ICO投资风险需了解

美国金融业监管局不久前发布警告，提醒投资者在参与ICO之前充分了解其风险。

ICO全称为首次代币发售，也称为区块链众筹，是公司以发行虚拟货币或代币的形式吸引投资者，从而筹集资金。ICO和股票的IPO不同，ICO不会授予投资者公司的所有权。ICO与债券也不同，ICO不会涉及投资者借钱给发行商的问题。

考虑到每个ICO的情况，这种虚拟货币的提供或销售可以理解为有价证券。因此，依照证券交易委员会(SEC)近日发布的投资者公告，美国代币的提供和销售都要遵守联邦证券法规。

FINRA投资教育部门高级副总裁Gerri Walsh提醒广大投资者：“在虚拟货币和区块链创业市场中，投资ICO是一种比较刺激的方式，但是在投入之前，应充分了解投资的复杂性。ICO涉及到极其复杂的新技术、新产品，可能会被骗子当成吸引客户的工具。”

在进行ICO投资之前，应先考虑以下问题：

ICO是发行证券吗？如果是，那么发行的代币必须在SEC注册，或是拥有注册豁免权。投资者应先行确认该公司是否在SEC的埃德加系统中进行了ICO注册。如果不是发行证券，那么该ICO仅适用于某些有资格的投资人，大多数零售投资者都不符合要求。

发起ICO的人有没有注册专业的金融资格证？使用BrokerCheck检查发起人的专业背景。如果提供代币的ICO是证券，那么任何提供或销售代币的行为都需要遵守国家及联邦证券法规及FINRA的规定，并进行注册且持有相关的牌照。

购买ICO后会拥有什么权益？不同的ICO代币会附有不同的权益。请详细阅读并充分了解ICO白皮书的条款以及商业计划。

怎样赎回？提供给投资者的ICO信息中应该清楚描述赎回资金的方法。询问该公司是否可以用代币兑换现金，是否可以将手中的代币出售给二级市场，如果可以，转售是否有任何限制。

该公司是做什么的？能够提供什么产品？目前为止，大多数ICO都是由初创公司提供的，它们还没有完成最终的产品或平台来投向市场。这说明你目前可获知的信息都是不完整的，随时可能发生变化且很难证实。

有没有抵御黑客和其他网络威胁的防护措施？一定要向公司询问保障平台或产品安全的流程，如何应对方案破产、黑客、恶意转件以及诈骗等特殊情况。

如果投资者对ICO有所顾虑，或是怀疑某项ICO或虚拟货币涉嫌欺诈，可以联系SEC，通过FINRA的在线投诉中心进行反馈或是为FINRA举报者办公室提供消息。

注：本文所述仅适用于美国的ICO市场。中国央行近期计划对ICO进行监管，望投资者时刻留意相关新闻动态。

Initial coin offerings: Know the risks before you buy

 
The Financial Industry Regulatory Authority (FINRA) has today issued an Investor Alert warning investors about the potential risks of participating in initial coin offerings, commonly referred to as ICOs.

An ICO involves the creation and distribution of virtual coins or tokens by a company to raise capital. ICOs differ from initial public offerings (IPOs) of stocks. ICOs typically confer no ownership rights in the company and, unlike bonds, ICOs do not involve investors lending money to the issuer.

Depending on the circumstances of each ICO, the virtual coins or tokens offered and sold to investors may be securities. If so, the offer and sale of these tokens are subject to the federal securities laws, according to a recent Investor Bulletin issued by the Securities and Exchange Commission (SEC).

Investing in an ICO may seem like an exciting way to be a part of the virtual currency and blockchain startup markets, but buyers should use caution when considering these complex investments,” said Gerri Walsh, FINRA’s Senior Vice President for Investor Education. “ICOs involve new technologies and products that are highly technical and can be used by con artists as an opportunity to dupe investors.

Before investing in an ICO, buyers should consider the following:

Is the ICO a securities offering? If it is, then the offer and sale of the coins or tokens must be registered with the SEC or meet an exemption from registration. Investors should confirm if a company has registered an ICO with the SEC’s Edgar system. If it is not, it is likely only available to accredited investors, and most retail investors do not meet this standard.

Are the individuals selling the investment registered financial professionals? Be sure to check the professional background of the individuals involved in the offering using BrokerCheck. If the tokens offered in an ICO are securities, then any investment professional offering to sell the tokens must maintain certain licenses and registrations under state and federal securities laws and FINRA rules.

What rights and benefits come with your ICO purchase? The rights and benefits of ICO tokens will vary depending on the offering. Thoroughly read and understand the terms and conditions of an ICO, as well as any white paper and the business plans offered by the company issuing tokens.

How can you get your money back? Information provided to investors about ICOs should clearly state how you can get your money back. Ask the company if you can cash in tokens for a refund, whether you are permitted to resell your tokens in a secondary market and what, if any, restrictions apply to any resale.

What does the company do and what is it offering? To date, most ICOs are being offered by startup businesses that have not rolled out a final product or platform to the market. This means that the information available to you at the time of an ICO may be incomplete, subject to change and difficult to verify.

Are there protections in place to guard against hacking and other cybersecurity threats? Be sure to inquire about steps these companies have taken to protect their platforms and products from possible protocol breakdowns, hacking, malware and fraud.

If investors have concerns about ICOs, or suspect a scam related to ICOs or virtual currencies, they should contact the SEC, file a complaint using FINRA’s online Complaint Center or send a tip to FINRA’s Office of the Whistleblower.

本文翻译由兄弟财经提供
文章来源：https://www.leaprate.com/financial-services/rules-and-regulation/initial-coin-offerings-know-risks-buy/