ICO融资行为的挑战：我国非法集资行为刑法规制路径的反思与应然选择

蒋 辉 宇

ICO融资行为的挑战：我国非法集资行为刑法规制路径的反思与应然选择

引用本文：蒋辉宇.ICO融资行为的挑战：我国非法集资行为刑法规制路径的反思与应然选择[J].财经理论与实践,2019,(2):12-19

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作者	单位
蒋辉宇	（安徽财经大学法学院，安徽蚌埠 233030）

中文摘要:ICO刑法规制的尴尬处境表明，我国现行刑法中“发行标的”与“募集对象”两类规制路径的并重适用，将引发刑法设计上的“逆向选择”，进而形成法律规制效力的分散化。从非法集资被稳定界定与提高法律规制效力的集中性出发，我国应以“募集对象”路径构建针对非法集资的刑事规制体系；同时，借鉴公司法现物出资制度经验，通过概括式规则对“资金”概念进行周延界定，促成以统一的“非法集资罪”罪名对各类非法集资行为进行集中、有效刑事规制。

中文关键词:非法集资刑法规制路径 ICO 发行标的募集对象资金

Challenges from ICO: Rethinking and Due Selection for China’s Criminal Regulation Route of Illegal Fund-raising

Abstract:The embarrassing situation of criminal law regulation on ICO shows that: equally applying of both "the underlying asset for issuance" and "participant-investors in the issuance" regulation routes in active criminal law will initiate adverse selection in designing of criminal law, and will further lead to the decentralization of legal regulation effectiveness. Aimed at the goal that the illegal fund-raising is stably defined and increasing the centrality of legal regulation effectiveness, China's criminal legislation should set up a criminal regulation system based on "participant-investors in the issuance" route to resolve illegal fund-raising, and meanwhile, may fully draw lessons from physical contribution's legislation in company law, considerately define the concept "capital" by abstract provisions, which will lead to the situation that illegal fund-raising in China will be centrally and effectively regulated in charge of the formal name "illegal fund-raising".

keywords:illegal fund-raising criminal regulation route ICO underlyihng asset for issuance participant-investers in issuance capital

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