| ICO is a new financing method based on blockchain technology.It has efficiency and technical advantages different from traditional methods.At the same time,it also has a series of risks such as law,market,and credit.To stabilize the market and protect people’s property safety,China has banned ICO since September 2017.However,this "one size fits all" approach also shut out the opportunities brought by ICO and caused many assets to flow to overseas ICO markets.As an advanced country in encrypted assets,Japan,which is also an economic power in Asia as China,closely follows the international trends,brings ICO into the scope of supervision,and gradually perfect the supervision of ICO by amending the law.At the same time,the Japanese financial agency has also played a regulatory role together with industry organizations.The author found that the general principle of ICO supervision in Japan is to protect the interests of investors and give priority to the public interest.While clearly regulating ICO in the form of legislation,the government also implement classified supervision on ICO.At the same time of strict access mechanism,it also makes corresponding constraints on their behavior during their employment.However,the author believes that there are some problems in the existing model,and the classified management of ICO needs to be further refined and refined.How to introduce regulatory technology and protect the rights and interests of investors corresponding to direct transactions between users are the direction that regulators need to pay attention to in the future.Moreover,due to the cross-border,cross asset,and cross market nature of ICO,how to realize cross-border law enforcement and how to carry out effective regulatory cooperation are also issues that cannot be ignored.As the Chinese saying goes,“Stones from other hills may serve to polish the jade of this one.” The experience and lessons of ICO regulation in Japan have a good reference for China.By analyzing the supervision system of ICO in Japan,the author obtains some enlightenment to China.First,we should improve legislation and law enforcement,control risks from the source,and strictly enforce the market access and exit mechanism.Second,we should prudently regulate ICO,properly introduce regulatory technology,and deal with technology with technology.At the same time,we can cooperate with industry self-discipline organizations to conduct classified supervision on ICO,considering the supervision effect and efficiency.Third,we should put investor protection in the first place,ensure the safety of society and people’s property,strengthen the education of investors,and set the threshold for investors.Fourth,pay attention to cross-border law enforcement and strengthen international regulatory cooperation to maintain a good trading and investment environment.In the future,China should further promote these aspects,build a stable long-term mechanism,make good progress in stability,seize financial opportunities,and contribute to the world. |
