u3057\u3066\u767a\u884c\u3057\u305f\u3082\u306e<\/strong>\u3067\u3059\u30021\u30c8\u30fc\u30af\u30f3=\u6982\u306d1\u7c73\u30c9\u30eb\u306e\u5b89\u5b9a\u5024\u3092\u76ee\u6307\u3057\u3001\u5229\u56de\u308a\uff08\u5206\u914d\uff09\u306f\u65e5\u3005\u767a\u751f\u3057\u3001\u4e00\u5b9a\u5468\u671f\u3067\u30a6\u30a9\u30ec\u30c3\u30c8\u3078\u4ed8\u4e0e\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u3000\u305f\u3060\u3057<strong>\u516c\u958b\u5e02\u5834\u306e\u6697\u53f7\u8cc7\u7523\u307f\u305f\u3044\u306b\u8ab0\u3067\u3082\u8cb7\u3048\u308b\u5546\u54c1\u3067\u306f\u306a\u304f\u3001\u7c73\u56fd\u6cd5\u4e0a\u306e\u79c1\u52df\u67a0\uff08Rule 506(c)\u30fb3(c)(7)\uff09\u3067\u300c\u9069\u683c\u6295\u8cc7\u5bb6\u300d\u5411\u3051\u3001\u6700\u4f4e\u6295\u8cc7\u984d\u306f\u516c\u8868\u8cc7\u6599\u30675\u767e\u4e07\u30c9\u30eb<\/strong>\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u7d50\u8ad6\u3068\u3057\u3066\u3001<strong>\u65e5\u672c\u306e\u4e00\u822c\u500b\u4eba\u304c\u201c\u65e5\u672c\u304b\u3089\u5c11\u984d\u3067\u8cb7\u3046\u201d\u306e\u306f\u539f\u5247\u307b\u307c\u4e0d\u53ef\u80fd<\/strong>\u3067\u3001\u8cb7\u3048\u308b\u306e\u306f\uff08\u4f8b\u5916\u3092\u9664\u304d\uff09\u5927\u53e3\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30fb\u5bcc\u88d5\u5c64\u306b\u9650\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>1. BUIDL\u306f\u4f55\u306e\u300c\u30c8\u30fc\u30af\u30f3\u300d\uff1f\uff08\u4ed5\u7d44\u307f\u3092\u30bc\u30ed\u304b\u3089\uff09<\/h2>\n<h3>1-1. \u307e\u305a\u4e2d\u8eab\uff1a\u4f55\u306b\u6295\u8cc7\u3057\u3066\u5229\u56de\u308a\u3092\u4f5c\u308b\uff1f<\/h3>\n<p>\u3000\u516c\u5f0f\u767a\u8868\u3067\u306f\u3001\u30d5\u30a1\u30f3\u30c9\u8cc7\u7523\u306f<strong>\u73fe\u91d1\u3001\u7c73\u56fd\u50b5\uff08\u4e3b\u306b\u77ed\u671f\u56fd\u50b5\uff09\u3001\u30ec\u30dd\u53d6\u5f15<\/strong>\u3067\u69cb\u6210\u3055\u308c\u3001\u3053\u3053\u304b\u3089\u7c73\u30c9\u30eb\u77ed\u671f\u91d1\u5229\u306b\u8fd1\u3044\u5229\u56de\u308a\u3092\u72d9\u3044\u307e\u3059\u3002\u307e\u305f\u3001<strong>\u30ab\u30b9\u30c8\u30c7\u30a3\/\u7ba1\u7406\u306fBNY Mellon\u3001\u30c8\u30fc\u30af\u30f3\u5316\u30fb\u540d\u7fa9\u7ba1\u7406\u306fSecuritize<\/strong>\u304c\u62c5\u3046\u4f53\u5236\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>1-2. \u6b21\u306b\u5916\u5074\uff1a\u30c8\u30fc\u30af\u30f3\u306f\u3069\u3046\u52d5\u304d\u3001\u3069\u3046\u5897\u3048\u308b\uff1f<\/h3>\n<ul>\n<li>\n<p><strong>\u4fa1\u683c\u306e\u72d9\u3044<\/strong>\uff1a1\u30c8\u30fc\u30af\u30f3=1\u7c73\u30c9\u30eb\u4ed8\u8fd1\u306e\u201c\u5b89\u5b9a\u5024\u201d\u3092\u76ee\u6307\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5229\u56de\u308a\u306e\u4ed8\u304d\u65b9<\/strong>\uff1a\u65e5\u3005\u306e\u5229\u606f\u304c\u7a4d\u307f\u4e0a\u304c\u308a\u3001<strong>\u6708\u6b21\u3067\u300c\u65b0\u3057\u3044\u30c8\u30fc\u30af\u30f3\u300d\u3068\u3057\u3066\u30a6\u30a9\u30ec\u30c3\u30c8\u3078\u4ed8\u4e0e<\/strong>\u3055\u308c\u308b\u3001\u3068\u8aac\u660e\u3055\u308c\u3066\u3044\u307e\u3059\uff08\uff1d\u679a\u6570\u304c\u5897\u3048\u308b\u30a4\u30e1\u30fc\u30b8\uff09\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u9001\u308c\u308b\u76f8\u624b<\/strong>\uff1a24\/7\u3067\u9001\u308c\u308b\u304c\u3001<strong>\u9001\u4ed8\u5148\u306f\u4e8b\u524d\u627f\u8a8d\uff08\u30db\u30ef\u30a4\u30c8\u30ea\u30b9\u30c8\uff09\u306e\u6295\u8cc7\u5bb6\u306b\u9650\u308b<\/strong>\u3002<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>2. BUIDL\u304c\u63d0\u4f9b\u3059\u308b\u4fa1\u5024\uff08\u306a\u305c\u201c\u30c8\u30fc\u30af\u30f3\u5316MMF\u201d\u304c\u5fc5\u8981\uff1f\uff09<\/h2>\n<p>\u3000BUIDL\u306e\u4fa1\u5024\u306f\u4e00\u8a00\u3067\u3044\u3046\u3068\u3001<strong>\u300c\u5b89\u5168\u6027\u306e\u9ad8\u3044\u7c73\u30c9\u30eb\u77ed\u671f\u91d1\u5229\uff08MMF\u5229\u56de\u308a\uff09\u300d\u3092\u201c\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u3067\u4f7f\u3048\u308b\u8cc7\u7523\u201d\u306b\u5909\u3048\u308b<\/strong>\u3053\u3068\u3067\u3059\u3002\u5f93\u6765\u306eMMF\u306f\u300c\u8a3c\u5238\u53e3\u5ea7\u3067\u4fdd\u6709\u2192\u9280\u884c\u30fb\u8a3c\u5238\u306e\u55b6\u696d\u6642\u9593\u306b\u6cbf\u3063\u3066\u58f2\u8cb7\u2192\u6c7a\u6e08\u300d\u3068\u3044\u3046\u6d41\u308c\u3067\u3057\u305f\u3002BUIDL\u306f\u3053\u3053\u306b\u3001\u6b21\u306e\u201c\u8ffd\u52a0\u6a5f\u80fd\u201d\u3092\u8f09\u305b\u307e\u3059\u3002<\/p>\n<ol>\n<li>\n<p><strong>24\/7\u3067\u52d5\u304f\u5229\u56de\u308a\u4ed8\u304d\u62c5\u4fdd<\/strong>\uff1a\u62c5\u4fdd\u3092\u9031\u672b\u3084\u591c\u9593\u306b\u3082\u79fb\u8ee2\u3067\u304d\u3001\u8cc7\u91d1\u52b9\u7387\u3092\u4e0a\u3052\u3084\u3059\u3044\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5373\u6642\u6027\u30fb\u900f\u660e\u6027<\/strong>\uff1a\u30c1\u30a7\u30fc\u30f3\u4e0a\u3067\u4fdd\u6709\u3068\u79fb\u8ee2\u304c\u8ffd\u8de1\u3067\u304d\u3001\u4e8b\u52d9\u51e6\u7406\u306e\u81ea\u52d5\u5316\u3068\u76e3\u67fb\u304c\u3057\u3084\u3059\u3044\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u91d1\u878d\u30a2\u30d7\u30ea\u306b\u7d44\u307f\u8fbc\u3081\u308b\uff08\u30d7\u30ed\u30b0\u30e9\u30e0\u53ef\u80fd\uff09<\/strong>\uff1a\u8907\u6570\u30c1\u30a7\u30fc\u30f3\u3067\u5c55\u958b\u3057\u3001\u62c5\u4fdd\u30fb\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u30fb\u6c7a\u6e08\u306e\u90e8\u54c1\u306b\u306a\u308c\u308b\u3002<\/p>\n<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>3. \u3069\u3093\u306a\u793e\u4f1a\u7684\u9700\u8981\u3092\u6e80\u305f\u3059\u306e\u304b\uff08\u5177\u4f53\u30b7\u30fc\u30f3\uff09<\/h2>\n<ul>\n<li>\n<p><strong>\u53d6\u5f15\u6240\/OTC\u306e\u62c5\u4fdd\u30cb\u30fc\u30ba<\/strong>\uff1aBUIDL\u306f\u3001Binance\u3067\u30aa\u30d5\u30a8\u30af\u30b9\u30c1\u30a7\u30f3\u30b8\u62c5\u4fdd\u3068\u3057\u3066\u63a1\u7528\u3055\u308c\u3001\u62c5\u4fdd\u3068\u3057\u3066\u306e\u5b9f\u7528\u304c\u9032\u3093\u3067\u3044\u308b\u3068\u767a\u8868\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u201c\u5b89\u5168\u306a\u5229\u56de\u308a\u201d\u306e\u5f85\u6a5f\u5148<\/strong>\uff1aUSDC\u7b49\u306e\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306f\u4fbf\u5229\u3067\u3082\u3001\u5229\u56de\u308a\u304c\u4ed8\u304b\u306a\u3044\/\u4ed8\u3051\u306b\u304f\u3044\u3053\u3068\u304c\u591a\u3044\u3002BIS\u306f\u3001\u30c8\u30fc\u30af\u30f3\u5316MMF\uff08TMMF\uff09\u304c\u300c\u5229\u56de\u308a\u3092\u63d0\u4f9b\u3059\u308b\u8caf\u84c4\u30fb\u62c5\u4fdd\u624b\u6bb5\u300d\u3068\u3057\u3066\u62e1\u5927\u3057\u3066\u3044\u308b\u3001\u3068\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u56fd\u5883\u3092\u307e\u305f\u3050\u8cc7\u91d1\u7ba1\u7406<\/strong>\uff1a\u9280\u884c\u9001\u91d1\u306e\u6642\u9593\u30fb\u4f11\u65e5\u5236\u7d04\u3092\u907f\u3051\u3001\u30c1\u30a7\u30fc\u30f3\u4e0a\u3067\u4fdd\u6709\u79fb\u8ee2\u3057\u3064\u3064\u3001\u88cf\u5074\u306f\u77ed\u671f\u56fd\u50b5\u4e2d\u5fc3\u3067\u5b89\u5168\u6027\u3092\u53d6\u308a\u306b\u884c\u304f\u3002<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>4. \u7af6\u5408\u5546\u54c1\u306f\u4f55\u306b\u306a\u308b\u306e\u304b\uff08\u30ab\u30c6\u30b4\u30ea\u5225\uff09<\/h2>\n<p>\u3000BUIDL\u306e\u7af6\u5408\u306f\u300c\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u7c73\u56fd\u50b5\/\u77ed\u671f\u91d1\u5229\u5546\u54c1\uff08RWA\u30fb\u30c8\u30fc\u30af\u30f3\u5316\u56fd\u50b5\uff09\u300d\u3067\u3059\u3002\u4ee3\u8868\u4f8b\uff1a<\/p>\n<ul>\n<li>\n<p>Franklin Templeton\uff08BENJI\uff09<\/p>\n<\/li>\n<li>\n<p>Ondo Finance\uff08USDY \/ OUSG\uff09<\/p>\n<\/li>\n<li>\n<p>Hashnote\uff08USYC\uff09\u3001Superstate\uff08USTB\uff09\u3001OpenEden\uff08TBILL\uff09\u306a\u3069<\/p>\n<\/li>\n<\/ul>\n<p><strong>\u3000\u898b\u6bd4\u3079\u30dd\u30a4\u30f3\u30c8<\/strong>\u306f\u300c\u2460\u8ab0\u304c\u8cb7\u3048\u308b\u304b\uff08\u4e00\u822c\/\u975e\u7c73\u56fd\/\u6a5f\u95a2\uff09\u300d\u300c\u2461\u5229\u56de\u308a\u306e\u6e21\u3057\u65b9\u300d\u300c\u2462\u511f\u9084\u306e\u901f\u3055\uff08USD\/USDC\u7b49\uff09\u300d\u300c\u2463\u5bfe\u5fdc\u30c1\u30a7\u30fc\u30f3\u300d\u300c\u2464\u30ab\u30b9\u30c8\u30c7\u30a3\/\u6cd5\u898f\u5236\u300d\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>5. BUIDL\u3092\u6301\u3064\u3053\u3068\u3067\u89e3\u6d88\u3067\u304d\u308b\u554f\u984c\u30fb\u30e1\u30ea\u30c3\u30c8\uff08\u5177\u4f53\uff09<\/h2>\n<h3>5-1. \u62c5\u4fdd\u52b9\u7387\uff08\u201c\u91d1\u5229\u30bc\u30ed\u306e\u62c5\u4fdd\u201d\u554f\u984c\uff09<\/h3>\n<p>\u3000\u53d6\u5f15\u306e\u305f\u3081\u306bUSDC\u7b49\u3092\u7f6e\u304f\u3068\u5229\u56de\u308a\u304c\u8584\u304f\u306a\u308a\u304c\u3061\u3067\u3059\u304c\u3001BUIDL\u306a\u3089<strong>\u62c5\u4fdd\u3068\u3057\u3066\u7f6e\u304d\u3064\u3064\u7c73\u30c9\u30eb\u77ed\u671f\u91d1\u5229\u3092\u72d9\u3048\u308b<\/strong>\u65b9\u5411\u6027\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>5-2. \u6c7a\u6e08\u306e\u6469\u64e6\uff08T+\u65e5\u6570\u3001\u55b6\u696d\u6642\u9593\u3001\u4e8b\u52d9\uff09<\/h3>\n<p>\u3000BUIDL\u306f\u300c\u6301\u5206\u306e\u767a\u884c\u30fb\u79fb\u8ee2\u300d\u3092\u30c1\u30a7\u30fc\u30f3\u3067\u884c\u3044\u3001\u900f\u660e\u306a\u53f0\u5e33\u3068\u5373\u6642\u306e\u79fb\u8ee2\u3092\u72d9\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>5-3. \u30de\u30eb\u30c1\u30c1\u30a7\u30fc\u30f3\u3067\u306e\u5229\u7528\uff08\u201c\u3069\u3053\u3067\u3082\u62c5\u4fdd\u201d\uff09<\/h3>\n<p>\u3000BUIDL\u306fEthereum\u306b\u52a0\u3048\u3001Arbitrum\/Aptos\/Avalanche\/Optimism\/Polygon\/Solana\u3001\u3055\u3089\u306bBNB Chain\u3078\u62e1\u5927\u3057\u305f\u3068\u767a\u8868\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>6. \u30ea\u30b9\u30af\u3068\u6ce8\u610f\uff08\u521d\u5fc3\u8005\u304c\u6700\u521d\u306b\u77e5\u308b\u3079\u304d\uff09<\/h2>\n<ul>\n<li>\n<p><strong>\u5143\u672c\u4fdd\u8a3c\u3067\u306f\u306a\u3044<\/strong>\uff1a\u5b89\u5b9a\u5024\u3092\u76ee\u6307\u3059\u304c\u3001MMF\u7279\u6709\u306e\u6d41\u52d5\u6027\u30fb\u5e02\u5834\u30ea\u30b9\u30af\u306f\u3042\u308b\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u76f8\u624b\u5148\u5236\u9650\uff08\u30db\u30ef\u30a4\u30c8\u30ea\u30b9\u30c8\uff09<\/strong>\uff1a\u81ea\u7531\u9001\u91d1\u3067\u306f\u306a\u304f\u3001\u627f\u8a8d\u6e08\u307f\u30a6\u30a9\u30ec\u30c3\u30c8\u306b\u5236\u9650\u3055\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u624b\u7d9a\u304d\u304c\u91cd\u3044<\/strong>\uff1a\u79c1\u52df\u30d5\u30a1\u30f3\u30c9\u3068\u3057\u3066KYC\/AML\u3084\u66f8\u9762\u304c\u5fc5\u8981\u3002\u8cfc\u8cb7\/\u511f\u9084\u306fSecuritize\u3067\u306e\u30aa\u30f3\u30dc\u30fc\u30c9\u3068\u3001\u65e5\u6b21\u511f\u9084\u30eb\u30fc\u30eb\u306b\u5f93\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\/\u30ab\u30b9\u30c8\u30c7\u30a3\u306e\u904b\u7528\u30ea\u30b9\u30af<\/strong>\uff1a\u9375\u7ba1\u7406\u3001\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u3001\u30c1\u30a7\u30fc\u30f3\u969c\u5bb3\u7b49\u306f\u8ffd\u52a0\u30ea\u30b9\u30af\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>7. \u65e5\u672c\u4eba\u304c\u65e5\u672c\u304b\u3089BUIDL\u3092\u8cb7\u3046\u306b\u306f\uff1f\uff08\u73fe\u5b9f\u7684\u306a\u624b\u9806\uff09<\/h2>\n<h3>7-1. \u5927\u524d\u63d0\uff1a\u8cb7\u3048\u308b\u4eba\u306e\u6761\u4ef6<\/h3>\n<p>\u3000\u516c\u5f0f\u767a\u8868\u3067\u306f\u3001BUIDL\u306f<strong>Rule 506(c)\u30fb3(c)(7)\u306b\u57fa\u3065\u304f\u79c1\u52df\u3067\u300c\u9069\u683c\u6295\u8cc7\u5bb6\u300d\u5411\u3051\u3001\u6700\u4f4e\u6295\u8cc7\u984d\u306f5\u767e\u4e07\u30c9\u30eb<\/strong>\u3067\u3059\u3002\u3053\u306e\u6761\u4ef6\u306e\u305f\u3081\u3001<strong>\u65e5\u672c\u306e\u4e00\u822c\u500b\u4eba\u306e\u300c\u56fd\u5185\u53d6\u5f15\u6240\u3067\u8cb7\u3046\u300d\u300c\u5c11\u984d\u3067\u8cb7\u3046\u300d\u306f\u60f3\u5b9a\u3055\u308c\u3066\u3044\u307e\u305b\u3093<\/strong>\uff08\u53d6\u5f15\u6240\u4e0a\u5834\u3082\u3057\u306a\u3044\u3001\u3068\u660e\u8a18\uff09\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>7-2. \u6761\u4ef6\u3092\u6e80\u305f\u3059\u5834\u5408\u306e\u201c\u5177\u4f53\u7684\u30b9\u30c6\u30c3\u30d7\u201d\uff08\u7701\u7565\u306a\u3057\uff09<\/h3>\n<ol>\n<li>\n<p><strong>\u9069\u683c\u6027\u3068\u6cd5\u898f\u5236\u306e\u78ba\u8a8d<\/strong>\uff1a\u3042\u306a\u305f\u304c\u6295\u8cc7\u5bb6\u8981\u4ef6\u3092\u6e80\u305f\u3059\u304b\u3001\u307e\u305f\u65e5\u672c\u5c45\u4f4f\u8005\u3068\u3057\u3066\u8cfc\u5165\u53ef\u80fd\u304b\u3092\u3001\u6cd5\u52d9\u30fb\u7a0e\u52d9\u30fb\u30b3\u30f3\u30d7\u30e9\u3067\u78ba\u8a8d\uff08\u3053\u3053\u304c\u6700\u5927\u306e\u58c1\uff09\u3002<\/p>\n<\/li>\n<li>\n<p><strong>Securitize\u306b\u767b\u9332<\/strong>\uff1a\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u30aa\u30f3\u30dc\u30fc\u30c7\u30a3\u30f3\u30b0\u3092\u958b\u59cb\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u672c\u4eba\u78ba\u8a8d\/KYC\u30fbAML<\/strong>\uff1a\u8eab\u5206\u8a3c\u3001\u4f4f\u6240\u3001\u8cc7\u91d1\u6e90\u3001\u6cd5\u4eba\u306a\u3089\u767b\u8a18\/\u4ee3\u8868\u8005\u60c5\u5831\u306a\u3069\u3092\u63d0\u51fa\u3057\u5be9\u67fb\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u30a6\u30a9\u30ec\u30c3\u30c8\u6e96\u5099<\/strong>\uff1a\u81ea\u5df1\u7ba1\u7406\uff08\u30cf\u30fc\u30c9\/\u30ab\u30b9\u30c8\u30c7\u30a3\uff09\u304b\u3001\u6a5f\u95a2\u5411\u3051\u30ab\u30b9\u30c8\u30c7\u30a3\u3092\u9078\u3076\uff08\u521d\u671f\u53c2\u52a0\u8005\u3068\u3057\u3066\u30ab\u30b9\u30c8\u30c7\u30a3\u4f01\u696d\u540d\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\uff09\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u30a6\u30a9\u30ec\u30c3\u30c8\u767b\u9332\u2192\u30db\u30ef\u30a4\u30c8\u30ea\u30b9\u30c8\u5316<\/strong>\uff1a\u627f\u8a8d\u6e08\u307f\u30a2\u30c9\u30ec\u30b9\u3060\u3051\u304c\u53d7\u9818\u30fb\u79fb\u8ee2\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u306b\u7f72\u540d<\/strong>\uff1a\u6b63\u5f0f\u66f8\u9762\u306b\u540c\u610f\u3002<\/p>\n<\/li>\n<li>\n<p><strong>USD\u3067\u5165\u91d1<\/strong>\uff1a\u6848\u5185\u3055\u308c\u305f\u9001\u91d1\u5148\u306bUSD\u3092\u9001\u308b\u2192\u53d7\u9818\u5f8c\u306b\u30c8\u30fc\u30af\u30f3\u304c\u30df\u30f3\u30c8\u3055\u308c\u30a6\u30a9\u30ec\u30c3\u30c8\u306b\u5c4a\u304f\u3001\u3068\u3044\u3046\u6d41\u308c\u304c\u8aac\u660e\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u4fdd\u6709\u4e2d\u306e\u5206\u914d\u3092\u53d7\u3051\u53d6\u308b<\/strong>\uff1a\u65e5\u3005\u306e\u5229\u606f\u304c\u7a4d\u307f\u4e0a\u304c\u308a\u3001\u6708\u6b21\u3067\u30c8\u30fc\u30af\u30f3\u304c\u4ed8\u4e0e\u3055\u308c\u308b\u4ed5\u7d44\u307f\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u511f\u9084\uff08\u63db\u91d1\uff09<\/strong>\uff1a\u65e5\u6b21\u511f\u9084\u30eb\u30fc\u30eb\u306b\u6cbf\u3063\u3066\u3001\u30c8\u30fc\u30af\u30f3\u9001\u4ed8\u2192\u30d0\u30fc\u30f3\u2192USD\uff08\u5834\u5408\u306b\u3088\u308aUSDC\uff09\u53d7\u53d6\u3001\u3068\u3044\u3046\u5f62\u304c\u6574\u7406\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>7-3. \u4e00\u822c\u500b\u4eba\u304c\u201c\u76ee\u7684\u201d\u3060\u3051\u6e80\u305f\u3059\u306a\u3089<\/h3>\n<p>\u3000BUIDL\u81ea\u4f53\u304c\u5bfe\u8c61\u5916\u3067\u3082\u3001\u76ee\u7684\u304c\u300c\u7c73\u30c9\u30eb\u77ed\u671f\u91d1\u5229\u306b\u8fd1\u3044\u5229\u56de\u308a\uff0b\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u5229\u7528\u300d\u306a\u3089\u3001<strong>\u8cfc\u5165\u5bfe\u8c61\u8005\u304c\u7570\u306a\u308b\u7af6\u5408\uff08USDY\u7b49\uff09<\/strong>\u3092\u6bd4\u8f03\u3057\u3001\u624b\u6570\u6599\u30fb\u511f\u9084\u30fb\u898f\u5236\u9069\u5408\u6027\u3092\u78ba\u8a8d\u3059\u308b\u306e\u304c\u73fe\u5b9f\u7684\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>8. \u3088\u304f\u3042\u308b\u8cea\u554f\uff08\u8d85\u521d\u5fc3\u8005\u5411\u3051\uff09<\/h2>\n<p><strong>Q. BUIDL\u306f\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u6240\u3067\u8cb7\u3048\u307e\u3059\u304b\uff1f<\/strong><br \/>\nA. \u3044\u3044\u3048\u3002\u516c\u5f0f\u8cc7\u6599\u3067\u300c\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3057\u306a\u3044\u300d\u65e8\u304c\u660e\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><strong>Q. \u306a\u305c\u201c\u8ab0\u3067\u3082\u8cb7\u3048\u308b\u201d\u5f62\u306b\u3057\u306a\u3044\u306e\uff1f<\/strong><br \/>\nA. BUIDL\u306f\u79c1\u52df\u306e\u8a3c\u5238\u3068\u3057\u3066\u63d0\u4f9b\u3055\u308c\u3001\u898f\u5236\u9075\u5b88\u306e\u305f\u3081\u306b\u6295\u8cc7\u5bb6\u5be9\u67fb\u3068\u30db\u30ef\u30a4\u30c8\u30ea\u30b9\u30c8\u904b\u7528\u304c\u5fc5\u8981\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n<p><strong>Q. \u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3068\u4f55\u304c\u9055\u3046\uff1f<\/strong><br \/>\nA. \u3069\u3061\u3089\u30821\u30c9\u30eb\u4ed8\u8fd1\u306e\u5b89\u5b9a\u5024\u3092\u72d9\u3044\u307e\u3059\u304c\u3001BIS\u306fTMMF\u3092\u300c\u8a3c\u5238\u3068\u3057\u3066\u306e\u898f\u5236\u67a0\uff0b\u77ed\u671f\u91d1\u5229\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5206\u914d\u3067\u304d\u308b\u300d\u70b9\u3067\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>9. \u91cd\u8981\u30dd\u30a4\u30f3\u30c8\u3060\u3051\u8d85\u307e\u3068\u3081\uff08\u884c\u52d5\u306b\u76f4\u7d50\uff09<\/h2>\n<ul>\n<li>\n<p><strong>BUIDL\u306f\u300c\u7c73\u30c9\u30eb\u77ed\u671f\u56fd\u50b5\u4e2d\u5fc3\u306eMMF\u300d\u00d7\u300c\u30c8\u30fc\u30af\u30f3\u300d<\/strong>\u3067\u3001\u76ee\u7684\u306f\u201c\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u3067\u4f7f\u3048\u308b\u5229\u56de\u308a\u4ed8\u304d\u306e\u73fe\u91d1\u4ee3\u66ff\u201d\u3092\u4f5c\u308b\u3053\u3068\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5f37\u307f<\/strong>\uff1a24\/7\u79fb\u8ee2\u3001\u30de\u30eb\u30c1\u30c1\u30a7\u30fc\u30f3\u5c55\u958b\u3001\u62c5\u4fdd\u63a1\u7528\u306e\u62e1\u5927\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5f31\u307f\/\u5236\u7d04<\/strong>\uff1a\u79c1\u52df\u30fb\u9069\u683c\u6295\u8cc7\u5bb6\u5411\u3051\uff08\u6700\u4f4e5\u767e\u4e07\u30c9\u30eb\uff09\u306a\u306e\u3067\u3001\u4e00\u822c\u500b\u4eba\u306f\u57fa\u672c\u8cb7\u3048\u306a\u3044\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u65e5\u672c\u304b\u3089\u306e\u6700\u77ed\u30eb\u30fc\u30c8<\/strong>\uff1a\u6761\u4ef6\u3092\u6e80\u305f\u3059\u4eba\u3060\u3051\u304c\u3001Securitize\u3067KYC\u2192\u5951\u7d04\u2192USD\u5165\u91d1\u2192\u30a6\u30a9\u30ec\u30c3\u30c8\u53d7\u9818\u3001\u3068\u3044\u3046\u624b\u9806\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u8cb7\u3048\u308b\u304b\u5224\u65ad\u3059\u308b\u30c1\u30a7\u30c3\u30af<\/strong>\uff1a\u2460\u3042\u306a\u305f\u304c\u9069\u683c\u6295\u8cc7\u5bb6\u304b\u3001\u2461\u65e5\u672c\u5c45\u4f4f\u8005\u3068\u3057\u3066\u8cfc\u5165\u304c\u8a31\u5bb9\u3055\u308c\u308b\u304b\u3001\u2462USD\u9001\u91d1\/\u53d7\u9818\u53e3\u5ea7\u3068\u7a0e\u52d9\uff08\u6e90\u6cc9\u30fb\u7533\u544a\uff09\u306e\u6574\u7406\u3001\u2463\u9375\u7ba1\u7406\uff08\u81ea\u5df1\u7ba1\u7406\u304b\u30ab\u30b9\u30c8\u30c7\u30a3\u304b\uff09\u3001\u2464\u63db\u91d1\uff08\u511f\u9084\uff09\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u624b\u6570\u6599\u3002\u3053\u3053\u304c\u66d6\u6627\u306a\u307e\u307e\u9032\u3081\u308b\u3068\u3001KYC\u3067\u6b62\u307e\u308b\u30fb\u9001\u91d1\u304c\u5dee\u3057\u623b\u3055\u308c\u308b\u30fb\u7a0e\u52d9\u30ea\u30b9\u30af\u304c\u6b8b\u308b\u3001\u306e3\u70b9\u304c\u8d77\u304d\u3084\u3059\u3044\u306e\u3067\u5148\u306b\u6f70\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u4e0d\u660e\u70b9\u306fSecuritize\u3084\u9867\u554f\u5f01\u8b77\u58eb\u30fb\u7a0e\u7406\u58eb\u306b\u78ba\u8a8d\u3059\u308b\u306e\u304c\u5b89\u5168\u3067\u3059\u3002\u203b\u3053\u3053\u6700\u91cd\u8981\u3002\uff01\uff01<\/p>\n<\/li>\n<\/ul>\n<!--CusAds0-->\n<div style=\"font-size: 0px; 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