不斷發展的加密貨幣令牌景觀給金融專業人士帶來挑戰

美國證券交易委員會將一些加密貨幣視為證券並廣泛調節它們，而國稅局則將加密貨幣歸類為財產。

The evolving cryptocurrency token landscape presents challenges for financial professionals, tax advisers, and lawyers, as they may not be fully aware of how to analyze and report the value of private tokens.

不斷發展的加密貨幣令牌景觀對金融專業人士，稅務顧問和律師提出了挑戰，因為他們可能不完全了解如何分析和報告私人代幣的價值。

The Securities and Exchange Commission considers some cryptocurrencies as securities and broadly regulates them, while the Internal Revenue Service categorizes cryptocurrency as property. So it’s crucial to understand the drivers behind cryptocurrencies to accurately report private tokens on the tax returns of individuals and companies. It also can benefit token-issuing companies to understand these valuation drivers to report token values on their books and tax returns.

美國證券交易委員會將一些加密貨幣視為證券並廣泛監管它們，而國稅局將加密貨幣歸類為財產。因此，重要的是要了解加密貨幣背後的駕駛員，以準確地報告個人和公司的納稅申報表。它還可以使發行的公司有益於了解這些估值驅動力，以報告其賬簿和納稅申報表上的令牌價值。

Cryptocurrency regulations are changing, and new rules might be forthcoming. For instance, SEC Acting Chair Mark T. Uyeda launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets. The drivers affecting token valuation remain broadly the same, and understanding them can help companies and individuals comply with and navigate the changing regulations.

加密貨幣法規正在發生變化，新規則可能正在製定。例如，SEC代理主席Mark T. Uyeda成立了一個加密特遣部隊，致力於為加密資產開發全面而清晰的監管框架。影響令牌估值的驅動因素仍然相同，並且了解它們可以幫助公司和個人遵守並導航不斷變化的法規。

Private tokens aren’t listed and don’t have a readily available price on exchanges. Companies can use these tokens to raise capital, pay for services, or compensate employees. Companies often issue tokens through crowdfunding on their website or through direct private sales to investors. Eventually, companies can opt for an initial coin offering to collect funds.

私人令牌未列出，也沒有隨時隨地的交換價格。公司可以使用這些令牌來籌集資金，支付服務或補償員工。公司經常通過其網站上的眾籌或直接向投資者發行私人銷售來發行代幣。最終，公司可以選擇初始硬幣來收取資金。

Valuing tokens is challenging compared with stocks because tokens mostly don’t generate revenue, profits, or cash flows akin to company shares. However, the principles of private company valuations can apply to token valuations, considering their limitations and differences from stock.

與股票相比，對代幣的估值是具有挑戰性的，因為代幣大多不會產生類似於公司股票的收入，利潤或現金流量。但是，考慮到其庫存的局限性和差異，私人公司估值的原則可以適用於代幣估值。

Here are some key drivers that can be useful in valuing private tokens:

以下是一些主要驅動因素，可用於評估私人令牌：

* **Underlying asset.** Tokens might be backed by real-world assets such as gold (for instance, PAX Gold). In such cases, the factors that affect the underlying asset might affect the token as well. If future cash flows to the token holder can be estimated, the value of the token can be determined as the sum of present value of these cash flows. The risk and volatility of these cash flows can affect the value of the token.

***基礎資產。**令牌可能會得到金牌（例如，Pax Gold）等現實世界中的支持。在這種情況下，影響基礎資產的因素也可能影響令牌。如果可以估計將未來的現金流向代幣持有人，則可以將令牌的價值確定為這些現金流的現值之和。這些現金流的風險和波動性會影響令牌的價值。

* **Market price of other similar listed tokens.** Tokens issued either in the same period or for the same purpose can indicate value. These market prices might need adjustments due to the marketability of listed and private tokens. This difference can be quantified as a marketability discount. Tokens with higher trading volume and less price volatility might be more reliable compared with tokens with less trading volume and high volatility.

***其他類似列出的令牌的市場價格。**在同一時期發出或出於相同目的發行的代幣可能表示價值。由於上市和私人令牌的銷售性，這些市場價格可能需要調整。這種差異可以量化為可銷售性折扣。與交易量較小和波動性較小的令牌相比，具有較高交易量和價格較低的代幣可能更可靠。

* **Price paid by investors for the token in a private sale.** Companies often issue tokens through crowdfunding, and these prices might be available on the issuing company’s website. Both the price paid for the token being valued and its comparable tokens can be a value driver. The volume of these tokens in a private sale is a key factor along with the price. Higher volume can indicate that the selling price of the token is in line with investor expectations.

***投資者在私人銷售中為代幣支付的價格。這兩個代幣的價格及其可比令牌的價格都可以是價值驅動程序。這些代幣在私人銷售中的數量是價格的關鍵因素。更高的量可能表明令牌的售價與投資者的期望一致。

* **Cost to create, develop, market, and launch the token.** The actual cost incurred from ideation to selling these tokens might indicate value. If these costs are higher, they can form a barrier for other companies to launch similar tokens.

***創建，開發，推銷和啟動令牌的成本。**從構想到出售這些代幣的實際成本可能表明價值。如果這些成本更高，它們可能會為其他公司推出類似令牌的障礙。

* **Outlook of the tokens.** Companies might have additional funding requirements, in the absence of which, the company might shut down and the token can be worthless. The tokens’ value might be affected by this additional risk of raising future capital.

***代幣的前景。**公司可能會有額外的資金要求，在沒有哪個公司的情況下，公司可能會關閉，而代幣可能毫無價值。代幣的價值可能會受到增加未來資本的額外風險。

Broader macroeconomic factors such as economic growth, political environment, overall market sentiments about cryptocurrencies, cryptocurrency trends, technological innovations, policies, and taxes can further drive token values.

更廣泛的宏觀經濟因素，例如經濟增長，政治環境，對加密貨幣，加密貨幣趨勢，技術創新，政策和稅收的整體市場情感，可以進一步推動令牌價值。

Recognizing these key drivers of tokens might help in estimating token value. As the regulatory environment changes, many more companies can join the bandwagon and issue tokens, making understanding of token valuation more critical.

認識到令牌的這些關鍵驅動因素可能有助於估計令牌價值。隨著監管環境的變化，越來越多的公司可以加入潮流並發出代幣，從而使對令牌估值的理解更為關鍵。

While not an exhaustive list, the presence of a token’s underlying asset and its value, the market price of similar tokens, the selling price of the token in a private sale and the volume sold, and the developing and marketing costs of tokens are all factors companies should keep in mind when determining valuation.

儘管並不詳盡地清單，但代幣的基本資產及其價值，類似代幣的市場價格，代幣在私人銷售中的銷售價格以及出售的數量以及代幣的發展和營銷成本都是公司在確定估值時都應牢記的所有因素。

This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.

本文不一定反映彭博工業集團（Bloomberg Inc.

Author Information

作者信息

Meenal Aggarwal is founder of Groots Valuation in New Jersey. She specializes in providing valuation services for financial reporting, tax reporting, and litigation matters.

Meenal Aggarwal是新澤西州Groots估值的創始人。她專門為財務報告，稅收報告和訴訟事項提供估值服務。