资产代币化的监管方法

Regulatory Approaches to the Tokenisation of Assets

Executive Summary

The OECD's "Regulatory Approaches to the Tokenisation of Assets" report examines various strategies governments and regulatory bodies are adopting towards the tokenisation of assets—a process that involves representing traditional financial instruments as digital tokens. The report highlights the rapid evolution of blockchain and distributed ledger technology (DLT) in financial services, covering areas like payments, post-trade processes, and the unregulated crypto-asset markets.

Key Findings

1. Technology-Neutral Approach: Most regulators apply existing financial regulations to tokenised assets, maintaining a 'substance over form' perspective.

   • Guidance and Clarifications: While beneficial, these are increasingly sought after by market participants for clearer guidelines.

2. Tailored Frameworks: Some regulators introduce bespoke frameworks for tokenised assets and DLT-based markets, defining new roles for participants in these sectors.

   • Selective Law Adjustments: Switzerland proposes adjustments to existing laws to specifically address DLTs and tokenised assets.

3. Addressing Emerging Risks: Policies focus on mitigating risks associated with innovative DLT applications, including payment processes, custodianship, and technological uncertainties.

4. Challenges for Policymaking: The report identifies challenges related to terminology clarity, settlement finality, geographic regulation enforcement, legal aspects of smart contracts, governance, privacy, and operational issues.

5. Future Outlook: It predicts that DLTs will become integral to financial markets, potentially leading to structural changes in market processes and possibly the market structure itself.

Key Areas of Focus

• Asset Tokenisation as Part of Crypto-Asset Policymaking: Discusses the integration of tokenisation within broader crypto-asset regulatory frameworks.
• Technology-Neutral Approach: Emphasizes the adaptation of existing regulations rather than creating new ones for tokenised assets.
• Tailored Frameworks: Highlights the development of specific regulations for tokenised assets and DLT-enabled markets.
• Policies Around Other Risks: Addresses regulatory concerns beyond direct tokenisation risks, such as payment processes and custodianship.
• Other Potential Challenges: Outlines issues like terminology understanding, settlement finality, geographic regulation, legal complexities, governance, privacy, and operational challenges.

Future Considerations

The report suggests that future developments in tokenised assets will continue to evolve as DLTs become more integrated into financial systems. Policymakers will need to adapt their strategies to accommodate these changes while ensuring regulatory compliance, financial stability, and consumer protection.