| As a derivative in the financial field,the Initial Crypto-Token Offering also began to attract attention due to its combination of blockchain,Internet technology and financial behavior and compliance with the background of virtual economy.In addition,it has the characteristics of universality,convenience,openness and transparency,and has gradually become an option for new high-tech enterprises to implement financing.However,technological innovation as a "double-edged sword"has two sides feature.The security of the technology itself and the status quo without relevant supporting supervision make the technical and financial risk of this behavior particularly prominent,and criminals use it to commit illegal and criminal activities.By combing the existing scholars’ l iterature,there is less research on the criminal regulation of the Initial Crypto-Token Offering.Many scholars suggest that it should be included in the existing specific charges by expanding the existing legal concepts,but there is no systematic elaboration on its characterization,the legitimate theoretical basis of regulation and the choice of regulation methods.By distinguishing and combing the process of Initial Crypto-Token Offering and related technical concepts,this paper finds that,excluding the differences caused by the use of blockchain technology,the Initial Crypto-Token Offering is highly related to Internet equity crowd-funding and IPO,that is,it is essentially a way to promote financial financing,Therefore,it is characterized as a financial financing activity through the issuance of non sovereign digital currency under the blockchain technology.Based on theoretical research of the essence of financial financing and the transformation of legal interests from the viewpoint of economic order as legal interests to legal interests with financial credit as the content,it has the potential to be regulated by criminal law.The contradiction between the decentralization of blockchain technology and the existing central supervision and the lack of supporting supervision system leads to the increase of financial and technical risks,it is reasonable at the ideological level and practical significance for China to prohibit it under the background of economic stability.Through the exploration of extraterritorial regulation,it can be found from the regulation modes of different countries that whether it is incorporated into the existing legal regulation or the pilot mode,its regulation tends to explore its essence and compare it with the existing system according to its essence.Therefore,in the context of China’s existing prohibition,the first token issuance belongs to illegal Internet equity crowd-funding that destroys financial credit.By distinguishing between false first token issuance and real first token issuance,it will be further incorporated into the existing criminal law system for criminal regulation;In the long run,under the complete supporting facilities,if the first token issuance with innovative function can be recognized again and become a new way of financial financing,it can be regulated by three ways:the application of criminal compliance before,the clarification of the boundary of criminal law in the matter and the expansion of criminal charges after the event. |
