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ICO监管现状报告:6国法律现状对比(英文)

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General Disclaimer
Please note that the information and data presented herein is based on reliable sources and, or opinion of Autonomous Research LLP (herein
referred to as “Autonomous”).The material within this document has been prepared for information purposes only. This material does not give a
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disclosure is strictly prohibited. Copyright Autonomous Research LLP.All rights reserved.The use of external logos are not authorized by,
sponsored by, or associated with the trademark owner. Any trademarks and service marks contained herein are the property of their respective
owners.Table of Contents
I.Introduction to Initial Coin Offerings
II.ICO Market
III.Sources of Capital
IV.Strategic Context and Direction
V.Regulatory and Governance Issues
VI.Investment Structure Considerations
VII.About Autonomous
VIII.Appendix
Lex Sokolin
Partner & Global Director
Fintech Strategy
@autonofintech
next@autonomous
July 2017
Key takeaways across industry playersStartups/Ecosystem
Key regulatory and governance
questions inhibit the flow of
mainstream capital and adoption,
so resolve these issues with
transparency and standards
Focus on delivering functional
innovations that solve tractable
problems in the economy for the
mainstream, in addition to the
technical infrastructure for smart
contracts and processing
Treat building the ecosystem as a
marathon with long-term value
creation, rather than taking
advantage of ICOs for fast funding
Find ways to partner with
incumbents in your industry to
translate value from the Crypto
economy to the physical world
Make UX/UI more intuitive to the
average consumer for broader
adoption and understanding
Investors Financial Incumbents
Although the current ICO market
has the symptoms of a bubble,
there is an underlying innovation
that has the attributes of a massive
platform shift in the digital world
Leverage lessons of the Dotcom
years -- while most projects fail,
some will redefine their industries
in a winner-take-all dynamic over a
10+ year holding period
Manage exposures appropriately;
in a core/satellite asset allocation,
Crypto tokens should be a subset
of Alternatives, likely no more than
5% of the overall portfolio
Diversification within Crypto token
holdings is also important,
evidenced by quick turnover in Alt-
coins rankings in last 4 years
Cyber security of wallets and
exchanges must be managed, as
well as possibilities of scams
Understand causes of the ICO
wave and its technology; consider
geopolitical forces challenging
sovereigns and incumbents across
the world – from automation to
loss of trust and to decentralization
Build financial capabilities around
Crypto tokens as an asset class,
from research to custody to
exchanges, leveraging regulatory
capability as advantage
Consider using Crypto tokens as
an operating strategy, such as
tokenizing internal currencies and
workflows, or catalyzing developer
communities around open APIs
Extend Corporate Venture Capital
to engage with the developing
ecosystem at the right risk level
Find ways to translate economic
activity occurring in digital worlds
to the traditional economy。