It is generally agreed that gaps in sustainable and social finance should be met by increased marketization. However, there are significant challenges in galvanising the investment community used to conventional securities and other investment market instruments. Our article proposes using technological innovations in fund-raising, observed in the initial coin offerings (ICOs) market, to transform the asset class of sustainable and social finance in order to achieve greater marketization, creating an integrated form of social-commercial value for a variety of different investors, from conventional to crowdsourced marketplaces. Key to our proposal is the innovation of tokenisation introduced in ICOs. We argue that tokenisation holds transformative potential for restructuring investment opportunities, as assets need not be tied to the expectations and obligations of conventional financial value creation. Tokens can offer different classes of financial and non-financial rights and rewards. We propose that sustainable and social finance can be raised by corporate structures dedicated to sustainable or social purposes, as dual-class offerings. One class of tokens allows holders to commit to the sustainable or social ends and exercise governance rights as part of their investment. Such token-holders are also expected to be long-term investors and subject to lock-in periods, in order to support the ultimate fulfilment of the sustainable or social project. The other class of tokens would carry no governance rights but be immediately tradeable. This class of tokens likely attracts more transient investors but would provide an important source of finance for sustainable and social projects. The success of ICOs reflects the importance of market conditions and liquidity for this class of investors and we make some proposals as to how such markets can be made more robust by appropriate regulation.

中文翻译：

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技术、市场和可持续（和）社会金融的结合：来自 ICO 市场的新监管框架洞察

人们普遍认为，可持续金融和社会金融方面的差距应通过提高市场化程度来弥补。然而，在激励习惯于传统证券和其他投资市场工具的投资界方面存在重大挑战。我们的文章建议利用在首次代币发行 (ICO) 市场中观察到的融资技术创新，转变可持续和社会金融的资产类别，以实现更大的市场化，为社会创造一种综合的社会商业价值形式。各种不同的投资者，从传统市场到众包市场。我们提案的关键是 ICO 中引入的代币化创新。我们认为代币化具有重组投资机会的变革潜力，因为资产不需要与传统金融价值创造的期望和义务挂钩。代币可以提供不同类别的金融和非金融权利和奖励。我们建议可持续和社会融资可以通过致力于可持续或社会目的的公司结构筹集，作为双重产品。一类代币允许持有人致力于可持续或社会目标并行使治理权作为其投资的一部分。此类代币持有者也有望成为长期投资者并受到锁定期的限制，以支持可持续或社会项目的最终实现。另一类代币没有治理权，但可以立即交易。这类代币可能会吸引更多的临时投资者，但将为可持续和社会项目提供重要的资金来源。ICO 的成功反映了市场条件和流动性对这类投资者的重要性，我们就如何通过适当的监管使此类市场更加稳健提出了一些建议。