FinancialmarketlawandregulationarenotapplicabletoallICOs.DependingonthemannerinwhichICOsaredesigned,theymaynotinallcasesbesubjecttoregulatoryrequirements.Circumstancesmustbeconsideredonacase-by-casebasis.AssetoutinFINMAGuidance04/2017,thereareseveralareasinwhichICOsarepotentiallyimpactedbyfinancialmarketregulation.Atpresent,thereisnoICO-specificregulation,noristhererelevantcaselaworconsistentlegaldoctrine.

同时，2017年11月，《关于规范金融机构资产管理cocE务指导意见（征求意见稿）rTNo（简称“资管新规”）出台g74e明确规定金融机构对资产管sBdR产品应当实行净值化管理，iMud值生成应当符合公允价值原1o01，及时反映基础资产的收益Fhcn风险S3Kq