中国叫停 ICOs（首次代币出售) [美国媒体]

It is looking like a new era is coming for ICOs, at least those in China for now. In the U.S., the SEC has issued official warnings around the risks of ICOs, also known as token sales, but the Chinese government looks set to beat it to implementing regulation around the rapidly growing fundraising option.

看起来ICOs将迎来一个新的时代，至少现在在中国是这样的。在美国，美国证券交易委员会(SEC)已就ICOs的风险发出正式警告，ICOs以代币销售而着称，但中国似乎打击它从而对迅速增长的融资实施监管。

A notice from a committee led by China’s central bank [link in Chinese] today announced an immediate ban on ICO funding, which has “seriously disrupted the economic and financial order.”

央行领导的一个委员会今天宣布立即禁止ICO资金，这“严重扰乱了经济和金融秩序”。

Financial news site Caixin reported [link in Chinese] reported that the committee has prepared a list of 60 exchanges which will be subject to inspection and a report. In the meantime, there will be an ICO freeze in China.

与此同时，委员会提供了一份共计60家ICO平台的名单供各地参考，要求各地在此基础上进一步排查和报告。同时，ICO在中国将被叫停。

ICOs involve raising funding by creating and selling new crypto tokens — commonly based on Ethereum — to investors. That’s led to comparisons with securities, with much speculation over whether financial regulators will look to regulate the space.

ICOs涉及通过创建和销售新的加密货币(通常基于以太币)向投资者筹集资金。这导致了其与证券的对比，很多人都在猜测金融监管机构是否会考虑调整监控空间。

The Chinese committee voiced concern that some ICOs are financial scams and pyramid schemes. That echoes a recent warning from Singapore’s MAS.

一些ICOs其实是金融诈骗和金字塔骗局，委员会对此表达了担忧。这与新加坡金管局(MAS)最近发出的警告相呼应。

“ICOs are vulnerable to money laundering and terrorist financing risks due to the anonymous nature of the transactions, and the ease with which large sums of monies may be raised in a short period of time,” MAS, Singapore’s central bank, said in an August 1 statement.

新加坡金融管理局(MAS)在8月1日的一份文件中表示:“由于交易的匿名性质，ICOs很容易受到洗钱和恐怖主义融资风险的影响，而在短期内获得大量资金的可能很高。”

It isn’t clearly exactly which companies are on the committee’s investigation list, but already two of China’s largest platforms for buying into ICOs — ICOage andICO.info, which help connect companies selling tokens with buyers — have suspended their services and stopped taking on new projects. Both said their suspensions were voluntary.

目前还不清楚哪些公司在委员会的调查名单上，但已经有两家中国帮助公司出售代币的最大的平台，暂停了服务和新的项目。并且是自愿的。

The number of ICOs hosted this year has risen massively across the world. The total amount raised from token sales surpassed early stage investment spending from traditional venture capitals during the first half of 2017,according to a Goldman Sachs report.

今年在全球范围内ICOs交易数量大幅增加。据高盛(Goldman Sachs)的一份报告显示，在2017年上半年，代币销售的总金额超过了传统风险资本的早期投资支出。

This year to date, ICO fundraising is said to have topped $1.6 billion. Already,two companies’ coins have grown to a market cap of more than $1 billion, although the significance of that landmark is unclear since neither has a product in the market right now.

今年迄今为止，ICO的融资据说已经超过16亿美元。有两家公司的代币已经达到了超过10亿美元的市值，由于现在市场上都没有其产品，所以还不清楚其里程碑式的意义。

China, which houses one of the world’s most active bitcoin communities, has been a key part of the ICO boom, both in terms of companies selling tokens and buyers snapping them up.
State media firm Xinhua reported in July that Chinese companies had raised $383 million from 105,000 investors during the first half of the year.

作为世界上最活跃的比特币社区之一，中国一直是ICO热潮的关键组成部分，无论是在企业出售代币还是买家抢购的方面。
官方媒体7月份报道称，今年上半年，中国企业已从105,000名投资者中筹集了3.83亿美元。

The SEC hasn’t made a firm move in the U.S. yet — despite making announcements — so all eyes will be on China to see what kind of mechanisms can govern ICOs, and indeed whether all types of ICOs will be regulated. It’ll also be interesting to watch the potential fall out of this crackdown on the market for ICOs, and crypto currencies generally, given the prominent role played by China.

美国证交会尽管宣称将采取措施但尚未在美国采取坚定的行动，因此，所有的目光都将集中在中国，看看什么样的机制可以管理ICOs，以及是否所有类型的ICOs都需要被监管。考虑到中国在其中扮演的重要角色，观察由于此次对ICOs市场以及加密货币的打压造成的代币回落的潜在可能，也将是一件有趣的事情。

Long-time crypto watchers will recall 2013, when China banned exchanges from allowing people to buy into bitcoin and other crypto coins using the local yuan currency. The result was a huge price drop, but support for yuan deposits did return and the price if bitcoin has soared to new highs — most recently $5,000 on some exchanges.

代币长期观察者会记得2013年，当时中国禁止使用人民币交易比特币和其他加密代币。造成了价格的巨大下跌，但却支持了人民币存款回流，而且如果比特币价格已飙升至新高，最近在一些交易所的价格是5000美元。


ig1
It's important to note that ICOs are a mechanism rather than a financial instrument and it's the nature of the underlying financial instrument that generally influences the legality.
For example if it's used as pre-sale (i.e. currency that will be used in product for a future product) then that's likely legal in most places, if it's used as a proxy for equity then it's likely illegal in most countries (most countries prohibit unregulated share offerings to non-sophisticated consumers).
Although in some cases ICOs might get considered as gambling if the purpose is primarily considered to be for speculation rather than whatever the underlying product is.

值得注意的是，ICOs是一种机制而不是金融工具，这是影响其合法性的基础金融工具的本质。
例如，如果它被用作预售(即用来在未来产品中使用的货币)，那么在大多数地方，这很可能是合法的，如果它被用作股票的代理，那么在大多数国家(大多数国家都禁止不受监管的股票给不成熟的消费者)是违法的。
尽管在某些情况下，ICOs可能被认为是赌博，如果目的主要是为了投机而不是任何潜在的产品。

richardknop  
Finally somebody in position of power stepped in to stop this mad online casino. I was not expecting this sensible move from China, was hoping EU or US would lead the way on regulating this crypto fraud. I hope Fed/ECB follow the Chinese Central Bank and ban ICOs too and start regulating crypto and enforcing some basic rules.

最后，有权力的人介入阻止这个疯狂的网上赌场。我没想到中国会采取这种明智的举措，希望欧盟或美国能带头监管这一加密代币欺诈行为。我希望美联储(Fed)和欧洲央行(ECB)也会追随中国，禁止ICOs，并开始规范加密代币和实施一些基本规则。

Loic  
I had a discussion about crypto currencies with a pretty high level EU diplomat from the trade commission. His point was simple, as soon as they will consider the crypto currencies as a medium to escape taxes and general "rules" (whatever it means) they will simply ban or regulate them to put them back into the control of a central authority.

我与贸易委员会的一位相当高级的欧盟外交官进行了关于加密货币的讨论。他的观点很简单，只要他们将加密货币作为一种媒介来逃避税收和一般的“规则”(不管它是什么意思)，他们就会简单地禁止或监管他们，让他们重新回到中央集权的控制之下。

senj  
Actually I think such bold decisions can only be made by a government that is not encumbered with lobbies and business interests.

实际上，我认为这种大胆的决定只能由一个不受游说和商业利益拖累的政府来制定。

It's not sensible at all. It's none of anyone's business what two consenting adults do with their money. The idea of a third party dictating the range of acceptable contractual engagements is absolutely terrible and has profound negative unintended consequences, with the worst of them being licensing barriers to create rent-seeking opportunities (only one new bank created in the UK over the last 100 years).

这一点都不明智。两个成年人愿意用他们的钱做什么，这不关任何人的事。第三方指定可接受的合同协定范围的想法是绝对可怕的，而且会产生深远的负面影响，其中最糟糕的是设置准入障碍以创造寻租机会(在过去100年里，只有一家新银行在英国成立)。

skarth  
Lots of people dislike ICOs, some for good reasons. But ICOs is a general mechanism and the specifics differ. Are some ICOs ponzi schemes? Sure. But this move is about capital controls, little else. I am surprised so many people are defending this as a good thing. Do you want to outlaw all VC money too?

很多人不喜欢ICOs，有些是出于正当理由。但ICOs是一个通用的机制，具体细节各不相同。存在一些ICOs是庞氏骗局吗?当然。但这一举动是资本控制，没别的了。我很惊讶，这么多的人都为这是一件好事而争辩。你想把所有风险投资也都定为非法吗?

Nursie  
Interesting.
To a relative outsider, a lot of the current movement in the crypto-currency space seems to be about amplifying the holdings of those who already hold. The BCC fork, for instance, effectively gave current bitcoin holders an overnight boost in the 15-20% range.
ICOs appear to be a way to finance things in a kickstartetr type way, only with instantly trade-able coins in the form of a new crypto-currency, with buy-in conducted in ether. These provide a new speculation vehicle, often/usually totally divorced from the underlying activity of the company.
Both of these things neatly skip any sort of bootstrapping phase that might be inherent to a new crypto-currency, and serve insiders and the already crypto-wealthy rather than newcomers or those outside the existing bubble. The whole thing seems very tenuous, and speaks very much of an "in-crowd".

有趣。
对于一个相对的局外人来说，目前在加密货币领域的许多动作似乎都是关于扩大已经持有的人的持有量。例如，BCC fork有效地让当前的比特币持有者在一夜之间获了15 - 20%的范围内的提升。
ICOs似乎是一种以众筹平台的方式来进行融资的融资方式，，并且只能使用可以立即交易的货币，这种货币是以一种全新的加密或的形式存在的，在以太网上进行买入。这提供了一种新的投机工具，它通常完全脱离于公司的基本活动。
所有的这些都巧妙地跳过了任何一种新的加密货币固有的启动阶段，它服务于内部人士和加密货币富翁，而不是新来者或现有的泡沫之外的成员。所有的一切都似乎很脆弱，而且谈到更多的是一个“小圈子”。

aulMest  
I hold many assets in this space including ETH and NEO. There are tons of scams and money grabs with ICOs. While this announcement has been pretty brutal for me, I think it is ultimately a good thing for the industry as a whole.
I think ICOs can be extremely beneficial for teams to raise money. But a lot of people buying these tokens do not understand what they're getting in return. I'd like to see it become easier to actually own equity or a % of a company's revenue by holding tokens. Hopefully these future regulations will build trust in the ecosystem by minimizing scams and providing clarity.  which should yield a healthier less volatile ecosystem.
As far as I understand financial regulation ICOs are illegal in most countries. It is just a matter of enforcing the existing rules.

我在这个领域持有很多资产，包括ETH和NEO。有成千上万的ICOs骗局，虽然这一声明对我来说很残酷，但我认为这对整个行业来说是一件好事。
我认为ICOs对团队筹集资金非常有利。但许多购买这些代币的人并不知道他们得到了什么回报。我希望通过持有代币，使自己更容易拥有股权或公司的收入的%。希望这些未来的法规能够通过最少化骗局来来建立起对这一生态系统的信任和透明度。这应该会促进一个更健康稳定的生态系统产生。
就我所知，金融监管ICOs在大多数国家是非法的。所以，这只是一个执行现有规则的问题。

subsidd
I partly agree with you. Banning ICOs will affect lots of potential disruptive and genuine initiatives. Albeit, it also safeguards the people's hard earned money,education and liable regulations for the benefit of both the parties is a much better option, but to speak in favour of a governing body, is a lot more tedious.

我在一定程度上同意你的看法。禁止ICOs影响许多具有潜在破坏性的和真正的倡议。尽管如此，它也保障了人民的辛苦挣来的钱。教育和法律法规是对双方的利益都是一个更好的选择，但对一个管理机构来说，这是一个更乏味的选择。
        
negamax
This is much welcome ruling and US should follow suit. Current modus operandi is of pump and dump to lure unsuspecting people. Some ICOs are borderline scams. Using Facebook ads to promise the riches. It's almost disgusting

这是一个非常受欢迎的规定，美国也应该效仿。目前的操作方法用哄抬股价来引诱不知情的人。有些ICOs是打擦边球的诈骗。使用Facebook广告来保证财富。这很恶心

dbachman
Because the first dozen ICOs that turn out to be scams can break consumer confidence across the whole market. When people stop trusting, the system collapses.
This isn't hardship, just put your money somewhere else.

因为第一批被证明是骗局的ICOs会打破整个市场的消费者信心。当人们停止信任的时候，系统就会崩溃。
这不难，把你的钱放在别的地方。

DigitalSea
This was a needed move. Too many scamcoins are appearing and selling their overpriced offerings. It's like Kickstarter, but for larger sums of money and less accountability if things don't materialise. We are heading for a pretty serious ICO bubble if ICO's can continue to operate like they are and I can only hope that the USA follows suit next.
The crypto markets right now are in a free fall as a result of the panic. This is a ban on ICO's, not a ban on cryptocurrency. People don't realise how instrumental China is in the crypto world, quite crazy. I am taking this opportunity to buy up promising alt coins like TenX ($pay) which are all incredibly unvervalued right now as a result of the drop.
As we learned with Bitcoin, panic is temporary and eventually things will bounce back. We are entering a brave new world with cryptocoins as they reach the mainstream.

这是一个必要的动作。太多的骗子出现然后卖他们的溢价产品。这就像众筹平台，但是它有更多的钱和更少的责任。如果ICO能继续像现在这样运作，我们将面临一个相当严重的ICO泡沫，我只能希望美国接下来也会效仿。
由于恐慌，加密代币市场现在正处于自由落体状态。这是对ICO的禁令，而不是对加密货币的禁令。人们没有意识到中国在加密代币的世界里是多么的重要。我正利用这个机会购买像TenX($ pay)这样的有前途的alt硬币，由于价格下降，现在的价格真的令人难以置信。
正如我们从比特币中学到的，恐慌是暂时的，最终事情会反弹回来。在加密代币进入主流的时候，我们将进入一个崭新的世界。

A lot of people seem to suggest that some kind of regulation, or even outright ban, of ICOs is necessary. Apparently in order to prevent people from loosing their money on risky investments?
I don't really understand why it is appropriate for someone else to tell me how to spend my hard earned money? Isn't that what freedom of choice is about? Even if I'm being manipulated into a scam, it is still MY choice.

很多人似乎都认为ICOs的某种监管，甚至是彻底的禁令是必要的。显然是为了防止人们把钱浪费在高风险投资上?
我真的不明白为什么要别人告诉我怎么花我的辛苦挣来的钱是合适的。这难道不是自由的选择吗?即使我被操纵成一个骗局，它仍然是我的选择。
        
mehh
I'm not surprised,
Will be very interested to see in the next couple of years how many of these projects still exist.

我一点也不惊讶，在接下来的几年里，我将非常有兴趣看看这些项目中有多少仍然会存活下去。