摘要
近年来,金融科技在全球范围内迅速兴起,以区块链为代表的分布式账户被认为是最有发展潜力的金融科技技术。作为其应用形式之一,比特币等私人数字货币快速发展,但也积累了潜在风险,引起各方广泛关注。国际组织、各国央行和监管机构均高度重视、密切跟踪研究金融科技的发展应用及其对金融稳定的影响,目前总体认为,分布式账户、区块链技术尚处于起步阶段,能否实现大规模推广并产生变革性影响,还有待观察。数字货币按照发行主体可分为私人和法定数字货币。对于比特币等私人数字货币,各国普遍认为其不是法定货币,并持续向投资者提示相关交易活动风险。对与私人数字货币相关的金融业务,各国要么严格限制或禁止,要么按照业务属性纳入现行监管框架,主要涉及以数字货币为基础资产的衍生品交易、为数字货币交易提供支付服务、数字货币交易平台等。此外,各国普遍认定首次代币发行(ICO)为一种公开融资活动,多数国家将其界定为证券发行行为。对于法定数字货币,各国均予以密切关注、积极跟踪研究,但多数国家尚未提出实质性的具体发行计划。本文认为,针对金融科技的快速发展,监管者应遵循"技术中立"原则,按照金融业务本质实施监管,维护市场公平竞争;及时对金融科技/互联网金融业务进行"穿透定性",防止冒用"技术"名义违法违规开展金融业务;加强对金融机构与科技企业合作的监管,强化对信息科技风险、外包风险和其他操作风险的管控;同时,持续加强跟踪研究和监测分析,做好专业知识、人才队伍、政策措施等方面储备。
In recent years,the attention to financial technology,or"Fintech",has increased at a rapid pace globally.It is widely believed that no aspect of fintech has greater potential to transform the financial landscape than the distributed ledger technology(DLT,including blockchain).Among the cryptocurrencies currently using DLT,Bitcoin is the largest and best-known example,which has experienced rapid growth over the past years,together with build-up of potential risks.The international standard setting bodies,central banks and national supervisory agencies have paid great attention to the development of Fintech and its impact on financial stability.They generally believe that the development of Fintech is still in the early phases and its implications remain to be seen.Digital currency(DC),or cryptocurrency/virtual currency,can be classified into two categories:privately-issued digital currency(DCs)and central bank digital currency(CBDC).Authorities generally believe that legally,privately-issued DC is not a currency and does not have the status of legal tender.They have also kept issuing warnings about risks associated with Bitcoin-related transactions.Some jurisdictions have banned financial activities related to privately-issued DCs,while other jurisdictions have clarified the applicability of existing legislation to DCs related financial activities,including using DCs as underlying reference assets in derivative transactions,offering payment service to DCs as well as operating a virtual currency exchange.Meanwhile,jurisdictions generally define the initial coin offering(ICO)as securities offering which should fall under the securities regulation.With regard to the CBDC,authorities have been monitoring its developments and studying its implications.However,most jurisdictions have not yet launched specific plans on issuing CBDC.This paper argues that regulators should take a"technology neutral"position,and regulate and supervise financial activities according to their nature so as to prevent regulatory arbitrage and promote fair competition.They should also ensure financial activities and products with similar nature and risks are subject to consistent supervisory standards,no matter what types of technologies they have used.In addition,with financial institutions increasingly engaged in business cooperation with technology companies,regulators should strengthen the supervision of IT risk,outsourcing risk and other forms of operational risks.Finally,regulators should improve the supervisory framework by keeping up with the development of new technologies.
出处
《金融监管研究》
北大核心
2018年第6期1-12,共12页
Financial Regulation Research
关键词
金融科技
分布式账户
数字货币
金融监管
Fintech
Distributed Ledger Technology
Digital Currency
Financial Regulation
