Umhlahlandlela Wakho Wokuzungeza Wonke Weminikelo Yethokheni Yokuphepha

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ITHELELELI

IZIPHUMA

Iminikelo yethokheni yokuphepha (ama-STO) ingenye yezinketho zokutshala izimali ezihlonishwa kakhulu endaweni ye-crypto okwamanje. Kuze kwabizwa ngokuthi “ikusasa lokuqongelela imali”.

Kodwa ayini ngempela ama-STO futhi imayelana nani i-rave?

Lesi sihloko sihlose ukuhlukanisa ama-STO, ukuthi imayelana nani, nokuthi ingaba yinzuzo kanjani kuwe.

Uyini Ngempela Umnikelo Wethokheni Yezokuphepha?
Ama-STO, kalula nje, ahlinzeka ngendlela yokwenza amathokheni ezimpahla zezezimali ezingase zibonakale njengezitoko, amabhondi, nama-REIT, futhi wethula amathokheni emphakathini ngokusebenzisa iziteshi ezilawulwayo.

Ama-STO afana kakhulu nama-ICO njengoba ngokuvamile ehlanganisa izinqubo ezifanayo. Nokho, isici esihlukanisayo phakathi kwama-STO nama-ICO sisemathokheni athengiswayo. Ngama-ICO, amathokheni ngokuvamile awachazi futhi angasukela kunoma iyiphi imali yedijithali kuya kumathokheni wokusetshenziswa. Nokho, ngama-STO, ithokheni “iwukuvikeleka”, okusho ukuthi iyahwebelana futhi inenani lemali elimisiwe.

Ukuhlukaniswa kwamathokheni okuphepha
Amathokheni okuvikela asebenza njengezinguqulo zedijithali zezimpahla ezimele. Nalu uhlu lwezinye izethulo ezidumile zamathokheni okuvikela:

1- Izimakethe ezinkulu: Amafemu angaguqula amasheya awo abe amathokheni, okuvumela abatshalizimali ukuthi babe nezingxenye zefemu. Kwezinye izimo, abanikazi bamathokheni bathola izabelo futhi bangakwazi ukwenza amavoti ezindabeni zenkampani.

2- Izimali ze-Equity: Izimali ze-Equity zingaphinda zenze amathokheni amasheya azo ukuze athengiswe.

3- Izimpahla: Izimpahla ezifana negolide, igesi yemvelo, ikhofi zingafakwa uphawu.

4- Izindlu ezithengiswayo: Ukulingana kwalesi sigaba sempahla kungenziwa ithokheni, kufane nendlela ama-REIT asebenza ngayo.

Ama-STO awashintshi izibambiso eziyisisekelo, kunalokho, enza lezi zimpahla zifinyeleleke kalula kunkundla yedijithali.

Ngokungafani nezinye izimpahla zedijithali, amathokheni okuphepha angathengiswa kuphela ekushintshaneni okuthile okulawulwayo. Okunye ukuhwebelana kudinga abatshalizimali abanentshisekelo ukuthi bahlangabezane neziqu ezithile ezibekiwe.

Izinzuzo zama-STO
Ama-STO akhiwe kucatshangwa ngokuhambisana nomthetho, ngokungafani nokuthengiswa kwamathokheni okuvamile. Amathokheni okuphepha ahlinzeka abanikazi bayo ngamalungelo amaningana abopha ngokomthetho. Amanye amathokheni okuvikela aze anikeze abanikazi bawo amalungelo ezinzuzo noma eminye imithombo yemali engenayo echaziwe.

Amathokheni okuphepha nawo anenzuzo kubakhiphi bawo. Kusukela ekuqaleni, izinhlangano ezikhipha amathokheni ziyaqaphela ukuthi amathokheni azo athengwa ngabatshalizimali abagunyaziwe futhi abaqinisekisiwe ngakho-ke, akudingeki bakhathazeke ngokwethembeka kwabatshalizimali babo.

Ezinye izinzuzo zama-STO zihlanganisa:

1- Ilawulwa ngendlela efanele: Amabhizinisi akhipha amathokheni okuvikela kufanele asebenze ngaphansi kokuqondisa kwama-ejensi amisiwe alawulayo esifundeni njengama-SEC nama-FTC.

2- Ungaqiniseka ukuthi ama-STO ngeke antengantenge esikhathini esizayo: Ngokungafani nama-ICO angenakuqinisekiswa, ama-STO aqinisekile ukuthi azoletha njalo ngoba alawulwa ngendlela efanele.

3- Ama-STO anikeza ukunethezeka okuhle: Ukuthola amathokheni okuvikela kulula, kuqondile, futhi akunangcindezi. Odinga ukukwenza nje ukuthobela imfuneko ye-STO endaweni yakho futhi usulungele ukuhamba.

4- Ingahlelwa: Amathokheni okuphepha ayahleleka futhi angenziwa lula yizinkontileka ezihlakaniphile.

5- Inkokhelo ezenzakalelayo ye-dividend kanye nokuvota: Amanye amathokheni okuvikela ahlelelwe ukuthumela izabelo ngokuzenzakalelayo ngezinkontileka ezihlakaniphile. Futhi, amanye amathokheni okuvikela anikeza umphathi amalungelo okuvota akhethekile ezindabeni zebhizinisi elinikeza amathokheni.

6- Kuyimoto yokutshala imali efinyeleleka emhlabeni jikelele: Abatshalizimali emhlabeni wonke bangathola amathokheni okuphepha kungakhathaliseki ukuthi bakuyiphi indawo.

7- Akunakwenzeka ukukhohliswa: Uma kucatshangelwa indlela yokusebenza kwama-STO aphethwe, abadlali abakhulu abakwazi ukukhohlisa ukunyakaza kwawo.

8- Ama-STO awuketshezi kakhulu: Kuyinketho yokutshala imali ethembisa kakhulu njengoba inekhwalithi yemali emangazayo futhi ingadayiswa kalula.

Ngezinzuzo ezifana nalezi, ama-STO ngokuqinisekile aguqula izinto eziyisisekelo zomkhakha wezezimali.

Ukungalungi kwama-STO
Njengazo zonke ezinye izinhlobo zokutshalwa kwezimali, amathokheni okuvikela anemikhawulo yawo kanye nokushiyeka kwawo. Eminye yale mikhawulo yilezi:

1- Ibiza kakhulu kunamathokheni awusizo: Ama-STO, ngokungafani nama-ICO, asingatha izinhlangano eziningi emikhankasweni yawo yokuqongelela imali. Futhi, izimali zokulawula azishibhile okwenza kube nemali eningi kakhulu ukusingatha ama-STO.

2- Iziqu Zomtshalizimali: Amazwe afana ne-US aneziqu ezithile umtshali-zimali okufanele azikale ngaphambi kokuba afaneleke ukubandakanya ama-STO. Ngokusho kwe-SEC ukuze ube “umtshali-zimali Ogunyaziwe”, kufanele ube nesilinganiso semali engenayo yonyaka esingu-$200k nangaphezulu noma ubuncane besigidi esingu-$1 ebhange.

3- Izimo ezithile zokuhweba: Ama-STO angathengiswa kuphela ngokuhwebelana okuthile okuqokiwe. Futhi, lawa mathokheni anqunyelwe isikhathi okusho ukuthi uvunyelwe ukuhweba lawa mathokheni phakathi kwabatshalizimali isikhathi esimisiwe ngemuva kwe-STO.

Isivivinyo seHowey
Ngokuvamile, amathokheni kuthiwa yizibambiso, ngokomthetho, lapho edlula imingcele ethile. Enye indlela enjalo yokuhlonza ithuluzi lokuvikela ukusebenzisa i-“Howey Test”.

Kodwa okokuqala, ake sibheke ucezu lwemininingwane engemuva esheshayo yokuthi uhlolo lwe-Howey lwaba khona kanjani. Ngo-1944, indawo yokutshala amawolintshi ebizwa ngokuthi yinkampani yaseHowey yaseFlorida yaqashisa ingxenye enkulu yendawo yayo kubatshalizimali abaningana ngenhloso yokuthola imali yentuthuko eyayidingeka kakhulu.

Abathengi bomhlaba babengenawo amakhono noma ulwazi lokulima amawolintshi nganoma iyiphi indlela futhi banquma esikhundleni sokuba “abaqageli” badedele ochwepheshe benze imisebenzi yabo. Ukuqashisa kwenziwa ngesisekelo sokuthi inzuzo izodalelwa abatshalizimali ngumqashisi.

Kungekudala ngemuva kokuthengiselana kwebhizinisi inkampani yaseHowey yagunyazwa futhi yasolwa yi-United States SEC ngokwehluleka ukubhalisa ukuthengisa nesiphathimandla. I-SEC imile ekutheni inkampani ibhekene nezokuphepha ezingabhalisiwe. UHowey uziphikile izimangalo nokho, eqinisekisa ukuthi lokho akunikezayo kwakungesona isibambiso.

Ngemva kwenkulumompikiswano enkulu, icala laphelela eNkantolo Ephakeme, kamuva eyakhipha isinqumo esivuna i-SEC ukuthi ukuqashiswa komhlaba kukaHowey ngokungangabazeki kwakuyizibambiso. Ibalule ukuthi abatshalizimali bathenga umhlaba ikakhulukazi ngoba bebona ithuba lokwenza inzuzo ngesivumelwano. UHowey wabe eseyalelwa ukuthi abhalise ukudayiswa.

Lena kwakuyindaba yokwenziwa kokuhlolwa kukaHowey.

Namuhla, ngokuhlolwa kuka-Howey, noma yini ithathwa njengesibambiso uma inelisa le mibandela elandelayo:

1- I-investimenti ibihlanganisa imali.

2- Ukutshalwa kwezimali kwenziwa ebhizinisini.

3- Inzuzo izokwenziwa ngemizamo yabahlinzeki bokutshalwa kwezimali.

Ukuhlolwa kwe-Howey sekuphenduke igama eliqinile esikhaleni se-crypto. Ngo-2017 no-2018 (ngesikhathi "se-Heydey boom"), abahlinzeki abaningi be-ICO badliwa ngokuphelele ngokukala ukuhlolwa kwe-Howey njengoba kwakuyisinqumo esikhulu esisetshenziswa ekuqinisekiseni ukuba semthethweni kwe-ICO yi-SEC. Ukuhluleka ukuphumelela ukuhlolwa kwakusho ukuthi umnikelo wawungekho emthethweni futhi wawugunyazwe yiziphathimandla.

Amanye ama-ICO aze akhangisa amathokheni awo njengamathuluzi okutshala imali angenalo inani, echaza amathokheni awo ngokuthi "izinsiza" ezisetshenziselwa ukusebenzisana endaweni yesikhulumi kuphela.

Ukuqala kwama-STO
I-STO yokuqala kakhulu ikhishwe yi-Blockchain Capital ngo-10th ka-April 2017. Ukukhululwa kuhlanganisa cishe amaRandi ayizigidi ezingu-10 ngosuku olulodwa.

Kukhishwe ama-STO amaningana kulandela umcimbi wokuqala ohlanganisa i-tZero, Sharespost, Aspen Coin, Quadrant Biosciences, nokunye okuningi. Ama-STO kusukela ngaleso sikhathi athole ukwamukelwa okusabalele kanye nokufaneleka emakethe yanamuhla.

Ukuqonda Umehluko Phakathi Kwamathokheni Okuphepha kanye Nokuphepha Kwezimpawu
Ithokheni yezokuphepha edidayo yezibambiso ezinamathokheni kuwugibe oluvamile abantu abangena kulo. Umehluko omkhulu phakathi kwalokhu okubili ukuthi eyokuqala imvamisa iyithokheni esanda kukhishwa esebenza kusistimu yeleja esabalalisiwe kuyilapho eyakamuva iwukubonakaliswa kwedijithali kwamathuluzi ezezimali asevele ekhona.

Ngaphandle kokufana ngokubukeka kanye ne-nomenclature, amathokheni okuphepha awafani nhlobo nezibambiso ezinamathokheni.

Yiziphi Izinkampani Ezihilelekile Ekukhishweni Kwe-STO?
Uma kucatshangwa ukuthi ibhizinisi lihlela ukukhishwa kwamathokheni okuvikela njengomfanekiso wokulingana ekusungulweni kwalo, isinyathelo esilandelayo esidingekayo salelo bhizinisi kungaba ukubandakanya abadlali abathile nokulandela iziqondiso ezithile.

Kufanele ixhumane ngokusemthethweni nenkundla yokukhishwa ukuze isebenze njengendlela yokukhipha amathokheni. Izinkundla zokukhishwa ezidumile zifaka i-Polymath ne-Harbour, ehlanganisa abahlinzeki besevisi abafana nabanakekeli, ama-broker-dealers, nezinhlangano ezisemthethweni ukuze zenze izinqubo ezivikelekile.

Ubani Ongatshala Kuma-STO?
Ama-STO ayatholakala emphakathini jikelele ukuze uwathathe, kungakhathaliseki indawo. Kodwa-ke, njengoba kushiwo ngaphambili, i-US inemithetho ethile eqondisa ukutshalwa kwezimali kwe-STO.

E-US, kuyisibopho ukuba “umtshali-zimali ogunyaziwe” ngaphambi kokuthi utshale imali kuleli thuluzi. Umtshali-zimali ogunyaziwe ngumuntu onemali engenayo yonyaka engu-$200k nangaphezulu okungenani iminyaka engu-2 noma onesamba semali engu-$1 million nangaphezulu.

Amazwe amaningi aqala ukusebenzisa indlela yokuhlukanisa yase-United States futhi aseqalile ukukhawulela izigaba ezithile ekutshaleni imali kuma-STO.

Kutuswa ukuthi uhlale ucwaninga ngemithetho nemithetho ye-STO yendawo ohlela ukutshala ngayo imali.

IZwi Final
Ama-STO ahlinzeka amabhizinisi ngethemba lokukhulisa izimali ngendlela elula nelawulwayo. Inikeza kokubili abatshalizimali nabakhiphi izinzuzo ezinhle, kuyilapho iqinisekisa futhi imishwalense ngokumelene nemikhuba yokukhwabanisa noma enonya, ngokungafani nama-ICO. Abakhiphi abakhawulelwe kunoma iyiphi imboni, bangahluka emikhakheni eminingana ehlanganisa izindlu, amafemu e-VC, kanye namabhizinisi amancane naphakathi.

Ukuqhubekela phambili, cishe sizobona amafemu avelele engena kuma-STO.