新型的证券类通证代币即将到来,如何在2019年合法运作STO?

2019年1月5日 15:42
來源:香港奇点财经Singularity Financial

As we head into 2019, it is obvious that security tokens haven’t been the “next big thing” many people thought they would be in 2018. A new breed of digital assets will emerge bringing greater democratization of capital for both investors and issuers. Many experts predict, with legal clarity on the horizon and technology quickly evolving, 2019 could be a turning point for blockchain-based digital securities.

很显然,证券类通证并未在2018年演变成为重点。随着我们进入2019年,新兴类型数字资产将会出现,为投资者和发行人带来更大的资本民主化。许多专家认为,随着法律的明确性和技术的发展,2019年可能成为基于区块链的数字证券的转折点。

Daniel Masters, a former JP Morgan trader now the chairman of crypto investment provider CoinShares, said that STOs will gain serious traction in 2019, based on current predictions, the STO market could be worth as much as US$3 billion by the end of 2019.

加密投资提供商CoinShares董事长,前摩根大通交易员丹尼尔马斯特斯表示,根据目前的预测,STO将在2019年获得重大关注,到2019年年底,STO的市场价值可能高达30亿美元。

Today traditional experts try to mingle the tokens with the security assets. Take one of the real world scenarios as an example, a Nasdaq-powered crypto startup plans to let its clients indirectly purchase shares of major firms through a token-based platform. Estonia-based DX.Exchange announced Thursday that it would launch its trading platform on Jan. 7, allowing its clients to purchase crypto tokens representing shares in different tech firms listed on the Nasdaq exchange.

今天,传统金融业者试图将通证代币与证券资产混合使用。 比如近期一家由纳斯达克提供支持的加密创业公司计划让其客户通过通证平台间接购买主要公司的股票。总部位于爱沙尼亚的DX.Exchange周四宣布将于1月7日推出交易平台,允许其客户购买代表纳斯达克交易所上市的不同科技公司股票的加密代币。

MPS Marketplace Securities, Ltd, which DX.Exchange has an agreement with, will purchase the real-world stocks based on customer demand, and generate ERC-20 tokens to represent each share. MPS will fall under the supervision of the Cyprus Securities and Exchange Commission, while DX.Exchange will abide by European Union regulations and authorities.

DX.Exchange与之达成协议的MPS Marketplace证券有限公司将根据客户需求购买已经交易的股票,并生成ERC-20代币以代表每股。 MPS将由塞浦路斯证券交易委员会监管,而DX.Exchange将遵守欧盟法规。

New players are entering the security token ecosystem every single day. Ethereum just joined the playing field as they reveal a suite of security token standards under the ERC-1400 protocol. The purpose of this is to give the companies different options for modeling, trading, and managing the ownership of their tokenized security asset. This suite was created in order to motivate the issuance of security tokens on the Ethereum platform.

新玩家每天都在进入证券通证的生态系统。 以太坊刚刚上线了ERC-1400一套证券通证的标准协议,以便为公司提供不同的选项,用于建模,交易和管理其通证化安全资产的所有权。 创建此套件是为了激励公司在以太坊平台上发布证券化通证代币。

In 2019 we are seeing a new class of security tokens

2019年,我们会看到一类新的证券类通证

Securities tokens are intended as investments because they provide more basic structure, rights, corporate governance, processes, code of conduct, etc. Recently completed STOs include tZERO – a pretty straightforward security token for an investment-based project in an alternative trading system that pays 10 percent of the company’s profit to token holders.

发行证券类通证的目的是投资,因为它们提供更基本的结构,权利,公司治理,流程,行为准则等。最近完成的STO,包括tZERO,一个非常简单的证券通证,作为另类投资项目,向代币持有人支付公司利润的10%。

In 2019, we are looking forward to seeing a new class of security tokens that will allow new blockchain businesses to access capital from global investors while also protecting investors from fraudulent and worthless projects. This would have to result from the creation of information platforms, new protocols, and new regulations. As more brainstorm is coming in, we will be able to create a more concrete vision of this new class of security token.

在2019年,我们期待可以看到一类新型的证券类通证代币,既允许新的区块链企业从全球投资者那里获得资金,又可以同时保护投资者免受欺诈和毫无价值项目的影响。 这必须来自于一套新的信息平台,新协议和新规则的创建。 随着更多头脑风暴的到来,我们将慢慢可以窥视到这种新型通证的雏形。

The current security token market lacks advanced financial instruments. At the moment, we have only seen security tokens that represent equity in a business. This has been an easy way to start, but won’t be enough to lead to the mass adoption of security tokens. As the next generation of security token protocols emerges, tokens will be able to handle bonds and other derivatives.

目前的证券类通证市场缺乏先进的金融工具。我们只看到代表企业股权的证券类代币。 这是一种简单的启动方式,但不足以导致大规模采用证券类通证。 随着下一代证券化通证协议的出现,通证将能够处理债券和其他衍生品。

Currently, there is a lack of debt protocols in the security token market, but we anticipate many to pop up in 2019. Debt protocols can decrease the systematic risk associated with most security tokens and provide investors with immediate cash flow. Additionally, debt holders have first priority in the case of a failing business.

目前,证券类通证市场缺乏债务协议,但我们预计2019年会出现许多债务协议。债务协议可以降低与大多数证券通证相关的系统风险,并为投资者提供即时现金流。 此外,债务持有人在公司业务失败的情况下具有第一优先权。

 

Experts from the traditional financial market will help shape the industry when new regulations play catch up in 2019

传统金融市场的专家将在2019年新法规迎头赶上时帮助重塑行业形象

Another important thing to point out, security tokens offer the investor the ability to invest in a company through equity, profit sharing, dividends, voting rights, and numerous other benefits that surpass those of ICO’s. Even though the current talent in the security token space is highly skilled and intelligent, but the experts from traditional industries could help shape a stronger and more transparent industry.

另一个需要指出的重要性在于,证券类通证为投资者提供了通过股权,利润分享,股息,投票权以及更多超出ICO能力范畴的其他获利方式来投资公司。 尽管目前的一些证券类通证的玩家已经具有高财技和智能,但借助传统金融行业的专家可以帮助塑造更强大,更透明的行业体系。

As the security token market gains more traction in 2019, signs that bigger financial players will step into crypto in 2019 have been increasingly forthcoming in recent months. Nasdaq would begin allowing Bitcoin futures trading in Q1 2019. Meanwhile, the Liechtenstein-based Union Bank AG and the Japanese First Bank of Toyama have also announced their own security tokens and/or stablecoins for 2019.  SEFToken Inc., started 2019 new year by announcing a new form of tokenized instrument – a “covered warrant” – similar to an option, that gives the holder the right to buy or sell the underlying security at a certain price, up until a predetermined date.

随着证券类通证市场在2019年获得了更大的吸引力,近几个月来出现了更大金融机构将在2019年进入加密币的迹象。 纳斯达克将在2019年第一季度开始允许比特币期货交易。总部位于列支敦士登的Union Bank AG和富山日本第一银行也宣布了在2019年发行自己的证券类通证和/或稳定币。 SEFToken Inc.,在2019年新年伊始, 宣布一种新形式的通证化工具 — “担保权证” – 类似于期权,赋予持有人以特定价格买入或卖出标的证券的权利,直至预定日期。

Failing to Prepare Is Preparing To Fail

不做好准备就准备好失败

The future widespread adoption of the STO model seems predetermined, but there may still be a number of obstacles along the way. Much will depend on the actions of regulators and their approval of a new scheme of fund-raising. It may be too early to say whether new tokens will be able to revolutionize the fund-raising area. STO can be an attractive tool for medium-sized businesses that are not able to bear the costs associated with the traditional private placement of securities. If this happens, it will be possible to state with confidence: STO is serious and lasting.

未来STO模型的广泛采用已经是无可质疑了,但在这过程中可能仍存在许多障碍。很大程度上取决于监管机构的行动以及他们对新的融资计划的批准。现在下结论说新的通证代币是否能够彻底改变融资领域可能为时尚早。对于无法承担传统私募融资成本的中型企业而言,STO可以成为一种有吸引力的工具。如果这种现象发生,我们就可以充满信心地说:STO是真实和持久的。

We think it will take at least another year to create some kind of STO market standard. The massive introduction of a new instrument will require concerted efforts on the part of regulators and institutional investors, with the recent fall in the cryptocurrency market slowing this process down. STO is truly the future of the blockchain industry. The only question is whether it will come in 2019 or only in 2020, but failing to prepare is preparing to fail.

我们认为,创建STO市场标准需要至少一年的时间。大规模引入新工具需要监管机构和机构投资者共同努力,最近加密货币市场的下滑使这一过程放缓。 STO确实是区块链行业的未来,唯一的问题是它是在2019年还是在2020年成熟,但是你不做好准备就准备好失败吧。