证券型通证的海外实践与分析

Overseas Practice and Analysis of Security Tokens

证券型通证可以被界定为具有“通证”属性,且符合“证券”标准的资产。当前,理论和实践中关于证券型通证的应用方向、优势和风险存在诸多理论假设,尚需实践检验。本文选取了89个海外证券型通证进行分析,发现证券型通证目前主要应用于中小微企业,特别是金融科技相关企业的融资。相对传统证券,其优势在于减少发行和交易成本以及节约中介服务成本,在改善信息不对称问题上的优势并不突出。目前的主要风险在于守法风险、履约风险和监管套利风险,需要采取针对性措施。

Security tokens can be defined as assets that have the attribute of“tokens”and meet the standards of“securities”.Theoretical assumptions about the application,advantages and risks of security tokens have not been tested empirically.This article analyzes 89 overseas security tokens,which reveals that currently,security tokens are mainly applied in SME financing,especially in fintech companies.Compared with traditional securities,security tokens have advantages in saving the costs of issuance,transactions and intermediary service,but may not significantly improve the information asymmetry.Current risks mainly concentrate on compliance with laws and regulations,contract fulfillment and regulatory arbitrage.Targeted solutions should be taken respectively.