新型的證券類通證代幣即將到來,如何在2019年合法运作STO?

2019年1月5日 15:42
来源:香港奇點財經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.

很顯然,證券類通證並未在2018年演變成為重點。隨著我們進入2019年,新興類型數字資產將會出現,為投資者和發行人帶來更大的資本民主化。許多專家認為,隨著法律的明確性和技術的發展,2019年可能成為基於區塊鏈的數字證券的轉折點。

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 next year.

加密投資提供商CoinShares董事長,前摩根大通交易員丹尼爾馬斯特斯表示,根據目前的預測,STO將在2019年獲得重大關註,到2019年年底,STO的市場價值可能高達30億美元。

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,傳統金融業者試圖將通證代幣與證券資產混合使用。 比如近期一家由納斯達克提供支持的加密創業公司計劃讓其客戶通過通證平臺間接購買主要公司的股票。總部位於愛沙尼亞的DX.Exchange周四宣布將於1月7日推出交易平臺,允許其客戶購買代表納斯達克交易所上市的不同科技公司股票的加密代幣。

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與之達成協議的MPS Marketplace證券有限公司將根據客戶需求購買已經交易的股票,並生成ERC-20代幣以代表每股。 MPS將由塞浦路斯證券交易委員會監管,而DX.Exchange將遵守歐盟法規。

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.

新玩家每天都在進入證券通證的生態系統。 以太坊剛剛上線了ERC-1400一套證券通證的標準協議,以便為公司提供不同的選項,用於建糢,交易和管理其通證化安全資產的所有權。 創建此套件是為了激勵公司在以太坊平臺上發布證券化通證代幣。

In 2019 we are seeing a new class of security tokens
在2019年,我們看到了一類新的證券類通證

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.

發行證券類通證的目的是投資,因為它們提供更基本的結構,權利,公司治理,流程,行為準則等。最近完成的STO,包括tZERO,一個非常簡單的證券通證,作為另類投資項目,向代幣持有人支付公司利潤的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,我們期待可以看到一類新型的證券類通證代幣,既允許新的區塊鏈企業從全球投資者那裡獲得資金,又可以同時保護投資者免受欺詐和毫無價值項目的影嚮。 這必須來自於一套新的資訊平臺,新協議和新規則的創建。 隨著更多頭腦風暴的到來,我們將慢慢可以窺視到這種新型通證的雛形。

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.

目前的證券類通證市場缺乏先進的金融工具。我們只看到代表企業股權的證券類代幣。 這是一種簡單的啓動方式,但不足以導致大規糢採用證券類通證。 隨著下一代證券化通證協議的出現,通證將能夠處理債券和其他衍生品。

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,證券類通證市場缺乏債務協議,但我們預計2019年會出現許多債務協議。債務協議可以降低與大多數證券通證相關的系統風險,並為投資者提供即時現金流。 此外,債務持有人在公司業務失敗的情況下具有第一優先權。

 

Experts from the traditional financial market will help shape the industry when new regulations play catch up in 2019
傳統金融市場的專家將在2019年新法規迎頭趕上時幫助重塑行業形象

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.

另一個需要指出的重要性在於,證券類通證為投資者提供了通過股權,利潤分享,股息,投票權以及更多超出ICO能力範疇的其他獲利方式來投資公司。 盡管目前的一些證券類通證的玩家已經具有高財技和智能,但借助傳統金融行業的專家可以幫助塑造更強大,更透明的行業體系。

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.

隨著證券類通證市場在2019年獲得了更大的吸引力,近幾個月來出現了更大金融機構將在2019年進入加密幣的跡象。 納斯達克將在2019年第一季度開始允許比特幣期貨交易。總部位於列支敦士登的Union Bank AG和富山日本第一銀行也宣布了在2019年發行自己的證券類通證和/或穩定幣。 SEFToken Inc.,在2019年新年伊始, 宣布一種新形式的通證化工具 — 「擔保權證」 – 類似於期權,賦予持有人以特定價格買入或賣出標的證券的權利,直至預定日期。

But Failing to Prepare Is Preparing To Fail
不做好準備就準備好失敗

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.

未來STO糢型的廣泛採用已經是無可質疑了,但在這過程中可能仍存在許多障礙。很大程度上取決於監管機構的行動以及他們對新的融資計劃的批準。現在下結論說新的通證代幣是否能夠徹底改變融資領域可能為時尚早。對於無法承擔傳統私募融資成本的中型企業而言,STO可以成為一種有吸引力的工具。如果這種現象發生,我們就可以充滿信心地說:STO是真實和持久的。

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.

我們認為,創建STO市場標準需要至少一年的時間。大規糢引入新工具需要監管機構和機構投資者共同努力,最近加密貨幣市場的下滑使這一過程放緩。 STO確實是區塊鏈行業的未來,唯一的問題是它是在2019年還是在2020年成熟,但是你不做好準備就準備好失敗吧。