The Legal Research Of Regulatory Sandbox Of ICO

Initial Crypto token Offering(ICO)is a new type of financing technology based on blockchain technology and is one of the most representative FinTech derivatives.Once the ICO was launched,it was controversial.In addition to frequent financial fraud and illegal fund-raising incidents,the emergence of ICO and electronic virtual tokens brought a series of financial risks.International regulatory practices provide three regulatory options for ICO regulation: a complete ban mode,a securitization regulatory model,and a regulatory sandbox model.The regulatory sandbox model absorbs the concept of “destructive innovation” and continuously explores the balance between innovation and security of financial technology through deregulation.It is considered to be the best way to regulate ICO.This paper focuses on the comparative study of the general framework of each country's financial regulatory sandbox and their respective characteristics,and explores and analyzes the concept advantages of the regulatory sandbox model “destructive innovation”,and then from the ICO financial supervision sandbox pre-box testing procedures,financial The financial consumer protection during the product testing period and the regulatory sandbox exit mechanism analyze the institutional advantages of the ICO's regulatory sandbox model,and then explore how to build the ICO international regulatory framework within the framework of the regulatory sandbox.This article is divided into four chapters.The first chapter of this paper provides an overview of the basic concepts of ICO and its regulatory regime.This chapter is divided into three parts: The first part is based on the origin and development of blockchain technology and electronic virtual tokens,and provides a macro overview of the basic concepts of ICO.It focuses on the analysis of the legal concept of ICO,and discusses the views of the three mainstreamtheories of securities issuance,pre-sales crowdfunding and equity crowdfunding.It focuses on the analysis of the legal concept of ICO,and discusses the views of the three mainstream theories of securities issuance,pre-sales crowdfunding and equity crowdfunding.It focuses on the analysis of the legal concept of ICO,and discusses the views of the three mainstream theories of securities issuance,pre-sales crowdfunding and equity crowdfunding.It focuses on the analysis of the legal concept of ICO,and discusses the views of the three mainstream theories of securities issuance,pre-sales crowdfunding and equity crowdfunding.It focuses on the analysis of the legal concept of ICO,and discusses the views of the three mainstream theories of securities issuance,pre-sales crowdfunding and equity crowdfunding.The second chapter of this paper is a comprehensive analysis of the sandbox supervision model.This chapter combines the practice of the financial regulatory sandbox model in the UK,Singapore and Australia.It cuts into the underlying logic of the financial regulatory sandbox,the access criteria and the consumer rights protection system,and analyzes the feature of financial regulatory sandbox system.The third chapter of this paper combines the results of the second chapter on the financial supervision sandbox,and explains why the regulatory sandbox model can better meet the ICO regulatory requirements.Starting from the characteristics of sandbox supervision “destructive innovation”,it analyzes the two main advantages of the supervision sandbox guarantee ICO innovation development and the maximum limitation of ICO's destructiveness to the financial environment.At the same time,it also raised the issue that the ICO regulatory sandbox needs to be further improved in international supervision.The fourth chapter of this paper responds to the ICO international supervision issue proposed in the third chapter,and proposes the establishment of a cross-border international ICO supervision sandbox based on the international financial supervision model of “cross-government network”.At the same time,returning to the domestic ICO supervision,it proposed to introduce a regulatory sandbox model and formulate a new financial technology innovation supervision model with the combination of leniency and strictness.