加密资产:特征、风险管理与监管

Crypto Assets:Characteristics,Risk Management and Regulation

本文论述了加密资产的共性特征和加密货币的基本特点,并在此基础上,讨论了加密资产的风险类型,对金融机构如何管理加密资产风险提出建议。本文认为,加密货币的支付清算系统相对于传统以中央银行为清算系统并不会显示出太多优势。对于加密资产的监管,以Basel协议为核心的审慎监管框架仍旧适用,但要与原有的框架进行整合,监管当局要从金融功能的视角看待加密资产,对履行同样金融功能的业务实施同样类型的监管要求。

This article first discusses the common characteristics of crypto assets and the basic characteristics of cryptocurrencies.Based on this,the types of crypto asset risks are discussed,and suggestions are provided for financial institutions on how to manage crypto asset risks.This article believes that the cryptocurrency payment clearing system does not show much advantages over traditional central bank settlement systems.For the supervision of crypto assets,a prudent regulatory framework with the Basel protocol at its core still applies,but it must be integrated with the original framework.Supervisory authorities should look at crypto assets from the perspective of financial functions,and implement the same type of regulatory requirements for businesses that perform the same financial functions.