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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年标志着ICO产品的出现，2018年是这些ICO监管不确定性的一年，那么2019年将属于ST证券型通证。到目前为止，ST证券型通证产品仅占ICO的一小部分。但那很快就会改变。ST证券型通证，而非UT实用型通证，将在明年吸引大量华尔街资金。为什么这种转变预计会发生，你怎么能做好准备呢？

ST证券型通证结合了UT实用型通证和风险投资的特征

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.

我们认为ST证券型通证是风险投资和区块链等传统金融之间的天然桥梁，并且同样受益。UT实用型通证，类似于信用卡给予的忠诚度奖励积分，已经主导了ICO。但是，在某些情况下，所有者不能使用发行者平台之外的Token。至于风险投资，大多数私人资产相对缺乏流动性，这意味着投资者在试图将其转换为现金时将面临困难和昂贵的时间。ST证券型通证解决了两个基本问题。

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证券型通证以数字方式表示任何资产的所有权，例如科技创业公司或风险投资基金，并且可以为投资者提供该公司或基金的各种权利。此外，ST证券型通证为投资者提供流动性，为发行人提供合规性功能，以及监管机构监督框架。

加密监管环境仍然模糊，但前景进展顺利

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吸引了一系列关于欺诈和不遵守法律的负面新闻。虽然公司已经能够通过ICO筹集大量资金，但缺乏监管已经在加密货币市场造成了巨大的波动和价格压力。因此，启动ICO风险更大。

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，世界各地的监管机构正在开始制定一个监督加密货币的框架。美国证券交易委员会最近任命Valerie Szczepanik为一个新设立的职位，负责协调该机构对加密货币和ICO的处理方式。上个月，美国证券交易委员会启动了HoweyCoins.com，教育投资者如何发现欺诈行为。在Howey测试之后，该机构将该网站命名为虚假Token，该方法由美国最高法院开发，用于确定交易是否属于投资合同。

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.

我们最终期望在未来六到十二个月内建立更稳定的监管环境。全球监管机构正在采取健康措施，确保投资者在这一新资产类别中的安全性。这些行动还可以减少波动性并帮助解锁大量智能货币。

资料来源：SharesPost Research

加密生态系统的发展暗示了ST证券型通证海啸

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 .

随着加密货币的监管环境的改善，我们认为帮助发行人和投资者联系的更广泛的基础设施正在形成。在下面的图表中，我们列出了旨在提升ST证券型通证市场突出地位的行业发展和新兴项目。这些项目背后的人明显认为，ST证券型通证很快就会吸引企业和散户投资者的兴趣。此外，推动数字货币演变的市场力量 - 民主化，全球化，透明度和流动性 - 可能促使一大批私营科技公司通过ST证券型通证ICO筹集资金。

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

创新的创业公司和机会主义的机构加密投资者将使自己从不断增长ST证券型通证的长期趋势中受益。

资料来源：SharesPost Research

结论 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.

尽管早期，ST证券型通证正在享受显着的发展势头，这得益于合规的ICO平台和交易所的出现，为买家和卖家提供流动性。监管机构似乎对加密货币采取了一种开放的态度，不会扼杀创新。尽管美国证券交易委员会将增加调查和执法行动的数量，但以合规方式发放Token的组织不会受到影响，而是会茁壮成长。

此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点和意见。

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