Page 13 - CCFAJournal-FirstIssue

加中金融

Analysis: This Decision is very positive for bitcoin investment fund 分析：本决定在狭义上对于比特币投资基金产品构成利好
products specifically and more generally for encouraging an 影响，在广义上鼓励促进了对新资产类别证券工具的开放
openness to securities instruments based on new asset classes. It 性。此决定体现了安大略省在处理比特币相关产品上的领
shows Ontario taking a leadership position in the approaches to
bitcoin- based products. 袖地位。

Some of the material findings include: 一些重要发现包括：
• Bitcoin is not an illiquid asset subject to manipulation. • 比特币不是可受操纵的非流动性资产
• Operational risks related to trading and holding bitcoin can • 交易和持有比特币的操作风险是可解决的
be addressed. • 比特币是一种商品，而不是一种贸易证券
• Bitcoin is a commodity and not a security. • 保护投资者的精力不应该把集中在发行人所持资产上，
• Investor protection should not focus on the assets held by 而应关注发行人和基金的结构
the Issuer but rather on the Issuer and structure of the Fund. • 在审查监管目标时应考虑适当的监管
• Proportionate regulation should be considered in reviewing
regulatory objectives.
例二 （加密资产交易平台 - TokenGX 公司，2019 年 10 月
Case 2. Crypto Asset Trading Platforms - TokenGX Inc
(October 22,2019 OSC Decision) 22 日 OSC 决定）
TokenGX Inc (TGX) wanted to create a blockchain- TokenGX Inc （TGX） 希望为投资者（投资者）在招股说
based security token (token) trading platform for the 明书豁免下分销的代币（投资者）创建一个基于区块链的
trading among investors (investors) of their tokens that 安全令牌（令牌）的交易平台，以方便发行人融资，并为
were distributed under prospectus exemptions in order 投资者提供流动性。
to facilitate capital raising for issuers and to provide
liquidity for the investors. TGX 的协助发行人部署和管理由 TokenFunder 为主分销平
台专门开发的标准化智能合约。代币是代表权益或债务的
TGX assists issuers in the deployment and 数字资产，根据招股说明书豁免进行分配，只能通过主分
management of standardized Smart Contracts
specifically developed by TokenFunder for the Primary 销平台或二级交易平台（发行人代币）进行分销。
Distribution Platform. The tokens are digital assets 根据招股豁免说明书,在主分销平台上分销的发行人代币
which represent an equity interest or debt, are 和 FNDR 代币的二次交易将在 Filer 运营的 FreeX 平台（二
distributed pursuant to prospectus exemptions and can
only be distributed through the Primary Distribution 级交易平台）上进行。
Platform or Secondary Trading Platform (Issuer 该决定是在有时间限制的基础上授予的，要求某些条件包
Tokens).
括：注册为免税市场交易商;提供交易的代币将仅限于其
Secondary trading of Issuer Tokens distributed on the 自身和来自不超过十 （10） 个安大略省发行人的发行人
Primary Distribution Platform pursuant to prospectus 代币，指定在必须居住在安大略省的参与者上入，二级交
exemptions and FNDR Tokens will take place on the 易平台受普遍适用的市场要求，如公平访问、公平和有序
FreedomX platform (the Secondary Trading Platform) 的市场、管理冲突、错误更正政策、交易规则、有关操作
operated by the Filer.
的信息（系统），风险确认声明，除非投资者是认可投资
The Decision was granted on a time-limited basis, and 者，否则购买代币的限价为 2500 美元。
required certain conditions including: registration as
an Exempt Market Dealer; tokens made available for 分析：该判决很好地表明了证券监管机构正在研究一种更
trading will be limited to its own and Issuer Tokens 基于风险的监管方法，而不仅仅是将所有证券法律要求应
from no more than ten (10) Ontario issuers, specified 用于加密货币分销和交易平台。加拿大的证券监管机构应
onboarding of participants who must reside in Ontario, 该赞扬这种做法。然而，这些条件是否与风险足够相称，
the Secondary Trading Platform is subject to generally 还是仍然过于繁琐，还有待考究。有关市场的许多规则要
applicable marketplace requirements such as fair 求已作为条件重新构建到订单中。由于很难找到确切精准
access, fair and orderly markets, managing conflicts,
error corrections policies, rules governing trading, 的要求，希望监管机构愿意并能够随着经验积累更好的微
information regarding the operations, systems), a Risk 调要求。
Acknowledgement Statement, acquisition of Token is
limited to $2500 unless the investor is an Accredited
Investor.
Analysis: This Order is a good indicator that the securities
regulators are looking at a more risk-based approach and not just
applying all securities law requirements to platforms distributing
and trading cryptocurrencies. The Canadian securities regulators
should be commended for this approach. However, the question that
remains is whether the conditions are sufficiently proportionate to
the risk or are still overly burdensome. We note that many of the
rule requirements regarding marketplaces were built back into the
Order as conditions. Since it is difficult to find the exact right
requirements, hopefully the regulators will be willing and better able
in the future to fine tune the requirements with more experience.

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 13 第13页