顾问的加密货币知识：了解加密货币

时间：2024-07-26|浏览：222

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这又是美国重要的一周，以太坊交易所交易基金推出，使得市值第二大的加密货币可以通过传统方式向投资者开放。

您是否考虑过如何评估加密项目以及要考虑哪些标准？在今天的期刊中，律师事务所 Osler Hoskin & Harcourt LLP 的合伙人 Matthew Burgoyne 为投资顾问提供了一份评估加密项目的指南。

在《问专家》中，Function X 总裁 David Ben Kay 回答了顾问在评估投资时可能考虑的问题。

–SM

您正在阅读 CoinDesk 的每周新闻通讯《顾问加密货币》，该通讯为金融顾问解析数字资产。在此订阅，每周四获取。

如何评估加密货币项目：投资顾问指南

随着加密和区块链行业的发展势头不断增强，证券顾问无疑面临着客户对特定加密资产及其基础项目越来越多的疑问。评估这些项目需要彻底了解几个关键因素，以确保做出明智的投资决策。以下部分重点介绍了顾问在评估任何加密项目及其相应加密资产的性质和合法性时需要考虑的领域：

项目创始人尽职调查

调查项目创始人的背景，包括他们的职业经历、之前的项目和行业声誉。寻找可验证的专业知识并警惕潜在的欺诈行为。危险信号包括新创建的社交媒体资料和匿名团队。

回顾并批判性分析代币经济学

代币经济学是指代币的经济模型，包括其在项目中的供应、分配和效用。需要分析的关键方面包括：

供应和分配：
了解代币的总供应量以及它们在利益相关者之间的分配情况。关注创始人、团队成员、顾问和投资者的分配情况。均衡的分配可最大限度地降低市场操纵的风险。
实用性：
评估代币在项目中的实际用途。代币应具有明确用途，例如促进交易、访问服务或激励参与。代币用途模糊或不必要的项目应谨慎对待。
通货膨胀和通货紧缩机制：
评估项目是否有控制代币供应的机制，例如销毁代币（减少供应）。了解这些机制有助于评估长期价值稳定性。

评估商业计划

A realistic and sound business plan is essential for the viability of any token project. In the crypto industry, a business plan is commonly presented within a white paper, which is a foundational document that outlines the project’s vision, the nature and use of blockchain technology and implementation strategy. Key elements to review include:

Necessity of the token: Determine why a token is essential for the project. The token should solve a specific problem or enhance the functionality of the project, not just serve as a fundraising tool.
Market need and competition: Analyze the market demand for the project’s solution and identify its competitors. As is the case in the traditional finance (“TradFi”) world, a unique value proposition and a well-defined market niche are indicators of potential success.
Revenue model: It is essential to understand how the project plans to generate revenue. Look for sustainable and scalable revenue streams that are realistically achievable within the given market conditions.

Risk factors

Identifying potential risks is crucial in evaluating token projects. Common risk factors include:

Technical risks: Assess the likelihood of technical failures or vulnerabilities; multiple blockchain and software code audits conducted by reputable third parties are positive signs and lessens the likelihood of hacking incidents, which can lead to significant loss for consumers.
Liquidity risks: The liquidity for certain tokens can be heavily concentrated on a few crypto asset trading platforms or liquidity pools. When a significant portion of tokens is held within only a few of these venues, buying or selling them efficiently may become challenging, especially during periods of high trading volume
Risk from competitors: Many tokens face significant competition from other blockchain platforms that offer similar or enhanced functionalities. When analyzing a crypto project, consider whether there are high gas/transaction fees or network congestion associated with the blockchain. There may be competing projects and tokens which offer lower transaction costs and faster processing times, which could attract software developers and users away from the project under review.

Regulatory considerations

Evaluate whether the issuance of the token triggers regulatory requirements, such as anti-money laundering (AML) laws or securities laws; many new projects trigger one or both areas of law, while some older, well-established projects that are sufficiently decentralized do not trigger these laws. It is essential to verify whether the project founders have obtained legal advice and if sales are restricted in major markets like the U.S. and the UK. Such restrictions could indicate an attempt to circumvent securities regulators in those countries, suggesting that the token sale may involve the sale of securities or derivatives.

Conclusion

Evaluating token projects requires a comprehensive approach, considering the credibility of the founders, the economic model of the token, the quality and viability of the business plan, potential risks and regulatory compliance. By thoroughly analyzing these factors, investment advisors can provide informed guidance to their clients, helping them navigate the complex and evolving landscape of crypto assets.

- Matthew Burgoyne, Partner, Osler Hoskin & Harcourt LLP

Ask an Expert

Q: What are the key elements when looking into crypto projects from a legal perspective?

A: From a legal perspective, three key areas that I look at in assessing a crypto project are: compliance, governance and security. Does the team include dedicated, competent individuals looking after these areas? While it is natural and expected that the team has technical and marketing expertise, I would also want to see individuals with strong legal and financial experience to ensure that the company has been established in compliance with local laws to be able to operate as it intends and that it has an awareness about international laws and norms that could impact execution of their proposed business plan. I would prefer to see these individuals in key leadership and decision-making positions, although if the company is in a very early stage, then at least advisors to the company should include lawyers and accountants or those with a strong legal and financial management background. If the company is intending to or has issued a token, I would also expect to see a legal opinion from relevant jurisdictions to ensure compliance with local laws and regulations.

Q: How can advisors help their clients make investment decisions based on this information?

A: Legal compliance and governance are factors included in any investor’s assessment of the risks involved in a proposed project. They are not the only factors by any means, just part of the calculus in assessing whether or not to invest. Particularly in the crypto industry there are still many legal issues which fall into gray areas – and therefore potentially of higher risk. It will depend on the investor’s risk tolerance and judgment as to whether the potential returns on a project outweigh the potential risks.

Q: What is a good example of a project from a legal perspective?

答：

已经过了初创阶段且拥有良好合规和治理实践记录的项目将更容易接受尽职调查。许可证、注册和所需文件已经到位，内部实践和运营指南也通常是书面形式。这与早期初创企业形成鲜明对比。在这些情况下，将更加重视团队成员个人及其在其他项目中的过往经验和业绩，以及白皮书，白皮书中考虑了项目将在其中运行的监管框架以及内部如何处理治理问题。

虽然这些评论非常笼统，可以适用于任何项目，但它们在加密领域尤其重要，从法律角度来看，许多事情仍处于不断变化的状态。律师的任务是收集尽可能多的客观信息，为潜在投资者提供评估，以便他们做出明智的决定。

- David Ben Kay, Function X 总裁

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