WEF+加密资产监管的途径：全球方法-34页-WN6.pdf
Pathways to the Regulation of Crypto-Assets:A Global ApproachW H I T E P A P E RM A Y 2 0 2 3ContentsImages:Getty Images 2023 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording,or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project,insight area or interaction.The findings,interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partners or other stakeholders.PrefaceExecutive summary1 The need for a global approach to crypto-asset regulation1.1 The nature of technology1.2 The prospect of interconnectedness between traditional financial and crypto-asset ecosystems2 Challenges to a global approach2.1 Lack of standardized definitions,taxonomies,classifications and understanding2.2 Regulatory arbitrage2.3 Fragmented monitoring,supervision and enforcement3 Regulatory approaches3.1 Principle-based regulation3.2 Risk-based regulation3.3 Agile regulation3.4 Self-and co-regulation3.5 Regulation by enforcement3.6 Analysis of regulatory approaches4 Conclusion and recommendations4.1 Recommendations for international organizations4.2 Recommendations for regional/national regulatory authorities4.3 Recommendations for the industryContributorsEndnotes3456101213141517192020212222242526272932Pathways to the Regulation of Crypto-Assets:A Global Approach2PrefaceAs with some other emerging technologies,regulating this ecosystem is like walking a tightrope it requires a delicate balance between preventing harms,protecting users and promoting innovation.While significant progress has been made over the past few years,especially the numerous consultations and frameworks from international organizations(the FSB,IMF,BIS,OECD,IOSCO and others)and national regulators(the EU,Singapore,Japan,the UAE,India,South Africa,the US and many more),as well as various industry efforts,several pertinent questions remain under discussion,such as:How best to define and classify crypto-assets?How should they and related activities be characterized to enable a harmonized understanding of the ecosystem and promote regulatory coordination?As crypto-assets and related activities move along a spectrum from being centralized to decentralized,which novel legal and policy issues need to be considered?Are specific frameworks required to address these issues or can existing rules and regulations be adapted for them?What are the best ways to maintain regulatory oversight over not just the area of crypto-assets,but also other institutions(banks,investment firms,etc.)that interact with this ecosystem,so that the risks pertaining to cybersecurity,consumer protection,money laundering and market integrity,among others,are sufficiently addressed?How can policy-makers,regulators and industry work together to establish a consistent,coordinated and effective regulatory framework for crypto-assets?This publication,Pathways to the Regulation of Crypto-Assets,sets out to understand and highlight the needs and challenges in developing a global approach to crypto-asset regulation.In doing so,it delves into the various regulatory approaches being adopted by different jurisdictions.Borne out of this analysis and the multistakeholder consultations conducted is a non-exhaustive list of prioritized pathways for international organizations,national authorities and industry actors to consider in evolving a coordinated approach.The papers findings,set amid the recent turmoil in the industry,reinforce the urgent need for policy-makers and regulators to collaborate with industry and users to realize the benefits while addressing the risks involved.It is hoped that this paper,developed with significant contributions and expert insights from members of the Digital Currency Governance Consortium(DCGC)community a global,multistakeholder group of more than 85 leading organizations in the field will enable various actors to accelerate dialogue,collaboration opportunities and action to build the vision of an equitable,inclusive and sustainable crypto-asset ecosystem.How best to regulate something thats borderless,open-source,decentralized and constantly evolving?This is the question policy-makers,industry and users are grappling with as the crypto-asset ecosystem develops.Arushi Goel Specialist,Data Policy and Blockchain,Centre for Fourth Industrial Revolution India,World Economic ForumPathways to the Regulation of Crypto-Assets:A Global ApproachMay 2023Pathways to the Regulation of Crypto-Assets:A Global Approach3Executive summaryCoordinating regulatory frameworks across jurisdictions is a complex task for almost any sector.With crypto-assets given the unique features of the underlying technology as well as the boundless opportunities that it presents it is often contended that global coordination is not just desirable but necessary.There exists a broad spectrum of views,especially as there are multiple stakeholders at varying levels of maturity,and the need for a global approach is warranted due to:The borderless nature of technology:as the crypto-asset ecosystem moves across the spectrum from centralized to decentralized,the intricacies in identifying the“who”,“where”and“whom”also become markedly difficult.The potential of interconnectedness within the crypto-asset ecosystem and with the traditional financial system:events in 2022 have evidenced that the crypto-asset environment is highly interconnected,meaning that fragmented regulatory regimes will create challenges for ensuring uniform consumer protections or market integrity efforts.As the potential for connectedness with the traditional financial system is examined,the need for a collaborative approach is even more pronounced.While the global approach is an ideal pathway,there are various barriers that impede this:Lack of harmonized taxonomies/classification:different jurisdictions define and categorize crypto-assets in various buckets,creating ambiguity in understanding the risks posed as well as a lack of clarity for market participants.Regulatory arbitrage:as different jurisdictions evolve their respective regulatory frameworks,this hampers effective oversight and development of the ecosystem.Fragmented monitoring,supervision and enforcement:lack of coordination among various law-enforcement agencies leads to inconsistent enforcement and lack of coherence in regulatory approaches.Over the past few years,various international standard-setting bodies and organizations have made considerable efforts to produce evidence-based research as well as high-level frameworks to evolve a global approach.Amid this,some countries have also chosen to focus on certain key aspects of the ecosystem,often with the objective of ensuring consumer protection,prevention of illicit financing and financial stability,but taking varied approaches.This paper discusses some jurisdiction examples pertaining to a wide spectrum of regulatory approaches such as principle-based,risk-based,agile regulation,self and co-regulation and finally,regulation by enforcement.To ensure a broad and global view of this topic,diverse stakeholders as part of the Digital Currency Governance Consortium were consulted to evolve recommendations for the international organizations and national/regional authorities as well as industry stakeholders,while duly acknowledging the critical role of academia,civil society and,most importantly,the users in evolving a responsible ecosystem.Interestingly,the recommendations appreciate that the distinct opportunities and risks presented by crypto-assets will also need an innovative approach,while building on lessons learned and best practices developed in other sectors as well.Pathways to the Regulation of Crypto-Assets:A Global Approach4The need for a global approach to crypto-asset regulation1The borderless nature of the technology,the interconnectedness within the crypto-asset ecosystem and the prospect of linkages with the traditional financial ecosystem strengthen the case for a global approach to crypto-asset regulation.Pathways to the Regulation of Crypto-Assets:A Global Approach5Decentralized ledger technology(DLT)is a transformational technology with the ability to disrupt the way people record transactions,enhance transparency and governance,exchange value and coordinate and collaborate across geographies and industries.Blockchain,a subset of DLT,forms the infrastructure layer for many cryptocurrencies,some central bank digital currencies(CBDCs)1 and many other assets within the digital-asset environment.For this paper,“crypto-assets”refers to digital assets for financial uses that are enabled by DLT and secured cryptographically,including but not limited to cryptocurrencies and stablecoins.CBDCs are excluded from the scope of this paper.2 Please note that the terminology employed in the paper to describe crypto-assets is not absolute and can be subject to interpretation.Depending on the specific context and jurisdiction,alternative terms such as“virtual assets”,“digital assets”and“crypto tokens”,among others,may be used.It is essential to recognize that this paper primarily addresses the broader realm of crypto-assets and may not comprehensively cover the intricacies of more specialized assets,such as non-fungible or real-world assets.Nonetheless,certain concepts discussed herein may have applicability and implications for these distinct asset categories as well.Crypto-assets have a variety of uses,financial and non-financial,although many current uses are concentrated in and developed with a focus on the financial sector.While still much smaller than the aggregate size of the traditional financial sector,the gross market capitalization of all crypto-assets is estimated at more than$1 trillion as of February 2023,which is significant.With the prevalence of crypto-assets and smart-contract programming,myriad uses ranging from cross-border aid disbursement and remittances to reimagining traditional financial applications are increasingly being tried and tested.As a result,regulatory attention has increased,and regulators are keen to understand the potential benefits and risks for existing businesses,financial stability and integrity,preventing illicit finance and consumer-protection concerns.The crash of a“stablecoin”and the fall thereafter of one of the worlds largest crypto exchanges in 2022 sent shockwaves through the industry,eliciting strong responses from regulators and users.While smart contract programs function as they are coded to do so,3 challenges remain,both technological and non-technological.Risks stem from code vulnerabilities,lack of independent verification,inadequate oversight and accountability controls,among other factors.The 2022 failure serves as a reminder of the importance of distinguishing between businesses that leverage technology for transparency,risk mitigation and innovation,and those that merely engage in crypto-asset activities without adequate technology safeguards.Regulatory approaches have differed widely across jurisdictions,depending on,among other things,the maturity of the local market,the degree of expertise of public and private actors,the degree of actual or perceived harm occurring in a market and regional priorities.The varied approaches have led to regulatory fragmentation,increased risks arising from opportunities for regulatory arbitrage,and a lack of clarity on the status of the crypto environment in multiple jurisdictions.For example,a DLT-based crypto token may be termed a“virtual asset”in one jurisdiction but a“crypto token”or even a“virtual digital asset”in another(each with differing definitions)and be banned in a third.This has led to the suggestion that a global,coordinated approach to the definition and to crypto-asset regulation is needed.4 Taking a detailed and nuanced view of the crypto-asset ecosystem,this paper,a part of the Digital Currency Governance Consortium(DCGC),5 proceeds in four parts:(1)it examines the need for a global approach to regulation of crypto-assets;(2)it probes the major challenges to realizing the global approach;(3)it highlights the various regulatory approaches adopted by jurisdictions for regulating crypto-assets;and(4)it shares concluding thoughts and recommendations.Crypto-assets,and the technologies on which they are based,present unique technical and structural challenges to regulation due to the decentralized,transparent and open-source nature of the ecosystem.For financial uses,transactions taking place on-chain may offer opportunities for faster/safer payments and may be traced and tracked in cases of illicit activities.The conduct of transactions on-chain,supported by relevant analytics and record-keeping systems,also allows better analysis by users and/or financial institutions/service providers to understand the relevant commercial interests and,in turn,develop products/services that meet service needs.Moreover,the deterministic nature of smart contracts(where the code functions as it is coded to function in contrast with human discretion and artificial forms of intelligence),transparency,the immutability of the ledger and the open-source nature of the ecosystem provide technology protections that could achieve regulatory objectives without the same cost of audit and compliance as traditional structures.The nature of technology1.1Pathways to the Regulation of Crypto-Assets:A Global Approach6However,crypto-assets and their ecosystem do not always fit squarely into the existing activity-based,intermediary-focused approach of regulation,even where crypto-asset activities mirror those of the traditional financial sector.Some of the reasons for this include an inability to classify either various tokens under the existing definitions or the intermediary in providing services to users(especially in cases of decentralized finance that run on automated protocols and enable a transfer to occur peer to peer with no intermediary organization that can be regulated and held to account).Figure 1 illustrates intermediated flows of funds in the traditional financial system(above)and peer-to-peer flows of funds in a decentralized system(below).Regulatory safeguards provided by intermediaries such as banks may no longer be fully applicable for a decentralized system.This may require re-envisioning key tasks,how they are performed and by what parties to ensure maintenance of regulatory safeguards and compliance with legal obligations.It is noted that Figure 1 is a simplified depiction of the traditional financial/decentralized systems.Practically,even within the crypto-asset ecosystem,a variety of activities occur on a wide spectrum ranging from centralized to de
