“金融科技”监管视阈下ICO的证券法调整路径初探

Research on the Adjustment of ICO's Securities Law from the Perspective of "Financial Technology" Supervision

金融科技的极速扩张有效提升金融效率,同时带来新的金融风险、法律风险与技术风险,对各国现行的监管体制与操作手段提出新的挑战。ICO中国交易平台的关停整顿体现了国家对金融科技潜藏风险的严厉管控,该种刚性管控可通过结合现有监管模式、工具加以替代性转换,特别是借鉴证券法的相关规则处理数字代币发行这一典型金融科技业态,是以强化中国监管制度回应金融创新的弹性,学习美国限制性监管模式,保持与国际最新监管走向的动态同步和接轨。

The rapid expansion of financial technology has effectively promoted financial efficiency,brought new financial risks,legal risks and technological risks,and raised new challenges to the current regulatory systems and operating methods in various countries.The closing and rectification of the ICO China trading platform reflects the country＇s strict control over the potential risks of financial science and technology.Such rigid controls can be replaced by combining existing regulatory models and tools.In particular,the relevant rules of the securities law can be used to handle digital tokens.The issuance of this typical financial science and technology business mode is to strengthen the Chinese regulatory system in response to the flexibility of financial innovation,learn from the US restrictive regulatory model,and maintain the dynamic synchronization and convergence with the latest international regulatory trends.