摘要
首次代币发行(ICO)依托区块链技术,通过发行新型虚拟代币以募集资金,被视为区块链化的股权众筹机制,但目前区块链商用化程度较低,多数ICO并无可预期的未来现金流,而是非理性繁荣下的泡沫,甚至ICO还因为完全游离于监管之外,成为诈骗和非法集资的工具。美国对于ICO的监管政策还未完全明晰,目前主要依据豪威测试,以判断个案是否属于SEC监管下的"证券",判定标准值得进一步探讨。在特定技术背景和监管政策下,中国全面禁止ICO有其合理性,但随着区块链技术的深化发展和证券法的完善,将来可以考虑开放ICO并将其纳入证券监管之下,为初创企业提供便利的融资机制。
ICO relies on blockchain technology to issue new virtual tokens to raise funds, which is regarded as a blockchain based equity crowdfunding mechanism. However, the degree of commercialization of blockchain is relatively low. Most of the ICOS do not have the expected future cash flow, which is more a bubble under the irrational prosperity. Because they are completely free from supervision, they have become a tool for fraud and illegal fund-raising. The regulatory policy of ICO in the United States has not been fully clear. At present, it is mainly based on "Howey Test" to determine whether it belongs to the "securities" under SEC supervision. The criteria are worth further discussion. Under the specific background and regulatory policy, it is reasonable for China to ban ICO in an all-round way. However, with the deepening development of blockchain technology and the improvement of securities law, we can consider opening up ICO and bringing it into securities regulation in the future to provide more convenient financing mechanism for start-ups.
作者
孙点婧
SUN Dian-jing(Peking University Law School,Beijing 100871,China)
出处
《东北财经大学学报》
2020年第2期81-88,共8页
Journal of Dongbei University of Finance and Economics
关键词
代币发行
股权众筹
区块链
证券监管
ICO
equity crowdfunding
blockchain
securities supervision
