spikes stainless steel jewelry wholesale What is token
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spikes stainless steel jewelry wholesale What is token
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wholesale state of kentucky jewelry Tokens is the four main characteristics of virtual commodities
"There is no centralized issuer, limited total amount, and unsuitable use of regional restrictions and anonymity. Although it is called 'currency', because it is not issued by the currency authority issued It does not have currency attributes such as legal and compulsoryness, and it is not a real currency. From a nature point of view, it is a specific virtual commodity. The market is used in circulation. "It can be seen that the regulatory level was considered to be a specific virtual commodity. If it was a typical token, the remaining tokens could also be pushed as a specific virtual product.
This information
is the tokens? According to the above logic, it is obviously unable to supervise, and even explain the incidents of various tokens issuance and circulation, so we need to further explore its nature. This requires the introduction of the perspective of securities.
If in Chinese law, tokens are not considered a securities.
The "securities" in China's formulation method have a fixed meaning. Article 2 of the Securities Law stipulates that "in the territory of the People's Republic of China, the issuance and transactions of other securities identified by stocks, corporate bonds, and the State Council shall apply to this Law; Regulations of other laws and administrative regulations. The listing transactions of government bonds and securities investment funds shall apply to this law; if other laws and administrative regulations are provided, it applies to its regulations. According to the principle of this law. "In the securities law system, it did not make a clear definition of securities. Instead, it explained what securities were listed in a list of securities. Within the scope of this list, it did not include tokens.
therefore, tokens are not within the scope of regulation of China's securities law, and it cannot be considered a securities. Based on this, the US Supreme Court invented the "HowEy Test" standard, which is based on this to determine whether a financial instrument belongs to "securities", that is, whether a financial instrument trading has the following characteristics: (1) an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an, a funding, the capital input (An of Money) (An of Money) Essence We can further understand it as the investment in all valuable things including money, property, industrial property rights, technology, and even labor. (2) Looking forward to the profit from the investment (An of Profits from the). (3) Fund investment in a common cause, that is, the money of multiple investors in the same business is risky. (4) (Investor) The profit obtained is only by the efforts of the sponsor or third party, that is, investors have no management rights for the cause of the investment in the investment institute. The right is in the hands of others, relying on others to work and work.
The tokens issued on the market also meet the requirements of the above definitions. This can also be explained why the current securities law does not include tokens, but the latest documents of the central bank believe that the tokens are a securities. The enrollment of the securities law can no longer adapt to the changeable securities form. Therefore, regulators such as the central bank and other regulators can only look at the tokens from the perspective of securities and issue relevant regulatory policies.
The tokens on the blockchain can make different explanations in different contexts. The standard of this interpretation is whether the explanation results can protect the legal benefits behind the behavior. For example, in stealing crimes, explaining that virtual commodities can fully maintain the maintenance of legal benefits, then judicial organs will not complicate the problem. However, in the process of publicly issuing financing, the buying and selling of simple virtual commodities cannot cover the risks behind this behavior. At this time, we have to explain or analyze it from the perspective of securities. Only discussing the nature of tokens at the securities level has direct practical significance.