乌克兰经济的代币化:梦想还是现实

IF 0.5 Q4 ECONOMICS
Z. Pestovska
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引用次数: 0

摘要

两种最常见的基于区块链的数字资产是加密货币和代币。本文致力于调查代币的性质和目的,它们与区块链,加密货币和数字资产的关系,以及乌克兰经济代币化的法律方面的研究。令牌化是用虚拟值代替真实值,是一种用令牌(互联网上对欺诈者没有价值的符号组合)保护个人数据的方法。标记化的目的是保护敏感数据。实体资产向数字空间过渡的障碍:无限制地获取资产,过于容易注册和关闭账户;没有一种单一的代币化方法会影响其他方面(资产管理和角色分配、安全性、与传统支付系统的集成)。因此,国家监管是必要的。乌克兰通过了第3637号“虚拟资产”法律项目,该项目确定了虚拟资产的法律地位,为用户和市场参与者提供法律保护,允许外国和乌克兰的加密交易所正式运营,赋予银行为加密公司开设账户的权利,允许乌克兰人申报他们在虚拟资产中的利润。对第3637号法案的详细研究提出了一些问题:“代币”一词的法律含义是什么(给出了虚拟资产的定义,但没有它们的变体,虚拟资产被视为财产,而不是金融工具);谁才是虚拟资产市场的监管者-代币的分类(仅将虚拟资产分为有担保和无担保,尽管根据作为代币基础的资产,可能难以确定其类型,这可能导致不正确的监管或在必要时缺乏监管);-建立担保代币的类型,监管其发行和周转顺序,对发行人和代币发行系统的一套要求;-提供法律机制来保护投资者的权利,确保基础资产的安全(代币化资产的法律地位不明确会给市场参与者带来风险,即有必要确保发行的代币与实物的联系);-确定智能合约的法律地位,因为它们是令牌协议的基础,但不被视为法律协议;-与其他司法管辖区互动,协调立法。因此,该法案需要最终确定并补充相关章程-以便国内外潜在投资者可以利用资产代币化:包容性;正义;透明度;流动性;问责制;降价;安全性(以唯一代码的形式进入寄存器);效率(速度);灵活性(破碎);可用性(在线,没有实体存在)。因此,任何代币化资产的投资者和发行人都必须合理谨慎行事,并考虑到法律中可能存在的不准确之处,评估法律和金融风险,然后才决定代币化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
TOKENIZATION OF UKRAINE’S ECONOMY: DREAM OR REALITY
The two most common blockchain-based digital assets are cryptocurrencies and tokens. This paper is devoted to investigation of the nature and purpose of tokens, their relationship with the blockchain, cryptocurrencies and digital assets, as well as the study of legal aspects of Ukrainian economy tokenization. Tokenization is the replacement of true values with virtual ones, a way to protect personal data with tokens (combinations of symbols on the Internet that do not valuable to fraudsters). The purpose of tokenization is to protect sensitive data. Obstacles to the transition of real assets into the digital space: unlimited access to assets and excessive ease of registration and closing of accounts; there is no single approach to tokenization that affects other aspects (asset management and role allocation, security, integration with traditional payment systems). Therefore, state regulation is necessary. Ukraine adopts the law project #3637 “On Virtual Assets”, which determines the legal status of virtual assets, provides legal protection to users and market participants, allows foreign and Ukrainian crypto exchanges to operate officially, gives banks the right to open accounts for crypto companies, allows Ukrainians to declare their profits in virtual assets. A detailed study of the bill #3637 raised a number of questions: - what is the legal meaning of the term “token” (the definition of virtual assets is given, but their variants are not there, virtual assets are considered as property and not as a financial instrument); - who will actually be the regulator of the virtual assets market; - classification of tokens (there is only a division of virtual assets into secured and unsecured, although, depending on asset which is the basis for token, it may be difficult to determine its type, which may lead to incorrect regulation or lack thereof where necessary); - establishment of types of secured tokens, regulation of the order of their issuance and turnover, set of requirements to issuers and token issuance system; - providing legal mechanisms to protect the rights of investors, ensuring the security of the underlying asset (unclear legal status of tokenized assets carries a risk for market participants, i.e. it is necessary to ensure guarantees of issued tokens connection with real objects); - determining the legal status of smart contracts, as they are the basis of token agreements, but are not considered legal agreements; - interaction with other jurisdictions, harmonization of legislation. Therefore, the bill needs to be finalized and supplemented with relevant bylaws - so that domestic and foreign potential investors can take advantage of assets tokenization: inclusiveness; justice; transparency; liquidity; accountability; reduction in price; security (entry in the register in the form of a unique code); efficiency (speed); flexibility (crushing); availability (online without physical presence). Therefore, any investor and issuer of tokenized assets must act with reasonable caution and taking into account possible inaccuracies in the law, assess legal and financial risks, and only then decide on tokenization.
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来源期刊
EGE ACADEMIC REVIEW
EGE ACADEMIC REVIEW ECONOMICS-
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