<div></div><div><img src="/EditBackyard/EditorData/Photo/2017/Sep/9720177-2.jpg" width="660" height="371" alt="" /></div><div><span style="color: #ececec; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; background-color: #111111;">2016年，比特币在中国的价格上涨145%。2016下半年，人民币交易占全球比特币交易量的98%。但中国央行最近叫停了通过发行比特币等代币融资的行为。</span><br /> </div><div><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; font-weight: bold; line-height: 1.75; margin-top: 28px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">8月，CNBC网站引用高盛（Goldman Sachs）数据称，今年以来代币发行融资（Initial Coin Offering，ICO）总规模已达12.5亿美元，通过比特币、以太币等虚拟货币进行首次发行融资的成功案例达到92个。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">高盛统计显示，今年6月ICO规模猛涨至5.5亿美元，已经超过同期的传统天使投资和风投规模。多家初创型公司通过ICO募集到了可观的资金，其中包括一家名为Tezos的金融类初创公司，这家开发虚拟货币相关技术产品的公司在短短十多天时间里筹集到了两亿多美元。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">但在9月4日，中国央行（PBoC）等7部门<a href="http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html" style="border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: #dcdcdc; border-left-color: initial; border-image: initial; color: #222222; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: bold; letter-spacing: inherit; line-height: 1.75; margin: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; -webkit-tap-highlight-color: rgba(17, 103, 168, 0.3);">联合公告</a>称，代币发行融资涉嫌违法，应当立即停止。第二天，香港证监会也就ICO发表声明称，ICO中所发售或销售的数码代币可能属于《证券及期货条例》所界定的"证券"，并因此受到香港证券法例的规管。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">中国的一些代币交易平台随之<a href="https://yunbi.zendesk.com/hc/zh-cn/articles/115000143741-%E5%85%B3%E4%BA%8E%E6%9A%82%E5%81%9C%E4%BA%A4%E6%98%93%E7%9A%84%E5%85%AC%E5%91%8A" style="border-width: 0px 0px 1px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: #dcdcdc; border-left-color: initial; border-image: initial; color: #222222; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: bold; letter-spacing: inherit; line-height: 1.75; margin: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; -webkit-tap-highlight-color: rgba(17, 103, 168, 0.3);">关停了ICO交易</a>。香港比特币协会主席狮草地（Leonhard Weese）接受BBC中文采访时透露，一场原本准备于9月中旬在北京举行的代币行业峰会"鉴于近期央行关于ICO的行业监管意见发布……会务组艰难的决定峰会延期择地举办"。移至香港举办的峰会将不涉及任何ICO议题，原因是避免有"违法"营销之嫌。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">狮草地认为，虽然中国央行禁令可能带来"寒蝉效应"，但ICO可以转移到中国以外的国家，加强监管对整个代币行业发展带来的影响也可能是正面的。禁令导致的最大输家应该是一些希望通过ICO融资的中国初创公司。</p><h2>代币融资划出红线？</h2><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">中国央行公告称，代币发行融资"投机炒作盛行，涉嫌从事非法金融活动"，其本质是"一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动"。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">狮草地对此解读称，中国央行担心有人通过ICO把资金大规模转出中国，它们还担心有人通过ICO进行诈骗。此前中国央行已经对通过电子加密货币向海外转移资产的行为加强了监管，这次受到关注的筹资功能也与防范资金外流有一定关联。</p><figure style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 14px; line-height: inherit; margin: 24px -24.6449px 0px 0px; padding: 0px; vertical-align: baseline; background-color: #111111; clear: both;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="https://ichef-1.bbci.co.uk/news/624/cpsprodpb/2FA4/production/_97669121_gettyimages-153652162.jpg" datasrc="https://ichef-1.bbci.co.uk/news/320/cpsprodpb/2FA4/production/_97669121_gettyimages-153652162.jpg" alt="Chinese yuan" width="976" height="549" data-highest-encountered-width="624" style="color: #bdbdbd; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; user-select: none; width: 616.207px; transition: opacity 0.2s ease-in; display: block;" /><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">图片版权</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.875rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1.14286; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; text-transform: uppercase; background: rgba(0, 0, 0, 0.6); bottom: 0px; position: absolute; right: 0px;">GETTY IMAGES</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.75rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.33333; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">中国监管部门担心有人利用代币融资从事资金外逃。</span></figcaption></figure><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"央行公告用了两种说法，\’虚拟货币\’和\’代币\’。它们认为代币涉及非法集资和金融诈骗。这样区分比较复杂，这种认定很强硬，也让人吃惊，因为央行此前一直认为代币融资是合法的。央行的说法应该是，总体来说比特币等虚拟货币还是合法的，只是ICO违法，"狮草地说。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">香港证监会的声明则没有界定代币融资是否违法，只是表示"个别ICO……所发售或销售的数码代币可能属于《证券及期货条例》所界定的\’证券\’，并因此受到香港证券法例的规管"。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"香港法律体系和内地不同。这里的证券有很多种类，有的需要注册，有的不需要，有的需要根据其销售以及广告是否针对香港来界定。现在的问题是，香港法律很难解决这些问题，包括，ICO是否等同于证券发行？哪些是哪些不是？如果某种ICO等同于证券发行，它是否需要注册？香港政府的声明难以说明哪些ICO合法哪些违法，这就是问题的复杂性所在，"狮草地说，"相比之下，大陆则通过刑法体系界定了三种相关罪行：第一是误导投资人，在文件中撒谎，对投资人撒谎；第二是未经政府批准发行证券；第三是金融诈骗。和欧美以及香港相比，中国大陆这次监管措施的独特之处是将所有ICO列入金融诈骗类别，因此也很容易给ICO定罪，这种判定在香港很难发生，这会涉及到修改法律。"</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">WageCan CEO胡晋豪则对BBC中文表示，虽然代币确实很难监管，但必须有一个报备机制，和登记公司一样。这是目前最缺乏的。监管方面则需要创新，不能完全套用证券股票的监管法律。</p><figure style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 14px; line-height: inherit; margin: 24px -24.6449px 0px 0px; padding: 0px; vertical-align: baseline; background-color: #111111; clear: both;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="https://ichef-1.bbci.co.uk/news/624/cpsprodpb/150AD/production/_97698168_040220410-2.jpg" datasrc="https://ichef-1.bbci.co.uk/news/320/cpsprodpb/150AD/production/_97698168_040220410-2.jpg" alt="，" width="976" height="549" data-highest-encountered-width="624" style="color: #bdbdbd; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; user-select: none; width: 616.207px; transition: opacity 0.2s ease-in; display: block;" /><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">图片版权</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.875rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1.14286; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; text-transform: uppercase; background: rgba(0, 0, 0, 0.6); bottom: 0px; position: absolute; right: 0px;">REUTERS</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.75rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.33333; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">对于比特币等代币出现的融资功能，是否能够完全按照证券法律进行监管还存在争议。</span></figcaption></figure><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">胡晋豪和狮草地都认为，目前的代币融资确实充斥着一些不规范行为。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">胡晋豪说，ICO新兴市场刚开始一定会有很多正规不正规的企业进来圈钱，初期整个生态系充满了一些不规范行为。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"随便弄一个白皮书，背后的团队都没有被公众验证，就想要圈钱，"他说，"中国新的政策可以适当制止不正规企业，对整个行业比较好。"</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"注册是必要的，"胡晋豪说。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">狮草地说， "我知道一些具体的不良案例，特别是对回报率和利润作出虚假承诺，提供一些误导性的信息。虚假宣传涉及合作伙伴、对公司本身的描述模糊等等。"他认为，香港的监管措施指向是，参照证券管理要求ICO进行注册。</p><figure style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 14px; line-height: inherit; margin: 24px -24.6449px 0px 0px; padding: 0px; vertical-align: baseline; background-color: #111111; clear: both;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="https://ichef-1.bbci.co.uk/news/624/cpsprodpb/1C15/production/_97698170_041109693-2.jpg" datasrc="https://ichef-1.bbci.co.uk/news/320/cpsprodpb/1C15/production/_97698170_041109693-2.jpg" alt="，" width="976" height="549" data-highest-encountered-width="624" style="color: #bdbdbd; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; user-select: none; width: 616.207px; transition: opacity 0.2s ease-in; display: block;" /><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">图片版权</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.875rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1.14286; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; text-transform: uppercase; background: rgba(0, 0, 0, 0.6); bottom: 0px; position: absolute; right: 0px;">AFP</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.75rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.33333; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">虚拟货币行业使用的挖矿机——网络服务器</span></figcaption></figure><h2>代币融资的未来</h2><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">中国央行加强监管甚至将代币融资定义为非法之后，这个交易规模已经膨胀到每年数十亿美元的新兴金融市场将何去何从？</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">狮草地说，电子货币确实功能繁多，包括社交、储存和转移财富、融资等等。比特币等电子加密货币目前的主要功能还是转移财富，比如结算。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"我认为目前在这个生态系统中，投资功能还算不上非常发达，还具有较高风险。而付款结算的功能更加成熟，更加可持续。"他说，代币融资被叫停不等于所有的代币业务都会受影响。投资人也会对参与ICO保持热情，只是一些市场推广行为会受到限制。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">他说，香港的代币融资监管则面临几种选项：第一，证监会通过允许或否定一些种类的ICO注册和融资，来明确标准；第二，证监会对一些被认为涉嫌违法的ICO进行处罚；第三也是最难的就是修法，作出更加明确的规定。所有这些选项都会为市场增加确定性。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"我认为香港监管部门会选择前两种方式逐渐为ICO放行。"</p><figure style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 14px; line-height: inherit; margin: 24px -24.6449px 0px 0px; padding: 0px; vertical-align: baseline; background-color: #111111; clear: both;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="https://ichef-1.bbci.co.uk/news/624/cpsprodpb/830A/production/_95064533_hi038236910.jpg" datasrc="https://ichef-1.bbci.co.uk/news/320/cpsprodpb/830A/production/_95064533_hi038236910.jpg" alt="，" width="976" height="549" data-highest-encountered-width="624" style="color: #bdbdbd; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; user-select: none; width: 616.207px; transition: opacity 0.2s ease-in; display: block;" /><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">图片版权</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.875rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1.14286; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; text-transform: uppercase; background: rgba(0, 0, 0, 0.6); bottom: 0px; position: absolute; right: 0px;">REUTERS</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.75rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.33333; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">比特币挖矿使用的电脑设备底座（资料图）</span></figcaption></figure><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">胡晋豪表示，针对不同代币，应该有不同监管方式。不是所有代币都有和证券一样的特性。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"今年年初央行也在查比特币交易所，禁止用户提现。在中国，我认为主管部门还不知道怎么监管的时候，就会先停止整个行业的发展。"</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">胡晋豪认为，ICO不在中国做，还可以在新加坡、爱沙尼亚等国家做。目前已经有国家说要给代币发ICO通行证。代币ICO是没法禁止的。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">"中国政府在不知道怎么监管的情况下，就先暂停。我对这个市场保持乐观，在淘汰旨在圈钱的坏公司并且出台详细监管方案后，中国ICO市场就可能复苏，"他说。</p><p style="border: 0px; color: #404040; font-variant-numeric: inherit; font-family: Helvetica, Arial, STHeiti, 华文黑体, "Microsoft YaHei", 微软雅黑, SimSun, 宋体, "WenQuanYi Micro Hei", sans-serif; font-size: 1rem; line-height: 1.75; margin-top: 18px; padding: 0px; vertical-align: baseline; background-color: #ffffff;">狮草地表示，香港当然可以吸引这类投资。但香港长期以来都是一个可预测度较高的金融市场，不会突然发生太大变化。更可能的是像爱沙尼亚、新加坡这样的国家突然改变法律，以吸引ICO。</p> </div>