不断发展的加密资产法规 ： 对泼妇的驯服

ATemenoswhitepaper Everyone’sBankingPlatform EvolvingCryptoAssetsRegulations: TheTamingoftheShrew Contents EvolvingCryptoAssetsRegulations:TheTamingoftheShrew 03 MajorTrends 04 SettingtheScene 05 PromiseofWeb3andDecentralizedFinanceDeFi 09 DeFiComparedtoTradFi 10 ChallengesandThreats 12 StatusonRegulatoryFramework 14 StandardSettingBodies 16 EuropeanUnion 18 Singapore 19 Switzerland 20 UnitedKingdom 21 UnitedStates 21 Conclusion 22 Outlook 23 ResearchandAnalysisVendorsandTools 23 Glossary 24 References 23 Appendix 28 2 EvolvingCryptoAssetsRegulations: TheTamingoftheShrew Whathasclimatechangegottodowithcryptoassets,besidesminingforblockchain-basedtransactionsthatconsumesalotofenergy?AnthonyLeiserowitz,SeniorResearchScientistandDirectoroftheYaleProgramonClimateChangeCommunication(YPCCC)summarizedhisclimatechangefindings:“Scientistsagree.It’sreal.It’sus.It’sbad.Butthereishope.”1 Thesamesummarycouldbeappliedanalogouslytocryptoassets: •Expertsagreethatcryptoassetsandfirmsareheretostay. •Therearerealexampleswherecryptoassetshavefoundtheirwayintoourdailylives. •Weareboostinginvestmentsincryptoassetsatastaggeringrate. •It’sbadbecausedifferentlevelsofregulationinthecryptospacearepromotingregulatoryarbitragebycryptofirmsandthereforecreatinghighrisksforinvestorsandcustomerstolosetheirinvestments. •Thereishopeasstandardsettingbodiesandmajorjurisdictionsareproducingcoordinated,comprehensive,andbalancedregulatoryframeworksinthecryptospace. Inlightofthefast-pacedevolutionofthecrypto(andvirtualassets)industrythispapersetsouttoassessthecurrentstateofregulation,what’sneededandhowregulatorsacrossjurisdictionsareresponding. 1SeniorResearchScientistandDirectorofYaleProgramonClimateChangeCommunication(YPCCC).3 We’veGotClimateSolutions.NowWeNeedaMovement.|YaleInsights MajorTrends Thefollowingtrendsinthecryptospacearea(biased)selectionofwhatthefinancialindustrycanexpectsoon.Sometrendswillbeelaboratedoninthesubsequentchapters. •Regulatorsacrosstheglobewillprioritizeconsumerprotectiontopreventfraudandmarketmanipulation. •Therewillbeafocusoncustomerprotectionincryptos,likeMiFIDII(MarketsinFinancialInstrumentsDirective2)provisionswithinvestortraining,education,andinformation,aswellastherecordingofadvisory. •RegulatorswilldirecttheirenforcementeffortsatDeFiandtheincreasingcriminalactivities. •RegulatorswillcloselymonitormoneylaunderingrisksinvolvingNFTs. •VASP/CASPduediligencewillbecomeawidespreadcompliancepracticeinTradFiandDeFi. •Alotofdraftruleswillemergeonhowcryptoassetsandfirmsshouldberegulated,i.e.,AML(AntiMoneyLaundering)andsanctions,marketabuse(e.g.,EU’sMarketinCryptoAssetsRegulationMiCAR,MonetaryAuthorityofSingapore(MAS)2019PaymentsServicesActPSA,Switzerland’s“BlockchainAct”2020withasetofamendedlaws,UK’sFISMAFinancialServicesandMarketsBillin2023/2024andU.S.PresidentBiden’sExecutiveOrderonEnsuringResponsibleDevelopmentofDigitalAssets). •Cryptofirmsincreasinglyseekregistrationinregulatedjurisdictions. •FinancialinstitutionsinTradFiandcryptofirmsinDeFiapplyknowledgeandtechnologyfromotherassetclassestocryptoassets. •“UseoftheCourtSystem”:IntheU.S.,regulatoryagenciesissuealotofbroadrangingenforcementactionsthatarechallengedbytherecipientsandbroughttoCourt.Theaimofdoingso istonotonlychallengewhatregulatorsaresayingbutalsotosetprecedentcasesandgainregulatoryclarity.Evenifthisisalengthyandexpensiveapproach.OneofthereasonsisthattwoUSauthorities(SEC,CFTC)arevyingforsovereigntyintheregulationofthecryptoindustry. •ComplianceprocessesneedtouseblockchainanalytictoolswhenassessingrisksinAML/CFTandfraud. •Hiringpeoplewithtechnologyknowledgefromotherassetclassesincreasesthecrunchforscarcecomplianceresources. •Finally,cryptoassetswillbecomeintegratedmainstream. 4 SettingtheScene Cryptocurrency,digitalasset,cryptoasset,virtualasset,VASP,CASP,DigitalAssetCustomer,CentralizedExchange(CEX),DecentralizedExchange(DEX)—therearemanytermsandoperatingentitiesinthecryptospace. ADigitalAssetEntityisanumbrellatermforarangeofbusinessesbuiltondigital/crypto/virtualassettransactions.Thesebusinessescanbefinancialinstitutions,hedgefunds,orblockchainprojectsandincludeVASPs/CASPs,cryptocurrencyexchanges,BitcoinATMs,non-custodial(orprivate)wallets,oranyDigitalAssetCustomerinvestingindigital/crypto/virtualassets. Figure1:Source:CipherTrace:Groupingofdigitalandcryptoentities. DigitalAssetEntity •Blockchainproject •Hedgefund •Familyoffice •Non-custodial •Wallet •Miner •Gambling VASP/CASP •Cryptoexchange •DEX •OTCDesk •BitcoinATM •P2Pexchange •Custodyprovider DigitalAssetCustomer BankCustomer 5 Figure2:SourceACAMS:Digital/crypto/virtualassets DigitalAssetCustomer VirtualAsset ADigitalAssetincludessovereigncryptocurrency,virtualcurrency(non-fiat),andadigitalrepresentationofafiatcurrency. VirtualAssetisadigitalrepresentationofvaluethatfunctionsas 1.Amediumofexchange 2.Aunitofaccountand/or 3.Astoreofvalue Andisneitherissuednorguaranteedbyanyjurisdiction. Wherenotexplicitlymentionedinthiswhitepaper,thetermcryptoassetsisusedassynonym fordigitalassets,virt