区块链新时代到来？—听第一代“洋海龟”Omer Ozden解读区块链政策与法律法规
499小姐姐加油站是一档在线学习分享栏目。旨在更好的让区块链行业女性精英在知识技能财富及个人形象方面有更多的提升。我们会定期邀请国内外知名学者、技术大牛、行业大咖、跨界明星等进行行业知识、实用技能、价值投资以及时尚生活方式等不同领域的知识分享和交流。
第 二 期
《各国区块链政策与法律法规解读》
主讲人：Omer Ozden 欧阳默
石木资本董事长、真格基金海外投资首席顾问
Omer Ozden (欧阳默)：Hello everyone！One of my best skillsis my vision and the ability to spot trends. What will happen in the future. Idid this with a lot of areas, such as Internet, New Oriental, Co-Working (UCommune-Youke Gong Chang), and a lot of dealsin New York where we were pioneers, and because of that, were successful.
大家好！我比较擅长的是发现未来的趋势。在这30年里我见证和参与了很多项目顺应趋势发展。比如互联网行业，新东方，共享办公（优客工厂），还有很多纽约的项目也同样，无论是在美国还是中国只有第一时间掌握未来趋势才能迅速占领市场。
When I first came to China, I couldimmediately see what the future of the world was going to be. I could see thedirection the Chinese government was leading China. I could see how hardChinese people work and Chinese ambition. And I could see the qualities of theculture that can make China successful and have advantages. None of the Westernpeople I knew understood China. They thought it was KungFu and Panda Bears. ButI could see from 1991 what was going to happen and so I went all in.
我第一次来中国的时候，就预见到未来的中国的发展趋势。我能感觉到政府正在带领中国前进，我看到中国人民的勤劳还有中国的野心。我能看到中国文化中那些能够让中国成功强烈优势。那个时候我的老外朋友们都不了解中国，他们只知道中国功夫和熊猫。所以我1991年的时候感觉和预见到了中国未来的发展，并且全身心投入，不All in就没机会了。
Definitely my background in Finance andLaw does very well in New York. But China, and for me, Beijing, is where the real action is. The realambition and the real growth. I always want to be at the center of the action.
我的金融和法律背景让我在纽约生活的很富裕。但是，中国，北京，对于我来说，是野心的释放和一个施展拳脚的地方。我更喜欢在有激情有动力的城市生活工作。
Sometimes doing business in China isdifficult…… especially for a LaoWai. You need friends to do business here. Andyou need to work very hard and be sharp. ut my strategy has not been to makemoney in China, but rather to help Chinese make money overseas. I helpChinese get technologies and assets from overseas. I help Chinese get capitaloverseas. I help Chinese expand overseas. I help Chinese internationalize andbecome local overseas.
是的，在中国做生意挺难的，尤其是对老外来说。在中国，如果没有朋友，兄弟姐妹的帮助真的很难。还有就是要很努力和根据变化顺应改变策略灵活应对。我来中国其实不是想赚中国的钱，割咱们中国人的韭菜，而是帮助中国人在国外赚钱。我帮助中国人从海外获取技术和资产。我帮助中国人获得海外资金。我帮助中国拓展海外市场。我帮助中国的国际化，成为当地华侨。
I see many current trends in Blockchain.One is that more and more good peopleare entering it. For example, more and more successful talent from the equity world ofIPOs are entering Future of Blockchain is that it will become more regularized, meaning moreprofessional and regulated.
对于区块链的未来趋势，更多专业的团队和机构都开始跑步进场了，比如那些之前IPO企业的大牛们。未来区块链行业一定会有更多优秀的人加入，法律也会更健全。
Another trend is that governments are regulating Blockchain more. Some are regulating by enforcement. This means, regulating bycharging people, fining them or even arresting them. This is not good.
未来政府一定会加强对区块链行业的管理，但是监管对于现在的趋势来说呢，可能会限制发展空间，限制行业的想象
But more regulations is good, because thingsbecome clear. And as the regulations become more clear, then the institutional groups willenter such as the institutional investors enter and bigger and bigger moneycomes into the market.
但是监管的好处是更正规了，因为一切变得清晰。随着监管的日益明确，更多的专业机构就会进来，越来越多的资金流入市场。
More.regulation = more quality peopleand more money. The big investors all need comfort from more regulation.
监管=专业的机构/项目=更多钱，大额投资者都需要更多的监管来获得安全感。
Currently, we see a liquidity problem in thecryptospace, especially overthe past 2 months. This is a problem. As more regulation comes out and moreinstitutional investors come in, this will increase liquidity.
过去的2个月我们现在看到加密货币市场流动性出现了问题，但更多的机构投资人加入，流动性自然会增强
1 1号主持人Angela佟扬：我有个问题想要帮群里的小姐姐们问一下Omer
90年代时期，是受到谁或什么事情的影响，让你笃定中国市场有巨大的潜力和能量，使你甘愿放弃原本一个优秀美国律师的身份，在明知当时条件艰苦的情况下，仍然毅然决然的决定独自一人来华投资创业呢？
Omer Ozden (欧阳默)：I came to China because I could see it’s future very early on. I could see the directionthe Beijing government was taking China, and how hard the people were workingand how ambitious people were. Not too many foreigners came to Chinain 1991. Even some of the 499 Girls were not born then!!!!!!!!
我来中国因为我看到了未来的大趋势, 我看到今日中国政府，中国人民的雄心壮志，这与90年代截然不同, 很多群里的小姐姐1991还没出生呢!
There has never been anytime in thehistory of the world where a market has risen like China has over the past 30years.How can I not be a part of this? How can I sit inthe West and just watch it happening on TV or in the newspaper? No, my heart demandsme to be a part of it and be at the center of it.
历史上从来没有任何一个市场的崛起像中国过去三十年这样。我怎么能够不参与到其中呢？我必须要来啊,我怎么可能坐在西方，只是在电视或者报纸上看到这些发展呢？当然不能，我当时就想我必须要参与其中，并且要在北京发展。
I am very very lucky I noticed it washappening and I very very lucky I was a part of that, and even in my own humble way, contributed in avery small way to China’s growth and want to continue to contribute to China’s growth how I can. And I think everymember of 499 should feel lucky too.
我很幸运我提前预判了这个发展趋势，也很幸运我能成为其中的一部分，能尽我的绵薄之力在中国彭博发展的版图里贡献了一点点的力量。我也非常希望能够在我的能力范围内继续为中国的发展尽自己的一份力。我觉得499群的各位小姐姐也应该觉得超级幸运吧！
And hopefully, we can all contribute. What is good forChina, especially intechnology, is good forChinese, and for the entireworld. That is Blockchain culture.
我希望咱们都能给区块链这个行业贡献一点自己的力量，中国科技的发展一定会惠及所有中国人，也会影响全世界，这就是区块链的文化。
For Blockchain, what we do outstandingin Beijing, will impact people from Bangkok to Berlin to Boston........
虽然我们在北京，但是咱们做的事情最终会能影响到全世界，比如曼谷，柏林，波士顿。
People in the US say that strong legalcompliance will double to triple the value of a blockchain company. This Itotally agree with that.
美国人表示，严格遵守法律将会使区块链公司的价值增加一倍至三倍。我十分认同。
For Blockchain, legal compliance means getting listedon better exchanges. It means investment from better more institutionalinvestors. So yes, it will be double to triple (2X to 3X) the valuation of a Blockchain project.
合规的项目都更容易上主流交易所。合规做的项目，也会受到更多机构的青睐。我们之前见过很多因为合规做得好，获得两倍，三倍的估值，最后迅速融资。
For Internet companies, legal complaincewas the difference between a valuation of Multi Billions of Dollars versus aZero. Because the government shut down illegal internet companies in China. Andthe investors who did DD on Internet projects….if they saw they were notlegally compliant, they would not invest
比如传统互联网的公司，合规直接会影响到，会不会成为一个独角兽或者迅速死掉。因为政府的监管会迫使这些野鸡公司关闭。投资方在做DD的时候如果发现不合规，一定不会投。
And so the Internet companies that didn’t pay attention to law, couldn’t get more money. And they died. Theones who did…… we worked on those companies. NETEASE, ALIBABA, BAIDU
因此，互联网公司，不重视法律，不能获得更多的金钱，甚至会导致灭亡。阿里巴巴，百度，网易的成功跟合规有很大的关系。
2 1号主持人Angela佟扬：群里肯定有小姐姐对于实用型通证（utility token）和证券型通证（security token）有什么区别还有疑问，然后还有如何合规发行security token进行融资，能不能也请Omer给我们讲讲？
Omer Ozden (欧阳默).This area is anarea that is gaining central importance in Blockchain. I worked with experts inthe United States to prepare a 109 page report for the US Congress, the SEC and theCFTC on Utility Tokens. We just released and submitted it this week.
这是区块链最为重要的部分。我刚刚跟美国的专家共同起草了一份109页的报告，这是为美国国会、证监会和商品期货交易委员会准备的，就是关于Utility Token定义的重要参考资料。这周刚刚发布提交，如果大家今天关注了新闻，我们下午刚发布了这个消息。
RockTree Lex was the only expert groupfrom China/Asia to participate in preparing the report.
我可以十分荣幸的说，RockTree Lex是亚洲唯一被选中的机构参与了这个报告的准备和编写。
The report was to show the governmenthow to understand Utility Tokens. and the best way to regulate them…. best wayto generate Utility Tokens and best way to distribute Utility Tokens. Our nextreport to the US Congress and SEC will be about SECURITY TOKENS
这是首次来教授美国政府、和其他大国政府、区块链从业者、交易所、项目方等等，关于到底什么是Utility Token,发行Utility Token和分配Utility Token。我们下一个向美国国会和SEC的报告是关于安全令牌。
To understand the type of token, we need to look at (1) it’s purpose,(2) how it’s generated, and (3) how it is distributed. These are thefactors the government looks at to know if it’s Utility or Security.
在定义Token的类型之前，首先我们要知道，它是做什么用的？其次，它是怎么产生的？最后，它是如何分配的。这些都是政府监管方来定义一个Token是security token还是utility token的重要因素。各国有不同的看法但基本上相同这样。
The simplest way to understand isUtility has a USE to access a product or service.
Utility token,最简单的理解就是用来使用某些产品或某种服务的token.
The simplest way to understand SECURITYis that it is an investment in a business where you expect to make moneybecause of other people’s work.
理解Security token最简单的方法是，它是一种投资，你希望从别人的工作中赚钱。
Security = Gu Quan
(证券=股权)
So to issue a Security Token and sell itpublicly………. you know what that is called? It’s called Shang Shi (IPO). IPO requires a lot of clear disclosureand government approval.
发行证券化的token的问题是啥？就是上市IPO哦，上市要进行披露。
I have worked on 65 IPOs before. And ourteam at RockTree Lex has in total worked on 100 IPOs all together. IPOs arehard to do! They require a lot of work.
我曾经在做过65个IPO上市，我们的LEX团队成员们一共做过100多个ipo项目。IPO非常的复杂，费时费力，而且成本很高。
I am not going to get too technical here, and just keep things simple, so I am not going to get into (2) how it is generated, and (3) how it is distributed. Just to say, these matter. For example, if you distribute a token through “Air Drop” in the US, the SEC might say that your token is a security, because of the way the Token wasdistributed.But without those complications, let me just give a simple example.
技术性特别强的内容我们今天就不谈了，大家会睡着的。简单来说，如果在美国，你通过发糖果来分配token,那美国证监会会根据你分配token的方式来确定你属于security token。给大家举个例子。
Let’s say Apple issues Apple Coin. With Apple Coin, you can buy an Ipod, and Iphone, and also pay for ITune services, plus many other things. Plus Apple canpay some bonus to its employees in Apple Coin.
我们就说Apple，发布了一个Apple币，你用这个Apple币可以买Ipod、 Iphone,可以付ITune服务什么的、Apple还能给自己员工发一些Apple币作为福利奖金。
and the Apple Coin can be used for otherthings too This is a Utility Token，The Apple Coin can be traded….. let’s say, for Huawei Coin，and for Nike Coin，and Samsung Coin.
Apple币可以换成什么，华为币、耐克币，三星币。
If the market really likes AppleProducts, more people want the Apple Coin to usethem。Thatmeans the value of Apple Coin goes up. The holders of Apple Coin benefit. Notlike a stock market. The purpose of Utility is for use. You can trade your AppleCoin for Samsung Coin
大家使用Apple币买到的东西，那么Apple币就会受欢迎，大家也就都会想要Apple币，它也就会有值钱。这不是另一个股市, 我们的目的是为了”用“，你可以做币币交易，兑换。
If Samsung Coin can only buy one thing, Samsung TVs,…… then not too many people want theSamSung coin and the price goes down.
三星币只能买三星的手机电视啥的，没人用他们的产品，币价就跌。
Apple Stock, which is listed on Nasdaq, is a SECURITY. Maybe Apple programsApple Coin to only buy ONE type of Apple Product…… an IPad. Then not that manypeople want Apple Coin.
苹果公司在纳斯达克上市，苹果的股票是跟公司利润挂钩的；苹果公司业务不好或者资产出问题，股价会跌，这就是security token。如果苹果设计的token只能买个ipad，就没人用他们的token了。
RockTree Lex focuses on GLOBALBLOCKCHAIN. Not just one country. So we have to know all the major markets. ForBlockchain, it’s important to understand that Law = Technology. Just ascomputer code in Blockchain is changing and evolving, so is the law.
我们现在会关注全球法律，不只是一个国家。所以我们必须了解所有的主要市场。对于区块链链，理解定律=技术是很重要的。
3 1号主持人Angela佟扬：How do you get a project to trade on anexchange? What are your criteria for choosing aproject?
如何让一个项目上交易所进行交易?你选择项目的标准是什么?
Omer Ozden (欧阳默)：For RockTree Lex, and for DFund, the most important thing we look at isthe TEAM. The Team is the most important for a successful case. We do a lot ofAngel investments with ZhenFund too. Angel investing and Blockchain are verysimilar because they are both early stage. Xu Xiaoping and Wang Qiang’s best strentgh is being able toevaluate how strong the TEAM is. A strong team also means a professional team.Professional execution is very important for success.
我们看重团队，有责任感的团队。LEX和dfund都是团队至上的机构。我跟真格做了很多的天使投资。天使投资跟区块链项目很像。徐老师和王老师都是可以吧团队凝聚到一起的人。最强团队就是最专业的团队。
4 1号主持人Angela佟扬：对于那些只有一个新加坡基金会的项目就合规了吗?为什么大家都要有个基金会，基金会就是合规的象征吗？
Omer Ozden (欧阳默)：The foundation structure for Blockchainwas invented by a law firm in Switzerland called MME. The lead lawyer, in January this year, came out and called the Foundationstructure “Stupid, outdated, and inflexible. Foundations now havemore problems. Last year, in Asia, people just copied the Swiss Foundation model. But NowMME and others are not using Foundation too much because of the risks.
瑞士的MME律所发明了区块链中的基金会。今年1月，主办律师站出来说基金会结构“又傻又过时又不灵活”，基金会引起了很多的法律问题。去年，在亚洲，大家都仿照基金会的结构，现在MME几乎很少使用了基金会结构。
The top projects now do not useSingapore Foundation to issue the token. We say in Blockchain, LAW = TECHNOLOGY. Because the laws arealways changing and the legal structures are being advanced….. just like thecomputer code technology. Use other countries to issue tokens. It’s safer. We use MANY countries for everyproject. Depending on the activity. For issuance of Token, we like Cayman, or other offshore jurisdictions.
大多数项目都不会用基金会了，因为法律总是在变化，法律结构也在进步，就像计算机编码技术一样。正在做项目的小姐姐们，温馨提示不要再考虑用新加坡公司发币了哦。根据项目的不同，我们会选择跟项目业务本身更适合的国家。我们更多的会选择开曼或者其他离岸国家
5 2号主持人陈菲菲Stronger：China, Singapore, Japan, Thailand…they have all banned ICO. Howdo you agree with this?
中国，新加坡，日本，泰国…他们都禁止了ICO。你对此有何看法?
Omer Ozden (欧阳默)：Singapore did not ban ICO. Japan did notban ICO. Japan requires approval to do it. China banned ICO, it’s true. But in 1990s, Foreign Investment in Internet wasbanned. But we created the VIE structure.
新加坡没有制止ico,日本需要一些复杂的工作去审批ic0.中国确确实实禁止, 但是90年代，中国对互联网公司也是禁止的
Before my team invented the VIEstructure in 2000, there were still foreign investorsinvesting in Chinese internet companies…. but it was not legal. We worked withChinese government and SEC to make it legal, for NetEase, Alibaba and Baidu.
我跟我的团队一起发明了VIE架构,海外的投资方在不太合法的情况下依旧投了一些早期的中国互联网公司. 我跟工信部一起帮助阿里巴巴百度网易这些现在超牛的企业上市
If no foreign investment in ChineseInternet in the 1990s, then we would not have the great things we have today…..like WaiMai…. like Dache. Even some guys would not be able to find girlfriendsif no strong internet. this was helped by Law. I believe China will open upmore flexibility to Blockchain in the future.
如果90年代没有海外的投资方投到互联网公司，我么可以就没现在的打车app，外卖平台，是海外的投资方和中国的互联网项目的海外发展让整个行业都盛行了起来。如果没有互联网，估计连女朋友都找不到。互联网企业走出去都是法律的支持。今后中国一定会对区块链更开放！！
6 2号主持人陈菲菲Stronger：1.Do you think ICO is strongly related toblockchain? 2.If not, then why so many tokens are releasedtoday? 3.Do u think that some tokens are releasedonly to cheat money? 4.Will there be regulations on future ICOsand punishment on passed fraudulent ICOs?
1.你认为ICO与区块链有密切关系吗? 2.如果不是，那么今天就发布了这么多tokens? 3你认为一些代币发行只是为了骗钱吗? 4未来对通过欺骗的方式进行的ICOs是否会有惩罚规定?
Omer Ozden (欧阳默):Tokens are very sensitive. But tokensare a KEY part of blockchain. It’s the Tokens that get people to use Blockchain technology.You cant separate it. Its like saying No Internet Site Internet. You needInternet Sites for Internet. Otherwise you just have email and some internetprotocol that no one uses. Its the content on the site that motivates people touse the internet….which makes the technology grow. Its the tokens that motivatepeople to use Blockchain and make the technology grow. That’s the purpose of tokens. To Use. Tokensare not stocks like stock market….that’s not real utility token. It’s true, a lot of ICOs are used to cheat people.But many good projects out there too. We see more and more good projects now….because more and more smart people coming into the market. Now, some governments are looking toREGULATE THROUGH ENFORECEMEN. meaning, they will go after the cheaters on ICO projects. Theywill enforece the laws to stop the cheaters. RockTree Lex philosophy is to doyour best to obey the laws. to be legally compliant. You can’t always be perfect. But try your best.
Token还是很敏感的, token是区块链技术的精髓, 最关键的部分, 因为有token所以更多的接触区块链，了解区块链科技。打个比方，如果我们只能用邮箱，有了网络也没啥用啊，是因为大家上网可以看到更多的信息，所以越开越多的人接触网络，token绝对可以帮助区块链行业的发展。让大家更有兴趣使用区块链科技，成为生活的一部分。很多好的项目在市场中哦，更多的好的，有实力的团队就开始发力了。区块链的未来就是更专业更”规矩“，局气！！！那些发空气币的项目呢，最后一定会受到法律的影响。LEX就是帮助大家项目上合规。
Q：2号主持人陈菲菲Stronger：Hello Omer, I think many people like me want tofind a chance to work in a good company like yours. Does your company have anyjob openings recently？
我想很多像我这样的人都想找个机会在你们这样优秀的公司工作。你的公司最近有空缺的职位吗?
Omer Ozden (欧阳默)：Yes we are looking to hire someone rightnow! we are looking to hire a PR manager. We are looking for Jiu Ling Hou.Someone from 499 Girls Group would be great.
90后美丽的币圈小姐姐们, 499群里的小姐姐们可以踊跃报名来加入。
Q：2号主持人陈菲菲Stronger：I heard that you married a Chinese wife and became aChinese son-in-law.😋 When you chooseyour spouse, do you require Chinese girls? After marriage, do you get along well with your Chinesefather-in-law? Are there any interesting things youcan share with us in your daily life?
我听说你娶了一个中国妻子，做了一个中国女婿。你为什么选择中国女孩做你的配偶?婚后你和你的岳父相处得好吗?在你的日常生活中，有什么有趣的事情可以和我们分享吗?
Omer Ozden (欧阳默)：yes I married a Chinese Wife. My Wife is from.Wuxi but wemet in New York. She is an Opera Singer, When we met first time, at a party in Manhattan……I spokeChinese to her. She was surprised! She said ”Wo kao!” She asked me why I can speak Chinese………I told her ”Because I am Chinese”. She said….”Where are you from in China” I told her from Xinjiang. My Wife didntbelieve me I was from Xinjiang. She asked me where in Xinjiang……very romantic,I love Romance!
是的，我娶了一个中国妻子。我的妻子是无锡人，但我们在纽约相遇。她是一个歌剧演员，当我们第一次见面是在曼哈顿的一个聚会上……我对她说中文。她很惊讶!她说:“我靠!她问我为什么会说中文，我告诉她“因为我是中国人”。她说....“你从中国哪里来?”我告诉她，我从新疆来。我妻子不相信我是新疆人。她问我在新疆哪里……很浪漫，我爱浪漫!
Q：2号主持人陈菲菲Stronger：Why called u lang ge？
为什么叫你浪哥？
Omer Ozden (欧阳默)：Its Yu Hong that gave me that name. Alot of the Blockchain guys call me Lang Ge. I took guys like Sky (DACC), Yu Hong (XMX), Chen Gan (partner of RockTree Lex) and others to parties in Bangkok andNew York and San Francisco. So they all have a great time. And after that, they call me ”Lang Ge”. They either call me ”Lang Ge”…………. or ”Lao SiJi”.
Yu Hong给我起的这个名字，币圈的兄弟们都叫我浪哥。我在曼谷、纽约和旧金山带着Sky(DACC)、Yu Hong(XMX)、Chen Gan(RockTree Lex的合伙人)等人参加派对。之后，大家就这么叫我了！他们不是叫我浪哥就是叫我老司机。
Q：2号主持人陈菲菲Stronger： Last question: What advice do you havefor Chinese block chain investors？
对于中国的区块链投资者你有什么建议？
Omer Ozden (欧阳默)：My advice is invest in projects withstrong teams who pay attention to the law. The top investors will NOT invest incompanies that do NOT pay attention to the law. The Team has to be seriousabout Long Term growth and execution of project. Otherwise, it’s just GeJiuCai.
好的团队+重视法律合规, 大的投资机构是不会投那些连法律意识都没有的项目的, 项目方要着眼于长远发展, 要不然就是割韭菜了哦!
At Rocktree Lex, we are creating the future Ma Yuns andLi Yan Hongs and Ding Leis. We are helping the future top companies establish theirroots. With strong structures for future growth. We know the formula forsuccess,，Wedid it already，Maybe the future Ma Yun will be ZhaoDong，Or the future Li Yan Hong will be Yu Hong，Or the future Ding Lei will be Sky.
我们在寻找未来的马云，李彦宏，丁磊。我们帮助未来的顶级区块链的项目打根基。或者未来的李彦宏就是玉红，未来的丁磊就是sky。
We know the formula for success becausewe already went through this process before for Internet. Now doing forBlockchain in China!
我们经历了互联网时代，知道了成功的法则，现在是区块链的时代啦！
感谢“浪哥”的经验之谈
让小姐姐们对区块链行业有了更全面的认识
对于未来的行业前景有了更深刻的了解
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