Sino Global Capital Ian:STO的优势?


Live time:2018.12.2 16:00




Ian:Hi everyone. Glad I could make it today to talk about a very exciting topic! To give some introductions, I'm also joined by Sino Global CEO/ Liquid Value Managing partner, Matthew, and Executive VP Alice!





图灵财经:We know that STO is applicable to the previous exemption regulations of the USA. How about SEC’s attitude towards STO? And what kind of new policies will be issued towards STO?(我们知道STO只是适用以前的美国豁免条例,具体美国SEC对STO的态度是怎样的?后期是否会针对STO出台新的政策?)


Ian:Great question to start us off!Much of the enforcement of policies and punishments that have come from the SEC recently have actually been aimed at the ICO markets.  The SEC has been issuing enforcement actions for companies that completed unregistered fundraises in late 2017 and early 2018.  Additionally, the Etherdelta exchange, which did not register with the SEC as a securities exchange was recently charged and penalized.(SEC近期大多数的政策执行和惩罚实际上都是针对ICO市场的。SEC最近的执法行动都是针对在2017年底和2018年初完成融资但未注册的公司进行的。未在SEC注册的去中心化交易所Etherdelta近来也受到SEC的指控和罚款。)


As far as STOs are concerned, the existing regulation is largely sufficient and compliance of STO is largely written into the token code (i.e. holding periods, whitelisting transactions, etc).Where the SEC may add additional regulations or licenses is in the STO exchange ecosystem.  For example, Coinbase recently made numerous acquisitions to become a regulated broker-deal.  These acquisitions allow Coinbase to operate as a registered investment advisor, broker-dealer, and alternative trading system (ATS).  (对STO来说,现有的规定大多是充分的,STO的合规内容大部分都可以写入代币代码之中(如持有期、白名单交易等)。SEC也许会增加的是针对STO交易所生态系统额外的规定或牌照。例如,Coinbase近来进行了若干笔收购,意在成为受政府监管的的经纪人交易商。这些收购使得Coinbase拥有了注册投资顾问(RIA)许可、经纪商牌照以及替代交易系统许可(ATS)。)

In short, it allows Coinbase to list tokenized securities. I think you’ll see the regulatory burden continue to increase for STO ecosystem companies.(简而言之,这使得Coinbase平台可进行证券化代币交易。我认为未来STO生态系统公司所面临的监管要求会继续增加。)


Matthew (马修) Graham :It’s important to understand that from SEC perspective the primary thought is that existing and well developed, time tested regulations from “traditional” finance should apply to digital finance, including STOs, in quite similar fashion.(需知从SEC角度来看,其首要考虑的是针对“传统”金融现有的、完善的、已经时间检验的法规也应以类似的方式适用于数字金融,包括STO领域。


Personally I mostly support this approach. It’s time for the professionalization of blockchain in my view.(我个人基本上支持这种做法。我认为,是时候对区块链进行专业化了。)


We saw this development path with the internet, it’s quite natural. First were revolutionaries and visionaries. Then speculators and cowboys. These people are indispensable and we must respect their contributions. But eventually we must let professionals lead the way.(我们互联网行业也看到这样的发展轨迹,这是很自然的。首先是变革者和远见卓识者。然后是投机者和最早入场的创业者。这些人是不可或缺的,我们必须尊重他们的贡献但最终我们必须让专业人士来引领行业






图灵财经:I heard that your team has established an international STO consultancy company. Can you describe the services that provided by your company?(听说你们的团队成立了一家国际STO咨询服务公司,请问公司主要提供哪些有关STO的服务?)


Ian:Absolutely! Our company, Sino Global Capital (https://sinoglobalblockchain.com/) , has been active in the blockchain space for some time.  Recently, we founded a new venture, Liquid Value (https://www.liquidvalue.org/), to serve the STO market.  This venture focuses on providing advisory services and end to end support for companies that are seeking to do a STO. (对的。我们公司Sino Global Capital在区块链行业已经有活跃一段时间了。近来,我们成立了一家新公司Liquid Value,专注服务于STO市场。我们这家公司会面向希望做STO的企业提供顾问服务和端对端的支持。

Additionally, we've also been working with our new partner, Zeus Exchange (https://zeus.exchange/).  Zeus Exchange is bridging crypto and traditional financial markets and will operate as a security token exchange.  Additionally, Zeus has very ambitious plans related to asset digitization and we’re working with them to help realize those ambitions.(此外,我们已经与Zeus Exchange建立了新的伙伴关系。Zeus Exchange致力于连接加密货币和传统金融市场,并成为一家合规的证券代币交易所。Zeus在资产数字化方面有很好的布局,我们将大力协助Zeus实现他们的这些计划。)




图灵财经:According to the exemption regulation of the USA, investment through STO should first issue a token in regulated trading platforms that towards mainstream investors and institutional investors. However, this may limit the liquidity of STO. Some people say liquidity is not a benefit of STO. What’s your opinion on this saying?(我们知道STO进行投资,根据美国豁免条例,需要到正规的交易所,发行可以面对主流投资者和机构投资者的代币,但是这样会限制STO的流动性,所以有人说STO的流动性并不是其优势,您如何看待这一说法?)


Ian:Correct, as with many traditional security issuances, accredited/ institutional investors are the participants.  I think in the short-term it is prudent to only allow accredited investors access because they have a full understanding of the risks.  In the long term, I think the trend of the democratization of funding will continue and different types of investors will be able to participate.(是的。与很多传统证券发行一样,参与对象需是合格投资人/机构投资者。我认为短期来看,只允许合格投资人来参与是比较审慎的做法,因为他们对所涉及的风险有充分的了解和认识。长期来看,我觉得融资的民主化趋势会继续下去,不同类型的投资者将都可以参与进来。)


Even now, I think there will be large increases in liquidity relating to some aspects of digitized securities such as fractional ownership.  This is especially true for real estate.  No longer do you need to buy an entire building to invest, you can now buy tokens representing 10% of that building.  This has instant benefits for liquidity.  Additionally, blockchain technology allows for 24/7 markets with more global participation.  These factors also help facilitate more liquidity.(即使是现在,我认为数字化资产的某些方面已经看到流动性的大幅增长,比如分式产权领域。这在房地产行业尤其明显。你将不再需要投资购买整栋大楼,而可以购买代表大楼10%所有权的代币。  这种方式也有立即实现流动性的优势。此外,区块链技术允许市场全年24/7交易,同时参与性也更加全球化。这些因素都会有助于流动性的提高。)

Matthew (马修) Graham :Additionally, participation from sophisticated investors creates a lot of liquidity. Just look at high frequency traders.(此外,经验丰富的投资者的参与也创造了大量的流动性。只要看看高频交易员们就知道。

If the price were to stray too far from the underlying value of the assets you’d see professional assets swoop in to pick up a cheap asset.(如果价格与资产的潜在价值相差太远,你会看到资本机构蜂拥而入,抢购廉价资产。)






图灵财经:What do you think is the biggest benefit of STO compared with traditional financing methods?(您认为STO相比较传统的融资方式,最大的优势有哪些?)


Ian:I’ll break this question into short and long term, because there’s a large difference in what STOs are now, and what they can become.  In the short term, STOs will become a funding alternative for small to medium sized business with smaller fundraising needs.  IPOs are not attainable for these companies and private placements can also be difficult and expensive.  STOs provide an alternative funding source for this class.(这个问题我从短期和长期两方面来回答,因为STO目前和未来的情况区别还是很大的。短期来看,STO对有融资需求的中小企业来说提供了另外一个融资渠道选择。对这些企业来说,可能还无法直接进行IPO, 而传统的私募方式难度大且成本较高。STO则为这类企业提供了另一资金来源渠道。)


In the long term, I think the majority of funding will be done with the STO model as the ecosystem matures.  The biggest advantage I see is automated compliance. Banks are spending outrageous amounts of money on compliance costs, roughly 10% of operating costs for Tier 1 banks (over $1 billion for a tier 1 bank) are compliance based.  Blockchain solutions and the STO model can help to alleviate some of that burden by automating compliance while creating a transparent ledger for regulators.(长期来看,我认为随着生态系统逐渐成熟,大多数的融资将可通过STO模式来进行。我认为最大的优势是自动合规性。银行在合规成本上花费了重金。对于第一梯队银行来说,大约运营成本的10%(1亿美金以上)都花费在合规上。区块链解决方案以及STO模式可以通过自动合规有效减轻这些负担,同时也给监管者提供了一个透明的账本。)






图灵财经:We know that security tokens issued through STO can only be traded in digital currency exchanges required by the SEC. However, such kind of exchanges are very few. So is it very difficult for tokens issued through STO to be listed in digital currency exchanges?(我们知道通过STO发行的证券型代币需要到符合SEC要求的数字货币交易所交易,但是目前这一类的交易所数量不多,所以通过STO发行的币进入数字货币交易所是不是比较困难?


Ian:Currently, exchange options are very few because of the regulatory and technical burdens.  However, there is massive interest in this space highlighted by Overstock’s tZero $134 million fundraise done with an STO.  Our strategic partner, Zeus Exchange, has also identified STO/ digitized asset trading as an area ripe with opportunity and potential and is rapidly building the infrastructure and acquiring licenses needed for trading.(目前,由于监管和技术的限制,交易所的选择的确为数不多。但我们可以看到市场对这一领域的兴趣已经非常浓厚。比如Overstock旗下的证券代币交易所tZero就通过STO成功融资1.34亿美元。我们刚才提到的战略合作伙伴Zeus Exchange也是认定STO /数字化资产交易是一个成熟且具有机会和高潜力的领域,并正在迅速建立相应的基础设施以及筹备交易所需牌照方面的工作。)


Additionally, traditional exchange players will need to future proof their value and enter the market.  So while there currently aren’t many options for exchanges, in a year I think the ecosystem will be full of options. (此外,传统的交易所尚在审视这一领域未来的价值进入市场。所以当前的交易所数量的确较少。我觉得一年时间左右,市场将会看到很多此类交易所的出现。)





图灵财经:Can you describe the operation process of non-US businesses to conduct STO in the USA? What is the most difficult point for the operation?(非美国企业在美国进行STO,一般是什么样的一个操作流程?这其中最困难的是哪些?)


Ian:Any offering to U.S. residents needs to be either SEC Registered or SEC exempt.  Registered would mean that unaccredited investors in addition to accredited investors can participate but the reporting requirements are burdensome and regulation burden can cost millions.  The alternative is an Exempt STO.  This option is more manageable and cost effective, but also has limitations.  Regulation D is the most commonly cited exception and allows for an unlimited capital raise as large as the target is accredited investors.  Regulation A+, or the mini-IPO, is another exception.  Filings under this regulation are submitted to the SEC where they are reviewed and comments to be addressed are provided.(任何面向美国公民的项目均需在SEC注册,或获得SEC豁免。注册意味着项目合格投资人和非合格投资人都可以参与项目,但是申报要求非常繁琐,合规成本高达数百万美元。另一个方法是申请STO豁免。这个选择更易于管理,成本更低,但也有其局限性。Reg D是最常被提到的豁免类型,该豁免允许无上限资本筹集,筹资对象是合格投资者。Reg A+ --也被称作迷你IPO,是另一类豁免类型。根据此规定提交的文件将提交给SEC审核,SEC会给予相应处理意见。)


So the first step is really thinking about the goals and approach of the STO.  Then a regulatory plan of action can be chosen.(所以第一步还是认真考虑做STO的目标和方式。接下来再选择相应的合规行动计划。 )





图灵财经:What kind of foreign enterprises do you think is easier to succeed in conducting STO in the USA and acquiring investment from the US investors?(您认为什么类型的外国企业去美国进行STO会更容易成功,可以获得美国投资者的投资?)


Matthew (马修) Graham :25 mm revenue or more.(拥有更加成熟资产,营收在2500万或以上的公司)


Ian:Agreed, additionally, US investors in the blockchain space have been very focused on protocols and infrastructure for some time.  I see the appetite for infrastructure plays like exchanges and trading systems increasing rapidly among the US investor base.  Foreign projects in this space will be highly sought after going forward. (同意。此外,美国区块链投资人关注协议型和基础架构型的项目已有一段时间了。  我看到美国投资人对交易所和交易系统这类基础设施项目的兴趣有大幅增长。此领域的外国项目我觉得将会收到比较高的追捧。 )

极热区欧鑫:As you are already based in Zurich, can you also introduce the European crypto market in terms of STO compliance and regulations? (你们已经在苏黎世工作,是否可以做些欧洲加密市场关于STO合规性和法规方面的介绍?)

Ian:Sure, countries in Europe have their own individual standards.  In Germany, for example, they have similar security regulations with the Banking Act, Investment Act and Payment Services Supervision Act.(欧洲国家有他们自己的标准。举一个例子,在德国,他们有《银行法》、《投资法》以及《支付服务监管法》这些类似的证券法规。)

极热区欧鑫:Which market place do you suggest chinese companies to STO? US or EU?(对于中国公司去进行STO,你更建议哪个市场?美国或者欧洲?)

Ian:I would say for any company that is pursuing a STO, it depends on the goals of the company.  For example, we've seen that countries like Switzerland and Estonia create a very favorable environment for fintech startups.(我认为任何考虑做STO的公司都要先考虑自己的目标。例如,瑞士和爱沙尼亚对于金融科技类创业公司就提供了一个很友好的环境。)

Whereas the US is a heavier regulatory burden but with potentially deeper capital pools. This may make sense for more established companies that are looking to fulfill expansion capital needs, but may be too burdensome for a startup.(尽管美国的监管负担更重,但是潜在的资本池也更大对于寻求扩张资本成熟公司来说可能比较合适的但对初创公司来说可能负担就过。)





图灵财经:Some people say completing the compliance of STO in the USA is just the beginning not the ending. Enterprises have to sell the STO tokens to qualified investors after completing the compliance. What’s your suggestion on selling the STO tokens to investors?(有人说去美国STO做合规只是开始不是结束,做完合规是要找合格投资者把STO通证卖出去,那么一般STO后的企业怎样把通证卖出去呢?您有哪些建议?)


Ian:It’s like anything else, if you have a good product it will sell.  In this case, if your product is a security token backed by, for example, equity and ownership rights of a high quality fintech startup, investors will want access and will participate in the STO.  This is also a reason that businesses pursing an STO should work with an advisory company like Liquid Value.  We have an extensive capital network and relationships with forward thinking investors who want to be early participants in the STO market.(我认为这和其他一切产品一样,如果你有好的产品,那就不愁卖。 比如,如果你的产品是一家高质量金融科技创业公司的股权和所有权支持的证券型通证,那么投资人自然是想参与STO的。这也是我们认为希望做STO的公司应该和Liquid Value这样专业的顾问公司合作的原因。我们拥有广泛的资本关系网络以及有意成为STO市场早期参与者的前瞻性投资人。)


One suggestion we have is that to keep legal costs low, businesses seeking a STO should select 1-2 markets for their STO.  This may include the U.S., or it may make sense to focus on Europe or Asia instead.(我们的一个建议是,寻求STO的企业应为其STO选择1-2个市场,这样也会让法律成本相对低一些。如美国,或考虑欧洲或亚洲。)


Matthew (马修) Graham :So in terms of transferring tokens, the compliance must be maintained. In other words, it’s not enough to just initial sell in a compliant way.(从代币的交易来说,还需要一直保持合规性。换言之,仅仅在最初合规的出售通证是不够的。)






图灵财经:As far as you know, what is the attitude of US investors towards investment in STO? The STO financing method is still in the early stage, when do you think will it become popular? (据您所了解的美国投资者对于STO的投资态度是怎样的?STO融资方式现在还处于早期阶段,您认为什么时候会爆发?)


Ian:Investors from more traditional backgrounds will remain skeptical of STO financing until the legal uncertainties begin to fade, the ecosystem matures, and established business begin to utilize the STO structure. This will take some time, but I think as compliance burdens begin to mount and automation continues to increase, the benefits of the STO structure will become more readily apparent leading to wider scale adoption. My prediction is that real estate will be the first asset class to see wide spread adoption of the tokenization model.(来自传统行业背景的投资人目前总体仍对STO型融资持怀疑态度,这种态度的转变会随着法律方面不确定性减少、生态系统更为成熟、以及更大型企业入场使用STO架构的时候而发生。这需要一定时间,但我认为随着合规负担不断的增加,以及合规自动化的提高,STO架构的优势将变得更加明显,而这也将促使STO更广泛的采纳。 我预测房地产将会是规模化采纳代币模式的第一资产类型。)





图灵财经:Finally, can a company issue both Security and Utility tokens?(最后,一个公司可以同时发行证券和通证吗?)


Ian:I’ve seen a fair amount of discussion on this topic recently. There are advantages to this approach, mainly that you keep users of your platform (utility token holders) separated from investors and speculators (holders of the ST).  Separating, these two groups into different buckets can increase the health of a platform by increasing the velocity of movement of the utility tokens and giving investors who control the ST ownership rights.(我近来也看到此方面比较多的探讨。这种方法是有一定优势的,主要是可以让你的平台用户(功能型通证持有者)和投资人以及投机者(证券通证的持有者)区分开来。将这两类人群进行区分后,可一方面提高功能型代币的流动速度,同时可给予证券型通证投资人所有权,从而有效提高平台的健康度。)   


图灵财经:Thank you very much for sharing。(非常感谢您的精彩分享!)


Ian:Awesome, thanks to the organizers!! I'll also invite people to add myself, Matthew or Alice directly if they have further questions.(感谢邀请和组织,如果大家还有其它问题可以加我们的Matthew 和 Alice为大家解答.)


图灵财经:大家好,我们的分享到此就先结束了,Ian 还在我们的群里,大家有问题可以继续交流。