{"id":589197,"date":"2025-05-14T14:21:41","date_gmt":"2025-05-14T06:21:41","guid":{"rendered":"https:\/\/beta3.law.asia\/?p=589197"},"modified":"2025-05-27T11:27:53","modified_gmt":"2025-05-27T03:27:53","slug":"hong-kong-crypto-regulations-global-hub","status":"publish","type":"post","link":"https:\/\/beta3.law.asia\/ko\/hong-kong-crypto-regulations-global-hub\/","title":{"rendered":"\ud64d\ucf69 \uc554\ud638\ud654\ud3d0 \uad00\ud560\uad8c\uc758 \ud655\ub300"},"content":{"rendered":"<table style=\"margin-top: 0px; width: 100%; overflow: hidden;\">\n<tbody>\n<tr style=\"display: flex; flex-wrap: wrap;\">\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/beta3.law.asia\/ko\/crypto-regulation-trends-hong-kong-japan-taiwan\/\"><span style=\"color: #e6c282; text-shadow: 1px 1px 2px #16151d;\"><b>\uba54\uc778<\/b><\/span><\/a><\/p>\n<\/td>\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/beta3.law.asia\/ko\/japan-crypto-stablecoin-regulations-2025\/\"><span style=\"color: #67a3a3; font-size: clamp(.9rem, 2.5vw, 1.125rem);\"><span style=\"color: #f1f9fb; text-shadow: 1px 1px 2px #16151d;\"><b>\uc77c\ubcf8<\/b><\/span><\/span><\/a><\/p>\n<\/td>\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: linear-gradient(90deg,rgba(48, 42, 20, 1) 0%, rgba(203, 130, 27, 1) 47%, rgba(127, 147, 158, 1) 100%); border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/beta3.law.asia\/ko\/taiwan-crypto-regulations-challenges\/\"><span style=\"color: #ffffff; font-size: clamp(.9rem, 2.5vw, 1.125rem); text-shadow: 1px 1px 2px #16151d;\"><b>\ub300\ub9cc<\/b><\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\uc554\ud638\ud654\ud3d0 \uaddc\uc81c\uac00 \uc804 \uc138\uacc4 \uc2dc\uc7a5\uc5d0\uc11c \uc5ec\uc804\ud788 \ubd84\uc0b0\ub418\uc5b4 \uc788\ub294 \uac00\uc6b4\ub370, \ud64d\ucf69\uc740 \ud601\uc2e0\uacfc \uae30\uad00 \uc790\ubcf8 \ud22c\uc790 \ubd84\uc57c\uc5d0\uc11c \uc138\uacc4\ub97c \uc120\ub3c4\ud558\ub294 \uad00\ud560\uad8c\uc73c\ub85c\uc11c\uc758 \uc785\uc9c0\ub97c \uad73\ud788\uace0 \uc788\ub2e4. \ubbf8\uad6d\uc774 \ubcc0\ud654\ud558\ub294 \uaddc\uc81c \uc6b0\uc120\uc21c\uc704\uc5d0 \uc9c0\uc18d\uc801\uc73c\ub85c \uc5b4\ub824\uc6c0\uc744 \uacaa\uace0 \uc788\ub294 \ubc18\uba74, \uc2f1\uac00\ud3ec\ub974\ub294 \uac1c\uc778 \ud22c\uc790\uc790\uc758 \uc554\ud638\ud654\ud3d0 \ucc38\uc5ec\uc5d0 \uc0ac\uc2e4\uc0c1 \uaddc\uc81c\ub97c \ubd80\uacfc\ud558\uace0 \uc788\uace0, EU\ub294 \uc554\ud638\ud654\ud3d0 \uc2dc\uc7a5 \uaddc\uc81c(MiCA)\uc5d0 \ub530\ub77c \uc5c4\uaca9\ud55c \uc778\ud5c8\uac00 \uc81c\ub3c4\ub97c \uc2dc\ud589\ud558\uace0 \uc788\ub2e4. \uc774\uc5d0 \ubc18\ud574 \ud64d\ucf69\uc740 \ud22c\uc790\uc790 \ubcf4\ud638 \uc870\uce58\uc640 \ud601\uc2e0\uc744 \ucd09\uc9c4\ud558\uae30 \uc704\ud55c \ubbf8\ub798\uc9c0\ud5a5\uc801 \uc815\ucc45\uc744 \uc815\uad50\ud558\uac8c \uacb0\ud569\ud558\uc5ec \uc0c1\uc5c5\uc801\uc73c\ub85c \uc2e4\ud589 \uac00\ub2a5\ud55c \uaddc\uc81c \ud504\ub808\uc784\uc6cc\ud06c\ub97c \ub3c4\uc785\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774 \uae30\uace0\ubb38\uc5d0\uc11c\ub294 \ud64d\ucf69\uc758 \uaddc\uc81c \uccb4\uacc4, \uc870\uc138 \uc81c\ub3c4 \ubc0f \uad00\uc2b5\ubc95\uc0c1\uc758 \uc548\uc804\uc7a5\uce58\uac00 \uc5b4\ub5bb\uac8c \uacbd\uc7c1 \uad00\ud560\uad8c\uacfc \ub2ec\ub9ac \uc554\ud638\ud654\ud3d0 \uae30\uc5c5\uacfc \ud22c\uc790\uc790\uc5d0\uac8c \ucd5c\uc801\uc758 \ud658\uacbd\uc744 \uc81c\uacf5\ud558\ub294\uc9c0 \uac1c\uad04\uc801\uc73c\ub85c \uc0b4\ud3b4\ubcfc \uc608\uc815\uc774\ub2e4. \uc7a5\uae30\uc801\uc778 \uc548\uc815\uc131, \uc81c\ub3c4\uad8c \uc218\uc900\uc758 \uaddc\uc81c \ucef4\ud50c\ub77c\uc774\uc5b8\uc2a4, \uadf8\ub9ac\uace0 \uc544\uc2dc\uc544 \uc790\ubcf8\uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc6d0\ud65c\ud55c \uc811\uadfc\uc131\uc744 \uc911\uc2dc\ud558\ub294 \ud22c\uc790\uc790\uc5d0\uac8c \ud64d\ucf69\uc740 \uc554\ud638\ud654\ud3d0 \ud5c8\ube0c\uc758 \uae00\ub85c\ubc8c \uae30\uc900\uc73c\ub85c \uc790\ub9ac\ub9e4\uae40\ud560 \uc900\ube44\uac00 \ub418\uc5b4 \uc788\ub2e4.<\/p>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc554\ud638\ud654\ud3d0\uc5d0 \ub300\ud55c \uba85\ud655\ud55c \uaddc\uc81c<\/span><\/strong><\/h2>\n<figure id=\"attachment_586948\" aria-describedby=\"caption-attachment-586948\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586948 size-full\" src=\"https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/Bowie-Fung.jpg\" alt=\"Bowie Fung\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586948\" class=\"wp-caption-text\"><strong>Bowie Fung<\/strong><br \/>Managing Partner<br \/>CFN Lawyers <br \/>\ud64d\ucf69<br \/>\uc804\ud654: +852 2114 2195<br \/>\uc774\uba54\uc77c: <a href=\"mailto:bowie.fung@cfnlaw.com.hk\">bowie.fung@cfnlaw.com.hk<\/a><\/figcaption><\/figure>\n<p>SFC\uc758 \uac10\ub3c5 \ubc0f \ubd84\ub958. \ud64d\ucf69\uc758 \uaddc\uc81c \uccb4\uacc4\ub294 \uc6d0\uce59 \uc911\uc2ec\uc758 \uc811\uadfc \ubc29\uc2dd\uacfc \ub514\uc9c0\ud138 \uc790\uc0b0 \uad00\ub828\ud558\uc5ec \uba85\ud655\ud558\uac8c \ubd84\ub958\ub41c \uc2dc\uc2a4\ud15c\uc744 \ud1b5\ud574 \ucc28\ubcc4\ud654\ub41c\ub2e4. \uc99d\uad8c\uc120\ubb3c\uc870\ub840(SFO, \uc81c571\uc7a5)\uc5d0 \ub530\ub77c, \uc81c3\uc790\ud22c\uc790 \uc218\uc775 \ub4f1 \uc99d\uad8c\uc758 \ud2b9\uc131\uc744 \ubcf4\uc774\ub294 \ud1a0\ud070\uc740 \uc99d\uad8c\uc120\ubb3c\uc704\uc6d0\ud68c(SFC)\uc758 \uae30\uc874 \uc99d\uad8c \uaddc\uc81c \uccb4\uacc4\uc758 \uc801\uc6a9\uc744 \ubc1b\ub294\ub2e4.<\/p>\n<p>\uc774\ub97c \ud1b5\ud574 \uc99d\uad8c\ud615 \ud1a0\ud070\uc740 \ubc95\uc801 \ud655\uc2e4\uc131 \ubc0f \uc804\ud1b5\uc801\uc778 \uae08\uc735 \uc0c1\ud488\uacfc \ub3d9\uc77c\ud55c \uc5c4\uaca9\ud568\uc744 \ubc14\ud0d5\uc73c\ub85c \uaddc\uc81c\ub41c\ub2e4. \uc21c\uc218 \uc720\ud2f8\ub9ac\ud2f0 \ud1a0\ud070\uacfc \ube44\ud2b8\ucf54\uc778 \ubc0f \uc774\ub354\ub9ac\uc6c0 \ub4f1 \ud0c8\uc911\uc559\ud654 \uc554\ud638\ud654\ud3d0\ub294 \uac00\uc0c1 \uc0c1\ud488\uc73c\ub85c \uac04\uc8fc\ub418\uba70, \uc0ac\uae30\ub098 \uc2dc\uc138 \uc870\uc791 \ud589\uc704\uac00 \uc5c6\ub294 \ud55c \uc99d\uad8c \uaddc\uc81c\uc5d0\uc11c \uc81c\uc678\ub41c\ub2e4.<\/p>\n<p>\ubbf8\uad6d\uc774\ub098 EU\uc640\ub294 \ub2ec\ub9ac, \ud64d\ucf69\uc740 \uc99d\uad8c\ud615 \ud1a0\ud070\uacfc \uc720\ud2f8\ub9ac\ud2f0 \ub610\ub294 \uc0c1\ud488\ud615 \ud1a0\ud070\uc744 \uad6c\ubd84\ud558\ub294 \uc774\uc6d0\ud654 \uc811\uadfc \ubc29\uc2dd\uc744 \ucc44\ud0dd\ud558\uace0 \uc788\ub2e4. \ubbf8\uad6d\uc5d0\uc11c\ub294 \uc99d\uad8c\uac70\ub798\uc704\uc6d0\ud68c(SEC)\uc758 \ud558\uc704 \ud14c\uc2a4\ud2b8(Howey Test) \uc801\uc6a9\uc774 \uc77c\uad00\uc131 \uc5c6\uc774 \uc2dc\ud589\ub418\uc5b4 \ud601\uc2e0\uc744 \uc800\ud574\ud558\ub294 \ud6a8\uacfc\uac00 \uc788\ub2e4.<\/p>\n<p>MiCA\uac00 EU \ub0b4 \uc554\ud638\uc790\uc0b0 \uc720\ud615\uc5d0 \ub300\ud574 \uc77c\ub960\uc801\uc778 \uc778\uac00 \uc694\uac74\uc744 \uc801\uc6a9\ud574 \uc99d\uad8c\ud615 \ud1a0\ud070, \uc720\ud2f8\ub9ac\ud2f0 \ud1a0\ud070, \uacb0\uc81c \ud1a0\ud070\uc744 \uad6c\ubd84\ud558\uc9c0 \uc54a\uace0 \uaddc\uc81c\ud558\ub294 \uac83\uacfc \ub2ec\ub9ac, \ud64d\ucf69\uc740 \uc138\ubd84\ud654\ub41c \ubd84\ub958 \uccb4\uacc4\ub97c \ud1b5\ud574 \uace0\uc704\ud5d8 \ud65c\ub3d9\ub9cc \uc5c4\uaca9\ud55c \uac10\ub3c5\uc744 \ubc1b\ub3c4\ub85d \ubcf4\uc7a5\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uac00\uc0c1\uc790\uc0b0 \uc11c\ube44\uc2a4 \uc81c\uacf5\uc5c5\uccb4(VASP) \uc778\uac00. 2023\ub144 6\uc6d4\ubd80\ud130 \ud64d\ucf69\uc740 \uc911\uc559\ud654\ub41c \uac00\uc0c1\uc790\uc0b0 \uac70\ub798 \ud50c\ub7ab\ud3fc\uc774 \u2018\uc790\uae08\uc138\ud0c1\ubc29\uc9c0 \ubc0f \ud14c\ub7ec\uc790\uae08\uc870\ub2ec \ubc29\uc9c0 \uc870\ub840\u2019(\uc81c615\uc7a5)\uc5d0 \ub530\ub77c \uc778\uac00\ub97c \ucde8\ub4dd\ud558\ub3c4\ub85d \uc694\uad6c\ud558\uace0 \uc788\ub2e4. \uc774 \uc778\uac00 \uc81c\ub3c4\ub294 \uaddc\uc81c\ub418\uba74\uc11c\ub3c4 \ud22c\uba85\ud55c \ud504\ub808\uc784\uc6cc\ud06c\ub97c \ud1b5\ud574 \uac1c\uc778 \ud22c\uc790\uc790 \ubcf4\ud638\ub97c \uac15\ud654\ud558\uace0 \uc704\ud5d8\uc744 \uc644\ud654\ud558\ub3c4\ub85d \uace0\uc548\ub410\uc73c\uba70, \uc8fc\uc694 \uc694\uac74\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uac15\ud654\ub41c KYC\/AML(\uace0\uac1d\ud655\uc778 \ubc0f \uc790\uae08\uc138\ud0c1\ubc29\uc9c0) \uc808\ucc28. \uae08\uc735\ud589\ub3d9\ud2b9\ubcc4\uae30\uad6c(FAFT) \uad8c\uace0\uc5d0 \ub530\ub77c \uc778\uac00\ub97c \ubc1b\uc740 \uac70\ub798\uc18c\ub294 \uc2e4\uba85 \ud655\uc778, \uac70\ub798 \ubaa8\ub2c8\ud130\ub9c1\uc744 \uc2e4\uc2dc\ud558\uba70 \uc758\uc2ec\uc2a4\ub7ec\uc6b4 \ud65c\ub3d9\uc744 \ubcf4\uace0\ud574\uc57c \ud55c\ub2e4.<\/li>\n<li>\uc900\ube44\uae08 \uc99d\uba85 \uac10\uc0ac. FTX \uc0ac\ud0dc \uc774\ud6c4 \uac70\ub798\uc0c1\ub300\ubc29 \uc704\ud5d8\uc744 \uc644\ud654\ud558\uae30 \uc704\ud574, \ub9e4\uc6d4 \uc900\ube44\uae08 \ubcf4\uc720 \ub0b4\uc5ed\uc744 \ud655\uc778\ud558\ub3c4\ub85d \uc758\ubb34\ud654\ud558\uc5ec \ud22c\uba85\uc131\uacfc \uc9c0\uae09\ub2a5\ub825\uc744 \ubcf4\uc7a5\ud574\uc57c \ud55c\ub2e4.<\/li>\n<li>\uace0\uac1d \uc790\uc0b0 \ubd84\ub9ac \ubcf4\uad00. \uc790\uae08\uc758 \ud63c\ud569\uc744 \ubc29\uc9c0\ud558\uba70, \uc804\ud1b5 \uae08\uc735\uc758 \ud22c\uc790\uc790 \ubcf4\ud638 \uc870\uce58\uc640 \uc720\uc0ac\ud55c \uc548\uc804\uc7a5\uce58\ub97c \uc81c\uacf5\ud574\uc57c \ud55c\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\uc2f1\uac00\ud3ec\ub974\uac00 \uc18c\ub9e4 \uc554\ud638\ud654\ud3d0 \uac70\ub798\ub97c \uc81c\ud55c\ud558\uace0 \uad11\uace0\ub97c \uae08\uc9c0\ud558\ub294 \ub4f1 \ud1b5\ud654 \ub2f9\uad6d\uc774 \uc2e0\uc911\ud55c \uc785\uc7a5\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub294 \uac83\uacfc \ub2ec\ub9ac, \ud64d\ucf69\uc740 \ubcf4\ub2e4 \uc9c4\ubcf4\uc801\uc778 \uc81c\ub3c4\ub97c \ub3c4\uc785\ud558\uace0 \uc788\ub2e4. \uc5c4\uaca9\ud55c \uc801\ud569\uc131 \uc2ec\uc0ac \ud558\uc5d0 \uaddc\uc81c\ub41c \uc18c\ub9e4 \ud22c\uc790 \ucc38\uc5ec\ub97c \ud5c8\uc6a9\ud568\uc73c\ub85c\uc368, \ud64d\ucf69\uc740 \ud22c\uc790\uc790 \ubcf4\ud638\uc640 \uc2dc\uc7a5 \uc811\uadfc\uc131 \uc0ac\uc774\uc758 \uade0\ud615\uc744 \uc774\ub8e8\uace0 \uc788\ub2e4.<\/p>\n<p>\uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c. \ud64d\ucf69\uc740 \ubc95\uc815\ud654\ud3d0 \uc5f0\ub3d9 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc5d0 \ub300\ud55c \ub9de\ucda4\ud615 \uaddc\uc81c \uccb4\uacc4\ub97c \ub9c8\ubb34\ub9ac\ud558\uace0 \uc788\ub294 \uc911\uc774\ub2e4. \ubc1c\ud589\uc0ac\ub294 1:1 \uc900\ube44\uae08 \uc720\uc9c0, \uc815\uae30\uc801\uc778 \uac10\uc0ac, \uc6b4\uc601\uc758 \ud22c\uba85\uc131 \ud655\ubcf4, \uadf8\ub9ac\uace0 \ud64d\ucf69\uae08\uc735\uad00\ub9ac\uad6d(HKMA)\uc758 \uc778\uac00\ub97c \ubc1b\uc544\uc57c \ud55c\ub2e4.<\/p>\n<p>\uc774 \uc81c\ub3c4\ub294 \ud64d\ucf69\uc744 \uc138\uacc4 \uc8fc\uc694 \uae08\uc735 \uc911\uc2ec\uc9c0 \uc911 \ud558\ub098\ub85c \uc790\ub9ac\ub9e4\uae40\uc2dc\ud0a4\uae30 \uc704\ud574 \ub9c8\ub828\ub41c \uac83\uc73c\ub85c, TerraUSD \uc0ac\ud0dc\uc640 \uac19\uc740 \uc2dc\uc2a4\ud15c\uc801 \uc704\ud5d8\uc744 \ubc29\uc9c0\ud558\ub294 \ud3ec\uad04\uc801\uc778 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c \uccb4\uacc4\ub97c \uac16\ucd94\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4. \uacac\uace0\ud55c \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c \ud504\ub808\uc784\uc6cc\ud06c\ub294 \uaddc\uc81c \ucc28\uc775\uac70\ub798\uc758 \uae30\ud68c\ub97c \ucd5c\uc18c\ud654\ud568\uc73c\ub85c\uc368 \uc2dc\uc7a5\uc758 \uc548\uc815\uc131\uc744 \ub192\uc77c \uac83\uc774\ub2e4.<\/p>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc870\uc138 \ud6a8\uc728\uc131\uacfc \ucd5c\uc801\uc758 \uc218\uc775<\/span><\/strong><\/h2>\n<p>\ud64d\ucf69\uc758 \uc870\uc138 \uc81c\ub3c4\ub294 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc5d0\uac8c \ube44\ud560 \ub370 \uc5c6\ub294 \uc774\uc810\uc744 \uc81c\uacf5\ud55c\ub2e4.<\/p>\n<p>\uc790\ubcf8 \uc774\ub4dd\uc138 \uc5c6\uc74c. \ubbf8\uad6d(\uc5f0\ubc29\uc138\uc728 20% \ubc0f \uc8fc\ubcc4 \uc138\uae08), \uc601\uad6d(\ucd5c\ub300 20%), \ud638\uc8fc(\ucd5c\ub300 45%)\uc640 \ub2ec\ub9ac, \ud64d\ucf69\uc740 \uc554\ud638\ud654\ud3d0 \uac70\ub798\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \uc790\ubcf8 \uc774\ub4dd\uc5d0 \ub300\ud574 \uc138\uae08\uc744 \ubd80\uacfc\ud558\uc9c0 \uc54a\ub294\ub2e4. \uc774\ub294 \uace0\ube48\ub3c4 \uac70\ub798\uc790, \ud5e4\uc9c0\ud380\ub4dc \ubc0f \ubca4\ucc98 \ud22c\uc790\uc790\uc5d0\uac8c \uc911\uc694\ud55c \uc778\uc13c\ud2f0\ube0c\uac00 \ub41c\ub2e4.<\/p>\n<p>\uc554\ud638\ud654\ud3d0 \uac70\ub798\uc5d0 \ubd80\uac00\uac00\uce58\uc138(VAT) \ub610\ub294 \uc0c1\ud488\uc6a9\uc5ed\uc138(GST) \uc5c6\uc74c. EU\uc758 VAT\ub294 \uc554\ud638\ud654\ud3d0 \uac70\ub798\ub97c \uacfc\uc138 \ub300\uc0c1 \uacf5\uae09\uc73c\ub85c \uac04\uc8fc\ud558\uc5ec, \uac70\ub798 \ubc0f \ubcf4\uad00 \ub4f1 \uc554\ud638\ud654\ud3d0 \uad00\ub828 \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\ub294 \uae30\uc5c5\uc5d0 VAT(\ub300\ubd80\ubd84 20%\uc774\ub098 \uad00\ud560\uc9c0\uc5ed\uc5d0 \ub530\ub77c \ub2e4\ub984)\ub97c \ubd80\uacfc\ud55c\ub2e4. \ubc18\uba74, \ud64d\ucf69\uc740 \uc554\ud638\ud654\ud3d0\ub97c \ubb34\ud615\uc790\uc0b0\uc73c\ub85c \ubd84\ub958\ud558\uc5ec \ubaa8\ub4e0 \ud310\ub9e4\uc138\uc5d0\uc11c \uc644\uc804\ud788 \uba74\uc81c\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uacbd\uc7c1\ub825 \uc788\ub294 \ubc95\uc778\uc138. \ud64d\ucf69\uc758 \uc9c0\uc5ed \uacfc\uc138 \uc81c\ub3c4\ub294 \ud604\uc9c0\uc5d0\uc11c \ubc1c\uc0dd\ud55c \uc774\uc775\uc5d0 \ub300\ud574\uc11c\ub9cc 16.5%\uc758 \uc138\uc728\ub85c \uacfc\uc138\ud558\uba70, \uc774\ub294 \uc2f1\uac00\ud3ec\ub974(17%), \ubbf8\uad6d(\uc5f0\ubc29\uc138\uc728 21%), EU(\ud3c9\uade0 21.3%)\ubcf4\ub2e4 \ub0ae\ub2e4.<\/p>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\ud22c\uc790\uc790 \ubcf4\ud638\uc7a5\uce58<\/span><\/strong><\/h2>\n<figure id=\"attachment_586954\" aria-describedby=\"caption-attachment-586954\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586954 size-full\" src=\"https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/Yuan-Kai.jpg\" alt=\"Yuan Kai\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586954\" class=\"wp-caption-text\"><strong>Yuan Kai<\/strong><br \/>\ucee8\uc124\ud134\ud2b8<br \/>CFN Lawyers <br \/>\ud64d\ucf69<br \/>\uc804\ud654: +852 3468 7365<br \/>\uc774\uba54\uc77c: <a href=\"mailto:kaiyuan@cfnlaw.com.hk\">kaiyuan@cfnlaw.com.hk<\/a><\/figcaption><\/figure>\n<p>\uc601\ubbf8\ubc95 \uccb4\uacc4. \ud64d\ucf69 \uc0ac\ubc95\ubd80\ub294 \uc624\ub7ab\ub3d9\uc548 \uc608\uce21 \uac00\ub2a5\ud55c \uacc4\uc57d \uc9d1\ud589\uc73c\ub85c \uc778\uc815\ubc1b\uc544 \uc654\ub2e4. 2024\ub144 Mantra Dao Inc \ubc0f \uae30\ud0c0 \ub300 John Patrick Mullin \ubc0f \uae30\ud0c0 \uc0ac\uac74\uc5d0\uc11c, \ud64d\ucf69 1\uc2ec \ubc95\uc6d0\uc740 \uc554\ud638\ud654\ud3d0 \ubd84\uc57c\uc5d0\uc11c \uc6b4\uc601\ub418\ub294 \ud0c8\uc911\uc559\ud654 \uc790\uc728\uc870\uc9c1(DAO)\uc5d0 \uc7ac\ubb34 \uae30\ub85d\uacfc \ud68c\uacc4 \uc7a5\ubd80\ub97c \uacf5\uac1c\ud558\ub3c4\ub85d \uba85\ub839\ud588\ub2e4. \uc774 \ud310\uacb0\uc740 \ub450 \uac00\uc9c0 \uc911\uc694\ud55c \ubc95\uc801 \uc6d0\uce59\uc744 \uac15\uc870\ud588\ub2e4.<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc554\ud638\ud654\ud3d0 \uc6b4\uc601\uc758 \uc7ac\ubb34 \ud22c\uba85\uc131: \ubc95\uc6d0\uc740 \ud0c8\uc911\uc559\ud654 \uad6c\uc870\ub97c \uac00\uc9c4 \uacbd\uc6b0\ub77c\ub3c4 \uc554\ud638\ud654\ud3d0 \ud50c\ub7ab\ud3fc\uc740 \ud45c\uc900 \uc7ac\ubb34 \ucc45\uc784 \uae30\uc900\uc744 \uc900\uc218\ud574\uc57c \ud55c\ub2e4\ub294 \uc810\uc744 \ud655\uc778\ud588\ub2e4.<\/li>\n<li>. DAO\uc758 \ubc95\uc801 \ucc45\uc784. \uc774 \ud310\uacb0\uc740 DAO\uac00 \uc0c8\ub85c\uc6b4 \uac70\ubc84\ub10c\uc2a4 \ubaa8\ub378\uc744 \uac00\uc9c0\uace0 \uc788\ub354\ub77c\ub3c4, \ubd84\uc7c1\uc774 \ubc1c\uc0dd\ud560 \uacbd\uc6b0 \uc0ac\ubc95\uc801 \uac10\ub3c5\uc5d0\uc11c \uc608\uc678\uac00 \uc544\ub2d8\uc744 \uba85\ud655\ud788 \ud588\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\uc774 \uc0ac\uac74\uc740 \uc2e0\ud765 \ube14\ub85d\uccb4\uc778 \uae30\ubc18 \uc870\uc9c1\uc5d0 \ub300\ud55c \ud64d\ucf69\uc758 \uc720\uc5f0\ud55c \uaddc\uc81c \uc811\uadfc \ubc29\uc2dd\uc744 \ubcf4\uc5ec\uc900 \uc0ac\ub840\ub2e4. \ud574\ub2f9 \ud310\uacb0\uc740 \ud0c8\uc911\uc559\ud654 \uc870\uc9c1\uacfc \uad00\ub828\ub41c \ud6c4\uc18d \ubd84\uc7c1\uc5d0\uc11c \uc124\ub4dd\ub825 \uc788\ub294 \ud310\ub840\ub85c \uc778\uc6a9\ub418\uace0 \uc788\ub2e4.<\/p>\n<p>\uae30\uad00\uae09 \uc790\uc0b0 \ubcf4\uad00 \uaddc\uc815. \ub77c\uc774\uc120\uc2a4\ub97c \ubcf4\uc720\ud55c VASP\ub294 \ud22c\uc790\uc790 \ubcf4\ud638\ub97c \uc704\ud574 \uc138\uacc4\uc5d0\uc11c \uac00\uc7a5 \uc5c4\uaca9\ud55c \ubcf4\uad00 \uc694\uac74\uc744 \uc900\uc218\ud574\uc57c \ud55c\ub2e4. \uc5ec\uae30\uc5d0\ub294 \uace0\uac1d \uc790\uc0b0\uc758 98%\ub97c \ucf5c\ub4dc\uc6d4\ub81b\uc5d0 \ubcf4\uad00\ud558\ub294 \uc758\ubb34, \uc900\ube44\uae08 \uc801\uc815\uc131\uc744 \uac80\uc99d\ud558\ub294 \ub3c5\ub9bd\uc801\uc778 \uc81c3\uc790 \uac10\uc0ac, \uadf8\ub9ac\uace0 \uace0\uac1d \uc790\uae08\uacfc \ud68c\uc0ac \uc790\uae08\uc758 \ubd84\ub9ac \ub4f1\uc774 \ud3ec\ud568\ub41c\ub2e4.<\/p>\n<p>\ubc14\ud558\ub9c8 \ub4f1\uacfc \uac19\uc740 \uc5ed\uc678 \uc9c0\uc5ed\uc758 \ub290\uc2a8\ud55c \uc790\uc0b0 \ubcf4\uad00 \uaddc\uc815\uc774 2022\ub144 FTX\uc758 \ubd95\uad34\ub85c \uc774\uc5b4\uc9c4 \uac83\uacfc \ub2ec\ub9ac, \ud64d\ucf69\uc758 \uc81c\ub3c4\ub294 \uad6c\uc870\uc801\uc73c\ub85c FTX\uc640 \uac19\uc740 \uc2e4\ud328\uac00 \ubc1c\uc0dd\ud560 \uc218 \uc5c6\ub3c4\ub85d \uc124\uacc4\ub418\uc5b4 \uc788\ub2e4.<\/p>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc911\uad6d \ubc0f \uc544\uc2dc\uc544\ub85c\uc758 \uad00\ubb38<\/span><\/strong><\/h2>\n<figure id=\"attachment_586944\" aria-describedby=\"caption-attachment-586944\" style=\"width: 200px\" class=\"wp-caption alignright\"><img class=\"wp-image-586944 size-full\" src=\"https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/Amanda-Li.jpg\" alt=\"Amanda Li\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-586944\" class=\"wp-caption-text\"><strong>Amanda Li<\/strong><br \/>\ucee8\uc124\ud134\ud2b8<br \/>CFN Lawyers <br \/>\ud64d\ucf69<br \/>\uc804\ud654: +852 2114 2208<br \/>\uc774\uba54\uc77c: <a href=\"mailto:amanda.li@cfnlaw.com.hk\">amanda.li@cfnlaw.com.hk<\/a><\/figcaption><\/figure>\n<p>\uc911\uad6d \uc811\uadfc\uc131. \uc911\uad6d \ubcf8\ud1a0\ub294 \uc5ec\uc804\ud788 \uc554\ud638\ud654\ud3d0 \uac70\ub798\uc640 \ucc44\uad74\uc744 \uae08\uc9c0\ud558\uace0 \uc788\uc9c0\ub9cc, \ud64d\ucf69\uc740 \uaddc\uc81c\ub41c \uacbd\ub85c\ub97c \ud1b5\ud574 \uc911\uad6d \uc790\ubcf8\uc758 \uc720\uc785(\uc801\uaca9 \uc678\uad6d\uc778 \uae30\uad00\ud22c\uc790\uc790 \ubc0f \uc8fc\uc2dd \uc5f0\uacc4 \ud504\ub85c\uadf8\ub7a8 \ub4f1)\uacfc \uc911\uad6d \ubcf8\ud1a0 \uc790\uc0b0\uc6b4\uc6a9\uc0ac\uc758 \uae30\uad00 \ucc38\uc5ec(\uc608: \uc911\uad6d\uc790\uc0b0\uc6b4\uc6a9\uc774 \ucd9c\uc2dc\ud55c \ube44\ud2b8\ucf54\uc778 \ubc0f \uc774\ub354\ub9ac\uc6c0 \uc0c1\uc7a5\uc9c0\uc218\ud380\ub4dc \ub4f1)\uac00 \uac00\ub2a5\ud558\ub2e4. \uc774\ub7ec\ud55c \uc774\uc6d0\uc801 \uc811\uadfc \ubc29\uc2dd\uc740 \ud64d\ucf69\uc774 \uc911\uad6d\uc758 \uad6d\ub0b4 \uae08\uc735 \uc548\uc815\uc744 \uc720\uc9c0\ud558\uba74\uc11c\ub3c4 \ud1b5\uc81c\ub41c \uc5ed\uc678 \ub178\ucd9c\uc744 \ud5c8\uc6a9\ud558\ub294 \uad00\ubb38 \uc5ed\ud560\uc744 \ud558\uac8c \ub420 \uac83\uc744 \uc2dc\uc0ac\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc544\uc138\uc548 \uc2dc\uc7a5 \uc811\uadfc\uc131. \ud64d\ucf69\uc774 \uc544\uc138\uc548 \uad6d\uac00\ub4e4\uacfc \uccb4\uacb0\ud55c \uc790\uc720\ubb34\uc5ed\ud611\uc815\uc740 \ud540\ud14c\ud06c \ubc0f \uc554\ud638\ud654\ud3d0 \uae30\uc5c5\ub4e4\uc774 \uace0\uc131\uc7a5 \uc2dc\uc7a5\uc5d0 \uc9c4\ucd9c\ud560 \uc218 \uc788\ub294 \uc804\ub7b5\uc801 \uad00\ubb38\uc744 \uc81c\uacf5\ud55c\ub2e4. \uc608\ub97c \ub4e4\uc5b4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\ubca0\ud2b8\ub0a8\uc758 \uae09\uc131\uc7a5\ud558\ub294 \ub514\uc9c0\ud138 \uacbd\uc81c\ub294 \uc138\uacc4\uc5d0\uc11c \uac00\uc7a5 \ub192\uc740 \uc218\uc900\uc758 \uc554\ud638\ud654\ud3d0 \ub3c4\uc785\ub960\uc744 \uae30\ub85d\ud558\uace0 \uc788\uc73c\uba70, 2025\ub144\uc5d0\ub294 30~40%\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4. \uc774\ub294 \ud64d\ucf69 \uc18c\uc7ac \uae30\uc5c5\uc5d0 \ub9e4\uc6b0 \uc720\ub9dd\ud55c \uc2dc\uc7a5 \ud658\uacbd\uc744 \uc81c\uacf5\ud55c\ub2e4.<\/li>\n<li>\ud0dc\uad6d\uc758 \uc9c4\ubcf4\uc801\uc778 \uc554\ud638\ud654\ud3d0 \uaddc\uc81c \uccb4\uacc4\uc640 \uc18c\ub9e4\uc6a9 \uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138\ud654\ud3d0(CBDC) \uc2dc\ubc94\uc0ac\uc5c5\uc740 \ud64d\ucf69 \ud540\ud14c\ud06c \uae30\uc5c5\ub4e4\uc774 \ud06c\ub85c\uc2a4\ubcf4\ub354 \ub514\uc9c0\ud138 \ud654\ud3d0 \ud14c\uc2a4\ud2b8\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc788\ub294 \uae30\ud68c\ub97c \uc81c\uacf5\ud55c\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>\ub2e4\uc74c \ub2e8\uacc4: \uc790\uc0b0\ub2f4\ubcf4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778? \ud64d\ucf69\uc758 \uc0c8\ub85c\uc6b4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uaddc\uc81c \uccb4\uacc4\ub294 \uaddc\uc81c\ub41c \uc790\uc0b0\ub2f4\ubcf4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc5d0 \ub300\ud55c \ub9e4\ub825\uc801\uc778 \uc7a0\uc7ac\ub825\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\uc73c\uba70, \uae08, \uadc0\uae08\uc18d \ubc0f \ubd80\ub3d9\uc0b0 \uc5f0\uacc4 \ud1a0\ud070\uc5d0 \ub300\ud55c \uc811\uadfc\uc131\uc744 \uc81c\uacf5\ud558\uace0 \ud540\ud14c\ud06c \uc2a4\ud0c0\ud2b8\uc5c5\uc5d0 \ud14c\uc2a4\ud2b8 \ud658\uacbd\uc744 \ub9c8\ub828\ud55c\ub2e4. \ucd08\uae30 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ud504\ub808\uc784\uc6cc\ud06c\ub294 \ubc95\uc815\ud654\ud3d0 \ub2f4\ubcf4 \ubaa8\ub378\uc744 \uc6b0\uc120\uc2dc\ud558\uc9c0\ub9cc, \ud64d\ucf69\uc758 \uc601\ubbf8\ubc95 \uccb4\uacc4\uc640 \uc801\uadf9\uc801\uc778 \uaddc\uc81c \ub2f9\uad6d\uc740 \uc0c1\ud488 \uc5f0\uacc4\ud615 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uae4c\uc9c0 \uac10\ub3c5 \ubc94\uc704\ub97c \ud655\uc7a5\ud560 \uc218 \uc788\ub294 \uc88b\uc740 \uc704\uce58\uc5d0 \uc788\ub2e4. \uacac\uace0\ud55c \uae08\uc735 \uc778\ud504\ub77c\uc640 \uc911\uad6d\uacfc\uc758 \uc2dc\ub108\uc9c0 \ud6a8\uacfc\ub97c \ubc14\ud0d5\uc73c\ub85c, \ubc95\uc815\ud654\ud3d0 \uad00\ub828 \uaddc\uc815\uc774 \uc644\uc804\ud788 \ub9c8\ub828\ub418\uba74 \ud64d\ucf69\uc740 \uc0c1\ud488\ub2f4\ubcf4 \ud1a0\ud070\uc758 \uc7a0\uc7ac\uc801 \ucd9c\uc2dc \uac70\uc810\uc774 \ub420 \uc218 \uc788\uc744 \uac83\uc774\ub2e4.<\/p>\n<h2 style=\"text-align: justify; text-shadow: 1px 1px 2px #cccccc;\"><strong><span style=\"color: #ce7d08;\">\uc801\uadf9\uc801\uc778 \ud540\ud14c\ud06c \uc9c4\ud765<\/span><\/strong><\/h2>\n<p>\ud64d\ucf69 \uc815\ubd80\ub294 \uc804\ub7b5\uc801 \uc774\ub2c8\uc154\ud2f0\ube0c\uc640 \uaddc\uc81c \uc720\uc5f0\uc131\uc744 \ud1b5\ud574 \ud540\ud14c\ud06c \ud601\uc2e0\uc744 \uc801\uadf9\uc801\uc73c\ub85c \ucd09\uc9c4\ud558\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \ub178\ub825\uc758 \ud575\uc2ec\uc740 HKMA\uc758 \u2018\ud540\ud14c\ud06c 2025 \uc804\ub7b5\u2019\uc73c\ub85c, \uc774\ub294 \ud06c\ub85c\uc2a4\ubcf4\ub354 \uacb0\uc81c\ub97c \uc704\ud55c \ube14\ub85d\uccb4\uc778 \uc0c1\ud638\uc6b4\uc6a9\uc131\uc744 \uc6b0\uc120\uc2dc\ud558\uace0 \uc18c\ub9e4\uc6a9 CBDC \uac1c\ubc1c\uc744 \ucd94\uc9c4\ud558\ub294 \ub370 \uc911\uc810\uc744 \ub450\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774\ub7ec\ud55c \ube44\uc804\uc744 \ub354\uc6b1 \ub4b7\ubc1b\uce68\ud558\ub294 \ub610 \ub2e4\ub978 \uc694\uc18c\ub294 HKMA\uc758 \uaddc\uc81c \uc0cc\ub4dc\ubc15\uc2a4\uc774\ub2e4. \uc774 \uc0cc\ub4dc\ubc15\uc2a4\ub294 \ud540\ud14c\ud06c \uae30\uc5c5\ub4e4\uc774 \ud1a0\ud070\ud654 \uc99d\uad8c\uacfc \ube14\ub85d\uccb4\uc778 \uae30\ubc18 \uacb0\uc81c \uc194\ub8e8\uc158\uc744 \uc2e4\ud5d8\ud560 \uc218 \uc788\ub294 \ud1b5\uc81c\ub41c \ud658\uacbd\uc744 \uc81c\uacf5\ud55c\ub2e4. \uc774\ub7ec\ud55c \uc870\uce58\ub4e4\uc740 \ubcc0\ud654\ud558\ub294 \ud540\ud14c\ud06c \ud658\uacbd\uc5d0\uc11c \ud64d\ucf69\uc774 \uacbd\uc7c1\ub825\uc744 \uc720\uc9c0\ud558\uae30 \uc704\ud574 \uc801\uadf9\uc801\uc73c\ub85c \ub300\uc751\ud558\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\ub2e4.<\/p>\n<p>\ud64d\ucf69\uc740 \uaddc\uc81c\uc758 \uba85\ud655\uc131, \uc870\uc138 \uc911\ub9bd\uc131, \uc601\ubbf8\ubc95 \uc9d1\ud589\ub825, \uadf8\ub9ac\uace0 \uc911\uad6d \uc778\uc811 \uc720\ub3d9\uc131\uc774 \uacb0\ud569\ub41c \uacf3\uc774\ub2e4. VASP \ub77c\uc774\uc120\uc2a4 \uc2e0\uccad\uc774 \uae09\uc99d\ud558\uace0 \uc0c8\ub85c\uc6b4 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \uc81c\ub3c4\uac00 \ub3c4\uc785\ub418\ub294 \uac00\uc6b4\ub370, \uc55e\uc73c\ub85c \ub2e4\uc74c\uacfc \uac19\uc740 \ubcc0\ud654\uac00 \uc608\uc0c1\ub41c\ub2e4:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>\uc2a4\ud0c0\ud2b8\uc5c5\uc740 VASP \ubc0f \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ubc1c\ud589\uc790 \ub77c\uc774\uc120\uc2a4 \uc2b9\uc778 \uc808\ucc28\ub97c \uc6d0\ud65c\ud788 \uc9c4\ud589\ud558\uae30 \uc704\ud574 \ubc95\ub960 \uc790\ubb38\uc744 \ud65c\uc6a9\ud560 \uac83\uc774\ub2e4.<\/li>\n<li>\ud380\ub4dc\ub294 \uc138\uc81c \ud6a8\uc728\uc801\uc778 \uad6c\uc870\ub97c \uc704\ud574 \ud64d\ucf69\uc758 \uc720\ud55c\ucc45\uc784\uc870\ud569\uc81c\ub3c4(LPF)\ub97c \uc801\uadf9\uc801\uc73c\ub85c \ud65c\uc6a9\ud560 \uac83\uc774\ub2e4.<\/li>\n<li>\ud22c\uc790\uc790\ub294 SFC \uc2b9\uc778 \uc554\ud638\ud654\ud3d0 \ud380\ub4dc\uc5d0 \uc790\uc0b0\uc744 \ubc30\ubd84\ud574 \uaddc\uc81c\ub41c \ubc29\uc2dd\uc73c\ub85c \uc554\ud638\ud654\ud3d0\uc5d0 \uc811\uadfc\ud560 \uac83\uc774\ub2e4.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<section class=\"format-info\" style=\"text-align: center;\"><strong><img class=\"size-medium wp-image-586928 align-center aligncenter\" src=\"https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-300x74.png\" alt=\"\" width=\"300\" height=\"74\" srcset=\"https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-300x74.png 300w, https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-1024x254.png 1024w, https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-768x191.png 768w, https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-696x173.png 696w, https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo-1068x265.png 1068w, https:\/\/beta3.law.asia\/wp-content\/uploads\/2025\/05\/CFN_logo.png 1128w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>CFN 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