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区块链国际资讯监管与政策

澳大利亚证券与投资委员会发布ICO监管指导方针

本周,澳大利亚证券与投资委员会(后文简称ASIC)为那些有ICO的企业颁布了相关监管指导方针。

据其官网上发布的文件显示,根据内部结构不同,ICO发行的加密代币受到的法律监管也会有所区别。比如,一些代币出售将会由澳大利亚通用消费者法规进行管理,而提供金融产品的ICO则会受到该国《企业法》的监管。在后一种情况下,法律将为投资者提供保护,但是如果某个ICO未能满足所需要的定义,那么就可能不属于这种情况。

ASIC表示:

“在某些情况下,ICO发行方可能会将参与者收到的授权当成一种购买服务的凭证。然而,如果数字代币的价值受到参与者的资金池或者这些资金在安排下的使用的影响,那么这种ICO可能会属于管理投资计划(后文简称MIS)的要求范围。如果通过ICO所提供的产品具有投资的属性,那么这种情况就会很常见。”

监管指导方针表示,如果某个ICO被认定为一种MIS,那么根据《企业法》,这个ICO就需要承担“披露、登记和许可义务”。

此外,在ICO提供金融产品的情况下,ICO运营方可能需要获得市场许可证才能出售代币。

对于投资说明书中所传达的法律所禁止的错误信息,ASIC警告说法律规定ICO白皮书不能发布误导性或欺诈性表述。

ASIC委员John Price表示,如果代币不是金融产品,“投资者将需要仔细考虑到ICO文件不属于《企业法》的投资者保护制度的适用范围”。

ASIC的声明正值中国方面一刀切禁止了所有ICO计划,中国监管机构声明“ICO属于非法的,扰乱了经济和金融稳定”。不过,ASIC对这种技术相对来说存在好感,认为ICO能够扩大企业可用的融资选择。

这份文件表示:

“ASIC认为ICO具有潜力能够有助于扩大企业融资选择和投资者投资选择。ICO必须以一种推动投资者信任和信心的方式进行,并且遵守相关法规。”

各种国际机构——包括俄罗斯、英国和新加坡——已经在最近几个月发布了代币出售声明,警告投资者可能不受到保护。

根据Coindesk最新发布的《区块链状况》报告,今年第二季度,ICO融资规模接近达到了7.97亿美元。根据Coindesk ICO跟踪工具显示,仅仅这个月,全球ICO融资规模就达到了5.17亿美元。

The Australian Securities and Investments Commission (ASIC) has issued regulatory guidance for businesses considering launching an initial coin offering (ICO).

According to a document on the regulator's website, the legal treatment of cryptographic tokens issued in ICOs will vary in nature depending on their structure. While some token sales will be classified under general Australian consumer law, ICOs offering financial products will be regulated under the country's Corporations Act.

In the latter case, the law will carry some protections for investors, but if an ICO fails to meet the required definitions, that may not be the case.

ASIC states:

"In some cases, ICO issuers may frame the entitlements received by contributors as a receipt of a purchased service. However, if the value of the digital coins acquired is affected by the pooling of funds from contributors or use of those funds under the arrangement, then the ICO is likely to fall within the requirements relating to MISs [managed investment schemes]. This is often the case if what is offered through the ICO has the attributes of an investment."

If an ICO is considered an MIS, there are a "range of disclosure, registration and licensing obligations under the Corporations Act," the document says.

Further, in the case of an ICO offering a financial product, the ICO operator may also require a market licence in order to sell tokens.

With misinformation in investment prospectuses prohibited by law, the ASIC statement also warns that ICO white papers are legally required not to issue misleading or deceptive statements..

ASIC commissioner John Price told the Sydney Morning Herald that, if the tokens are not financial products, "investors will need to closely consider the ICO documentation as the investor protection regime under the Corporations Act will not apply."

The regulator's statement comes soon after China issued an all-out ban on ICO schemes, stating that they are "illegal and disruptive to economic and financial stability." ASIC is comparatively sympathetic to the technology, however, believing it can widen the fundraising options available to businesses.

The document states:

"ASIC recognises that ICOs have the potential to make an important contribution to the options available to businesses to raise funds and to investment options available to investors. An ICO must be conducted in a manner that promotes investor trust and confidence, and complies with the relevant laws."

Various international authorities – including Russia, the U.K. and Singapore – have issued statements on token sales in recent months, warning that investors may not be liable for protection.

Approximately $797 million was raised by ICOs in the second quarter of this year, according to CoinDesk's latest State of Blockchain report. According to the CoinDesk ICO tracker, this month alone has raised a total of $517 million in cumulative funding.


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