作者：中国人民大学金融科技与互联网安全研究中心主任 杨东
Director, Centre for Research on Financial Science and Technology and Internet Security, People's University of China
2017年9月4日，中国人民银行等七部委公布《关于防范代币发行融资风险的公告》（以下简称“《公告》”），封禁境内的ICO（区块链项目首次发行代币）活动，并采取措施关停了境内的虚拟货币交易平台。但最近ICO的热度不减反增，比特币和其他虚拟货币的交易热度也节节攀升，价格创下新高。其原因在于原本设置在境内的部分虚拟货币交易平台出走海外，在境外注册并继续向境内用户提供虚拟货币的交易服务，甚至通过所谓“场外交易”的方式，撮合个人用户之间的点对点交易。目前，日本是一个比较常见的交易平台移出地。日本率先在国家层面进行立法允许设立虚拟货币交易平台，吸引了世界各地的交易平台到日本申请交易平台牌照。部分ICO项目也“出海”，在境外开展募资活动，掀起了ICO投资的新一波热潮。
On 4 September 2017, seven ministries, such as the People's Bank of China, announced the Proclamation on Protection against the Risk of Money Issue Financing (hereinafter referred to as “the Proclamation”), banned the activities of ICO (the block chain project for the first time issuing a token), and took steps to shut down the virtual money trading platform within the country. However, the heat of the ICO has recently increased inversely, and the heat of transactions in Bitco and other virtual currencies has increased and prices have risen. This is due to the fact that some of the virtual money trading platforms located in the country have left the country, registered abroad and continue to provide virtual currency trading services to domestic users, even by means of so-called “off-site transactions” to facilitate point-to-point transactions between individual users. Currently, Japan is a more common trading platform. Japan has taken the lead in legislation allowing the creation of virtual money trading platforms at the national level, attracting trading platforms from around the world to apply for trading licences in Japan.
绝对的“一刀切”其实不利于遏止ICO和虚拟货币交易带来的风险，关停虚拟货币交易平台后各大虚拟货币的价格反而会上涨。实际上，ICO本身是一种金融创新，政府应该在合法、风险可控的环境下，允许部分优质ICO项目发展。目前部分ICO项目绕道国外继续经营，其机构的设立以及代币的发行与交易名义上在国外，但是实际上的项目、责任人和投资人都在国内。在这种情况下，《公告》中指出的种种风险和问题仍然存在，并且可能出现非法发行、项目不实、欺诈乃至传销等问题，金融消费者保护形势更加严峻。在此形势下，央行、证监会等金融监管机构，基于保护金融消费者的立场，必然会采取措施进行监管，而不论项目名义上是在国内还是国外。
Indeed, the ICO itself is a financial innovation, and the government should allow part of the high-quality ICO project to develop in a legitimate and risk-controlled environment. In this situation, financial regulatory bodies such as central banks, CVMs, based on the position of protecting financial consumers, must take steps to regulate it, regardless of whether the project is in the name of the country or abroad.
第一，坚决打击恶性犯罪行为。对于涉嫌犯罪的ICO项目，如涉嫌传销类犯罪、证券类犯罪，操纵市场、虚假陈述或恶意诈骗等的，根据刑法的属人原则和保护原则，坚决依法追究相关行为人刑事责任。
First, it is determined to combat criminal offences. For the ICO project, which is suspected of being a criminal offence, such as a distribution offence, a securities offence, market manipulation, false statements or malicious fraud, the criminal liability of the perpetrators is firmly established by law, in accordance with the principles of personality and protection of the criminal law.
第二，加强账户监管。通过监管账户，实现对监管数据的触达、辨别和获取，对线下黑色转账也应当加强监管。相关金融、支付机构应当予以配合。
Second, strengthening account controls. By regulating accounts, contact, identification, and access to regulatory data should be achieved, as should black transfers under the line.
第三，加强外汇监管。针对海外ICO项目，加强外汇风险管理和交易管理，监控外汇流向，审核外汇的真实用途。
Third, foreign exchange controls are strengthened. For overseas ICO projects, foreign exchange risk management and transaction management are strengthened, foreign exchange flows are monitored and the real use of foreign exchange is verified.
第四，加强穿透式监管。应当精准、及时、全面洞悉创新金融业态之本质，针对符合“证券”特征的ICO项目，无论其对外如何表述，都依据证券的相关规定要求加以监管。
Fourth, penetrating regulation should be strengthened. The nature of innovative financial practices should be accurately, in a timely and comprehensive manner, and the ICO project, which meets the characteristics of “securities”, regardless of its external presentation, should be regulated in accordance with the requirements of the securities regulations.
第五，开展跨境监管合作。世界上许多国家已经将虚拟货币交易和ICO纳入法律监管体系内，可以与这些国家开展广泛的跨境合作，共同采取措施保护金融消费者的合法利益。
Fifth, cross-border regulatory cooperation. Many countries around the world have integrated virtual currency transactions and ICOs into their legal regulatory systems, allowing for extensive cross-border cooperation with these countries and joint measures to protect the legitimate interests of financial consumers.
第六，建立黑名单制度。对于有问题的境外ICO项目，无论其运营主体和主要负责人国籍如何，都将其主体和相关责任人列入黑名单，禁止或部分限制其今后在境内开展活动、从事相关金融业务。
Sixthly, a blacklist system is established. For problematic offshore ICO projects, regardless of the nationality of the operator or principal responsible person, their subjects and the persons responsible are blacklisted, prohibiting or partially restricting their future activities and financial operations in the country.
比特币等区块链技术的应用是人类社会未来发展的方向。货币在历史发展的过程中，从金属演变为纸质，再进化到现在网络空间中的货币体系，通过网络空间进行价值传递，这是一种必然趋势。人类历史的发展本身也是受技术驱动的。因此各种数字加密货币的出现是非常正常的现象。比特币尽管存在许多问题，但仍然蕴含着技术价值和制度价值，是数字货币载入历史的一次实践。因此现在最为需要思考的问题是，如何利用现有的法律法规更好地监管和规范比特币。在新信息技术的冲击下，金融市场旧的平衡逐渐被打破，需要及时转换理念，引入新的措施，促成安全与效率、稳定与发展、创新与消费者保护之间新的平衡。同时，在大数据、区块链、云计算等科技发展的基础上，应当建立金融合规、场景依托和技术驱动三位一体的金融风险防范体系，突出技术驱动型监管在金融监管中的重要作用，从而加强对所有金融科技的监管，引导金融科技服务于实体经济：
In the course of historical development, currencies have evolved from metal to paper, to monetary systems in cyberspace now, and value transmission through cyberspace is an inevitable trend. Developments in human history have been driven by technology. The emergence of digitally encrypted currencies is therefore quite normal. Bitcoin, despite its many problems, still holds technological and institutional values, a practice that is embedded in the history of digital money.
第一，对于本质上属于证券模式的ICO，应当使用证券的监管办法进行监管。目前，证监会正在考虑重开股权众筹试点，即试点证券小额公开发行注册豁免制度。国外的很多同类立法早已出台，并取得了比较好的效果，在国内进行试点有现成的制度经验可以参考。在此背景下，一方面要打击违法的假借ICO进行欺诈等违法犯罪的行为，另一方面也要鼓励合法的区块链金融创新，对符合条件的ICO项目可以鼓励其适用股权众筹试点的规定，在监管沙盒等制度配套保障下发挥其直接融资的价值，满足中小创新金融科技企业等的融资需求。
First, ICOs, which are essentially securities models, should be regulated by the regulation of securities. At present, the CSRC is considering the possibility of reintroducing a pilot scheme for the collection of equity shares, i.e., a system of exemptions for the registration of small public issuances of securities. Many of these legislations are already in place abroad and have had better results, and there are available institutional experiences in domestic trials. In this context, it is important to combat illegal fraud and other offences such as fraud by ICO, while also encouraging legitimate financial innovation in the chain, by encouraging qualified ICO projects to apply the provisions of the pilot scheme for the use of equity, to fulfil their value of direct financing under the safeguards of regulatory sandboxes, and to meet the financing needs of small and medium-scale innovative financial and technological enterprises, among others.
第二，对于非证券模式的区块链项目，其成功的关键在于将区块链和交易场景更好地结合起来，监管这类项目应当注意控制金融风险，鼓励应用创新。例如，迅雷推出的玩客云是一种具备应用场景的区块链创新，某种程度上相比于比特币更为先进。玩客云能够有效利用闲置资源，通过专用的终端，把闲置的存储空间、算力、网络带宽等资源利用起来，在产生实际价值的同时给用户提供一种名为“链克”的代币作为奖励。这种模式比比特币消耗巨大电力资源“挖矿”的模式要先进。这一模式的项目不从用户手中募集虚拟货币和法定货币等财产，也不涉及给代币的持有者以资金回报，因而不属于证券的范畴。对具有实际应用价值的项目应当予以鼓励，同时注意防范交易可能带来的金融风险。
Second, the key to the success of block-chain projects that are not part of the securities model is better integration of block chains and trading scenes, which should be regulated with a view to controlling financial risks and encouraging innovation. For example, the play-over cloud is an innovation in a block-chain with application scenarios that is, to some extent, more advanced than Bitcoin. The play-over cloud is able to make efficient use of idle resources and, through dedicated terminals, uses idle storage space, arithmetic, network bandwidth, etc., to provide users with a token called “chain-gram” as an incentive while generating real value. This model is more advanced than the model of “mining” that Bitcoins consumes huge power resources.
第三，区块链行业应当拥抱监管并加强行业自律，防止害群之马的出现。从业者应当提高警惕，不能认为在场外、国外进行交易就有侥幸心理，仍应自觉维护金融消费者权利。对当前的ICO项目转移到国外的现象，相关监管部门可以依据有关法律法规，加以规制，防止敏感数据流失，防范跨境犯罪风险，维护金融消费者利益、金融稳定和国家安全。因此从业者一定要杜绝侥幸心理，在拥抱监管的同时，自觉建设健全行业自律机制。
Third, the block chain industry should embrace regulation and strengthen industry self-regulation in order to prevent the emergence of thugs. Practitioners should be vigilant not to think that they are lucky to be out there and to trade abroad, but to defend the rights of financial consumers on their own.
第四，建议引入监管科技（RegTech），运用“监管沙盒”等方式，对合规的ICO项目进行引导。“监管沙盒”是指为金融科技产业的各种新模式、新业态、新理念提供的一个“试验区”，让银行等金融机构和初创企业在“安全区域”内试验新的产品与服务模式，在适度放松参与试验产品和服务的约束和管制的同时，又有一定的边界。这种监管模式给了新技术试错的空间，将风险置于可控范围之内。对ICO进行监管时，通过引入监管沙盒可以有效地将难以确定的风险控制在可接受范围之内，为金融创新制造稳定安全的空间。
Fourthly, it is proposed to introduce regulatory technology (RegTech) to guide compliance with the ICO project, using, inter alia, “regulating sandboxes.” “regulating sandboxes” refers to a “test area” provided for new models, new business patterns, new ideas for the financial technology industry, allowing financial institutions such as banks and start-ups to test new product and service models in “safe areas” and, at the same time, with a modest easing of the restrictions and controls on participating in test products and services. This regulatory model gives space for new technologies to be tested wrong and for risks to be controlled.
第五，完善民法体系中关于网络虚拟财产的规定，保护区块链资产持有者的合法利益。相较于国外，我国《民法总则》率先对网络虚拟财产的权利进行了原则性规定，但仍然缺乏对于网络虚拟财产权利性质和内容的准确而具体的规定。建议在将来的民法典中对网络虚拟财产的权利规定进行进一步的细化，明确民事主体对网络虚拟财产享有的权利内容。
Fifthly, improving the provisions of the Civil Code on virtual property on the Internet, and the legitimate interests of the holders of assets in protected areas. Compared to abroad, our General Civil Code has taken the lead in regulating the rights of virtual property on the Internet, but it still lacks precise and specific provisions on the nature and content of virtual property rights on the Internet. It is proposed to further refine the provisions on the rights on virtual property on the Internet in the future Civil Code to clarify the content of the rights of civil subjects to virtual property on the Internet.
第六，加快推进法定数字货币的研究与发行准备工作。目前，日本的商业银行主导开展了发行数字货币的尝试，与日元1:1等值，以期降低支付结算的成本，避免消费数据的外流。我国央行也有发行数字货币的计划，法定数字货币的技术条件已经具备，但是法定数字货币推行之后，对可能带来的货币体系、经济、金融、社会生活、国家治理等方面的影响，仍然研究不充分。建议加快对法定数字货币进行研究，推动发行计划的具体落地施行。法定数字货币与人民币等值，支付使用体验更为良好，央行推出优质的法定数字货币，能够将公众的兴趣从各类代币中转移回来，有助于虚拟货币和ICO市场的降温。（杨东）
Sixth, to speed up research and preparation for the issuance of the statutory digital currency. At present, Japan's commercial banks are leading the attempt to issue digital currency equivalents of 1:1 yen, with a view to reducing the cost of paying for the settlement and avoiding the outflow of consumer data. Our central bank also has a plan to issue digital currency, the technical conditions for which are already in place, but the impact on the possible monetary system, the economy, finance, social life, and governance of the country are still under-researched after the introduction of the legal digital currency.
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