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作者：Rohit Kulkarni, Managing Director《Security Tokens Set To Take Center Stage In 2019》

https://www.nasdaq.com/article/security-tokens-set-to-take-center-stage-in-2019-cm982207

If 2017 marked the emergence of initial coin offerings and 2018 has been the year of regulatory uncertainty around those ICOs, then 2019 will belong to the security token. So far, security token offerings make up only a relatively small percentage of ICOs. But that will soon change. Security tokens, not utility coins, will attract significant amounts of Wall Street money next year. Why is this shift expected to occur, and how can you prepare for it?

如果2017年標志著ICO產品的出現，2018年是這些ICO監管不確定性的一年，那么2019年將屬于ST證券型通證。到目前為止，ST證券型通證產品僅占ICO的一小部分。但那很快就會改變。ST證券型通證，而非UT實用型通證，將在明年吸引大量華爾街資金。為什么這種轉變預計會發生，你怎么能做好準備呢？

ST證券型通證結合了UT實用型通證和風險投資的特征

Security tokens combine the characteristics of utility tokens and venture capital

We believe security tokens act as a natural bridge between traditional finance like venture capital and Blockchain and benefit both equally. Utility tokens, akin to loyalty rewards points given by credit cards, have dominated ICOs. However, in some cases, owners cannot use the tokens beyond the issuer’s platform. As for venture capital, most private assets are relatively illiquid, which means investors face a difficult and costly time trying to convert them into cash. Security tokens solve both fundamental problems.

我們認為ST證券型通證是風險投資和區塊鏈等傳統金融之間的天然橋梁，并且同樣受益。UT實用型通證，類似于信用卡給予的忠誠度獎勵積分，已經主導了ICO。但是，在某些情況下，所有者不能使用發行者平臺之外的Token。至于風險投資，大多數私人資產相對缺乏流動性，這意味著投資者在試圖將其轉換為現金時將面臨困難和昂貴的時間。ST證券型通證解決了兩個基本問題。

Security tokens digitally represent ownership in any asset, such as a piece of a tech startup or a venture capital fund and can provide investors with various rights to that company or fund. Furthermore, Security tokens provide liquidity to investors, access to compliance features to issuers, and a framework for oversight to regulators.

ST證券型通證以數字方式表示任何資產的所有權，例如科技創業公司或風險投資基金，并且可以為投資者提供該公司或基金的各種權利。此外，ST證券型通證為投資者提供流動性，為發行人提供合規性功能，以及監管機構監督框架。

加密監管環境仍然模糊，但前景進展順利

Crypto regulatory environment remains blurry but forward progress in sight

Cryptocurrencies have attracted a flurry of negative headlines about fraud and non compliance with laws. Although companies have been able to raise significant amounts of capital through ICOs, the lack of regulation has created significant volatility and pricing pressure in cryptocurrency markets this year. As a result, it has become riskier to launch an ICO.

Cryptocurrencies吸引了一系列關于欺詐和不遵守法律的負面新聞。雖然公司已經能夠通過ICO籌集大量資金，但缺乏監管已經在加密貨幣市場造成了巨大的波動和價格壓力。因此，啟動ICO風險更大。

However, regulators around the world, as summarized below, are starting to develop a framework to oversee cryptocurrencies. The U.S. Securities and Exchange Commission recently appointed Valerie Szczepanik to a newly created position that will coordinate the agency’s approach to cryptocurrencies and ICOs. And last month, the SEC launched HoweyCoins.com to educate investors about how to spot fraud. The agency named the website, which features a bogus coin offering, after the Howey test, a method developed by the U.S. Supreme Court to determine whether a transaction counts as an investment contract.

但是，如下所述，世界各地的監管機構正在開始制定一個監督加密貨幣的框架。美國證券交易委員會最近任命Valerie Szczepanik為一個新設立的職位，負責協調該機構對加密貨幣和ICO的處理方式。上個月，美國證券交易委員會啟動了HoweyCoins.com，教育投資者如何發現欺詐行為。在Howey測試之后，該機構將該網站命名為虛假Token，該方法由美國最高法院開發，用于確定交易是否屬于投資合同。

We ultimately expect a more stable regulatory environment over the next six to twelve months. Global regulators are taking healthy steps towards ensuring safety and security of investors in this new asset category. These actions can  also reduce volatility and help unlock significant amounts of smart money.

我們最終期望在未來六到十二個月內建立更穩定的監管環境。全球監管機構正在采取健康措施，確保投資者在這一新資產類別中的安全性。這些行動還可以減少波動性并幫助解鎖大量智能貨幣。

資料來源：SharesPost Research

加密生態系統的發展暗示了ST證券型通證海嘯

Crypto ecosystem developments hint at a security token tsunami

As the regulatory environment for cryptocurrencies improves, we believe the broader infrastructure to help connect issuers and investors is starting to take shape. In the chart below, we list industry developments and emerging projects designed to boost the prominence of the security token market. The people behind these projects clearly believe that security tokens could soon attract the interest of businesses and retail investors. Furthermore, the market forces that drove the evolution of the digital currencies - democratization, globalization, transparency and liquidity – could prompt a flurry of private tech firms to raise money through security token ICOs .

隨著加密貨幣的監管環境的改善，我們認為幫助發行人和投資者聯系的更廣泛的基礎設施正在形成。在下面的圖表中，我們列出了旨在提升ST證券型通證市場突出地位的行業發展和新興項目。這些項目背后的人明顯認為，ST證券型通證很快就會吸引企業和散戶投資者的興趣。此外，推動數字貨幣演變的市場力量 - 民主化，全球化，透明度和流動性 - 可能促使一大批私營科技公司通過ST證券型通證ICO籌集資金。

Innovative startups and opportunistic, institutional crypto investors will position themselves to benefit from the growing secular trend of security tokens.

創新的創業公司和機會主義的機構加密投資者將使自己從不斷增長ST證券型通證的長期趨勢中受益。

資料來源：SharesPost Research

結論 Conclusion

Though early, security tokens are enjoying significant momentum thanks to the emergence of compliant ICO platforms and exchanges that offer liquidity for buyers and sellers. Regulators seem to have adopted an open minded approach to cryptocurrencies that does not stifle innovation. Although the SEC will increase the number of investigations and enforcement actions, organizations that issue tokens in a compliant manner will not suffer, but thrive and grow.

盡管早期，ST證券型通證正在享受顯著的發展勢頭，這得益于合規的ICO平臺和交易所的出現，為買家和賣家提供流動性。監管機構似乎對加密貨幣采取了一種開放的態度，不會扼殺創新。盡管美國證券交易委員會將增加調查和執法行動的數量，但以合規方式發放Token的組織不會受到影響，而是會茁壯成長。

此處表達的觀點和意見是作者的觀點和意見，并不一定反映納斯達克公司的觀點和意見。

作者：Rohit Kulkarni, Managing Director《Security Tokens Set To Take Center Stage In 2019》