{"id":311,"date":"2024-04-03T09:36:00","date_gmt":"2024-04-03T01:36:00","guid":{"rendered":"https:\/\/insights.digift.io\/?p=311"},"modified":"2024-10-28T16:04:53","modified_gmt":"2024-10-28T08:04:53","slug":"trusted-issue-model-in-asset-tokenization-tokenized-depository-receipt","status":"publish","type":"post","link":"https:\/\/insights.digift.io\/zh\/trusted-issue-model-in-asset-tokenization-tokenized-depository-receipt\/","title":{"rendered":"Trusted Issue Model In Asset Tokenization &#8211; Tokenized Depository Receipt"},"content":{"rendered":"<p class=\"has-text-align-center has-text-color has-link-color wp-elements-1 wp-block-paragraph\" style=\"color:#1551fe\"><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/46747c01ca694d66999cff17d392e3f6.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;Trusted Issue Model In Asset Tokenization &#8211; Tokenized Depository Receipt&#8221;<\/a><br><strong><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/46747c01ca694d66999cff17d392e3f6.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Report (EN) &#8211; PDF<\/a><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-text-color has-link-color wp-elements-2 wp-block-paragraph\" style=\"color:#1551fe\"><strong><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/3e87cb51dd43403db700e933ed2a3625.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;\u8d44\u4ea7\u4ee3\u5e01\u5316\u53ef\u4fe1\u53d1\u884c\u7ed3\u6784\uff1a\u5b58\u6258\u51ed\u8bc1&#8221;<\/a><br><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/3192798f438e4cf7ab3317d9f9ce3a07.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Report (CN) &#8211; PDF<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;<\/h3>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">The old and new clearing and settlement infrastructure<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The traditional financial system establishes the relationship between certificates (account balances in financial exchanges) and underlying assets through legal contracts. This transfer of asset ownership is confirmed by clearing and settlement institutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Securities registration, clearing and settlement institutions are important infrastructure of the capital market, mainly responsible for the registration, settlement, and clearing of securities transactions, ensuring the smooth completion of transactions and the correct transfer of assets ownership. Major financial markets around the world have securities registration and settlement institutions, such as the Depository Trust &amp; Clearing Corporation (DTCC) in the United States and China Securities Depository and Clearing Corporation Limited in China. They provide critical services to market participants, supporting the daily operation of the capital markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the financial system has evolved over hundreds of years, today&#8217;s financial markets have begun to be criticized for long settlement times, high capital costs, and low circulation efficiency. The technology based on blockchain&#8217;s public ledger as the accounting basis has realized real-time, synchronous, and trustworthy execution of clearing and settlement, which are fascinating features desired by all financial institutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Web3 assets based on public blockchain technology have attracted many investors to participate. There is a huge gap between the tokens on public blockchain and the assets operating in the mainstream financial system. Whether it&#8217;s tokens or assets issued and traded on mainstream exchanges, they are essentially &#8220;certificates&#8221; linked to the rights investors should hold through legal contracts. Currently, most security tokenizations use a SPV debt structure which have unclear legal implications, making it hard for investors to understand the structure.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We have analyzed before that if we want tokens to represent the rights of off-chain assets, there are two ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Direct Issuance Model, mostly in the exploratory phase<\/li>\n\n\n\n<li>Asset-Backed Model, issued through SPV<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">For more details refer to this research published by DigiFT before:&nbsp;<a href=\"https:\/\/www.digift.sg\/weekly_roundup\/exploration-of-rwa-issuance-model.html\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#1551fe\" class=\"has-inline-color\">Exploration of RWA Issuance Models \u2013 Asset-Backed Model and Direct Issuance Model | DigiFT<\/mark><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Due to the limited stock of Web3 assets, for large companies, direct issuance will incur significant resource costs, including legal, compliance, technical, etc., with very limited benefits. Therefore, direct issuance is mainly for Web3 institutions and some small institutions, with small scale and high risk, and there have been defaults for various reasons before.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For larger traditional assets, such as Web3 investors wanting to purchase U.S. Treasury bonds or high-quality corporate bonds on-chain, the most common situation is that they buy tokens issued through the Asset-Backed model. From a risk assessment perspective, such assets increase counterparty risk. For example, tokens for U.S. Treasury products issued through this structure, because it&#8217;s impossible to find the U.S. Treasury to issue directly on the chain, thus using the asset-backed model to issue tokens, in reality, is issuing a debt of an SPV (Special Purpose Vehicle) with U.S. Treasury assets as collateral. Such a structure, which is quite common under such market conditions, turns the purchasing of AA+ rated U.S. Treasury assets into BBB-rated SPV debt. For investors, this adds a huge trust cost: I only buy if I believe that the token project will not go bankrupt.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Depository receipt issuance mode: a trusted token issuance mode bridging Web2 and Web3<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The issue of incompatible asset issuance structures in the current cryptocurrency market is not a first in the history of finance. The uneven development of financial markets across different regions, along with various geopolitical differences, have made it difficult for local investors to access investment opportunities in foreign assets. Some of the pain points include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Incompatibility of clearing and settlement systems across different markets<\/li>\n\n\n\n<li>Foreign exchange issues<\/li>\n\n\n\n<li>Regional protections for local investors leading to restrictions in market promotion<\/li>\n\n\n\n<li>Taxation requirements of the asset issuance region and the investor&#8217;s region<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Against this backdrop, the financial system has derived the legal structure of &#8220;Depository Receipts&#8221; (DR), which is a common asset issuance structure in today&#8217;s globalized financial markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Simply put, a depository receipt is a financial instrument that represents shares of a foreign company and trades on local stock exchanges. The purpose of depository receipts is to allow investors from one country to invest in shares of foreign companies without the need to directly purchase shares on foreign stock exchanges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The most common types of depository receipts include American Depository Receipts (ADR) and Global Depository Receipts (GDR). Taking ADR as an example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An ADR is specifically issued in the United States and represents shares in non-U.S. companies<\/li>\n\n\n\n<li>They trade on U.S. stock exchanges, such as the New York Stock Exchange (NYSE) or NASDAQ<\/li>\n\n\n\n<li>ADRs are priced in U.S. dollars, making it easier for U.S. investors to access them<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The structure diagram is as follows:<img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/digift-public.digift.sg\/pub\/202404\/c52e9a9e10d043dd878c1c46bb1bd461.png?w=800&#038;ssl=1\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Figure 1: Traditional depository receipt issuing structure<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The issuance mode of depository receipts involves banks and exchange systems to introduce assets traded and settled overseas into the local market. Through this structure, it&#8217;s possible to issue and trade credibly locally, opening a channel for local capital and investors to directly access overseas assets using local currency.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Advantages:\n<ul class=\"wp-block-list\">\n<li>Safety: As can be seen, this issuance structure is a highly credible bankruptcy isolation structure, where the rights held by the investor in the certificate are almost equivalent to the rights in the underlying assets<\/li>\n\n\n\n<li>Convenience: Investors can access overseas assets using local currency through local brokers and channels<\/li>\n\n\n\n<li>Efficiency: The clearing and settlement of the depository receipts transactions occur locally, shortening the clearing and settlement duration. It&#8217;s a pass-through structure, making the asset&#8217;s returns and tax issues simpler<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Disadvantages:\n<ul class=\"wp-block-list\">\n<li>Liquidity issue: The liquidity of the secondary market trading of depository receipts is provided by the local market. This liquidity is separate from that of the original asset&#8217;s exchange<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Introduction: DigiFT Depository Receipt (DR) Model<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tokens are incompatible with the traditional financial system and cannot be integrated into the Web2 trading system. As the integration of Web2 and Web3 progresses, similar issues encountered in the globalization of the financial system have emerged:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Completely different clearing and settlement processes: On-chain clearing and settlement are directly completed through the blockchain. Transactions and transfers occur between different addresses, and the block confirmation on a public ledger (public chain) represents the completion of the clearing and settlement process<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Completely different currencies: The stablecoins and cryptocurrencies used on-chain are incompatible with the widely used banking system, and even have significant price fluctuations relative to fiat currencies<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Under the current legal framework, in most cases, tokens issued on a public ledger (public chain) can not directly represent beneficial interest in the underlying assets, especially for security tokens, requiring new contracts and frameworks to understand and recognize tokens. From the perspective of asset entitlement, the Depository Receipt (DR) model is a feasible solution to current problems. As an explorer of on-chain asset exchanges, DigiFT has released the DigiFT DR model after nearly a year of communication, design, and refinement. Its structure is as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/digift-public.digift.sg\/pub\/202404\/77a43b83b5ca4d7ab9c4401b08dde1b4.png?w=800&#038;ssl=1\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Figure 2: DigiFT depository receipt token issuing structure<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through the DigiFT DR model, we can achieve:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>DigiFT&#8217;s DR tokens effectively represent the assets held by the custodian on behalf of the token holders<\/li>\n\n\n\n<li>DigiFT&#8217;s depository receipts represent direct beneficial interest to the underlying assets, allowing investors to directly enjoy the economic benefits generated by the underlying assets<\/li>\n\n\n\n<li>These tokenized securities possess the same financial characteristics as the underlying securities<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/digift-public.digift.sg\/pub\/202404\/bdc1e9b6d74940f19a32ee18f258b826.png?w=800&#038;ssl=1\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The emergence of the DR model in history was to meet the needs of investors in different regions and to solve the problem of regional differences in financial markets. The DR model designed by DigiFT introduces a wider range of assets onto the blockchain, thereby bringing higher settlement efficiency and transaction transparency. In the future, DigiFT will issue a series of assets through the DR model to bring a wider range of assets into the Web3 domain through this trustworthy model, to enjoy the advantages brought by new technologies, and to explore innovative opportunities therein.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Disclaimer:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This article and its contents are prepared solely for informational purposes only and do not replace independent professional judgement. Under no circumstances should the information contained herein be used or considered as an offer to sell, or solicitation of an offer to buy any security. The content of this presentation is proprietary and no part of it may be reproduced or redistributed without the prior written consent of DigiFT Tech (Singapore) Pte. Ltd.&nbsp;(Rreferred to as \u201cthe Company\u201d). This article contains public information as of the specified date and may be stale thereafter. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the article and the information contained herein and no reliance should be placed on it. None of the Company, its advisers, connected persons or any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from this article or its contents. All information, opinions and estimates contained herein are given as of the date hereof and are subject to change without notice. This material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment.<\/em><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:24px\"><strong>\u8d44\u4ea7\u4ee3\u5e01\u5316\u53ef\u4fe1\u53d1\u884c\u7ed3\u6784\uff1a\u5b58\u6258\u51ed\u8bc1<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:700\">\u65b0\u65e7\u6e05\u7ed3\u7b97\u57fa\u7840\u8bbe\u65bd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u901a\u8fc7\u6cd5\u5f8b\u5408\u540c\u94fe\u63a5\u51ed\u8bc1\uff08\u91d1\u878d\u4ea4\u6613\u6240\u4e2d\u7684\u8d26\u6237\u4f59\u989d\uff09\u548c\u5e95\u5c42\u8d44\u4ea7\u7684\u5173\u7cfb\uff0c\u901a\u8fc7\u6e05\u7b97\u548c\u7ed3\u7b97\u673a\u6784\u6765\u786e\u8ba4\u8d44\u4ea7\u6240\u6709\u6743\u7684\u8f6c\u79fb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bc1\u5238\u767b\u8bb0\u548c\u6e05\u7b97\u673a\u6784\u662f\u8d44\u672c\u5e02\u573a\u7684\u91cd\u8981\u57fa\u7840\u8bbe\u65bd\uff0c\u4e3b\u8981\u8d1f\u8d23\u8bc1\u5238\u4ea4\u6613\u7684\u767b\u8bb0\u3001\u7ed3\u7b97\u548c\u6e05\u7b97\u7b49\u540e\u53f0\u670d\u52a1\uff0c\u786e\u4fdd\u4ea4\u6613\u7684\u987a\u5229\u5b8c\u6210\u548c\u8bc1\u5238\u6240\u6709\u6743\u7684\u6b63\u786e\u8f6c\u79fb\u3002\u5168\u7403\u4e3b\u8981\u91d1\u878d\u5e02\u573a\u90fd\u8bbe\u6709\u8bc1\u5238\u767b\u8bb0\u548c\u6e05\u7b97\u673a\u6784\uff0c\u5982\u7f8e\u56fd\u7684\u5b58\u6258\u4fe1\u6258\u6e05\u7b97\u516c\u53f8\uff08DTCC\uff09\u3001\u4e2d\u56fd\u7684\u4e2d\u56fd\u8bc1\u5238\u767b\u8bb0\u7ed3\u7b97\u6709\u9650\u8d23\u4efb\u516c\u53f8\u7b49\u3002\u5b83\u4eec\u4e3a\u5e02\u573a\u53c2\u4e0e\u8005\u63d0\u4f9b\u5173\u952e\u670d\u52a1\uff0c\u652f\u6301\u8d44\u672c\u5e02\u573a\u7684\u65e5\u5e38\u8fd0\u4f5c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u968f\u7740\u6570\u767e\u5e74\u53d1\u5c55\uff0c\u91d1\u878d\u5e02\u573a\u4e2d\u7684\u95ee\u9898\u9010\u6e10\u51f8\u663e\uff1a\u7ed3\u7b97\u65f6\u95f4\u957f\u3001\u8d44\u672c\u6210\u672c\u9ad8\u3001\u6d41\u8f6c\u6548\u7387\u4f4e\u3002\u800c\u4ee5\u516c\u5f00\u8d26\u672c\u4e3a\u8bb0\u8d26\u57fa\u7840\u7684\u533a\u5757\u94fe\u6280\u672f\uff0c\u53ef\u5b9e\u73b0\u6e05\u7b97\u7ed3\u7b97\u7684\u5b9e\u65f6\u3001\u540c\u6b65\u3001\u53ef\u4fe1\u6267\u884c\uff0c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u57fa\u4e8e\u516c\u94fe\u6280\u672f\u7684&nbsp;Web3&nbsp;\u8d44\u4ea7\u5438\u5f15\u5927\u91cf\u6295\u8d44\u8005\u53c2\u4e0e\uff0c\u4f46Web3&nbsp;\u94fe\u4e0a\u7684&nbsp;Token&nbsp;\u548c\u4e3b\u6d41\u91d1\u878d\u4f53\u7cfb\u4e2d\u8fd0\u4f5c\u7684\u8d44\u4ea7\u4e4b\u95f4\u5b58\u5728\u5de8\u5927\u9e3f\u6c9f\u3002\u4e0d\u8bba\u662f&nbsp;Token&nbsp;\u8fd8\u662f\u5728\u4e3b\u6d41\u4ea4\u6613\u6240\u4e2d\u53d1\u884c\u548c\u4ea4\u6613\u7684\u8d44\u4ea7\uff0c\u672c\u8d28\u4e0a\u90fd\u662f\u201c\u51ed\u8bc1\u201d\uff0c\u901a\u8fc7\u6cd5\u5f8b\u5408\u540c\u6765\u5c06\u201c\u51ed\u8bc1\u201d\u548c\u6295\u8d44\u4eba\u6240\u5e94\u8be5\u6301\u6709\u7684\u6743\u76ca\u5173\u8054\u8d77\u6765\u3002\u5bf9\u4e8e&nbsp;Web3&nbsp;\u4e16\u754c\u4e4b\u5916\u7684\u8d44\u4ea7\uff08\u94fe\u4e0b\u8d44\u4ea7\uff09\uff0c\u76ee\u524d\u8fd8\u6ca1\u6709\u5b8c\u5584\u7684\u6cd5\u5f8b\u7ed3\u6784\u80fd\u591f\u8ba9\u201cToken\u201d\u4f5c\u4e3a\u51ed\u8bc1\u6765\u76f4\u63a5\u4ee3\u8868\u6240\u6709\u4eba\u7684\u6743\u76ca\uff0c\u5e76\u4e14\u8ba9\u7ed3\u7b97\u548c\u6e05\u7b97\u7531\u94fe\u4e0a\u5408\u7ea6\u76f4\u63a5\u5b9e\u73b0\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b64\u524d\u6211\u4eec\u6709\u8fc7\u5206\u6790\uff0c\u82e5\u5e0c\u671b\u8ba9&nbsp;Token&nbsp;\u4ee3\u8868\u94fe\u4e0b\u8d44\u4ea7\u7684\u6743\u76ca\uff0c\u6709\u4e24\u79cd\u65b9\u5f0f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u76f4\u63a5\u53d1\u884c\u6a21\u578b\uff08Direct Issuance Model\uff09\uff0c\u4ecd\u5904\u4e8e\u63a2\u7d22\u9636\u6bb5<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8d44\u4ea7\u62b5\u62bc\u6a21\u578b\uff08Asset Backed Model\uff09\uff0c\u901a\u8fc7&nbsp;SPV&nbsp;\u53d1\u884c<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5173\u4e8e\u8fd9\u4e24\u79cd\u53d1\u884c\u6a21\u578b\u7684\u66f4\u591a\u7ec6\u8282\u53ef\u4ee5\u67e5\u770b&nbsp;DigiFT&nbsp;\u6b64\u524d\u7684<a href=\"https:\/\/www.digift.sg\/insights\/2024\/Exploration%20of%20RWA%20Issuance%20Models%20%E2%80%93%20Asset-Backed%20Model%20and%20Direct%20Issuance%20Model%20%7C%20DigiFT\">\u7814\u7a76\u6587\u7ae0<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7531\u4e8e&nbsp;Web3&nbsp;\u8d44\u4ea7\u7684\u5b58\u91cf\u76f8\u5bf9\u6709\u9650\uff0c\u5bf9\u4e8e\u5927\u578b\u516c\u53f8\u800c\u8a00\uff0c\u76f4\u63a5\u53d1\u884c\u9700\u4ed8\u51fa\u5927\u91cf\u6210\u672c\uff0c\u5305\u62ec\u6cd5\u52a1\u3001\u5408\u89c4\u3001\u6280\u672f\u7b49\u7b49\uff0c\u800c\u6536\u76ca\u5374\u975e\u5e38\u6709\u9650\uff1b\u56e0\u6b64\u76f4\u63a5\u53d1\u884c\u4ee5&nbsp;Web3&nbsp;\u673a\u6784\u548c\u4e00\u4e9b\u5c0f\u578b\u673a\u6784\u4e3a\u4e3b\uff0c\u4f53\u91cf\u5c0f\uff0c\u98ce\u9669\u9ad8\uff0c\u6b64\u524d\u4e5f\u7531\u4e8e\u5404\u79cd\u539f\u56e0\u51fa\u73b0\u8fc7\u8fdd\u7ea6\u73b0\u8c61\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bf9\u4e8e\u66f4\u5927\u89c4\u6a21\u7684\u4f20\u7edf\u8d44\u4ea7\uff0c\u6bd4\u5982&nbsp;Web3&nbsp;\u6295\u8d44\u4eba\u5e0c\u671b\u5728\u94fe\u4e0a\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\u6216\u662f\u9ad8\u8d28\u91cf\u7684\u516c\u53f8\u503a\u5238\uff0c\u5728\u76ee\u524d\u5e02\u573a\u60c5\u51b5\u4e0b\uff0c\u901a\u8fc7\u4e3b\u8981\u7684\u6295\u8d44\u65b9\u5f0f\u53ea\u80fd\u8d2d\u4e70\u901a\u8fc7\u8d44\u4ea7\u62b5\u62bc\u6a21\u578b\u53d1\u884c\u7684\u4ee3\u5e01\u3002\u800c\u4ece\u98ce\u9669\u8bc4\u4f30\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u8fd9\u7c7b\u8d44\u4ea7\u589e\u52a0\u4e86\u5bf9\u624b\u65b9\u98ce\u9669\uff0c\u6bd4\u5982\u901a\u8fc7\u8be5\u7ed3\u6784\u53d1\u884c\u7684\u7f8e\u56fd\u56fd\u503a\u4ea7\u54c1\u7684\u4ee3\u5e01\uff0c\u7531\u4e8e\u65e0\u6cd5\u627e\u5230\u7f8e\u56fd\u8d22\u653f\u90e8\u76f4\u63a5\u5728\u94fe\u4e0a\u53d1\u884c\uff0c\u56e0\u6b64\u91c7\u7528\u8d44\u4ea7\u62b5\u62bc\u6a21\u578b\u53d1\u884c\u4ee3\u5e01\uff0c\u5b9e\u9645\u4e0a\u53d1\u884c\u7684\u662f\u8be5\u9879\u76ee\u7684\u4e00\u4e2a&nbsp;SPV&nbsp;\uff08Special Purpose Vehicle\uff0c\u7279\u6b8a\u76ee\u7684\u5b9e\u4f53\uff09 \u4ee5\u7f8e\u503a\u8d44\u4ea7\u4e3a\u62b5\u62bc\u7684\u503a\u52a1\u3002\u8fd9\u6837\u7684\u7ed3\u6784\uff0c\u4f1a\u8ba9\u8d2d\u4e70\u7684&nbsp;AA+&nbsp;\u7ea7\u522b\u7684\u7f8e\u56fd\u56fd\u503a\u8d44\u4ea7\uff0c\u88ab\u8bc4\u7ea7\u4e3a&nbsp;BBB&nbsp;\u7ea7\u522b\u7684&nbsp;SPV&nbsp;\u7684\u503a\u52a1\u3002\u5bf9\u4e8e\u6295\u8d44\u8005\u800c\u8a00\uff0c\u589e\u52a0\u4e86\u5de8\u5927\u7684\u4fe1\u4efb\u6210\u672c\uff1a\u6211\u53ea\u6709\u76f8\u4fe1\u8fd9\u4e2a\u4ee3\u5e01\u9879\u76ee\u65b9\u4e0d\u4f1a\u5012\u95ed\uff0c\u6211\u624d\u613f\u610f\u8d2d\u4e70\u3002<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u5b58\u6258\u51ed\u8bc1\u53d1\u884c\u6a21\u5f0f\uff1a\u6865\u63a5\u00a0Web2\u00a0\u548c\u00a0Web3\u00a0\u7684\u53ef\u4fe1\u4ee3\u5e01\u53d1\u884c\u6a21\u5f0f<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c3d\u76ee\u524d\u52a0\u5bc6\u5e02\u573a\u9047\u5230\u7684\u8d44\u4ea7\u53d1\u884c\u7ed3\u6784\u4e0d\u517c\u5bb9\u7684\u95ee\u9898\uff0c\u5728\u91d1\u878d\u5386\u53f2\u4e0a\u4e5f\u4e0d\u662f\u7b2c\u4e00\u6b21\u51fa\u73b0\u3002\u4e0d\u540c\u5730\u533a\u7684\u91d1\u878d\u5e02\u573a\u53d1\u5c55\u4e0d\u4e00\u81f4\uff0c\u4ee5\u53ca\u5404\u79cd\u5730\u7f18\u6027\u5dee\u5f02\uff0c\u5bfc\u81f4\u672c\u5730\u6295\u8d44\u4eba\u96be\u4ee5\u83b7\u5f97\u6d77\u5916\u6295\u8d44\u6807\u7684\u7684\u6295\u8d44\u673a\u4f1a\uff0c\u5176\u4e2d\u4e00\u4e9b\u75db\u70b9\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;\u4e0d\u540c\u5e02\u573a\u7684\u6e05\u7b97\u7ed3\u7b97\u7cfb\u7edf\u4e0d\u517c\u5bb9<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5916\u6c47\u95ee\u9898<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e0d\u540c\u5730\u533a\u5bf9\u672c\u5730\u6295\u8d44\u4eba\u7684\u4fdd\u62a4\uff0c\u5bfc\u81f4\u5e02\u573a\u5ba3\u4f20\u7684\u9650\u5236<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8d44\u4ea7\u53d1\u884c\u5730\u533a\u548c\u6295\u8d44\u8005\u5730\u533a\u7684\u7a0e\u52a1\u9700\u6c42<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728\u8fd9\u6837\u7684\u80cc\u666f\u4e0b\uff0c\u91d1\u878d\u7cfb\u7edf\u4e2d\u884d\u751f\u51fa\u201c\u5b58\u6258\u51ed\u8bc1\u201d \uff08Depository receipt\uff0cDR\uff09\u7684\u6cd5\u5f8b\u7ed3\u6784\uff0c\u8fd9\u4e5f\u662f\u5f53\u4eca\u5168\u7403\u5316\u7684\u91d1\u878d\u5e02\u573a\u7684\u5e38\u89c1\u8d44\u4ea7\u53d1\u884c\u7ed3\u6784\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b80\u5355\u6765\u8bf4\uff0c\u201c\u5b58\u6258\u51ed\u8bc1\u201d\uff08DR\uff09\u662f\u4e00\u79cd\u91d1\u878d\u5de5\u5177\uff0c\u4ee3\u8868\u7740\u5916\u56fd\u516c\u53f8\u7684\u80a1\u4efd\uff0c\u5e76\u5728\u5f53\u5730\u8bc1\u5238\u4ea4\u6613\u6240\u4ea4\u6613\u3002 \u5b58\u6258\u51ed\u8bc1\u7684\u76ee\u7684\u662f\u5141\u8bb8\u4e00\u4e2a\u56fd\u5bb6\u7684\u6295\u8d44\u8005\u6295\u8d44\u4e8e\u5916\u56fd\u516c\u53f8\u7684\u80a1\u4efd\uff0c\u800c\u65e0\u9700\u76f4\u63a5\u5728\u5916\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u8d2d\u4e70\u80a1\u4efd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u76ee\u524d\u5e38\u89c1\u7684\u5b58\u6258\u51ed\u8bc1\uff08DR\uff09 \u6709\u7f8e\u56fd\u5b58\u6258\u51ed\u8bc1\uff08American Depository Receipt\uff0cADR\uff09 \u548c\u5168\u7403\u5b58\u6258\u51ed\u8bc1\uff08Global Depository Receipt\uff0cGDR\uff09\uff0c\u4ee5&nbsp;ADR&nbsp;\u4e3a\u4f8b\uff0c\u4e00\u4e2a&nbsp;ADR&nbsp;\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ADR\uff08\u7f8e\u56fd\u5b58\u6258\u51ed\u8bc1\uff09\u662f\u4e13\u95e8\u5728\u7f8e\u56fd\u53d1\u884c\u7684\uff0c\u4ee3\u8868\u7740\u975e\u7f8e\u56fd\u516c\u53f8\u7684\u80a1\u4efd<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b83\u4eec\u5728\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u4ea4\u6613\uff0c\u5982\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff08NYSE\uff09\u6216\u7eb3\u65af\u8fbe\u514b\uff08NASDAQ\uff09<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ADR&nbsp;\u662f\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u7684\uff0c\u8fd9\u4f7f\u5f97\u7f8e\u56fd\u6295\u8d44\u8005\u66f4\u5bb9\u6613\u83b7\u53d6<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u7ed3\u6784\u56fe\u5982\u4e0b\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/digift-public.digift.sg\/pub\/202404\/f801854e3e5b4dd19a288c1027e049a8.png?w=800&#038;ssl=1\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fe&nbsp;1\uff1a\u4f20\u7edf\u5b58\u6258\u51ed\u8bc1\u53d1\u884c\u7ed3\u6784<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b58\u6258\u51ed\u8bc1\uff08DR\uff09\u7684\u53d1\u884c\u6a21\u5f0f\u901a\u8fc7\u94f6\u884c\u548c\u4ea4\u6613\u6240\u4f53\u7cfb\uff0c\u5c06\u6d77\u5916\u4ea4\u6613\u548c\u6e05\u7b97\u7684\u8d44\u4ea7\u5f15\u5165\u672c\u571f\u5e02\u573a\uff0c\u901a\u8fc7\u8be5\u7ed3\u6784\u53ef\u4fe1\u5730\u5728\u5f53\u5730\u53d1\u884c\u548c\u4ea4\u6613\uff0c\u4e3a\u5f53\u5730\u8d44\u91d1\u548c\u6295\u8d44\u4eba\u6253\u901a\u901a\u8fc7\u672c\u5730\u8d27\u5e01\u76f4\u63a5\u89e6\u8fbe\u6d77\u5916\u8d44\u4ea7\u7684\u6e20\u9053\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f18\u52bf\uff1a&nbsp;\n<ol class=\"wp-block-list\">\n<li>\u5b89\u5168\uff1a\u53ef\u4ee5\u770b\u5230\uff0c\u8be5\u53d1\u884c\u7ed3\u6784\u662f\u4e00\u79cd\u9ad8\u5ea6\u53ef\u4fe1\u7684\u7834\u4ea7\u9694\u79bb\u7ed3\u6784\uff0c\u6295\u8d44\u4eba\u6301\u6709\u7684\u51ed\u8bc1\u6743\u76ca\u51e0\u4e4e\u7b49\u540c\u4e8e\u5e95\u5c42\u8d44\u4ea7\u7684\u6743\u76ca<\/li>\n\n\n\n<li>\u4fbf\u6377\uff1a\u6295\u8d44\u4eba\u53ef\u4ee5\u901a\u8fc7\u672c\u5730\u7684\u5238\u5546\u548c\u6e20\u9053\uff0c\u4f7f\u7528\u672c\u5730\u8d27\u5e01\u89e6\u8fbe\u6d77\u5916\u8d44\u4ea7<\/li>\n\n\n\n<li>\u9ad8\u6548\uff1a\u6295\u8d44\u8005\u4ea4\u6613\u5b58\u6258\u51ed\u8bc1\u7684\u6e05\u7b97\u548c\u7ed3\u7b97\u5728\u672c\u5730\u53d1\u751f\uff0c\u7f29\u77ed\u6e05\u7ed3\u7b97\u65f6\u957f\uff1b\u662f\u4e00\u79cd\u4f20\u9012\uff08Pass Through\uff09\u7684\u7ed3\u6784\uff0c\u8d44\u4ea7\u7684\u6536\u76ca\u3001\u7a0e\u52a1\u95ee\u9898\u66f4\u52a0\u7b80\u5355<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f3a\u9677\uff1a&nbsp;\n<ol class=\"wp-block-list\">\n<li>\u6d41\u52a8\u6027\u95ee\u9898\uff0c\u5b58\u6258\u51ed\u8bc1\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u7684\u6d41\u52a8\u6027\u7531\u672c\u5730\u5e02\u573a\u63d0\u4f9b\u3002\u548c\u8d44\u4ea7\u539f\u672c\u6240\u5c5e\u7684\u4ea4\u6613\u6240\u6d41\u52a8\u6027\u662f\u5272\u88c2\u7684<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u5f15\u4ecb\uff1aDigiFT\u00a0\u5b58\u6258\u51ed\u8bc1\uff08DR\uff09\u6a21\u578b\u00a0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee3\u5e01\u4e0e\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u4e0d\u517c\u5bb9\uff0c\u65e0\u6cd5\u63a5\u5165&nbsp;Web2&nbsp;\u7684\u4ea4\u6613\u4f53\u7cfb\u3002\u5728&nbsp;Web2&nbsp;\u548c&nbsp;Web3&nbsp;\u878d\u5408\u7684\u8fc7\u7a0b\u4e2d\uff0c\u5728\u91d1\u878d\u4f53\u7cfb\u5168\u7403\u5316\u8fc7\u7a0b\u4e2d\u9047\u5230\u7684\u7c7b\u4f3c\u7684\u95ee\u9898\u51fa\u73b0\u4e86\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b8c\u5168\u4e0d\u540c\u7684\u6e05\u7ed3\u7b97\u6d41\u7a0b\uff1a\u94fe\u4e0a\u6e05\u7b97\u7ed3\u7b97\u901a\u8fc7\u533a\u5757\u94fe\u76f4\u63a5\u5b8c\u6210\uff0c\u4ea4\u6613\u548c\u8f6c\u8d26\u5728\u4e0d\u540c\u5730\u5740\u4e4b\u95f4\u53d1\u751f\uff0c\u516c\u5f00\u8d26\u672c\uff08\u516c\u94fe\uff09\u7684\u533a\u5757\u786e\u8ba4\u5c31\u4ee3\u8868\u6e05\u7b97\u548c\u7ed3\u7b97\u8fc7\u7a0b\u5b8c\u6210<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b8c\u5168\u4e0d\u540c\u7684\u8d27\u5e01\uff1a\u94fe\u4e0a\u4f7f\u7528\u7684\u7a33\u5b9a\u5e01\u3001\u52a0\u5bc6\u8d27\u5e01\u548c\u5e7f\u6cdb\u4f7f\u7528\u7684\u94f6\u884c\u4f53\u7cfb\u4e0d\u517c\u5bb9\uff0c\u751a\u81f3\u76f8\u5bf9\u6cd5\u5e01\u6709\u5f88\u5927\u7684\u4ef7\u683c\u6ce2\u52a8<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u76ee\u524d\u6cd5\u5f8b\u6846\u67b6\u4e0b\uff0c\u4e3b\u8981\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u516c\u94fe\u4ee3\u5e01\u53d1\u884c\u7ed3\u6784\u5e76\u4e0d\u80fd\u76f4\u63a5\u4ee3\u8868\u5e95\u5c42\u8d44\u4ea7\uff0c\u7279\u522b\u662f\u5bf9\u8bc1\u5238\u578b\u4ee3\u5e01\uff0c\u9700\u8981\u65b0\u7684\u5408\u7ea6\u548c\u6846\u67b6\u6765\u7406\u89e3\u548c\u8ba4\u8bc6\u4ee3\u5e01\u3002\u4ece\u8d44\u4ea7\u786e\u6743\u7684\u89d2\u5ea6\uff0c\u5b58\u6258\u51ed\u8bc1\uff08DR\uff09\u6a21\u578b\u662f\u89e3\u51b3\u5f53\u4e0b\u95ee\u9898\u7684\u53ef\u884c\u65b9\u6848\u3002DigiFT&nbsp;\u4f5c\u4e3a\u94fe\u4e0a\u8d44\u4ea7\u4ea4\u6613\u6240\u7684\u9886\u5148\u63a2\u7d22\u8005\uff0c\u901a\u8fc7\u8fd1\u4e00\u5e74\u65f6\u95f4\u7684\u8bbe\u8ba1\u548c\u6253\u78e8\uff0c\u53d1\u5e03\u4e86\u521b\u65b0&nbsp;DigiFT DR&nbsp;\u6a21\u578b\uff0c\u5176\u7ed3\u6784\u5982\u4e0b\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/digift-public.digift.sg\/pub\/202404\/cf9ed356676845dd9750a2d0e6998318.png?w=800&#038;ssl=1\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fe&nbsp;2\uff1aDigiFT&nbsp;\u5b58\u6258\u51ed\u8bc1\u4ee3\u5e01\u53d1\u884c\u7ed3\u6784<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8fc7&nbsp;DigiFT&nbsp;\u5b58\u6258\u51ed\u8bc1\uff08DR\uff09\u6a21\u578b\uff0c\u6211\u4eec\u80fd\u591f\u5b9e\u73b0\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>DigiFT&nbsp;\u7684\u5b58\u6258\u51ed\u8bc1\uff08DR\uff09\u4ee3\u5e01\uff0c\u76f4\u63a5\u4ee3\u8868\u7740\u5b58\u6258\u4eba\u4ee3\u7406\u4ee3\u5e01\u6301\u6709\u4eba\u6301\u6709\u7684\u8d44\u4ea7<\/li>\n<\/ul>\n\n\n\n<ul 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aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u514d\u8d23\u58f0\u660e<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u672c\u6587\u53ca\u5176\u5185\u5bb9\u4ec5\u4f9b\u4fe1\u606f\u76ee\u7684\u4f7f\u7528\uff0c\u4e0d\u66ff\u4ee3\u72ec\u7acb\u7684\u4e13\u4e1a\u5224\u65ad\u3002\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\uff0c\u672c\u6587\u6240\u5305\u542b\u7684\u4fe1\u606f\u4e0d\u5e94\u88ab\u89c6\u4e3a\u51fa\u552e\u6216\u8d2d\u4e70\u4efb\u4f55\u8bc1\u5238\u7684\u8981\u7ea6\u6216\u5f81\u6c42\u3002\u672a\u7ecfDigiFT Tech (Singapore) Pte. Ltd.\uff08\u79f0\u4e3a\u201c\u516c\u53f8\u201d\uff09\u4e8b\u5148\u4e66\u9762\u540c\u610f\uff0c\u4efb\u4f55\u90e8\u5206\u5747\u4e0d\u5f97\u590d\u5236\u6216\u91cd\u65b0\u5206\u53d1\u3002\u672c\u6587\u5305\u542b\u7684\u516c\u5f00\u4fe1\u606f\u4ec5\u622a\u81f3\u6307\u5b9a\u65e5\u671f\uff0c\u5e76\u53ef\u80fd\u5728\u6b64\u540e\u8fc7\u65f6\u3002\u5bf9\u4e8e\u6587\u4e2d\u548c\u5176\u4e2d\u6240\u5305\u542b\u7684\u4fe1\u606f\u7684\u516c\u6b63\u6027\u3001\u51c6\u786e\u6027\u6216\u5b8c\u6574\u6027\uff0c\u4e0d\u4f5c\u4efb\u4f55\u660e\u793a\u6216\u6697\u793a\u7684\u9648\u8ff0\u6216\u4fdd\u8bc1\uff0c\u4e0d\u5e94\u4f9d\u8d56\u4e8e\u6b64\u3002\u516c\u53f8\u3001\u5176\u987e\u95ee\u3001\u5173\u8054\u4eba\u5458\u6216\u4efb\u4f55\u5176\u4ed6\u4eba\u5bf9\u4e8e\u7531\u4e8e\u672c\u6587\u6216\u5176\u5185\u5bb9\u800c\u76f4\u63a5\u6216\u95f4\u63a5\u5f15\u8d77\u7684\u4efb\u4f55\u635f\u5931\u6982\u4e0d\u627f\u62c5\u4efb\u4f55\u8d23\u4efb\u3002\u672c\u6587\u4e2d\u6240\u5305\u542b\u7684\u6240\u6709\u4fe1\u606f\u3001\u89c2\u70b9\u548c\u4f30\u8ba1\u5747\u622a\u81f3\u672c\u65e5\u671f\uff0c\u5e76\u4e14\u53ef\u80fd\u968f\u65f6\u53d8\u52a8\uff0c\u6055\u4e0d\u53e6\u884c\u901a\u77e5\u3002\u672c\u6750\u6599\u4e0d\u5e94\u88ab\u89c6\u4e3a\u5173\u4e8e\u8d44\u4ea7\u914d\u7f6e\u6216\u4efb\u4f55\u7279\u5b9a\u6295\u8d44\u7684\u5efa\u8bae\u6216\u63a8\u8350\u3002<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center has-text-color has-link-color wp-elements-3 wp-block-paragraph\" style=\"color:#1551fe\"><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/46747c01ca694d66999cff17d392e3f6.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;Trusted Issue Model In Asset Tokenization &#8211; Tokenized Depository Receipt&#8221;<\/a><br><strong><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/46747c01ca694d66999cff17d392e3f6.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Report (EN) &#8211; PDF<\/a><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-text-color has-link-color wp-elements-4 wp-block-paragraph\" style=\"color:#1551fe\"><strong><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/3e87cb51dd43403db700e933ed2a3625.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">&#8220;\u8d44\u4ea7\u4ee3\u5e01\u5316\u53ef\u4fe1\u53d1\u884c\u7ed3\u6784\uff1a\u5b58\u6258\u51ed\u8bc1&#8221;<\/a><br><a href=\"https:\/\/digift-public.digift.sg\/pub\/202404\/3192798f438e4cf7ab3317d9f9ce3a07.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Report (CN) &#8211; PDF<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>The traditional financial system establishes the relationship between certificates (account balances in financial exchanges) and underlying assets through legal contracts. This transfer of asset ownership is confirmed by clearing and settlement institutions.<br \/>\nSecurities registration, clearing and settlement institutions are important infrastructure of the capital market, mainly responsible for the<\/p>","protected":false},"author":256897717,"featured_media":304,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"page_builder":"","_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[132565],"tags":[],"class_list":["post-311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academy"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/pg7Ide-51","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/insights.digift.io\/wp-content\/uploads\/2024\/10\/20240403.jpg?fit=1833%2C1000&ssl=1","_links":{"self":[{"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/posts\/311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/users\/256897717"}],"replies":[{"embeddable":true,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/comments?post=311"}],"version-history":[{"count":9,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/posts\/311\/revisions"}],"predecessor-version":[{"id":1342,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/posts\/311\/revisions\/1342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/media\/304"}],"wp:attachment":[{"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/media?parent=311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/categories?post=311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insights.digift.io\/zh\/wp-json\/wp\/v2\/tags?post=311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}