Research On Penetration-type Supervision System Of ICO Token Financing

Based on relaxed system,ICO has realized barbaric growth in the past few years,which becomes the hidden danger to cause financial risks.In essence,ICO is a challenge for traditional financial supervision system.In order to realize the final purpose of penetration-type supervision on it,it is needed to overcome the difficulties in vertical supervision and horizontal supervision.After the supervision policy of “relying on stringent laws to punish crimes” has achieved the expected effect,there still exists with many problems needing to be solved to realize penetration-type supervision on ICO based on the idea of encouraging and supporting internet finance innovation.From the aspects of operation mode of ICO,legal analysis and qualitative analysis on ICO behaviors based on current supervision situation,this paper comprehensively analyzes the vertical penetration difficulty,horizontal penetration difficulty,risk prevention difficulty and coordinated supervision difficulty of penetration-type supervision of ICO,starts from existing difficulties and problems to perfect the penetration-type supervision system and highlight the supervision orientation,proposes the penetration-type supervision path to perfect the ICO token financing from four perspectives of capital flow,supervision scope,risk prevention and overall supervision.Besides the “introduction” and “conclusion”,this paper consists of other four parts:Part ?--Analysis on legal nature of ICO token financing and description on the current supervision situation.Based on analyzing the operation mode of ICO and seeing through the appearance to perceive the essence,the legal phenomenon is analyzed and its legal nature is explained clearly.Based on this,the current supervision situation of ICO is expounded,namely,ICO was in the stage of barbaric growth before 2017,and afterwards,our country adopted complete prohibition measure to seek for solutions,that is,how to incorporate the ICO token financing behavior into penetration-type supervision scope.Part ?--target at the value orientation and necessity of supervision measure of ICO token financing.On the one hand,internet can easily expand the personal non-rationality to market non-rationality,which has stronger killing ability on the financial market.Compared with traditional finance,the internet finance crisis is featured with sudden outburst and larger destruction.On the other hand,financial tool innovation is beneficial to strengthen enterprise competitiveness and add vitality to the development of financial market.Therefore,value analysis and judgement should be based to determine the basic idea of supervision measure inour country.Part ?--Analysis on the barriers for penetration-type supervision of ICO token financing.The “reform toward mixed system” of state-owned enterprises is a systematic engineering,which causes complicated reasons for the difficulty of investors' interest protection.The penetration-type supervision can be conducted from two aspects: firstly,vertical penetration,penetration-type supervision from aspects of capital source,intermediate link and final orientation;secondly,horizontal penetration,the essence of institutional business and behavior should be explained clearly in each link.In addition,strict supervision measure should be made on ICO behaviors from perspectives of preventing systematic financial risk and overall supervision.Part ?--establishment of the penetration-type supervision system of ICO token financing.Based on analysis on penetration difficulty,it can be found that penetration-type supervision can also be conducted on ICO token financing under the mode of separating management.But the penetration-type supervision system is an imported product,which is just overseas experience but lacks of system establishment in domestic.Therefore,in order to give better play to the penetration-type supervision role,it should be risen to the establishment height of financial supervision policy and legal system.This part proposes the system establishment path to solve the ICO token financing supervision difficulty from aspects of capital flow,supervision scope,risk prevention and overall supervision thus to promote healthy development of internet finance in our country.