Deng Jianpeng: Regulators may be able to encourage ICO to supervise the sandbox garden, which can include STO in the supervision of the Securities Law.

On October 31, Deng Jianpeng, a professor at the Central University of Finance and Economics Law School and a doctoral tutor, issued a document on the blockchain supervision legislation, which may wish to “chain the chain”. The article stated that the financial sector is an important area for blockchain applications. At present, the legal position of virtual currency is vague, which negatively affects regulatory policies. In the future, regulators may be able to encourage some local governments to carry out ICO supervision sandbox gardens, through local related professional agencies for filing, review and sandbox testing. In the future specific regulatory guidelines, it is recommended that the central bank should design and plan the basic regulatory framework. The CSRC will lead the introduction of specific rules and regulatory operations. Local financial regulatory agencies are responsible for combating illegal criminal activities such as illegal fund-raising in this field. In the Securities Law, the small exemption of raised funds has always been the direction of the securities law advocated by scholars. In order to regulate ICO financing activities, the securities of the securities nature (the so-called STO) issued by ICO can be included in the supervision of the Securities Law, and the scope and concept of "securities" in law can be expanded. It believes that under the premise of encouraging the balance between financial technology innovation and risk control, the government should follow up in a timely manner and promote the integration of blockchain technology and regulatory technology. From the perspective of maintaining a long-term regulatory mechanism for national financial security and risk prevention and international experience, China should promote cautious supervision in the blockchain sector as soon as possible.