不断发展的加密货币令牌景观给金融专业人士带来挑战

美国证券交易委员会将一些加密货币视为证券并广泛调节它们，而国税局则将加密货币归类为财产。

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.

不断发展的加密货币令牌景观对金融专业人士，税务顾问和律师提出了挑战，因为他们可能不完全了解如何分析和报告私人代币的价值。

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.

美国证券交易委员会将一些加密货币视为证券并广泛监管它们，而国税局将加密货币归类为财产。因此，重要的是要了解加密货币背后的驾驶员，以准确地报告个人和公司的纳税申报表。它还可以使发行的公司有益于了解这些估值驱动力，以报告其账簿和纳税申报表上的令牌价值。

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.

加密货币法规正在发生变化，新规则可能正在制定。例如，SEC代理主席Mark T. Uyeda成立了一个加密特遣部队，致力于为加密资产开发全面而清晰的监管框架。影响令牌估值的驱动因素仍然相同，并且了解它们可以帮助公司和个人遵守并导航不断变化的法规。

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，也没有随时随地的交换价格。公司可以使用这些令牌来筹集资金，支付服务或补偿员工。公司经常通过其网站上的众筹或直接向投资者发行私人销售来发行代币。最终，公司可以选择初始硬币来收取资金。

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.

与股票相比，对代币的估值是具有挑战性的，因为代币大多不会产生类似于公司股票的收入，利润或现金流量。但是，考虑到其库存的局限性和差异，私人公司估值的原则可以适用于代币估值。

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

以下是一些主要驱动因素，可用于评估私人令牌：

* **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.

***基础资产。**令牌可能会得到金牌（例如，Pax Gold）等现实世界中的支持。在这种情况下，影响基础资产的因素也可能影响令牌。如果可以估计将未来的现金流向代币持有人，则可以将令牌的价值确定为这些现金流的现值之和。这些现金流的风险和波动性会影响令牌的价值。

* **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.

***其他类似列出的令牌的市场价格。**在同一时期发出或出于相同目的发行的代币可能表示价值。由于上市和私人令牌的销售性，这些市场价格可能需要调整。这种差异可以量化为可销售性折扣。与交易量较小和波动性较小的令牌相比，具有较高交易量和价格较低的代币可能更可靠。

* **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.

***投资者在私人销售中为代币支付的价格。这两个代币的价格及其可比令牌的价格都可以是价值驱动程序。这些代币在私人销售中的数量是价格的关键因素。更高的量可能表明令牌的售价与投资者的期望一致。

* **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.

***创建，开发，推销和启动令牌的成本。**从构想到出售这些代币的实际成本可能表明价值。如果这些成本更高，它们可能会为其他公司推出类似令牌的障碍。

* **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.

***代币的前景。**公司可能会有额外的资金要求，在没有哪个公司的情况下，公司可能会关闭，而代币可能毫无价值。代币的价值可能会受到增加未来资本的额外风险。

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.

更广泛的宏观经济因素，例如经济增长，政治环境，对加密货币，加密货币趋势，技术创新，政策和税收的整体市场情感，可以进一步推动令牌价值。

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.

认识到令牌的这些关键驱动因素可能有助于估计令牌价值。随着监管环境的变化，越来越多的公司可以加入潮流并发出代币，从而使对令牌估值的理解更为关键。

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.

尽管并不详尽地清单，但代币的基本资产及其价值，类似代币的市场价格，代币在私人销售中的销售价格以及出售的数量以及代币的发展和营销成本都是公司在确定估值时都应牢记的所有因素。

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业集团（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是新泽西州Groots估值的创始人。她专门为财务报告，税收报告和诉讼事项提供估值服务。