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Why We Should Advocate for Decentralized Finance and Its Regulation? 为什么我们应该提倡去中心化金融和法规?

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Why We Should Advocate for Decentralized Finance and Its Regulation?

为什么我们应该提倡去中心化金融和法规?

作者:Pui Ki – ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR Senior Analyst

翻译:Anqi Li

美国《ENTREPRENEUR 企业家》杂志 

January 18, 2021

 

—— Technology has proven time and again that innovation has the ability to identify trends that enable success. It can also help businesses worldwide with their attempts to attract funding by going public.
技术已经一次次地证明,创新有能力发现成功的趋势。它还可以帮助世界各地的企业通过上市来吸引资金。

Decentralization is the current trend in the global financial market. However, it’s far from the only innovation that the industry has seen in recent times. As corporations aim to accelerate their capital raise, such businesses have taken to innovations toward opening their companies to public investment.

去中心化是当前全球金融市场的趋势。然而,这并不是该行业近年来唯一的创新。随着企业致力于加速融资,企业通过创新措施,去开放他们公司给公众投资。

 

This can be accomplished in several ways. You may recall Bill Ackerman’s $4 billion blank check company created to buy a yet-to-be-named business. Likewise, there is news about Softbank’s planned shell company in the U.S.

这可以通过几种方式实现。你可能还记得比尔·阿克曼(Bill Ackerman)融资创建的40亿美元空白支票公司,目的是收购一家未知的公司。同样,也有消息称软银(Soft Bank)计划在美国成立空壳公司。

 

 

Such shell companies are often utilized as special-purpose investment vehicles as part of a company’s strategy for reducing the financial risk or improving the efficiency of certain financial activities. For one, utilizing a reverse merger scheme with a public shell company can save millions of dollars in underwriting and listing fees, as well as shorten the time in which a business can get publicly listed on the stock exchange.

这些空壳公司通常被用作特殊目的投资工具,作为公司降低金融风险或提高某些金融活动效率战略的一部分。首先,利用与上市壳公司的反向并购计划可以节省数百万美元的承销和上市费用,还可以缩短企业在证券交易所上市的时间。

 

King of Shells 

壳王

 

The strategy being undertaken by Ackerman or Softbank is not exactly new. In the late 1990s, Aaron Tsai, Chief Capitalist at MAS Capital Inc., used public shell companies as a strategy for bringing businesses public in a shorter amount of time and lower expenses than a regular IPO. Tsai created 101 shell companies, cashed in on the trend and became a multi-millionaire by the age of 29.

确切地说,阿克曼或软银正在采取的战略并不新鲜。上世纪90年代末,名资股份有限公司(MAS Capital Inc.)的首席资本家蔡逸群(Aaron Tsai)将公众空壳公司作为一种策略,使企业在比普通IPO更短的时间和更低的费用下上市。蔡逸群创立了101家空壳公司,利用这一趋势获利,在29岁时成为千万富翁。

 

Tsai was described by the Wall Street Journal as a businessman “at the leading edge of the resurgence of ‘blank check’ or shell companies. “Not many were convinced it was a good idea to build a business model out of companies with very few assets and barely existing income, products, business activity or a long-term plan. But Tsai saw profitability in dealing with these “companies in the business of doing nothing.”

《华尔街日报》将蔡逸群描述为一位“站在‘空白支票’或空壳公司复兴前沿”的商人。没有多少人相信,在资产极少、几乎没有收入、产品、商业活动或长期计划建立的公司商业模式是个好主意。但蔡逸群(Aaron Tsai)看到用这些“无所事事的企业”做交易是有利可图的。

 

Shell companies were not a new idea when Tsai saw the potential of generating millions with them. However, because of the stock market’s unexpected gains in the 1990s, largely driven by internet-related offerings, there was renewed interest in these instruments. Only a few discerning businessmen would have perceived this value, though. Tsai was one of them.

当蔡逸群看到空壳公司能创造数百万美元利润潜力时,这并不是一个新想法。然而,由于上世纪90年代股市意外上涨,主要是受互联网相关股票发行的推动,人们对这些金融工具重新产生了兴趣。不过,只有少数有眼光的商人会意识到这一价值。蔡逸群就是其中之一。

 

Tsai used his public shell companies for reverse-merger deals as an alternative strategy to underwritten IPOs. He merged his shell companies with other corporations, getting a portion of the merged company’s outstanding shares in return. This accelerated the public listing process for these businesses and resulted in considerable returns for Tsai, as well.

蔡逸群利用其公众壳公司进行反向并购交易,作为承销IPO的替代策略。他将自己的空壳公司与其他公司合并,作为回报,他获得了合并后公司的一部分已发行股票。这加快了这些企业的上市进程,也为蔡逸群带来了可观的回报。

 

This strategy not only helped his own business, it also benefited other companies that struggled to raise capital during the dot-com era. Even before 2000, Tsai saw the potential of the internet to become a tool for investing success. “We believe the internet will open the equity markets to individual investors, create alternative stock-trading systems for them and thereby change the model of capital formation that exists today,” said Tsai in his Journal interview.

这一策略不仅有助于他自己的业务,也使其他在互联网时代融资困难的企业受益。甚至在2000年之前,蔡逸群就看到了互联网成为成功投资工具的潜力。蔡逸群在接受《华尔街日报》采访时表示:“我们相信,互联网将向个人投资者开放股票市场,为他们创建另类股票交易系统,从而改变目前存在的资本形成模式。”

 

Are shell companies still relevant now? 

空壳公司现在还有价值吗?

 

The way shell companies are used now may not be the same as how they were employed in the past. However, the core idea of the purpose of having these companies, at least in the legal or legitimate sense, remains unchanged.

现在使用空壳公司的方式可能与过去不一样。然而,至少在法律或合法意义上,拥有这些公司的目的的核心理念仍然没有改变。

 

In a way, they have evolved into something with a less disconfirming connotation: special purpose acquisition companies (SPACs). A recent report reveals how SPACs have been booming and are likely to perform even better in the year ahead. In 2020, SPACs have outnumbered traditional IPO deals, 200 to 194. Interestingly, SPACs and traditional IPOs raised almost the same accumulated amounts of capital. Companies that went public using SPACs raised a total of $64 billion, while underwritten IPOs managed to generate $67 billion.

在某种程度上,它们已经演变成一种内涵不那么令人怀疑的东西:特殊目的收购公司(SPACs)。最近的一份报告揭示了SPACs是如何蓬勃发展的,并可能在未来一年表现得更好。2020年,SPACs的数量已经超过了传统的IPO交易,达到200比194。有趣的是,SPAC和传统IPO筹集到的资金总量几乎相同。通过SPACs上市的公司总共筹集了640亿美元,而通过承销的IPO则成功筹集了670亿美元。

 

Paul Dellaquila, head of the Defiance Next Gen SPAC ETF, says that SPACs will only become more prominent in 2021, as many big names are already behind them. The entry of Virgin Galactic and DraftKings, for example, is giving SPACs more credence. Dellaquila adds that sports teams may also decide to go public, and SPACs will be their likely vehicle in doing it.

Defiance Next Gen SPAC ETF的负责人Paul Dellaquila表示,SPACs只会在2021年变得更加突出,因为许多知名公司已经在支持它们。举例来说,VirginGalactic和DraftKings的加入,给了SPACs更多的信任度。Dellaquila补充说,运动队伍也可能决定上市,SPACs将是他们可能的工具。

 

Moreover, a recently released Goldman Sachs forecast paints a rosy outlook for blank check companies, saying that a surge of these entities could drive $300 billion worth of mergers and acquisitions in 2021 to 2022. Suffice it to say, Tsai’s expertise and experience with shell companies continue to be a live round in his ammunition stock. His insights on blank check companies are useful in light of the growing prevalence of SPACs. According to BTIG, there are more than 200 SPACs currently seeking acquisitions over the next 18- to 24-month period.

此外,高盛最近发布的一份预测为空白支票公司描绘了一个乐观的前景,称这些实体的激增可能在2021年至2022年推动价值3000亿美元的并购。可以说,蔡逸群在空壳公司的专业知识和经验,仍然是他火药库中的实弹。鉴于SPACs的日益流行,他对空白支票公司的见解是有用的。根据BTIG的数据,目前有200多家SPACs正在寻求在未来18到24个月内的收购。

 

Moving forward with decentralized finance

推进去中心化金融

 

Even before 2000, Tsai already saw the potential of the internet to become a tool for investing success. “We believe the Internet will open the equity markets to individual investors, create alternative stock-trading systems for them and thereby change the model of capital formation that exists today,” Tsai added to the Journal.

甚至在2000年之前,蔡逸群就已经看到了互联网成为成功投资工具的潜力。“我们相信,互联网将向个人投资者开放股票市场,为他们创造另类的股票交易系统,从而改变目前存在的资本形成模式,”蔡先生补充道。

 

Inferentially, Tsai already had the idea of decentralized finance at the back of his head. He foresaw the concept of individual and institutional investors snagging investment opportunities of various types in different parts of the world. He did not see the advent of blockchain, smart contracts, FinTech and decentralized finance, but he knew that someday everyone would be able to participate in investments globally through the internet.

由此推断,蔡逸群早就有了去中心化金融的想法。他预见了个人和机构投资者在世界不同地区获得各种投资机会。他没有看到区块链、智能合约、金融科技和去中心化金融的出现,但他知道有一天每个人都能通过互联网参与全球投资。

 

As the latter part of the 2010s saw disruptions in entire industries brought about by blockchain and digital token offerings, Tsai once again demonstrated his resilience, versatility and ingenuity. The relentless capitalist learned to adapt and explore new technologies and business models.

在2010年代后期,区块链和数字代币发行给整个行业带来了颠覆,蔡逸群再次展示了他的应变能力、多样性和独创性。这位积极的资本家学会了适应和探索新的技术和商业模式。

 

Thus, MAS Capital Group, Inc., was founded. This new venture operates as a financial advisory business under the management of financial professionals based in Asia. This marks Tsai’s foray into decentralized finance. He started testing new waters and again demonstrated his knack for innovation.

名资国际金融集团股份有限公司(MAS Capital Group, Inc.)由此成立。这家新成立的公司是一家由亚洲金融专业人士管理的金融咨询公司。这标志着蔡逸群进军去中心化金融领域。他开始在新的领域尝试并再次展示了自己的创新能力。

 

Tsai saw how billions of dollars in digital currency went to Initial Coin Offerings (ICOs). At the same time, he observed the gap in how investors conducted due diligence when it comes to securing capital. This new business landscape inspired the creation of new services, which led to the founding of MASEx.

蔡逸群看到了数十亿美元的数字货币是如何流向了首次加密货币发行(ICO)。与此同时,他注意到投资者在确保资金安全方面进行尽职调查的方式存在差异。这种新的商业环境激发了新服务的创造,从而促成了名交所(MASEx)的成立。

 

MASEx has been in operation for more than a year now, and the company plans to pursue further growth by engaging emerging economies through an AI-powered decentralized platform. The company aims to expand its STO ecosystems to enable the unbanked and underbanked to participate in investment opportunities.

交所已经运营了一年多,该公司计划通过人工智能驱动的去中心化平台在新兴经济体,寻求进一步的增长。该公司的目标是扩大其STO生态系统,使无银行帐户和缺乏银行服务的人们能获得参与投资机会。

 

Tsai realized how STOs are set to form part of the new normal in investing and capital raising, especially in Asia. “As we enter a new decade, do not be surprised to see the largest STO exchange in the world based in Asia or China.”

蔡逸群意识到,STOs将如何成为投资和融资的新常态,尤其是在亚洲。“在我们进入新的十年之际,如果看到全球最大的STO交易所设在亚洲或中国,不要感到惊讶。”

 

To be clear, his message was not a rebuke to traditional financial institutions but a challenge for everyone to level up if they want to retain control or take the dominant role in the global financial industry.

要清楚的是,他所传达的信息不是对传统金融机构的指责,而是对每个人的挑战,如果他们想要在全球金融业保持控制权或占据主导地位,就必须不断自我提升。

 

The need for regulation in decentralization

去中心化下监管的必要性

 

Even with all the promised benefits of decentralization, there are still crucial challenges. In STOs, in particular, there are stumbling blocks that prevent companies and exchanges from achieving optimum outcomes. Tsai points to regulatory compliance as the main challenge, especially its implications when it comes to due diligence and regulatory checks.

尽管去中心化带来了种种好处,但仍然存在着重大挑战。特别是在STOs中,存在阻碍公司和交易所实现最佳结果的障碍。蔡逸群指出,监管合规是主要挑战,尤其是在它会对尽职调查和监管检查带来的影响。

 

“We are going through a seismic shift that extends across the entire financial industry. This will disrupt the existing oligopoly of financial institutions in banking, securities and fund management sectors. Regulators must rise to the occasion,” Tsai said during a keynote speech in 2019.

“我们正在经历一场席卷整个金融业的巨变。这将打破目前金融机构在银行、证券和基金管理领域的垄断地位。监管者必须妥善应对这种局势”蔡逸群在2019年的一次主题演讲中说。

 

It may seem counterintuitive, but the MASEx Founder and DeFi advocate calls for the urgent regulation of STOs which are decentralized by design. He describes the spirit and letter of the U.S. securities laws as in need of a refresh. They are not in tune with the disruptively accelerating trend of digital currency adoption, financial decentralization and self-regulated Security Token Offerings.

这似乎有悖常理,但名交所的创始人和去中心化金融(DeFi)的倡导者呼吁对采用去中心化设计的STOs急需进行监管。他认为美国证券法的精神和内容需要更新。它们与数字货币采用的颠覆性加速趋势、金融去中心化和自我监管的STOs不协调。

 

DeFi companies often feel challenged with regulations that limit what they can do. At the same time, they find it problematic when there are no regulations in place to assure customers, investors, or traders that the digital assets they are getting from a decentralized financial market bear real value.

DeFi公司经常会感受到限制其能力的法规的挑战。与此同时,他们发现如果没有适当的法规来确保客户、投资者或交易员从去中心化金融市场获得的数字资产具有实际价值,就会出现问题。

 

Defying obstacles with DeFi 

用DeFi挑战障碍

 

Decentralized platforms transcend geography, although partnerships with key industry players will be essential in achieving trust and traction.

去中心化的平台超越了地域,尽管与关键行业参与者的伙伴关系将是实现信任和牵引的关键。

 

Technology has proven time and again that innovations have the ability to identify trends that enable success. It can also help businesses worldwide with their attempts to attract funding by going public.

技术已经一次又一次地证明,创新有能力识别成功的趋势。它还可以帮助世界各地的企业通过上市来吸引资金。

 

Regulatory requirements make it difficult for many companies to get publicly listed. Through STOs and even with the innovative business model with shell companies, the long and tedious process of raising capital can be reduced significantly.

监管要求使得许多公司难以上市。通过STOs,甚至是空壳公司的创新商业模式,可以大大减少冗长繁琐的融资过程。

 

However, it is also important to take regulation into account. Decentralization has numerous advantages, but without regulation to provide assurances to investors and consumers, it will be difficult to attract investors into trusting new financial services and security classes. Regulation and compliance build trust, and this may just be what DeFi needs to gain traction in the financial community.

然而,考虑到监管也很重要。去中心化有许多好处,但如果没有向投资者和消费者提供保证,就很难吸引投资者信任新的金融服务和证券类别。监管和合规建立信任,而这可能正是DeFi在金融界获得吸引力所需要的。

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