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加中金融
加密货币相关案例简析

Update on Crypto

【作者】Randee Pavalow 律师专门研究与交易所，交易商和资本获取有关的证券法律和
政策问题，现为 CC Corporate Counsel 的特邀法律顾问。她还担任有关金融科技和资本
市场问题的法律提案的独立顾问。她现在是加拿大安大略省证券委员会金融技术咨询委
员会的成员。

Randee 在 2017 年至 2018 年期间在安大略省经济发展与增长部（Ontario Ministry of
Economic Development and Growth）工作，研究资本问题。在 2013 年至 2016 年期间，
她在 Aequitas Innovations（Aequitas NEO Exchange（证券交易所）的母公司）担任法律，
法规和运营责任。

从 2007年到 2012年，她负责 Alpha Exchange的法律和运营职能。从 1992年到 2007年，
她在安大略省证券委员会担任各种职务，包括从 2001 年至 2007 年担任资本市场总监。
Randee 还参加了国际证券委员会组织（IOSCO）的多个工作组，包括担任第三届中间
人常设委员会主席（2004-2007 年）。 在安大略省证券委员会任职之前，她曾在美国和
加拿大执业。

Randee Pavalow specializes in securities law and policy issues relating to exchanges,
dealers, and access to capital. Randee works as Of Counsel at CC Corporate Counsel where she provides legal advice.
She also works as an independent consultant on files regarding fintech and capital market issues. She is a member of the
Ontario Securities Commission Fintech Advisory Committee.

Randee worked at the Ontario Ministry of Economic Development and Growth on access to capital issues from 2017-2018.
From 2013-2016, she held legal, regulatory, and operational responsibilities at Aequitas Innovations, the parent company
of: Aequitas NEO Exchange (a stock exchange); and, Aequitas EVO Connect (a platform that focused on private market
securities).
From 2007 to 2012 she wa s responsible for both legal and operational functions at Alpha Exchange. From 1992 until 2007
she held various positions at the Ontario Securities Commission including the position of Director of Capital Markets from
2001until 2007. Randee also participated in various working groups and task forces for the International Organization of
Securities Commissions (IOSCO), including chairing Standing Committee 3 on Intermediaries (2004- 2007). Prior to her
tenure at the Ontario Securities Commission, she practiced law in the United States and in Canada.

In 2019, Bitcoin was trading over $10,000 when one writer, Karthik 2019 年初，在比特币的市场价超过 10000 美元的时候，
Shanmugam, wrote an article published in ReadWrite (05 Aug 2019) Karthik Shanmugam 在 ReadWrite（2019 年 5 月 8 日）发
on “10 Fabulous Predictions for the Future of Cryptocurrencies” 表一篇题为《加密货币未来的 10 个预测》文章, 文中包
These predictions included the following:
括了下述预测：
• Everyone will start to use cryptocurrencies, even if they are not
aware of it, as businesses use cryptocurrencies to remove •由于企业会开始利用加密货币在各种商业流程中去除中
middlemen from various processes. 介，所有人都会有意或无意中开始使用加密货币
• Government agencies will adopt Blockchain technology for their •政府机构将开始采用区块链技术
processes. •加密货币交易平台的使用在增长
• Growing use of trading platforms for trading cryptocurrencies •随着加密货币帐户和借贷业务的推广和使用，传统的金
• Financial industries will undergo disruption as people start to open 融机构业务将受到干扰
cryptocurrency bank accounts and use cryptocurrency debit cards. 随着加密货币的使用增长，监管范围也将扩大。截止今日，
As the use of cryptocurrencies grows, regulatory reach will also
grow. Even today, there seems to be almost constant regulatory 在对于如何处理新技术及其对金融市场的影响时，对加密
action regarding cryptocurrency as they try to determine how they 货币的监管行动一直在持续。本文对加拿大和国际上此类
are going to deal with the new technology and its impact on financial 活动进行了简要的总结和分析。
markets. The following sets out a short summary and analysis of
some of the Canadian and international activity.

Case 1. Investment Funds - In the Matter of 3iQ Corp. 例一 （投资基金，3iQ 公司和比特币基金对安大略省证
and The Bitcoin Fund (OSC Decision: October 29, 2019) 监会，2019 年 10 月 29 日 OSC 决定）
OSC Staff refused to receipt The Bitcoin Fund (the 安大略省证监会 OSC 拒绝接收比特币基金，比特币基金是
“Fund”), a public non-redeemable investment fund that 一个意于将其大量资产投资于比特币的公共不可赎回的投
would invest substantially all of its assets in bitcoin. 资基金。3iQ 公司申请听证会要求撤销 OSC 董事的决定。
3iQ Corp. applied for a hearing to set aside the
Director’s decision. 听证会推翻了 OSC 拒绝为基金招股说明书开具收据的决
定，该收据对于分发和交易基金的机构是必须的。
The Decision overturned Staff’s refusal to issue a
receipt for the Fund Prospectus, which was required to
distribute and trade the Fund Units.

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 12 第12页