不断发展的加密资产法规 ： 对泼妇的驯服

A Temenos white paperEveryone’sBankingPlatformEvolving Crypto Assets Regulations: The Taming of the Shrew ContentsEvolving Crypto Assets Regulations: The Taming of the Shrew 03 Major Trends 04 Setting the Scene 05Promise of Web3 and Decentralized Finance DeFi 09 DeFi Compared to TradFi 10Challenges and Threats 12Status on Regulatory Framework 14Standard Setting Bodies 16European Union 18Singapore 19Switzerland 20United Kingdom 21United States 21Conclusion 22Outlook 23Research and Analysis Vendors and Tools 23Glossary 24References 23Appendix 282 What has climate change got to do with crypto assets, besides mining for blockchain-based transactions that consumes a lot of energy? Anthony Leiserowitz, Senior Research Scientist and Director of the Yale Program on Climate Change Communication (YPCCC) summarized his climate change findings: “Scientists agree. It’s real. It’s us. It’s bad. But there is hope.” 1Evolving Crypto Assets Regulations: The Taming of the ShrewThe same summary could be applied analogously to crypto assets:• Experts agree that crypto assets and firms are here to stay.• There are real examples where crypto assets have found their way into our daily lives.• We are boosting investments in crypto assets at a staggering rate.• It’s bad because different levels of regulation in the crypto space are promoting regulatory arbitrage by crypto firms and therefore creating high risks for investors and customers to lose their investments.• There is hope as standard setting bodies and major jurisdictions are producing coordinated, comprehensive, and balanced regulatory frameworks in the crypto space. In light of the fast-paced evolution of the crypto (and virtual assets) industry this paper sets out to assess the current state of regulation, what’s needed and how regulators across jurisdictions are responding.1Senior Research Scientist and Director of Yale Program on Climate Change Communication (YPCCC). We’ve Got Climate Solutions. Now We Need a Movement. | Yale Insights3 Major Trends• Regulators across the globe will prioritize consumer protection to prevent fraud and market manipulation.• There will be a focus on customer protection in cryptos, like MiFID II (Markets in Financial Instruments Directive 2) provisions with investor training, education, and information, as well as the recording of advisory.• Regulators will direct their enforcement efforts at DeFi and the increasing criminal activities.• Regulators will closely monitor money laundering risks involving NFTs.• VASP/CASP due diligence will become a widespread compliance practice in TradFi and DeFi.• A lot of draft rules will emerge on how crypto assets and firms should be regulated, i.e., AML (Anti Money Laundering) and sanctions, market abuse (e.g., EU’s Market in Crypto Assets Regulation MiCAR, Monetary Authority of Singapore (MAS) 2019 Payments Services Act PSA, Switzerland’s “Blockchain Act” 2020 with a set of amended laws, UK’s FISMA Financial Services and Markets Bill in 2023/2024 and U.S. President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets).The following trends in the crypto space are a (biased) selection of what the financial industry can expect soon. Some trends will be elaborated on in the subsequent chapters.• Crypto firms increasingly seek registration in regulated jurisdictions.• Financial institutions in TradFi and crypto firms in DeFi apply knowledge and technology from other asset classes to crypto assets.• “Use of the Court System”: In the U.S., regulatory agencies issue a lot of broad ranging enforcement actions that are challenged by the recipients and brought to Court. The aim of doing so is to not only challenge what regulators are saying but also to set precedent cases and gain regulatory clarity. Even if this is a lengthy and expensive approach. One of the reasons is that two US authorities (SEC, CFTC) are vying for sovereignty in the regulation of the crypto industry.• Compliance processes need to use blockchain analytic tools when assessing risks in AML/CFT and fraud.• Hiring people with technology knowledge from other asset classes increases the crunch for scarce compliance resources.• Finally, crypto assets will become integrated mainstream.4 Setting the Scene5Cryptocurrency, digital asset, crypto asset, virtual asset, VASP, CASP, Digital Asset Customer, Centralized Exchange (CEX), Decentralized Exchange (DEX)—there are many terms and operating entities in the crypto space. A Digital Asset Entity is an umbrella term for a range of businesses built on digital/crypto/virtual asset transactions. These businesses can be financial institutions, hedge funds, or blockchain projects and include VASPs/CASPs, cryptocurrency exchanges, Bitcoin ATMs, non-custodial (or private) wallets, or any Digital Asset Customer investing in digital/crypto/virtual assets.Figure 1: Source: CipherTrace: Grouping of digital and crypto entities.Digital Asset Entity• Blockchain project• Hedge fun