「零壹财经」解读美国最新监管意见：虚拟货币杠杆交易是期货交易？( 四 ) 来源|零壹财经专栏作者|郑乃全北京卓纬

Example1:Actualdeliveryofvirtualcurrencywillhaveoccurredif,within28daysafterenteringintoanagreement,contract,ortransaction,thereisarecordontherelevantpublicdistributedledgerorblockchainaddressofthetransferofvirtualcurrency,wherebytheentirequantityofthepurchasedvirtualcurrency,includinganyportionofthepurchasemadeusingleverage,margin,orotherfinancing,istransferredfromthecounterpartyseller’sblockchainaddress169tothepurchaser’sblockchainaddress,overwhichthepurchasermaintainssolepossessionandcontrol.Whenanexecutionvenueorotherthirdpartyofferoractsasanintermediary,thevirtualcurrency’spublicdistributedledgershouldreflectthepurchasedvirtualcurrencytransferringfromthecounterpartyseller’sblockchainaddresstothethirdpartyofferor’sblockchainaddressand,separately,fromthethirdpartyofferor’sblockchainaddresstothepurchaser’sblockchainaddress,overwhichthepurchasermaintainssolepossessionandcontrol.
示例2：如在订立交易之日28天内满足下列条件的，将会认定为实际交付：
（1）交易对手卖方或要约人已将所购买的虚拟货币的全部数量，包括使用杠杆，保证金或融资进行的购买的任何部分，交付给存管人（例如：钱包或其他相关的存储系统），该存管人与买方通过订立协议代买方持有虚拟货币，存管人不考虑要约人、对手方卖方或与要约人或对手方卖方在类似基础上共同行动的人所主张的任何利益。但，该存管人不得被交易对手卖方拥有，控制或附属于该交易对手卖方（包括其任何母公司，子公司，合伙人，代理人，关联公司以及与交易对手卖方一致行动的其他人）；
（2）买方已完全控制了虚拟货币（例如，在技术上可行的情况下，可以在任何时候从存管人中任意取出并自由使用所购买的全部数量商品的能力，包括按其选择转移到另一存管人）；
（3）就所交付的商品而言， 28天期限过后，基于通过保证金，杠杆或融资安排所购买的所有数量商品上不存在任何抵押或要约人、对手方卖方或与要约人或对手方卖方的一致行动的人基于同样基础所产生的利益或法律权利。这种情况假设所购买商品的任何部分都不能被强制销售或以其他方式使买方失去作为满足实际交付条件的控制。
Example2:Actualdeliverywillhaveoccurredif,within28daysafterenteringintoatransaction:
(1)thecounterpartysellerorofferorhasdeliveredtheentirequantityofthevirtualcurrencypurchased,includinganyportionofthepurchasemadeusingleverage,margin,orfinancing,intothepossessionofadepository170(i.e.,walletorotherrelevantstoragesystem)otherthanoneowned,controlled,operatedby,oraffiliatedwith,thecounterpartyseller(includinganyparentcompanies,subsidiaries,partners,agents,affiliates,andothersactinginconcertwiththecounterpartyseller)171thathasenteredintoanagreementwiththepurchasertoholdvirtualcurrencyasagentforthepurchaserwithoutregardtoanyassertedinterestoftheofferor,thecounterpartyseller,orpersonsactinginconcertwiththeofferororcounterpartyselleronasimilarbasis;
(2)thepurchaserhassecuredfullcontroloverthevirtualcurrency(e.g.,theabilitytoremoveassoonastechnologicallypracticableandusefreelyuptothefullamountofpurchasedcommodityfromthedepositoryatanytime,includingbytransferringtoanotherdepositoryofthecustomer’schoosing);and
(3)withrespecttothecommoditybeingdelivered,noliens(orotherinterestsorlegalrightsoftheofferor,counterpartyseller,orpersonsactinginconcertwiththeofferororcounterpartyselleronasimilarbasis)resultingorrelatingtotheuseofmargin,leverage,orfinancingusedtoobtaintheentirequantityofthecommoditydeliveredwillcontinueafterthe28-dayperiodhaselapsed.172Thisscenarioassumesthatnoportionofthepurchasedcommoditycouldbesubjectedtoaforcedsaleorotherwiseremovedfromthecustomer’scontrolasamethodofsatisfyingthisexample.