ICO及其監管的研究現狀：一個國內文獻的分析

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

首次代幣發行（ICO）是指項目初創公司基於區塊鏈技術平台首次向社會公眾發行數字代幣以募集主流虛擬貨幣的一種新型融資方式。從2016年年底到2017年9月，ICO在我國可謂亂象頻出，投機盛行，其野蠻生長之勢已嚴重擾亂了國內的金融和社會秩序。本文從ICO的一般問題出發，梳理了近四年來國內學者關於ICO及其監管的主要研究成果和學術觀點。通過文獻梳理發現：我國學者基於各類國外制度經驗，雖提出了諸如將ICO代幣合法化、引入監管沙盒、設置投資者准入制度、構建審慎監管框架、發揮行業自律監管和增强國際監管協作等諸多建設性的對策與建議，但整體而言，仍停留於表層的制度引介，對國外ICO的個案監管、監管制度的本源性及本土化方面的探討比較不足。今後我國應在這三個方面深入挖掘，增加國外ICO監管研究的深度與廣度，使之能更好地為未來我國ICO長效監管機制的建構貢獻更多的智識和養料。

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.