ICO被禁下的金融创新与监管的法律思考

Legal Consideration of Financial Innovation and Supervision for the Forbidden ICO

首次代币发行是一种借助数字代币进行融资的方式。它具有所依托的区块链技术安全可靠、通过互联网发行代币融资方式独特且成本低、激励投资者对研究项目的关注开发和使用、一定程度上代表金融科技的创新发展趋势、与实体经济联系密切等优点。首次代币发行存在诸多问题,包括影响政府税收收益、缺乏合理监管框架、涉嫌违法犯罪活动等问题。代币的法律性质存在争议,但针对首次代币发行,我国监管者可以在金融安全的前提下适度引导金融创新,可以对实体企业和非实体企业组织或团队采取监管试验,逐步探索建立我国的监管制度。

Initial Coin Offering is a way of financing by digital tokens.It has many advantages,it is based on safe and reliable block chain technology,and the way of financing by internet to issue tokens is unique and at a very cost effective.It inspires the investors to pay attention to details,and also develop and use the projects.To some extent,it represents the innovative development trend of Fin-tech and has a close connection with substantial economy.It has many problems,including influencing taxation revenue of governments,lacking a reasonable regulatory framework,and relating to criminal activities to name a few.The legal nature of tokens is controversial.Chinese regulators could lead financial innovation appropriately on the condition that it guarantees financial security.Specific to initial coin offering,it could take regulatory experiment on entities and non-entity business organizations or teams,and explore to establish our country’s regulations gradually.