八维资本受邀参加伦敦、新加坡、北京金融科技论坛

全球金融科技趋势和监管动向｜八维资本

—伦敦、新加坡、北京

＃London：Security Tokens Realised

2019年1月23-24日， Security Tokens Realised论坛在伦敦Grand Connaught Rooms召开，Remi Gai代表八维资本受邀参会。2018年，我们见证了一个新的金融生态系统的诞生，从发行到交易再到投资领域，人们力图将10亿美金规模的数字化，预计到2024年，数字化证券将构成全球GDP规模的10%。

On 23-24 Jan 2019, Security Tokens Realised Summit was successfully held at the Grand Connaught Rooms, London. On behalf of 8 Decimal Capital, senior investment associate Remi Gai attended the summit and presented on 8 Decimal's investment thesis in the security token space. 2018 will surely be remembered as it marked the birth of an entirely new ecosystem of platforms, exchanges, and funds all looking to capitalize on the trillion-dollar opportunity - the tokenized securities. Security tokens are expected to make up 10% of global GDP-roughly $8 trillion by 2024.

八维资本Remi Gai受邀出席会议

本次论坛的主题聚焦金融科技——尤其是数字证券对传统金融界的影响，包含巴克莱银行、花旗银行、摩根大通、桑坦德银行、瑞士银行在内的传统金融机构出席会议，期望探索如何借助区块链技术提升金融服务的效率。

Allured by the benefits of blockchain technology and looked forward to improving the efficiency of financial services, traditional financial institutions, such as Barclays, Citi, J.P Morgan, Santander and Credit Suisse are becoming particularly interested in fintech and tokenization. The theme of Security Tokens Realised focuses on the impact of financial technology – especially digital securities on the traditional financial community.

除了业界，英国监管机构也试图将数字证券和区块链技术纳入金融框架。英国FCA（Financial Conduct Authority）金融监管当局于2019年1月发布了‘Guidance On Crypto Asset Consultation Paper’，为数字资产及其市场参与者提供了更明确的定义，将其纳入沙盒监管框架。

The UK regulators are also trying to incorporate digital securities and blockchain technology into the financial framework. In January 2019, the Financial Conduct Authority (FCA) issued the ‘Guidance On Crypto Asset Consultation Paper’, which not only provided a clearer definition for digital assets and its market participants, but also incorporated them into the sandbox regulatory framework.

FCA：Guidance On Crypto Asset Consultation Paper

将传统金融产品数字化的优势包括有效切分大宗资产，提供更高的流动性和更低的发行费用，从而实现更高的市场效率。而数字化证券最大的优势在于，可以有效触达全球资本市场，在全球法律合规的框架下交易数字化证券，将有助于对金融产品进行更有效的市场定价，这对传统机构投资者来说是一个易于理解和接受的新机遇。

Advantages of tokenization include fractionalization of larger assets, increase in liquidity, lower issuance fees, and greater market efficiency. However, the greatest benefit that security tokens provide for issuers is the access to a global pool of capital. As these STs can be sold and traded internationally (when being compliant with regulations). They, in turn, become more fairly priced and more attractive to investors. This offering is appealing to institutional investors for its more recognizable structure, and to crypto investors for its technological innovation.

Singarpore：Security Token Future

2019年1月25日，第二次 Security Token Future 论坛 (STFuture.io) 在新加坡举行，八维资本合伙人Sky Yu受邀出席圆桌论坛“全球视野下的数字证券投资”。

On 25th, Jan 2019, the second of the global series conferences on the future of Security Tokens was held in Singarpore. Partner of 8 Decimal Capital, Sky Yu, attended the conference as a panelist of Investment in security tokens from a global perspective.

Panelist：Sky Yu，8 Decimal Capital（The second on the left）

据悉，此次新加坡会议是STF系列会议中的第二场。2018 年11月1日，首次 Security Token Future 会议在香港数码港举办，二周后，香港证监会 SFC 发布了《有关针对虚拟资产投资组合的管理公司、基金分销商及交易平台营运者的监管框架的声明》。这次破冰示范效应大力推动了香港及亚太区的金融科技的发展。

According to the organizer, Security Token Future I was successfully held in Cyborport, Hongkong on Nov 1st, 2018. Two weeks later, SFC (Securities and Futures Commission) set out a new regulatory approach for virtual assets—"Statement on the regulatory framework for virtual asset portfolios managers, fund distributors, and trading platform operators”. This regulatory approach provides a conceptual framework to explore a pathway for compliance for virtual asset trading platform operators in Hongkong and Asia market.

除了香港之外，新加坡监管当局也在积极探索对区块链及数字资产实行有效监管，体现了新加坡在政策出台上一贯的严谨和一致性风格。新加坡金融管理局MAS（Monetary Authority Of Singarpore）于2018年11月修订了《数字通证发行指南A Guide to Digital Token Offerings》，对不同通证类型给出了完整而清晰的定义，进一步阐释了SFA（证券和期货法案）、FAA（金融顾问法案）和PSB（支付服务法案）如何适用于数字资产，并附以11个经典案例说明相关的监管要求，为从业者提供了重要的参考准则。

Besides Hongkong SFC, MAS（Monetary Authority Of Singarpore）is also actively making policy guidance to token offering activities. On 30 November 2018, the Monetary Authority of Singapore ("MAS") issued an updated Guide to Digital Token Offerings (the "2018 Guide"). The 20-page document clarifies its stance on cryptocurrency primary markets and how the proposed crypto-assets can fall under the existing securities laws including the Securities and Futures Act (SFA), the Financial Advisers Act (FAA), and the upcoming Payment Services Bill (PSB). In addition to sharing its definition of a digital token, the MAS drafted 11 case studies on business models that fall under the current regulation.

北京：金融科技政策趋势青年研讨会暨《2018年中国金融科技法律政策报告》发布会

1月24日，京东数字科技研究院与中国社会科学院大学互联网法治研究中心在北京联合举办金融科技政策趋势青年研讨会，八维资本魏然受邀参会。会议就支付、网贷、征信、互联网保险等十一个领域的相关法律政策进行了回顾与总结，并对2019年金融科技的政策趋势进行了展望，并发布了《2018年金融科技法律政策报告》。

在2018年，大数据、人工智能、区块链等创新技术的发展，推动金融科技行业经历了从科技金融向数字经济的价值革新。在监管科技领域，2018年8月，证监会正式印发《中国证监会监管科技总体建设方案》，明确了监管科技信息化建设三个阶段的工作需求和内容，标志着监管科技建设工作的完成了顶层设计，并进入了全面实施阶段；10月，深交所自主研发的智能监管辅助系统——“企业画像”一期项目正式运行上线。该项目运用了文本挖掘、云计算等信息技术，可以自动抽取、集中展示、智能提示监管高频关注信息。

在区块链领域，2018年多国对数字货币的监管积极探索，国内也针对ICO以及比特币等虚拟货币交易场所进行整治。上述《报告》认为，加密货币(cryptocurrency)、区块链(blockchain)和加密资产(cryptoassets)是区块链领域的三大分支，在认识上也是不断深入的关系。加密货币的缺陷，并不预示区块链和加密资产的必然失败。目前已经有不少机构将区块链技术应用于跨境支付、股票交易和结算等具体金融场景，为行业寻找更多可能。

此外，《报告》也对第三方支付、P2P网贷、个人征信、资产管理、消费金融等领域的监管政策进行了分析，探讨了人工智能、区块链、大数据等技术领域的法律规范与技术标准的现状。

中国社会科学院大学副校长、互联网法治研究中心主任林维教授认为，互联网金融、金融科技行业的发展离不开法律监管规范的完善。监管完善与行业自律的合力将是未来行业发展的推动力之一。京东数字科技研究院院长孟昭莉认为，未来的市场创新竞争，法律政策会成为重要风险。把握政策风险并转化为机遇的能力，会成为科技创新企业的核心竞争力之一。