美國金融業監管局不久前發佈警告，提醒投資者在參與ICO之前充分了解其風險。
ICO全稱為首次代幣發售，也稱為區塊鍊衆籌，是公司以發行虛擬貨幣或代幣的形式吸引投資者，從而籌集資金。ICO和股票的IPO不同，ICO不會授予投資者公司的所有權。ICO與債券也不同，ICO不會涉及投資者借錢給發行商的問題。
考慮到每個ICO的情況，這種虛擬貨幣的提供或銷售可以理解為有價證券。因此，依照證券交易委員會(SEC)近日發佈的投資者公告，美國代幣的提供和銷售都要遵守聯邦證券法規。
FINRA投資教育部門高級副總裁Gerri Walsh提醒廣大投資者：“在虛擬貨幣和區塊鍊創業市場中，投資ICO是一種比較刺激的方式，但是在投入之前，應充分了解投資的複雜性。ICO涉及到極其複雜的新技術、新產品，可能會被騙子當成吸引客戶的工具。”
在進行ICO投資之前，應先考慮以下問題：
ICO是發行證券嗎？如果是，那麼發行的代幣必須在SEC註冊，或是擁有註冊豁免權。投資者應先行確認該公司是否在SEC的埃德加系統中進行了ICO註冊。如果不是發行證券，那麼該ICO僅適用於某些有資格的投資人，大多數零售投資者都不符合要求。
發起ICO的人有沒有註冊專業的金融資格證？使用BrokerCheck檢查發起人的專業背景。如果提供代幣的ICO是證券，那麼任何提供或銷售代幣的行為都需要遵守國家及聯邦證券法規及FINRA的規定，並進行註冊且持有相關的牌照。
購買ICO後會擁有什麼權益？不同的ICO代幣會附有不同的權益。請詳細閱讀並充分了解ICO白皮書的條款以及商業計劃。
怎樣贖回？提供給投資者的ICO信息中應該清楚描述贖回資金的方法。詢問該公司是否可以用代幣兌換現金，是否可以將手中的代幣出售給二級市場，如果可以，轉售是否有任何限制。
該公司是做什麼的？能夠提供什麼產品？目前為止，大多數ICO都是由初創公司提供的，它們還沒有完成最終的產品或平台來投向市場。這說明你目前可獲知的信息都是不完整的，隨時可能發生變化且很難證實。
有沒有抵禦黑客和其他網絡威脅的防護措施？一定要向公司詢問保障平台或產品安全的流程，如何應對方案破產、黑客、惡意轉件以及詐騙等特殊情況。
如果投資者對ICO有所顧慮，或是懷疑某項ICO或虛擬貨幣涉嫌欺詐，可以聯系SEC，通過FINRA的在線投訴中心進行反饋或是為FINRA舉報者辦公室提供消息。
註：本文所述僅適用於美國的ICO市場。中國央行近期計劃對ICO進行監管，望投資者時刻留意相關新聞動態。
Initial coin offerings: Know the risks before you buy
The Financial Industry Regulatory Authority (FINRA) has today issued an Investor Alert warning investors about the potential risks of participating in initial coin offerings, commonly referred to as ICOs.
An ICO involves the creation and distribution of virtual coins or tokens by a company to raise capital. ICOs differ from initial public offerings (IPOs) of stocks. ICOs typically confer no ownership rights in the company and, unlike bonds, ICOs do not involve investors lending money to the issuer.
Depending on the circumstances of each ICO, the virtual coins or tokens offered and sold to investors may be securities. If so, the offer and sale of these tokens are subject to the federal securities laws, according to a recent Investor Bulletin issued by the Securities and Exchange Commission (SEC).
Investing in an ICO may seem like an exciting way to be a part of the virtual currency and blockchain startup markets, but buyers should use caution when considering these complex investments,” said Gerri Walsh, FINRA’s Senior Vice President for Investor Education. “ICOs involve new technologies and products that are highly technical and can be used by con artists as an opportunity to dupe investors.
Before investing in an ICO, buyers should consider the following:
Is the ICO a securities offering?If it is, then the offer and sale of the coins or tokens must be registered with the SEC or meet an exemption from registration. Investors should confirm if a company has registered an ICO with the SEC’s Edgar system. If it is not, it is likely only available to accredited investors, and most retail investors do not meet this standard.
Are the individuals selling the investment registered financial professionals?Be sure to check the professional background of the individuals involved in the offering using BrokerCheck. If the tokens offered in an ICO are securities, then any investment professional offering to sell the tokens must maintain certain licenses and registrations under state and federal securities laws and FINRA rules.
What rights and benefits come with your ICO purchase?The rights and benefits of ICO tokens will vary depending on the offering. Thoroughly read and understand the terms and conditions of an ICO, as well as any white paper and the business plans offered by the company issuing tokens.
How can you get your money back?Information provided to investors about ICOs should clearly state how you can get your money back. Ask the company if you can cash in tokens for a refund, whether you are permitted to resell your tokens in a secondary market and what, if any, restrictions apply to any resale.
What does the company do and what is it offering?To date, most ICOs are being offered by startup businesses that have not rolled out a final product or platform to the market. This means that the information available to you at the time of an ICO may be incomplete, subject to change and difficult to verify.
Are there protections in place to guard against hacking and other cybersecurity threats?Be sure to inquire about steps these companies have taken to protect their platforms and products from possible protocol breakdowns, hacking, malware and fraud.
If investors have concerns about ICOs, or suspect a scam related to ICOs or virtual currencies, they should contact the SEC, file a complaint using FINRA’s online Complaint Center or send a tip to FINRA’s Office of the Whistleblower.
本文翻譯由兄弟財經提供
文章來源：https://www.leaprate.com/financial-services/rules-and-regulation/initial-coin-offerings-know-risks-buy/