瑞士金融市场监督管理局2018年2月16日颁布ICO指南通稿 （中英文对照翻译完整版）
In guidelines published on 16Feb 2018, the Swiss Financial Market Supervisory Authority FINMA sets out how it intends to apply financial market legislation in handling enquiries from ICO organisers. The guidelines also define the information FINMA requires to deal with such enquiries and the principles upon which it will base its responses, creating clarity for market participants.
在2018年2月16日发布的指南中，瑞士金融市场监督管理局(FINMA)给出了如何使用金融市场法规来处理ICO组织者的询问。本指南也规定了ICO询问时需要提交的信息及认定的原则，为市场的参与者提供的更加清晰的引导。
FINMA has seen a sharp increase in the number of initial coin offerings (ICOs) planned or executed in Switzerland and a corresponding increase in the number of enquiries about the applicability of regulation.
FINMA看到已经完成及正在进行的ICO项目在瑞士急速增加，同时关于不同种类项目适用法律的问题也在不断增长。
ICOs are a digital blockchain-based form of public fund-raising for entrepreneurial purposes. Given a legal and regulatory framework with partially unclear applicability, FINMA is today publishingguidelines, which complement its earlier FINMA Guidance 04/2017, setting out how it intends to treat enquiries from ICO organisers. Creating transparency at this time is important given the dynamic market and the high level of demand.
ICO是基于数字区块链的形式，用于创业目的，面向公众的筹资活动。鉴于部分法律和监管框架的不明确性，FINMA今天发布了指南，它补充了其早期的FINMA指南04/2017，阐述了它打算如何处理来自ICO组织者的询问。考虑到市场的快速发展及强大的需求，此时建立清楚的指引非常重要。
Each case must be decided on its individual merits
每个项目需要一事一议
Financial market law and regulation are not applicable to all ICOs. Depending on the manner in which ICOs are designed, they may not in all cases be subject to regulatory requirements. Circumstances must be considered on a case-by-case basis. As set out in FINMA Guidance 04/2017, there are several areas in which ICOs are potentially impacted by financial market regulation. At present, there is no ICO-specific regulation, nor is there relevant case law or consistent legal doctrine.
金融市场法律法规不适用于所有的ICO。根据ICO的设计方式，它们在任何情况下都可能完全不受监管要求的约束。必须根据具体情况具体考虑。正如FINMA在2017年4月颁布的指导意见所述，ICO有几个领域可能受到金融市场监管的影响。目前，没有专门针对ICO的规定，也没有相关的判例法或一致的法律原则。
FINMA's principles focus on the function and transferability of tokens
FINMA关注令牌的功能和可转移性
In assessing ICOs, FINMA will focus on the economic function and purpose of the tokens (i.e. the blockchain-based units) issued by the ICO organiser. The key factors are the underlying purpose of the tokens and whether they are already tradeable or transferable. At present, there is no generally recognised terminology for the classification of tokens either in Switzerland or internationally. FINMA categorises tokens into three types, but hybrid forms are possible:
在评估ICO时，FINMA将重点关注ICO组织者发布的令牌（即区块链为基础的单位）的经济功能和用途。关键因素是令牌的基本目的以及它们是否已经交易或可转让。目前，在瑞士或国际上没有普遍认可的令牌分类术语。 FINMA将令牌分为三种类型，但也可能存在混合形式：
1. Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects. Tokens may in some cases only develop the necessary functionality and become accepted as a means of payment over a period of time.
1. 支付令牌与加密货币是同义词，并没有其他功能或链接其他开发项目的功能。令牌在某些情况下可能只会开发必要的功能，并在一段时间内成为支付手段。
2. Utility tokens are tokens which are intended to provide digital access to an application or service.
2. 功能令牌是旨在为应用程序或服务提供数字访问的令牌。
3. Asset tokens represent assets such as participations in real physical underlyings, companies, or earnings streams, or an entitlement to dividends or interest payments. In terms of their economic function, the tokens are analogous to equities, bonds or derivatives.
3. 资产令牌代表资产，例如参与真实实体收益，公司股份或收益权益，或者获得股息或利息支付的权利。就其经济功能而言，令牌类似于股票，债券或衍生品。
Focus on anti-money laundering and securities regulation
关注反洗钱和证券监管
FINMA's analysis indicates that money laundering and securities regulation are the most relevant to ICOs. Projects which would fall under the Banking Act (governing deposit-taking) or the Collective Investment Schemes Act (governing investment fund products) are not typical.
FINMA的分析表明“洗钱及证券监管”与ICO最为相关。属于“银行法”（管理存款）或“集合投资计划法”（管理投资基金产品）的项目并不多。
The Anti-Money Laundering Act contains requirements for financial intermediaries including, for example, the need to establish the identity of beneficial owners. The law aims to protect the financial system against the risks of money laundering and the financing of terrorism. Money laundering risks are especially high in a decentralised blockchain-based system, in which assets can be transferred anonymously and without any regulated intermediaries.
反洗钱法”有对金融中介机构的监管要求，例如需要确定受益人的身份。该法旨在保护金融体系免受洗钱和资助恐怖主义的风险。以分散式区块链为基础的系统中洗钱风险尤其高，其中资产可以匿名转移，且无需通过任何受监管的中介机构。
Securities regulation is intended to ensure that market participants can base their decisions about investments on a reliable minimum set of information. Moreover, trading should be fair, reliable and offer efficient price formation.
证券监管旨在确保市场参与者能够根据可靠的最基本的信息来制定正确的投资决策。此外，交易应公平，可靠，并提供有效的价格形成机制。
On the basis of the above-mentioned criteria (function and transferability), FINMA will handle ICO enquiries as follows (see also the diagram in the Guidelines, page 8):
根据上述标准（功能和可转让性），FINMA将按以下方式处理ICO询问（另请参见指南第8页的图）：
· Payment ICOs:
For ICOs where the token is intended to function as a means of payment and can already be transferred, FINMA will require compliance with anti-money laundering regulations. FINMA will not, however, treat such tokens as securities.
· 支付类型的ICO：
对于令牌旨在用作支付手段且已经可以转让的ICO，FINMA将要求遵守反洗钱法规。FINMA不会将这些代币视为证券。
· Utility ICOs:
These tokens do not qualify as securities only if their sole purpose is to confer digital access rights to an application or service and if the utility token can already be used in this way at the point of issue. If a utility token functions solely or partially as an investment in economic terms, FINMA will treat such tokens as securities (i.e. in the same way as asset tokens).
· 功能类型的ICO：
只有当这些令牌的唯一目的是赋予应用程序或服务的数字访问权限，并且在发行时，此令牌已经具备此功能，这些令牌才不会被认定为“证券”。如果功能性令牌单独或部分地作为一种以牟利为目的的投资，FINMA将把这些令牌看作“证券”（即以与资产令牌相同的方式）。
· Asset ICOs:
FINMA regards asset tokens as securities, which means that there are securities law requirements for trading in such tokens, as well as civil law requirements under the Swiss Code of Obligations (e.g. prospectus requirements).
· 资产类型的ICO：
FINMA将资产类令牌视为证券，这意味着这些令牌需要按照证券法的交易要求，以及满足瑞士债务法下的民法要求（如招股说明书要求）。
ICOs can also exist in hybrid forms of the above categories. For example, anti-money laundering regulation would apply to utility tokens that can also be widely used as a means of payment or are intended to be used as such.
ICO也可以以上述类别的混合形式存在。例如，反洗钱法规将适用于也可以广泛用作支付手段或打算用于此目的的功能型令牌。
Blockchain technology has innovative potential
区块链技术具有创新潜力
Following further consolidation of this supervisory practice, FINMA may in future decide to publish its interpretation in the form of a circular.
在进一步巩固监管经验之后，FINMA今后可能会以通知的形式公布其个别解释。
FINMA recognises the innovative potential of blockchain technology and therefore supports the federal government's Blockchain/ ICO Working Group in which it is participating. Clarity about the underlying civil law framework will be a decisive factor in establishing this technology sustainably and successfully in Switzerland.
FINMA认识到区块链技术的创新潜力，因此支持联邦政府在其参与的区块链/ ICO工作组。对于基本的民法框架的明确将是在瑞士可持续和成功建立该技术的决定性因素。
FINMA CEO, Mark Branson comments: "The application of blockchain technology has innovative potential within and far beyond the financial markets. However, blockchain-based projects conducted analogously to regulated activities cannot simply circumvent the tried and tested regulatory framework. Our balanced approach to handling ICO projects and enquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system."
FINMA首席执行官Mark Branson评论道：“区块链技术的应用具有创新潜力，并且远超金融市场。然而，类似于受监管活动开展的区块链项目不能简单地规避经过验证的监管框架。 ICO项目及询问给了合法创新者适应新形势下的监管环境的机会，并以符合保护投资者和金融体系完整性的法律的方式启动。
Information for investors
给投资者的信息
FINMA has several times drawn attention to the risks that ICOs can pose for investors. Tokens acquired in the context of an ICO are likely to be subject to high price volatility. Since many ICO projects are at an early stage of development, they are subject to numerous uncertainties. Furthermore, it is uncertain under current civil law whether contracts executed via blockchain technology are legally binding.
FINMA多次提请注意ICO可能给投资者带来的风险。在ICO背景下获得的令牌可能会受到高价格波动的影响。由于许多ICO项目处于发展的早期阶段，因此存在诸多不确定因素。此外，根据现行民法，通过区块链技术执行的合同是否具有法律约束力还不确定。
Investigations into ICOs will continue
对ICO的调查会长久持续
As announced in September 2017, FINMA is conducting investigations into a number of cases involving ICOs. If FINMA becomes aware that ICO business models have breached supervisory law, were intended to circumvent regulation, or were fraudulent in their intent, it will launch enforcement proceedings.
正如2017年9月所宣布的，FINMA正在对涉及ICO的一些案件展开调查。如果FINMA意识到ICO商业模式违反了现有的监管法，旨在规避监管，或者意图欺诈，它将启动执法程序。
文章来源：微信公众订阅号“觅罗宝全球投资”2018年2月18日；原文链接：瑞士金融市场监督管理局2018年2月16日颁布ICO指南通稿 （中英文对照翻译完整版）（本文仅代表作者个人观点）
本篇编辑：王昌耀
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