证券型通证发行的认定及监管问题研究--以法律关系主体为视角

Research on The Identification and Supervision of Securities Type Token Issuance:From The Perspective of The Subject of Legal Relations

区块链通证的发行虽有广泛的发展潜力,但实践中也暴露出发行信息披露规制不足、平台监管制度待完善、投资者适当性制度待调整等法律问题。将其中大量存在的“证券型”通证发行识别出来,纳入证券法的监管范围,是解决问题的可行路径。在此基础上,应针对发行人、发行平台、投资者三类主体对现有证券法律进行调整。对于发行人,需要制定符合技术应用新特点的严格信息披露标准;对于平台,需要建立市场准入与持续监管结合、政府监管与自律监管结合的监管制度;对于投资者,需要完善适当性管理制度,实现投资者风险承受力与发行行为和平台类型匹配。

Although token issuance has broad development potential, in practice, it has also exposed legal issues such as insufficient issuance information disclosure regulations, platform supervision systems to be improved, and investor suitability systems to be adjusted. Identifying the“securities-type”token issuances and incorporating them into the scope of regulation of securities law is a feasible way to solve the problem. However, the current securities laws and regulations cannot be fully applied to the supervision of the issuance of securities-type tokens. The existing laws and regulations should be adjusted for the issuer, the issuance platform, and the investors. For issuers, it is necessary to formulate strict information disclosure standards that meet the new characteristics of technology applications.For platforms, it is necessary to establish a regulatory system that combines market access and continuous supervision, and government supervision and self-regulation. For investors, it is necessary to improve the appropriateness management system to achieve the matching of investor risk tolerance with issuance behavior and platform type.