如何評估加密項目：投資顧問指南

隨著加密貨幣和區塊鏈行業的勢頭持續增長，證券顧問無疑面臨著客戶更多關於特定加密資產及其背後的項目的問題。

This was another big week in the U.S., with the launch of exchange-traded funds for Ethereum, making the second-largest cryptocurrency by market cap available to investors through a traditional offering.

這是美國又一個重要的一周，以太坊交易所交易基金的推出，使按市值計算的第二大加密貨幣透過傳統發行方式向投資者開放。

Have you ever considered how to evaluate crypto projects and what criteria to consider? In today’s issue, Matthew Burgoyne, partner at law firm Osler Hoskin & Harcourt LLP, provides a guide for investment advisors to evaluate crypto projects.

您是否考慮過如何評估加密項目以及考慮哪些標準？在今天的期刊中，Osler Hoskin & Harcourt LLP 律師事務所合夥人 Matthew Burgoyne 為投資顧問評估加密貨幣專案提供了指南。

In Ask an Expert, David Ben Kay, president at Function X, answers questions advisors can consider when evaluating investments.

Function X 總裁 David Ben Kay 在《詢問專家》一書中回答了顧問在評估投資時可以考慮的問題。

–S.M.

–SM

How to Evaluate Crypto Projects: A Guide for Investment Advisors

如何評估加密項目：投資顧問指南

As the momentum of the crypto and blockchain industry continues to grow, securities advisors are undoubtedly facing a greater number of questions from clients about specific crypto assets and the projects that underlie them. Evaluating these projects requires a thorough understanding of several crucial factors to ensure informed investment decisions. The following sections highlight areas for advisors to consider when evaluating the nature and legitimacy of any crypto project and corresponding crypto asset:

隨著加密貨幣和區塊鏈行業的勢頭持續增長，證券顧問無疑面臨著客戶更多關於特定加密資產及其背後的項目的問題。評估這些項目需要徹底了解幾個關鍵因素，以確保做出明智的投資決策。以下部分重點介紹了顧問在評估任何加密項目和相應加密資產的性質和合法性時需要考慮的領域：

Project founder due diligenceInvestigate the backgrounds of project founders, including their professional history, previous projects and industry reputation. Look for verifiable expertise and be alert for potential fraud. Red flags include newly created social media profiles and anonymous teams.

專案創辦人盡職調查調查專案創辦人的背景，包括他們的職業經歷、過往專案和行業聲譽。尋找可驗證的專業知識並警惕潛在的詐欺行為。危險信號包括新創建的社交媒體資料和匿名團隊。

Reviewing and critically analyzing tokenomicsTokenomics refers to the economic model of the token, including its supply, distribution, and utility within the project. Key aspects to analyze include:

回顧與批判性分析代幣經濟學 代幣經濟學是指代幣的經濟模型，包括其在專案內的供應、分配和效用。需要分析的關鍵面向包括：

Evaluating the business planA 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:

評估商業計劃 現實且合理的商業計劃對於任何代幣項目的生存能力都是至關重要的。在加密貨幣行業，商業計劃通常在白皮書中提出，這是一份基礎文件，概述了專案的願景、區塊鏈技術的性質和用途以及實施策略。需要審查的關鍵要素包括：

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

風險因素識別潛在風險對於評估代幣項目至關重要。常見的風險因子包括：

Regulatory considerationsEvaluate 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.

監管考慮評估代幣的發行是否觸發監管要求，例如反洗錢（AML）法或證券法；許多新項目觸發一個或兩個法律領域，而一些較舊的、完善的、權力下放充分的項目不會觸發這些法律。必須核實專案創始人是否獲得了法律建議以及在美國和英國等主要市場的銷售是否受到限制。此類限制可能表明試圖規避這些國家的證券監管機構，這表明代幣銷售可能涉及證券或衍生性商品的銷售。

ConclusionEvaluating 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.

結論評估代幣項目需要採用綜合方法，考慮創始人的可信度、代幣的經濟模型、商業計劃的品質和可行性、潛在風險和監管合規性。透過徹底分析這些因素，投資顧問可以為客戶提供明智的指導，幫助他們應對複雜且不斷變化的加密資產格局。

- Matthew Burgoyne, Partner, Osler Hoskin & Harcourt LLP

- Matthew Burgoyne，Osler Hoskin & Harcourt LLP 合夥人

Ask an Expert

詢問專家

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

Q：從法律角度檢視加密項目的關鍵要素是什麼？

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.

答：從法律角度來看，我在評估加密專案時考慮的三個關鍵領域是：合規性、治理和安全性。團隊中是否包含負責這些領域的敬業且有能力的人員？雖然團隊自然且期望擁有技術和行銷專業知識，但我也希望看到具有豐富法律和財務經驗的個人，以確保公司的成立符合當地法律，能夠按照其意圖運營和它了解可能影響其擬議業務計劃執行的國際法律和規範。我更願意看到這些人擔任關鍵的領導和決策職位，儘管如果公司處於非常早期的階段，那麼至少公司的顧問應該包括律師和會計師或具有強大法律和財務管理背景的人。如果公司打算或已經發行代幣，我還希望看到相關司法管轄區的法律意見，以確保遵守當地法律法規。

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

Q：顧問如何幫助客戶根據這些資訊做出投資決策？

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.

答：法律合規性和治理是任何投資者對擬議項目所涉及風險的評估中包含的因素。無論如何，它們並不是唯一的因素，只是評估是否投資時考慮的一部分。特別是在加密行業，仍然存在許多屬於灰色地帶的法律問題，因此潛在的風險更高。專案的潛在回報是否大於潛在風險，取決於投資者的風險承受能力和判斷。

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

Q：從法律角度來看，專案的一個很好的例子是什麼？

A: Projects that are beyond the startup stage and have a record of good compliance and governance practices are going to be easier subjects for due diligence. Licenses, registrations and required filings will already be in place, as well as guidelines for internal practices and operations that are generally in written form. This is in contrast to early-stage startups. In those cases, more emphasis will be given to the individual team members and their previous experience and track records in other projects as well as the white paper that

答：超出啟動階段並具有良好合規和治理實務記錄的專案將更容易成為盡職調查的對象。許可證、註冊和所需的備案已經到位，並且通常以書面形式提供內部實踐和營運指南。這與早期新創公司形成鮮明對比。在這些情況下，將更加重視各個團隊成員及其先前的經驗和其他專案的追蹤記錄以及白皮書