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政策贡献

加密资产的经济潜力和风险:是否需要监管框架??

What is the economic potential and the risks of crypto assets?监管者和监管者对这些新市场非常感兴趣。This Policy Contribution is a version of a paper written at the request of the Austrian Presidency of the Council of the European Union for the informal ECOFIN meeting of EU finance ministers and central bank governors.

通过: and Date:9月6日,二千零一十八 主题:欧洲宏观经济与治理

这一政策贡献是应奥地利欧盟理事会主席国要求为欧盟财政部长和中央银行行长非正式经济共同体会议(2018年9月)撰写的一份文件的版本。

We analyse and assess the economic potential and risk of crypto assets and discuss key regulatory questions that European Union policymakers need to confront.Crypto assets can be broadly classified as cryptocurrencies – a private means of payment – and initial coin offerings (ICOs),通常用于资助新的活动,违背未来公用事业(公用事业代币)或财务回报(证券代币)的承诺。Crypto exchanges and wallets provide services such as exchanging crypto assets into central bank currencies and brokerage services.

The underlying technologies – record keeping in distributed ledgers and blockchain – facilitate peer-to-peer interactions without intermediaries and are still experimental.They have been praised as offering benefits for many applications beyond finance,but there is also significant scepticism.

加密资产市场的市场估值发生了巨大变化。在超过8000亿美元的峰值(2018年1月)之后,下降到约2000亿美元(2018年8月)。Cryptocurrencies such as bitcoin have dropped markedly in value.自2018年3月达到峰值以来,通过ICOS筹集的资金也大幅减少。

监管者和监管者对这些新市场非常感兴趣。欧洲不同的监管机构对加密货币的分类和处理方式不同。有些人将加密货币归类为一种记账单位,而另一些人则拒绝将其作为一种金融工具。Several regulators take the view that case-by-case assessments of ICOs are necessary.There seems to be convergence on the view that crypto exchanges and wallet providers should require authorisation to operate.

加密资产引发了六个主要的公共政策问题:加密资产在高级金融系统中的潜力有多大?打击洗钱和恐怖主义融资等非法活动的最佳方式是什么?How can consumer and investor protection be ensured?What about financial stability?How might crypto assets be taxed?And how can blockchain applications be embedded into the existing legal framework??

European policymakers must first decide whether crypto assets should be isolated,regulated or integrated.We argue that at this point regulation is the right approach.Second,global cooperation in the managing risks of the new technology should be ensured while reaping the opportunities it undoubtedly provides.The G20 and the Financial Stability Board should set regulatory norms that address the six policy questions.国际标准化组织等标准制定组织也应发挥作用。Third,欧盟政策制定者需要就将加密资产监管从国家层面转移到欧盟层面的正确时机达成一致。在单一的资本市场中,分散的监管实践可能带来显著的缺点,这对于高度移动的加密资产尤其如此。然而,不同的管理实践可以允许对快速变化的技术使用不同的方法进行实验。

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