ืžื•ืคืขืœ ืข"ื™
Regulation & Legal

ื‘ืจื–ื™ืœ ืžื˜ื™ืœื” ืื™ืกื•ืจ ืขืœ ื—ื•ื–ื™ ืฉื•ืง ืชื—ื–ื™ื•ืช ืฉืื™ื ื ืคื™ื ื ืกื™ื™ื

ื”ืฆืขื“, ืฉื™ืฉืคื™ืข ืขืœ ืฉื•ื•ืงื™ ื—ื™ื–ื•ื™ ื‘ื™ื ืœืื•ืžื™ื™ื, ื›ืžื• Polymarket ื•-Kalshi ื‘ื‘ืจื–ื™ืœ, ื”ื•ื ื—ืœืง ืžืžืื‘ืง ื ื’ื“ ื”ื™ืžื•ืจื™ื ื‘ืœืชื™ ื—ื•ืงื™ื™ื ืžืฆื“ ืžืžืฉืœ ื”ื ืฉื™ื ืœื•ืœื”. ืœืคื™ ื”ืขืจื” ื˜ื›ื ื™ืช, ืคืœื˜ืคื•ืจืžื•ืช ืืœื” ื™ืฉื—ื–ืจื• ื”ื™ืžื•ืจื™ ืžื›ืกื” ืงื‘ื•ืขื”, ืฉื›ื‘ืจ ืžื•ืกื“ืจื™ื.

ื ื›ืชื‘ ืข"ื™
ืฉืชืฃ
ื‘ืจื–ื™ืœ ืžื˜ื™ืœื” ืื™ืกื•ืจ ืขืœ ื—ื•ื–ื™ ืฉื•ืง ืชื—ื–ื™ื•ืช ืฉืื™ื ื ืคื™ื ื ืกื™ื™ื

ืขื™ืงืจื™ ื”ื“ื‘ืจื™ื:

  • ื”ืžื•ืขืฆื” ื”ืžื•ื ื™ื˜ืจื™ืช ื”ืœืื•ืžื™ืช ืฉืœ ื‘ืจื–ื™ืœ ืืกืจื” ืฉื•ื•ืงื™ ื—ื™ื–ื•ื™ ืœื-ืคื™ื ื ืกื™ื™ื ื‘-24 ื‘ืืคืจื™ืœ ื‘ืืžืฆืขื•ืช ื”ื—ืœื˜ื” 5,298.
  • ื‘ืจื–ื™ืœ ื”ื™ื ื”ืžื“ื™ื ื” ื”ืฉืœื™ืฉื™ืช ื‘ืืžืจื™ืงื” ื”ืœื˜ื™ื ื™ืช ืฉืื•ืกืจืช ืคืœื˜ืคื•ืจืžื•ืช ืืœื”, ื‘ืขื•ื“ ืฉืžืฉืจื“ ื”ืื•ืฆืจ ืžื›ื•ื•ืŸ ื ื’ื“ ื”ื™ืžื•ืจื™ื ื‘ืœืชื™ ื—ื•ืงื™ื™ื.
  • ื‘-4 ื‘ืžืื™ ืžืฉืจื“ ื”ืื•ืฆืจ ืขืฉื•ื™ ืœื—ืกื•ื ืืชืจื™ื ืืœื”, ื›ืคื™ ืฉืขืฉื” ืขื ืคืขื™ืœื•ื™ื•ืช ื”ื™ืžื•ืจื™ื ื‘ืœืชื™ ื—ื•ืงื™ื•ืช ืื—ืจื•ืช.

ื”ืžื•ืขืฆื” ื”ืžื•ื ื™ื˜ืจื™ืช ื”ืœืื•ืžื™ืช ืžื˜ื™ืœื” ืื™ืกื•ืจ ื’ื•ืจืฃ ืขืœ ื”ื™ืžื•ืจื™ื ื‘ืฉื•ื•ืงื™ ื—ื™ื–ื•ื™ ืœื-ืคื™ื ื ืกื™ื™ื

ื”ืžื•ืขืฆื” ื”ืžื•ื ื™ื˜ืจื™ืช ื”ืœืื•ืžื™ืช ืฉืœ ื‘ืจื–ื™ืœ ืคืจืกืžื” ื”ื—ืœื˜ื” ื”ืžื˜ื™ืœื” ืื™ืกื•ืจ ื’ื•ืจืฃ ืขืœ ื—ื•ื–ื™ ืฉื•ื•ืงื™ ื—ื™ื–ื•ื™ ื”ืงืฉื•ืจื™ื ืœืื™ืจื•ืขื™ื ื‘ืกื™ืกื™ื™ื ืฉืื™ื ื ืคื™ื ื ืกื™ื™ื.

ื”ื—ืœื˜ื” ืžืกโ€™ 5,298, ืฉืคื•ืจืกืžื” ื‘-24 ื‘ืืคืจื™ืœ, ืงื‘ืขื” ื›ื™ ื—ื•ื–ื™ื ื ื’ื–ืจื™ื ื”ืงืฉื•ืจื™ื ืœืื™ืจื•ืขื™ ืกืคื•ืจื˜ ืืžื™ืชื™ื™ื, ืื™ืจื•ืขื™ ืžืฉื—ืงื™ื ืžืงื•ื•ื ื™ื ื•ื™ืจื˜ื•ืืœื™ื™ื, ืื• ืื™ืจื•ืขื™ื ืืžื™ืชื™ื™ื ืื• ื•ื™ืจื˜ื•ืืœื™ื™ื ื‘ืขืœื™ ืื•ืคื™ ืคื•ืœื™ื˜ื™, ื‘ื—ื™ืจื•ืชื™, ื—ื‘ืจืชื™, ืชืจื‘ื•ืชื™ ืื• ื‘ื™ื“ื•ืจื™ โ€” ืืกื•ืจื™ื ื‘ืžื“ื™ื ื”.

ื‘ืื•ืคืŸ ื“ื•ืžื”, ื”ื”ื—ืœื˜ื” ืงื•ื‘ืขืช ื›ื™ ื ื’ื–ืจื™ื ื”ืฆืžื•ื“ื™ื ืœืžื“ื“ื™ ื™ื™ื—ื•ืก ื›ืœื›ืœื™ื™ื ื•ืคื™ื ื ืกื™ื™ื, ืœืจื‘ื•ืช ืžื“ื“ื™ ืžื—ื™ืจื™ื ืื• ืฉื™ืขื•ืจื™ื, ืžื“ื“ื™ ื ื™ื™ืจื•ืช ืขืจืš, ืžื“ื“ื™ ืื’โ€ื—, ืจื™ื‘ื™ื•ืช ื•ืฉืขืจื™ ื—ืœื™ืคื™ืŸ; ืื• ืžื—ื™ืจื™ ืกื—ื•ืจื•ืช, ื ื›ืกื™ื ืคื™ื ื ืกื™ื™ื ื•ื ื™ื™ืจื•ืช ืขืจืš ื”ื ืกื—ืจื™ื ื‘ื‘ื•ืจืกื•ืช ืžืื•ืจื’ื ื•ืช ื•ื‘ืฉื•ื•ืงื™ OTC, ื™ื”ื™ื• ืžื•ืชืจื™ื.

ื”ืฆืขื“ ืžื’ื™ืข ืœืื—ืจ ื”ืขืจื” ื˜ื›ื ื™ืช ืฉืœ ืžื–ื›ื™ืจื•ืช ื”ืคืจืกื™ื ื•ื”ื”ื™ืžื•ืจื™ื (SPA), ืจื’ื•ืœื˜ื•ืจ ื”ื”ื™ืžื•ืจื™ื ืฉืœ ื‘ืจื–ื™ืœ, ืฉืงื‘ืขื” ื›ื™ ืคืœื˜ืคื•ืจืžื•ืช ืฉื•ืง ื”ื—ื™ื–ื•ื™ โ€œืคืฉื•ื˜ ืžืฉื—ื–ืจื•ืช ืืช ื”ืžืจื›ื™ื‘ื™ื ื”ืžื”ื•ืชื™ื™ื ืฉืœ ื”ื™ืžื•ืจื™ ืžื›ืกื” ืงื‘ื•ืขื”.โ€

ื“ืจื™ื• ื“ื•ืจื™ื’ืืŸ, ืฉืจ ื”ืื•ืฆืจ ืฉืœ ื‘ืจื–ื™ืœ, ื”ื“ื’ื™ืฉ ื›ื™ ืงื™ื™ืžื™ื ื›ืœืœื™ื ืงื™ื™ืžื™ื ืœืคืœื˜ืคื•ืจืžื•ืช ื”ื™ืžื•ืจื™ื. ื”ื•ื ื”ืฆื”ื™ืจ:

โ€œื‘ืจื–ื™ืœ ืงื‘ืขื” ื›ืœืœื™ื ื‘ืจื•ืจื™ื ืœื”ืคืขืœืช ื”ื™ืžื•ืจื™ ืžื›ืกื” ืงื‘ื•ืขื”, ื•ืœื ื™ื”ื™ื” ืžืงื•ื ืœืžื™ ืฉืžื ืกื” ืœืคืขื•ืœ ืžื—ื•ืฅ ืœืžืขืจื›ืช ื–ื• ืื• ืœื™ืฆื•ืจ ืžื‘ื ื™ื ื›ื“ื™ ืœืขืงื•ืฃ ืืช ื”ื—ืงื™ืงื”โ€

ืžืฉืจื“ ื”ืื•ืฆืจ ื™ืชื™ื™ื—ืก ืœืคืœื˜ืคื•ืจืžื•ืช ืืœื” ื›ืชื•ื›ื ื™ื•ืช ื”ื™ืžื•ืจื™ื ื‘ืœืชื™ ื—ื•ืงื™ื•ืช, ื™ื—ืกื•ื ืืชืจื™ื ื•ืืคืœื™ืงืฆื™ื•ืช ื•ื™ืชืื ืขื ืžื•ืกื“ื•ืช ืคื™ื ื ืกื™ื™ื ืื—ืจื™ื ื›ื“ื™ ืœืขืฆื•ืจ ืืช ืคืขื™ืœื•ืชืŸ.

ื”ืจื’ื•ืœืฆื™ื”, ืฉืชื™ื›ื ืก ืœืชื•ืงืฃ ื‘-4 ื‘ืžืื™, ื”ื•ืคื›ืช ืืช ื‘ืจื–ื™ืœ ืœืžื“ื™ื ื” ื”ืฉืœื™ืฉื™ืช ื‘ืืžืจื™ืงื” ื”ืœื˜ื™ื ื™ืช ืฉืื•ืกืจืช ืคืœื˜ืคื•ืจืžื•ืช ืฉื•ื•ืงื™ ื—ื™ื–ื•ื™ ื‘ืžื™ื“ื” ืžืกื•ื™ืžืช, ืื—ืจื™ ืืจื’ื ื˜ื™ื ื” ื•ืงื•ืœื•ืžื‘ื™ื”.

ื”ื’ื™ืฉื” ืฉืœ ื‘ืจื–ื™ืœ ื“ื•ืžื” ืœืžื” ืฉืžื“ื™ื ื•ืช ืžืกื•ื™ืžื•ืช ื‘ืืจื”โ€ื‘, ื›ื•ืœืœ ื ื‘ื“ื” ื•ื ื™ื• ื™ื•ืจืง, ื˜ื•ืขื ื•ืช, ื›ืฉืœื˜ืขื ืชืŸ ื‘ื ืกื™ื‘ื•ืช ืžืกื•ื™ืžื•ืช ืฉื•ื•ืงื™ ื—ื™ื–ื•ื™ ื ื•ืคืœื™ื ืชื—ืช ื”ืกื™ื•ื•ื’ ืฉืœ ื”ื™ืžื•ืจื™ื ื•ืคืขื•ืœื•ืช ื”ื™ืžื•ืจ. ืขื ื–ืืช, ื’ื ื”-Commodity Futures Trading Commission (CFTC) ื˜ื•ืขื ืช ืฉื™ืฉ ืœื” ืคื™ืงื•ื— ื‘ืœืขื“ื™ ืขืœ ืคืœื˜ืคื•ืจืžื•ืช ืืœื”, ื•ืคืขืœื” ืœืืชื’ืจ ืžื“ื™ื ื•ืช ืฉืžื‘ืงืฉื•ืช ืœื”ืกื“ื™ืจ ืื• ืœืืกื•ืจ ืื•ืชืŸ.

ื”ื™ืžื•ืจ ื’ื“ื•ืœ ื ื•ืงื˜ ืคืขื•ืœื” ื›ื“ื™ ืœื—ืกื•ื ืฉื•ื•ืงื™ ืชื—ื–ื™ื•ืช ื‘ื‘ืจื–ื™ืœ

ื”ื™ืžื•ืจ ื’ื“ื•ืœ ื ื•ืงื˜ ืคืขื•ืœื” ื›ื“ื™ ืœื—ืกื•ื ืฉื•ื•ืงื™ ืชื—ื–ื™ื•ืช ื‘ื‘ืจื–ื™ืœ

ืœืžื“ื• ื›ื™ืฆื“ ืฉื•ื•ืงื™ ืชื—ื–ื™ื•ืช ืžืชืžื•ื“ื“ื™ื ืขื ืืชื’ืจื™ื ื‘ื‘ืจื–ื™ืœ, ื›ืืฉืจ ื—ื‘ืจื•ืช ื”ื™ืžื•ืจื™ื ื˜ื•ืขื ื•ืช ืฉื™ืฉ ืœื”ืกื“ื™ืจ ืืช ืžืขืžื“ืŸ ื”ื‘ืœืชื™ึพืžื•ืจืฉื”.

ืžืืžืจ ื–ื” ืชื•ืจื’ื ืžืื ื’ืœื™ืช ื‘ืืžืฆืขื•ืช ื‘ื™ื ื” ืžืœืื›ื•ืชื™ืช. ื”ื’ืจืกื” ื”ืžืงื•ืจื™ืช ื‘ืื ื’ืœื™ืช ื”ื™ื ื”ืžืงื•ืจ ื”ืงื•ื‘ืข; ืชืจื’ื•ืžื™ื ืื•ื˜ื•ืžื˜ื™ื™ื ืขืฉื•ื™ื™ื ืœื”ื›ื™ืœ ืื™-ื“ื™ื•ืงื™ื, ื‘ืžื™ื•ื—ื“ ื‘ืžื•ื ื—ื™ื ืžืฉืคื˜ื™ื™ื ื•ืจื’ื•ืœื˜ื•ืจื™ื™ื.

ืชื’ื™ื•ืช ื‘ื›ืชื‘ื” ื–ื•