不断发展的加密资产法规 ： 对泼妇的驯服

Everyone’sBankingPlatform Evolving CryptoAssets Regulations:The Taming of the Shrew Contents Evolving Crypto Assets Regulations: The Taming of the Shrew03Major Trends04Setting the Scene05Promise of Web3 and Decentralized Finance DeFi09DeFi Compared to TradFi10Challenges and Threats12Status on Regulatory Framework14Standard Setting Bodies16European Union18Singapore19Switzerland20United Kingdom21United States21Conclusion22Outlook23Research and Analysis Vendors and Tools23Glossary24References23Appendix28 Evolving Crypto AssetsRegulations:The Taming of the Shrew What has climate change got to do with crypto assets, besides mining forblockchain-based transactions that consumes a lot of energy? AnthonyLeiserowitz, Senior Research Scientist and Director of the Yale Program onClimate Change Communication (YPCCC) summarized his climate changefindings: “Scientists agree. It’s real. It’s us. It’s bad. But there is hope.”1 The 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 bycrypto 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 assessthe current state of regulation, what’s needed and how regulators across jurisdictions are responding. Major Trends The following trends in the crypto space are a (biased) selection of what the financial industry canexpect soon. Some trends will be elaborated on in the subsequent chapters. •Regulators across the globe will prioritize consumer protectionto prevent fraud and market manipulation. •Crypto firms increasingly seek registration in regulatedjurisdictions. •There will be a focus on customer protection in cryptos, likeMiFID II (Markets in Financial Instruments Directive 2) provisionswith investor training, education, and information, as well as therecording of advisory. •Financial institutions in TradFi and crypto firms in DeFi applyknowledge and technology from other asset classes to cryptoassets. •“Use of the Court System”: In the U.S., regulatory agencies issuea lot of broad ranging enforcement actions that are challengedby the recipients and brought to Court. The aim of doing sois to not only challenge what regulators are saying but also toset precedent cases and gain regulatory clarity. Even if this isa lengthy and expensive approach. One of the reasons is thattwo US authorities (SEC, CFTC) are vying for sovereignty in theregulation of the crypto industry. •Regulators will direct their enforcement efforts at DeFi and theincreasing criminal activities. •Regulators will closely monitor money laundering risks involvingNFTs. •VASP/CASP due diligence will become a widespread compliancepractice in TradFi and DeFi. •Compliance processes need to use blockchain analytic toolswhen assessing risks in AML/CFT and fraud. •A lot of draft rules will emerge on how crypto assets and firmsshould be regulated, i.e., AML (Anti Money Laundering) andsanctions, market abuse (e.g., EU’s Market in Crypto AssetsRegulation MiCAR, Monetary Authority of Singapore (MAS) 2019Payments Services Act PSA, Switzerland’s “Blockchain Act” 2020with a set of amended laws,UK’s FISMA Financial Services andMarkets Bill in 2023/2024 and U.S. President Biden’s ExecutiveOrder on Ensuring Responsible Development of Digital Assets). •Hiring people with technology knowledge from other assetclasses increases the crunch for scarce compliance resources. •Finally, crypto assets will become integrated mainstream. Setting the Scene Cryptocurrency, digital asset, crypto asset, virtual asset, VASP, CASP, DigitalAsset 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 ondigital/crypto/virtual asset transactions. These businesses can be financialinstitutions, 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. Digital AssetEntity VASP/CASP •Crypto exchange•DEX•OTC Desk•Bitcoin ATM•P2P exchange•Custody provider •Blockchain project•Hedge fund•Family office•Non-custodial•Wallet•Miner•Gambling Figure 1:Source:CipherTrace: Grouping ofdigital and crypto entities. Figure 2:Source ACAMS:Digital/crypto/virtualassets Where not explicitly mentioned in this whitepaper,the term