Research On Legal Issues Concerning The Supervision On Blockchain-based Private Equity Funds

As a key frontier technology leading a new round of global technological and industrial changes,blockchain has already stepped into the era of intelligent contract.The emergence of blockchain private equity fund investment platform is exactly the outcome of the high development of blockchain intelligent contract technology in the field of private equity fund investment in China.However,the immaturity of China's blockchain smart contract technology and the lack of private equity fund supervision system directly lead to the risk of various blockchain private equity funds.Therefore,on the legal level,the application of blockchain technology in the field of private equity fund investment should solve the problem of "whether to regulate" and "how to design regulation".The generation of risk is the premise of supervision.The risk of blockchain private equity fund comes from the compliance risk of smart contract,the security risk of blockchain and the agglomeration risk brought by the anonymity of blockchain.As the financial risks of blockchain private equity funds have the characteristics of agglomeration,concealment and spillover,China should introduce relevant regulations on the supervision of blockchain private equity funds in the existing legal system framework from the perspective of protecting the rights of investors and regulating the operation of blockchain private equity funds.Looking beyond the region,as the blockchain private equity fund is a relatively new financial product in all countries,there is no mature regulatory regulations to provide reference.But compared to the United States,Britain and Australia to block chain financial products in the field of other financial supervision and regulation,can be found in these three countries encourage block chain financial development at the same time,the regulation pattern with emphasis on: the overall upper over to advance block chain financial regulation,focusing on the British to "sandbox" block chain financial regulation,Australia to block chain financial take "technical regulation".It is imperative to build a multi-dimensional regulatory framework for blockchain private equity funds by analyzing the risks of blockchain private equity funds and referring to the advanced regulatory methods in the field of blockchain finance outside China.From the perspective of protecting the interests of investors and the sound and orderly development of the blockchain private equity fund market,the regulatory subject should choose the behavioral regulatory theory to conduct soft legal supervision on the blockchain private equity fund.From the perspective of regulatory objects,it should be mainly targeted at fund managers,fund investors and blockchain private equity fund investment platform design companies.From the perspective of regulatory approach,the "sandbox" regulatory approach should be adopted in advance to issue administrative licenses to qualified design companies of blockchain private equity fund investment platform and to adopt technology regulatory approach to reduce the probability of risks.From the perspective of regulatory content,we should mainly identify whether the participants are qualified and their real names,and whether there are loopholes in the smart contract code of blockchain.In conclusion,the supervision of blockchain private equity funds should pay more attention to the protection of investors' legitimate rights and interests in the process of balancing blockchain technology innovation and financial security.