数字货币交易平台的风险及其监管规则建构

Construction of Regulatory Rules for Digital Currency Trading Platforms from the Perspective of Risk Commonality

本文探讨数字货币的基本原理和主要风险,提出数字货币交易平台的风险共性是身份重叠,而身份重叠的问题源于资金端、资产端和中介机构的角色职能不清。强管制型的监管模式无法有效遏制交易平台风险,自律型监管是平衡政府、平台和投资者之间利益协调的最优方案。自律型监管需构建交易平台中介机构的基础业务监管规则、资金端的投资者保护监管规则和资产端的信息披露监管规则。

This paper explores the basic principles and main risks of digital currency, and proposes that the risk commonality of digital currency trading platforms is overlapping of identity and the inability to establish business rules. Strictly regulated regulatory measures cannot effectively curb the risk of trading platforms. Self-regulatory supervision is the optimal solution for coordination of interests between government supervision and trading platforms. The problem of overlapping identity of the trading platform stems from the unclear role of the funds, assets and intermediaries.It is necessary to construct the basic business management rules of the trading platform intermediaries, the investor protection management rules of the funds and the information disclosure management rules of the assets.