加密数字货币双维监管的体系建构

Systemic construction of the two-dimensional regulationof cryptocurrencies

发源于比特币的加密数字货币在技术进步过程中形成了基于分布式账本的架构共性,通过私钥验证即可自由转让。可编程分布式账本使得加密数字货币多样的用途与生态成为可能,并形成了以加密数字货币中介平台为核心的经济模式。加密数字货币的新型架构特征迥异于有价证券等纸质媒介和银行账户等账户资产,使得加密数字货币具备很高的流通性,其发行人和中介平台相互分离。加密数字货币金融资产属性增强,私法性质模糊化和融合化,催生了加密数字货币的新型金融风险。该风险具体包括:相较于发行人而言,投资者获得的信息不充分;中介平台可能不遵守受托人义务导致运营失败;市场可能被操纵甚至传导而波及传统金融市场;可能发生洗钱、逃避外汇管制等违法犯罪现象。由于规则导向的传统法律监管模式已经无力独自应对科技驱动的加密数字货币风险样态,因而需要引入技术驱动型监管共同建构双维监管体系。其中,法律维度包括发行人信息披露监管、中介平台审慎和行为监管、行业自律监管等规则;技术维度则需要基于链上实体发现、画像与异常交易发现、追踪与网络拓扑分析等技术,构建监管技术框架。加密数字货币中介平台可以具体实施和部署双维监管,发挥分布式账本自身特性实时收集数据,运用人工智能技术高效分析,从而发现监管目标、落实监管措施,最终实现以链治链。

The cryptocurrency originated from Bitcoin has formed an architectural commonality based on distributed ledgers in the process of technological advancement,and can be freely transferred through private key verification.Programmable distributed ledgers make the diverse uses and ecology of cryptocurrencies possible,and form an economic model with cryptocurrency intermediary platforms as the core.The new architectural characteristics of cryptocurrencies are very different from paper media such as negotiable instruments,and account assets such as bank accounts,making cryptocurrencies highly liquid and the issuer and intermediary platform separated from each other.The enhanced financial asset attributes of cryptocurrencies and the blurring and integration of private law nature have given rise to new financial risks in cryptocurrencies.Specifically,investors receive insufficient information compared to the issuer,the intermediary platform may not comply with fiduciary obligations,leading to operational failure,the market may be manipulated and even spread to the traditional financial market,and illegal and criminal phenomena such as money laundering and evasion of foreign exchange regulation may occur.The traditional rule-oriented legal regulation model is no longer able to cope with the risk profile of technology-driven cryptocurrencies on its own,and it is necessary to introduce technology-driven regulation to jointly build a two-dimensional regulation system.Among them,the legal dimension includes rules such as issuer information disclosure regulation,prudential and behavioral regulation of intermediary platforms,and industry self-regulation.The technological dimension requires the construction of regulatory technology framework based on on-chain entity discovery and profiling,abnormal transaction discovery and tracking,network topology analysis,and other technologies.The cryptocurrency intermediary platform can implement and deploy the two-dimensional regulation,take advantage of the characteristics of distributed ledgers to collect data in real time,and use artificial intelligence technology to efficiently analyze,thereby discovering regulatory targets,implementing regulatory measures,and ultimately realizing the RegChain.