首次代币发行(ICO)监管再思考——以德国现行法为视角  

Rethink on the Supervision of ICO:A Perspective of the Existing German Laws

作　　者：李海 胡麓珂 Li Hai;Hu Luke

机构地区：[1]法兰克福大学法学院 [2]华侨大学经济与金融学院

出　　处：《财经法学》2019年第2期3-16,共14页Law and Economy

基　　金：国家建设高水平大学公派研究生项目资助

摘　　要：区块链技术运用到金融领域发展出了首次代币发行(以下全文称ICO)这种新的融资方式。ICO相比其他融资方式有着鲜明的特点与优势,却也伴随着极高的风险。ICO虽指"首次代币发行",但其涵义的复杂性和代币的不同种类密切相关。根据目前市场发行的代币情况,可将代币分为功用类、类股票类、数字加密类以及资产支持类,它们包含的权利内容及其所承载的商业模式不同。德国联邦金融监管局按照个案审查的原则,在现行法律框架内就ICO进行监管,主要涉及的法律有《金融事业法》《支付服务监督法》《保险法》《资本投资法典》《有价证券销售说明书法》《有价证券交易法》。由于按照现行法律规定来规制ICO仍存在太多不确定因素,法律适用也不明确,且新技术的发展也将带来持续的挑战,若要促进ICO的发展,势必需要专门立法与加强监管。The application of blockchain technology initiated a new way of financing which is ICO.Comparing with other financing methods,it has its unique characters and advantages,but it also contains high risks.ICO is the aberration of“Initial Coin Offering”,however its containing is much more complicated and relevant to the diversity of the coin types.We classify the digital coins on the market into categories of utilities,stocks,crypto and assets supportive.Because the rights contained in the digital coins and the business models they are carrying are different,the Germany BaFin supervises under the case by case principle by using the current legal frames.The relevant legislation among them are KWG,ZAG,VAG,KAGB,VermAnIG,WpPG and WpHG.Since there are lots of uncertain factors concerning ICO and the legal application are still unclear when we apply the current legal frames,not to mention that the development of new technology also calls for continuous challenges,we need special laws and supervisor of ICO to foster its growth.

关 键 词：首次代币发行 代币 区块链 

分 类 号：D951.6[政治法律—法学] DD912.28