我国ICO监管机制研究——以“沙箱监管”模式为制度建构思路

Research on China’s ICO Supervision Mechanism——Taking the“Sandbox Supervision”Mode as the Main Construction Method of System

尽管以区块链技术和数字货币体系为基础的ICO业务已被监管机构临时禁止,但是ICO的创新效益不能忽视。从整体上看,ICO的风险主要来自于作为所筹集对象的自发数字货币存在缺陷,以及ICO本身模式诸多不足的相互叠加。借鉴国外沙箱监管经验,通过沙箱监管ICO可以实现风险控制与创新收益兼得。当前应当从监管沙箱运行机制、消费者保护机制和监管体制等方面着手重塑我国ICO的监管机制。

Although the ICO business based on blockchain technology and the digital currency system has been temporarily banned by regulators,the innovative benefits of ICO cannot be ignored.On the whole,the risk of ICO is mainly due to the defects of the spontaneous digital currency which as the object to be raised,combined with many shortcomings of the ICO model itself.Learning from the experience of foreign sandbox supervision,through the sandbox supervision ICO can achieve both risk control and innovation benefits.At present,we should reshape the regulatory mechanism of China’s ICO from the aspects of regulatory sandbox operation mechanism,consumer protection mechanism and supervision system.