Web3普法:中国区块链RWA创业困局与风险

币圈资讯 阅读:36 2024-04-22 12:01:11 评论:0
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1.行业在发展

中国对于虚拟货币的监管态度其实很明确:

  • 这东西TA不是货币,最多只能是商品;

  • 既然是商品,就不能有金融属性,不能炒作。

可以说,把握住这两点红线,对于在中国境内的区块链创业者来说就能规避掉99%的雷。

但奈何擦边发币一时爽,一直发币就一直爽。所以惦记着通过Token发行的朋友是络绎不绝。且打着的旗号也是随着行业的发展与时俱进,前几年可能是ICO,后面ICO不让干了,那就STO,STO凉凉后,新的叙事便是RWA。

RWA是指将真实世界的资产(Real World Asset,简称RWA)通过区块链技术转化为可流通的数字代币,从而实现资产的去中心化、透明化和高效化。RWA代币化的优势在于可以降低交易成本、提高资产流动性、扩大投资者群体、增加资产价值等。其应用场景包括房地产、金融、艺术品等领域。

从定义上来看,RWA是个很有前景和钱景的好东西。但是,如果商品出厂后不按照使用说明书来用那就有点麻烦了。

2.项目方在做事

说出来大家可能不太信,目所能及,在中国RWA被玩的最好的其实是搞NFT数字藏品创业的朋友,说是RWA创业V1.0一点也不为过。

业内人称赋能,比如你购买项目方发行的一款NFT数字藏品,对应的就享有某商品/服务的兑换权;如果你不想兑换或提货怎么办?可以坐等现实资产升值然后通过寄售市场转让给其他想要的朋友。

理论层面,这个叙述故事挺有逻辑、挺好,卖货的多了个销售场景,买家的朋友还多了囤货和购买的理由,尤其是那些随着时间推移可能会升值的商品,比如说茶叶和白酒。

有朋友可能会说,你说的这个数藏他不是RWA,但我想表达的意思是,形变神不变,这就是个模型参数不同的问题而已。

在这样的一个模型中,一个价格稳定的或者说增幅缓慢的现实资产,他可能在传统的市场就是一个稳定的供需关系,很难因为你将它给代币化就能带来价值的飞跃;而一个东西如果定价区间可以很玄乎,比如一个数字艺术品,萝卜白菜各有所爱,张三愿意出3块,但李四他就是愿意给500,如果能够让双方自由达成,那挺好,但如果李四属于市场上拉过价格后接盘的人,那估计就有点危险了。

所以在这两种场景下的RWA,前者市场容易不买账,因为投资收益太局限;后者容易被伤害,因为金融属性又太强。

3.RWA创业困局

前段时间曼昆律师团队接到一个案件,可以说是一个活生生的案例。大致情况是这样,某公司在海外注册了一家公司,该公司通过购买和商业合作持有了一些现实资产,如何将资产盘活做大做强呢?他们想到的解决方式是将这批资产分割成若干份,通过NFT的形式在网络上进行销售。除了宣传资产的物美价廉价值诱人外,并告知买家持有该NFT,对应线下资产的收益就是你的分红。该构想很好,但奈何经济不景气,这现实资产的升值不仅没实现,公司也有点经营不善差点黄了,早期被上车的用户眼看着市场上的NFT价格要崩盘,当时冲着发家致富的想法而来的用户就不干了,说这是诈骗、说这是非法集资。要联合起来将项目方给送进去,然后就有组织有纪律地到各地去报案。项目方的朋友就慌得一比,生怕哪天就被公安给摁头。

说实话,这个就是我们肉眼可见的在中国搞RWA的现实处境,很多有高学历、高认知、遇事讲道理的创业萌新很容易在这残酷丛林中身心受到伤害。很重要的一个原因是错以为自己理解的别人也都理解,不仅用户能理解,公安也理解。再加上认为将公司注册在海外、严守团队自身的道德底线,其他的交给市场,自己就能做到问心无愧,不用担心有啥风险,但作为创业者你跟用户讲Web3、讲元宇宙、讲去中心化,但用户只跟你谈到底有没有赚钱,如果他在你这里赚钱了,你就是他的带头大哥或小甜甜,如果他不小心在市场上做了接盘侠,那你就是他眼中其心可诛的牛夫人。

我们有理由相信,很多做RWA的朋友,抱着的初心确实是为了盘活资产促进投资造福用户,但奈何现实情况就是这般的啪啪打脸。如何让自己的RWA项目能够清除淤泥而不染,如何让自己的创业项目涉及法律的风险低一些。这都是除了市场经营风险外,各位惦记着RWA的朋友们所要考虑的。

4.如何预防法律风险?

作为RWA的创业者,如果你的市场开拓面向的是中国内地。那么至少在如下三个方面大家是需要格外予以注意:

(1)确保资产的合法性和真实性。

无论发不发币,出来经商首先不能骗人。RWA代币化的前提是要确保所涉及的资产是合法的,没有违反国家的法律法规。同时,还要确保所涉及的资产是真实的,没有存在欺诈或隐瞒的行为。无论你锚定是房子这样的大额不动产,还是一个纯电商逻辑走量的小商品。上有刑法下有消费者保护法,这都得遵守,所以对于数字代币锚定的现实资产务必进行一定的尽职调查和审计、与相关方签订采买协议约定物品的保质保真和售后等事项,这些是最为基础的合规工作量证明。

(2)谨慎发行代币的定性。

这是合规的重中之重。将资产上链发行为Token,无论是NFT还是数字藏品,称呼不重要,重要的是RWA后的这些数字代币到底属于什么性质?是商品、货币、证券还是其他?这将直接影响发行行为的定性。中国对虚拟货币的监管态度是比较明确的,即禁止任何形式的代替货币发行和流通活动。因此,创业者在进行RWA代币化时,要避免将代币定位为货币或替代品;如果RWA代币化涉及到发行股权、债权、基金份额等能够反映投资者享有权利或索取权利的凭证,那么就可能构成证券;如果RWA代币化涉及到交易标准化合约,并约定在未来某一特定时间交割实体资产或履行现金结算,那么就可能构成期货。这些显然都是中国的金融监管红线。请务必要远离。

(3)谨防高频刑事风险。

币圈朋友们都应该熟悉并远离的两个法条:

  • 根据《刑法》第一百七十六条的规定,非法集资是指违反国家有关规定,未经批准擅自从社会公众筹集资金,并承诺支付利息或者以其他方式返还本息的行为。

  • 根据《刑法》第二百六十六条的规定,诈骗是指以非法占有为目的,使用虚构的事实或者隐瞒真相的方法骗取他人财物的行为。

因此,如果RWA代币化涉及到违反国家有关规定,未经批准擅自从社会公众筹集资金,并承诺支付利息或者以其他方式返还本息的行为,或者涉及到以非法占有为目的,使用虚构的事实或者隐瞒真相的方法骗取他人财物的行为,那么就可能构成非法集资或诈骗,从而受到相应的刑事处罚。所以如果RWA代币化涉及到虚假宣传实体资产的价值、收益或风险,或者隐瞒实体资产的权属、抵押或纠纷等情况,从而诱导他人购买或投资RWA代币,那么构成非法集资或诈骗的风险就极高。

5.结语

RWA代币化把真实世界的资产变成数字代币,听上去是个挺美的主意,可实际操作起来,多少有些一言难尽。对于在中国搞区块链RWA创业的朋友来说,确保资产的合法真实是基础,搞清代币性质是重点,防范刑事风险是底线。说到底,中国对虚拟货币和区块链的规矩就是两条大红线:不认你是货币,只当你是商品;既然是商品,别想着玩金融花样。这规矩明白又直接,区块链创业者只要不踩线,基本就能平安致富。


The industry is developing. China's regulatory attitude towards virtual currency is actually very clear. This thing is not money. It can only be a commodity at most. Since it is a commodity, it can't have financial attributes and can't be speculated. It can be said that grasping these two red lines can be avoided for blockchain entrepreneurs in China. However, it has been cool for a while to make money, so it is always cool to make money. Therefore, I think that friends who pass the issuance are in an endless stream and the banner is advancing with the development of the industry. In the past few years, it may be behind. The new narrative is to transform the abbreviation of real-world assets into negotiable digital tokens through blockchain technology, so as to realize the decentralization, transparency and efficiency of assets. The advantage of tokenization is that it can reduce transaction costs, improve asset liquidity, expand investor groups and increase asset value. Its application scenarios, including real estate, finance, art and other fields, are very promising and good things in Qian Jing by definition, but if the goods are not used after leaving the factory, It's a little troublesome for the project party to use the Ming book. You may not believe what you want to say when you do things. The best thing to be played in China is actually that a friend who starts a digital collection says that it is entrepreneurship. It is not empowering for the industry. For example, if you buy a digital collection issued by the project party, you can enjoy the right to exchange a certain commodity service. If you don't want to exchange or pick up the goods, you can wait for the real assets to appreciate and then transfer it to other friends who want it through the consignment market. Theoretically, this narrative is so. It's quite logical and easy to sell goods. There are more sales scenes and more reasons for buyers' friends to hoard and buy goods, especially those that may appreciate over time, such as tea and liquor. Some friends may say that the number you mentioned is not hidden, but what I want to express is that it is just a problem of different model parameters. In such a model, a real asset with stable price or slow growth may be a stable supply in the traditional market. It's hard to relate to demand, because you can bring a leap in value if you token it, and if the pricing range of a thing can be mysterious, such as a digital art, radish and cabbage, Zhang San is willing to give a piece, but Li Si is willing to give it to both parties if it can be freely reached, which is good, but if Li Si belongs to the person who pulled the price in the market and then took over the offer, it is estimated to be a bit dangerous, so in these two scenarios, the former market is easy to refuse to buy because the investment income is too limited and the latter is easy to be hurt because of gold. Some time ago, the team of lawyers in Man Kun received a case, which can be said to be a living case. The general situation is that a company registered a company overseas, and the company held some real assets through purchase and business cooperation. How to revitalize the assets and make them bigger and stronger? The solution they thought of was to divide these assets into several forms and sell them on the Internet, in addition to publicizing the attractive value of the assets and telling buyers to hold the corresponding ones. The income from offline assets is your dividend, which is a good idea, but the economic downturn has not only failed to realize the appreciation of the real assets, but the company is also a little mismanaged, which almost turned yellow. The users who got on the bus in the early days saw the price in the market collapse, and the users who came at that time with the idea of getting rich quit, saying that this was fraud, and they wanted to unite to send the project party in, and then they went to various places to report the case in an organized and disciplined manner, fearing that the project party's friends would be made public one day. Ann pressed her head to tell the truth, this is the real situation that we can see with the naked eye in China. Many entrepreneurs with high education and high cognition are easy to get hurt physically and mentally in this cruel jungle. One of the important reasons is that others who mistakenly think they understand understand understand not only the users but also the police. Plus, they think that if you register the company overseas and strictly abide by the moral bottom line of the team, you can have a clear conscience without worrying about the risks, but as a startup, You tell users that the meta-universe is decentralized, but users only talk to you about whether they make money or not. If he makes money here, you are his leading brother or Britney Spears. If he accidentally makes a pick-up man in the market, you are Mrs. Niu, whose heart can be blamed in his eyes. We have reason to believe that many friends who do it are really holding the initial intention to revitalize assets, promote investment and benefit users, but the reality is how to make their projects clean up without being stained. How to make your own entrepreneurial projects involve lower legal risks? Apart from market operation risks, all the friends you are thinking about should consider how to prevent legal risks. If your market development is oriented to the mainland of China, you need to pay special attention to ensure the legitimacy and authenticity of assets in at least the following three aspects. Whether you can issue money or not, the premise of doing business is to ensure that the assets involved are legal and not in violation of the state. At the same time, we must ensure that the assets involved are true and there is no fraud or concealment. Whether you anchor a large amount of real estate like a house or a small commodity with pure e-commerce logic, there is a consumer protection law under the criminal law, which must be observed. Therefore, we must do some due diligence and audit on the real assets anchored by digital tokens, and sign a purchase agreement with relevant parties to stipulate the quality, fidelity and after-sales of the goods. These are the most basic proof of compliance workload. Be careful about the nature of issuing tokens, which is the most important thing in compliance. It is not important to issue assets as whether they are digital collections or not. What matters is the nature of these digital tokens, whether they are commodities, money, securities or others, which will directly affect the nature of issuing behavior. China's regulatory attitude towards virtual currency is relatively clear, that is, it is forbidden to issue and circulate any form of substitute currency. Therefore, entrepreneurs should avoid positioning tokens as money or substitutes when tokenizing. If tokenization involves the issuance of shares, creditor's rights, fund shares and other certificates that can reflect investors' rights or claim rights, it may constitute securities. If tokenization involves standardized trading contracts and promises to deliver physical assets or perform cash settlement at a certain time in the future, it may constitute futures. These are obviously the red lines of China's financial supervision. Please be sure to stay away from two laws that friends in the currency circle should be familiar with and stay away from. According to the provisions of Article 176 of the Criminal Law, illegal fund-raising refers to raising funds from the public without approval in violation of relevant state regulations and promising to pay benefits. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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