证券通证发行(STO)国际监管比较与风险防控

International regulatory comparison and risk prevention in Security Token Offering(STO)

证券通证发行(Security Token Offering,STO)的兴起引起了国际社会的广泛关注。但国内外相关研究尚处于起步阶段。基于此,本文从STO定义和发展现状、流程出发,研究STO特点,在此基础上,分析STO可能带来的风险,最后提出政策建议。通过研究发现:STO与首次代币发行(ICO)相比,有真实的资产作支撑,与首次公开募股(IPO)相比,降低了融资门槛;此外,STO还具有协议层面自动化管理、24小时交易、更小交易单位等优点。但同时,STO因价格波动大也存在很大的风险,因此,各国应加强监管,防控风险。

The rise of Security Token Offering(STO)has attracted extensive attentions from international community.Related research is still in the initial stage at present.This paper studies the definitions,current development,process of STO.Further,the characteristics of STO is studied.Based on these,the risk is analyzed.Finally,this paper proposes some policy suggestions.This research finds that compared with the Initial Coin Offering(ICO),STO has the support of real assets;meanwhile,compared with the Initial Public Offering(IPO),STO greatly reduces the financing threshold.STO also has the features of automation management at protocol level,24 hours of trading,smaller units,etc.But at the same time,due to price volatility,the risk of STO cannot be ignored.Therefore,risk prevention and control of STO are significant.