数字证券:生成机理、监管取向与合法性路径

Digital Securities:Generation Mechanism,Regulatory Orientation and the Path to Legitimacy

与链下证券是企业资产的证券化不同,数字证券是依靠区块链底层技术在资产数字化基础上进行的数字资产的通证化。通证化完成后,形成基于智能合约在分布式账本上记录、分发、作用或触发各种相关活动的数字权益,可以在网络空间销售、发行和交易。投资者享有数字资产的所有权或债权、收益权、投票权、转让权等权利。证券型通证是数字证券的表现形式和交易单元,是数字资产通证化后的证券权益凭证。由于区块链的技术搭建和实施资产通证化会突破国家和地区的法律和管制壁垒,如何监管是一个全球性难题。从理论上说,数字证券如果被界定为证券,无论其表现形式、技术特征如何,都应该纳入《证券法》。全球主要国家和地区均高度重视数字经济、数字科技发展,将其视为未来国家竞争力的核心领域,数字证券作为数字经济、数字金融的标志性产品,合法化只是时间问题。建议客观评估现有法律与监管框架是否适合于数字证券,合理界定去中心化与加强监管的关系,将数字证券纳入《证券法》规制。

Unlike sub-chain securities,the securitization of enterprise assets,digital securities are the tokenization of digital assets on the basis of asset digitalization based on the underlying technology of blockchain.After the tokenization is completed,digital rights are formed based on smart contracts to record,distribute,act,or trigger various related activities on the distributed ledger,which can be sold,issued,and traded in cyberspace.Investors enjoy the ownership or creditor's rights,usufruct rights,voting rights,and transfer rights of digital assets.Securities tokenization is the recognition form and trading unit of digital securities,and it is the securities equity certificate after the tokenization of digital assets.Due to the technology construction of blockchain and the implementation of asset tokenization will break through the national and regional legal and regulatory barriers,how to regulate and supervise digital securities is a global problem.In China,because the central bank and relevant regulatory authorities define digital assets and digital currencies as virtual currencies,denying their legal status,the use of blockchain technology to create digital securities is not allowed.Theoretically,digital securities,if defined as securities,should be incorporated into securities law,regardless of their form of expression and technical characteristics.Major countries and regions in the world attach great importance to the development of the digital economy and technology development and regard it as the core field of national competitiveness in the future.As a landmark product of the digital economy and finance,legalization of digital securities is only a matter of time.China should objectively evaluate whether the existing legal and regulatory framework is suitable for digital securities,reasonably define the relationship between decentralization and strengthening supervision,and incorporate digital securities into the system of securities law regulation.