ICO及其监管的研究现状:一个国内文献的分析  

Research Status of ICO and Its Regulation:An Analysis of Domestic Literature

作　　者：陈斌彬[1] 陆晨悦 Chen Binbin;Lu Chenyue

机构地区：[1]华侨大学法学院

出　　处：《国际经济法学刊》2022年第3期63-74,共12页Journal of International Economic Law

基　　金：国家社科基金一般项目“数字中国建设背景下我国因应金融科技的监管法制创新研究”(20BFX152)的阶段性成果。

摘　　要：首次代币发行(ICO)是指项目初创公司基于区块链技术平台首次向社会公众发行数字代币以募集主流虚拟货币的一种新型融资方式。从2016年年底到2017年9月,ICO在我国可谓乱象频出,投机盛行,其野蛮生长之势已严重扰乱了国内的金融和社会秩序。本文从ICO的一般问题出发,梳理了近四年来国内学者关于ICO及其监管的主要研究成果和学术观点。通过文献梳理发现:我国学者基于各类国外制度经验,虽提出了诸如将ICO代币合法化、引入监管沙盒、设置投资者准入制度、构建审慎监管框架、发挥行业自律监管和增强国际监管协作等诸多建设性的对策与建议,但整体而言,仍停留于表层的制度引介,对国外ICO的个案监管、监管制度的本源性及本土化方面的探讨比较不足。今后我国应在这三个方面深入挖掘,增加国外ICO监管研究的深度与广度,使之能更好地为未来我国ICO长效监管机制的建构贡献更多的智识和养料。ICO(Initial Coin Offering) refers to a new financing method in which the project start-up companies issue digital tokens to the public for the first time based on the blockchain technology platform to raise mainstream virtual currency. From the end of 2016 to September 2017, ICO has frequent chaos in China, speculation is prevalent, and there is a trend of barbaric growth, seriously disrupting the domestic financial and social order. Therefore, many scholars in the field of law and economy in China have carried out unremitting research on ICO risks and related regulatory issues and put forward many foreign institutional experiences that can be used for reference. Starting from the general problems of ICO, this paper sorts out the main research results and academic views on ICO and its supervision in China in the past four years. Through literature analysis, it is found that although Chinese scholars have put forward many constructive countermeasures and suggestions such as legalizing ICO(virtual currency), implementing sandbox supervision, setting up an investor access system, building a prudent regulatory framework, giving full play to industry self-discipline supervision and enhancing international regulatory cooperation, on the whole, they still stay at the general system introduction level. The discussion on the case supervision, the origin of the regulatory system and the localization of system transplantation of foreign ICOs is still insufficient. In the future, China should further promote these three aspects to increase the depth and breadth of ICO regulatory research, so that it can better contribute more templates and insights to the construction of China’s ICO long-term regulatory mechanism in the future.

关 键 词：ICO 区块链技术 代币 长效监管机制 

分 类 号：F821[经济管理—财政学]