如何评估加密项目：投资顾问指南

随着加密货币和区块链行业的势头持续增长，证券顾问无疑面临着客户更多关于特定加密资产及其背后的项目的问题。

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.

这是美国又一个重要的一周，以太坊交易所交易基金的推出，使按市值计算的第二大加密货币通过传统发行方式向投资者开放。

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.

您是否考虑过如何评估加密项目以及考虑哪些标准？在今天的期刊中，Osler Hoskin & Harcourt LLP 律师事务所合伙人 Matthew Burgoyne 为投资顾问评估加密货币项目提供了指南。

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

Function X 总裁 David Ben Kay 在《询问专家》一书中回答了顾问在评估投资时可以考虑的问题。

–S.M.

–SM

How to Evaluate Crypto Projects: A Guide for Investment Advisors

如何评估加密项目：投资顾问指南

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:

随着加密货币和区块链行业的势头持续增长，证券顾问无疑面临着客户更多关于特定加密资产及其背后的项目的问题。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和相应加密资产的性质和合法性时需要考虑的领域：

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.

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、过往项目和行业声誉。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。

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:

回顾和批判性分析代币经济学 代币经济学是指代币的经济模型，包括其在项目内的供应、分配和效用。需要分析的关键方面包括：

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:

评估商业计划 现实且合理的商业计划对于任何代币项目的生存能力都是至关重要的。在加密货币行业，商业计划通常在白皮书中提出，这是一份基础文件，概述了项目的愿景、区块链技术的性质和用途以及实施策略。需要审查的关键要素包括：

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

风险因素识别潜在风险对于评估代币项目至关重要。常见的风险因素包括：

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.

监管考虑评估代币的发行是否触发监管要求，例如反洗钱（AML）法或证券法；许多新项目触发一个或两个法律领域，而一些较旧的、完善的、权力下放充分的项目不会触发这些法律。必须核实项目创始人是否获得了法律建议以及在美国和英国等主要市场的销售是否受到限制。此类限制可能表明试图规避这些国家的证券监管机构，这表明代币销售可能涉及证券或衍生品的销售。

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.

结论评估代币项目需要采用综合方法，考虑创始人的可信度、代币的经济模型、商业计划的质量和可行性、潜在风险和监管合规性。通过彻底分析这些因素，投资顾问可以为客户提供明智的指导，帮助他们应对复杂且不断变化的加密资产格局。

- Matthew Burgoyne, Partner, Osler Hoskin & Harcourt LLP

- Matthew Burgoyne，Osler Hoskin & Harcourt LLP 合伙人

Ask an Expert

询问专家

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

问：从法律角度审视加密项目的关键要素是什么？

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：从法律角度来看，我在评估加密项目时考虑的三个关键领域是：合规性、治理和安全性。团队中是否包含负责这些领域的敬业且有能力的人员？虽然该团队自然且期望拥有技术和营销专业知识，但我也希望看到具有丰富法律和财务经验的个人，以确保公司的成立符合当地法律，能够按照其意图运营和它了解可能影响其拟议业务计划执行的国际法律和规范。我更愿意看到这些人担任关键的领导和决策职位，尽管如果公司处于非常早期的阶段，那么至少公司的顾问应该包括律师和会计师或具有强大法律和财务管理背景的人。如果公司打算或已经发行代币，我还希望看到相关司法管辖区的法律意见，以确保遵守当地法律法规。

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

问：顾问如何帮助客户根据这些信息做出投资决策？

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：法律合规性和治理是任何投资者对拟议项目所涉及风险的评估中包含的因素。无论如何，它们并不是唯一的因素，只是评估是否投资时考虑的一部分。特别是在加密行业，仍然存在许多属于灰色地带的法律问题，因此潜在的风险更高。项目的潜在回报是否大于潜在风险，取决于投资者的风险承受能力和判断。

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

问：从法律角度来看，项目的一个很好的例子是什么？

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：超出启动阶段并具有良好合规和治理实践记录的项目将更容易成为尽职调查的对象。许可证、注册和所需的备案已经到位，并且通常以书面形式提供内部实践和运营指南。这与早期初创公司形成鲜明对比。在这些情况下，将更加重视各个团队成员及其之前的经验和其他项目的跟踪记录以及白皮书