美国和英国数字资产监管政策比较研究
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摘要
经过2017年数字资产市场的快速发展,2018年可以认为是数字资产市场的监管元年。英国和美国是两个传统的金融强国,同时两国在数字资产领域都具有重要的地位和作用。一直以来美国对于数字资产的态度相对来说都处于比较中立的位置,而英国则对数字资产更为乐观,是监管环境相对宽松的典型代表。随后,两国经过近年来的探索,监管政策在一定程度上发展趋同。这些趋同与差异,究其原因在于:两国对于数字资产这种新兴市场、新的技术手段,在风险与收益的评估与衡量上的差异,同时也与两国在这一领域的地位和分量的差异有一定关系。尽管我国对于数字资产的态度和其他主要金融强国具有明显区别,但并未全面禁止数字资产。因此,美、英两国政策的比较研究,对我国仍然具有学术及实践上的启发意义。
After the rapid development of the digital asset market in 2017, 2018 can be considered as the first year of supervision of the digital asset market. The United Kingdom and the United States are two traditional financial powers. At the same time, the two countries have an important position and role in the field of digital assets. The United States has always been relatively neutral in its attitude towards digital assets, and the United Kingdom has always said that It is more friendly to digital assets and is a typical representative of a relatively loose regulatory environment. Subsequently, after two years of supervision and exploration by the two countries, the regulatory policies have developed to a certain extent. These convergences and differences are also due to the differences in the assessment and measurement of risks and benefits between emerging markets and new technologies, such as digital assets, and the status of the two countries in this field. The difference in weight has a certain relationship. Although China's attitude toward digital assets is significantly different from other major financial powers, China does not completely ban digital assets. Therefore, the comparative study of these two policies still has academic and practical enlightenment significance for China.
After the rapid development of the digital asset market in 2017, 2018 can be considered as the first year of supervision of the digital asset market. The United Kingdom and the United States are two traditional financial powers. At the same time, the two countries have an important position and role in the field of digital assets. The United States has always been relatively neutral in its attitude towards digital assets, and the United Kingdom has always said that It is more friendly to digital assets and is a typical representative of a relatively loose regulatory environment. Subsequently, after two years of supervision and exploration by the two countries, the regulatory policies have developed to a certain extent. These convergences and differences are also due to the differences in the assessment and measurement of risks and benefits between emerging markets and new technologies, such as digital assets, and the status of the two countries in this field. The difference in weight has a certain relationship. Although China's attitude toward digital assets is significantly different from other major financial powers, China does not completely ban digital assets. Therefore, the comparative study of these two policies still has academic and practical enlightenment significance for China.
引文
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[2] DCMS.UK Digital Strategy 2017.[EB/OL]. https://www.gov.uk/government/publi cations/uk-digital-strategy,2017.
[3]Security Act, 15 U.S.C.§77b(a); 15 U.S.C.§78c(a)
[4] SEC v. W.J. Howey Co.,328 U.S. 293,1946.
[5]U.S. Dep’t of Treasury, Fin. Crimes Enf’t Network, Guidance:Application of Fin CEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies(Mar. 18, 2013)[EB/OL].https://www.fincen.gov/resources/statutesregulations/guid ance/application-fincens-regulations-persons-administering,2013.
[6] In re Coinflip, Inc., CFTC No. 15-29, 2015 WL 5535736.2015.
[7] IRS. Notice 2014-21[EB/OL].https://www.irs.gov/pub/irs-drop/n-14-21,2014.
[8]Miranda Karanfili,Wyoming Passes Bill to Recognize Cryptocurrencies as Money,.https://cointelegraph.com/news/wyoming-passes-bill-to-recognize-cryptocurren cies-as-money,2019)
[9]FCA.Guidance on Cryptoassets.[EB/OL].https://www.fca.org.uk/publications/consul tation-papers/cp19-3-guidance-cryptoassets,2019.
[10]FCA.Market Abuse Regulations[EB/OL].https://www.fca.org.uk/markets/mar ket-abuse/regulation,2016.
[11]FCA.Anti-Money Laundering/Counter Terrorist Financing[EB/OL].https://www.fca.org.uk/firms/financial-crime/money-laundering-terrorist-financing,2015.
[12]UK Gov. FSMA 2000[EB/OL]. www.legislation.gov.uk/uksi/2001/544/con tents/made
[13] UK Gov. FSMA 2000(Order 2001)[EB/OL]. https://www.legislation.gov.uk/uk si/2001/544/contents/made
[14] UK Gov. Regulated Activities Order[EB/OL].https://www.legislation.gov.uk/uk si/2001/544/contents/made
[15] European Parliament. Markets in Financial Instruments Directive II(2014),[EB/OL].https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065(2014)
[16] UK Gov. E-Money Regulations.[EB/OL].https://www.legislation.gov.uk/uk si/2011/99/contents/made(2011)
[17] UK Gov. Payment Services Regulations 2017[EB/OL].https://www.legislation.gov.uk/uksi/2017/752/contents/made,2017.
[18] UK Gov. Regulated Activities Order,[EB/OL].https://www.legislation.gov.uk/uksi/2001/544/contents/made,2001.
[19] UK Gov. The Electronic Money Regulations 2011,[EB/OL].https://www.legisla tion.gov.uk/uksi/2011/99/contents/made,2011.
[20]SEC.Statement on Digital Asset Securities Issuance and Trading(2018.11.16)[EB/OL].https://w uance-and-trading?from=timeline&isappinstalled=0#_edn4,2018.
[21]火币研究院,全球区块链产业全景与趋势年度报告(2018-2019年度), https://re search.huobi.cn/.2019.
[22] SEC v. W.J. Howey Co.,328 U.S. 299,1946.
[23]Jay Clayton and J. Christopher Giancarlo, Regulators are Looking at Cryptocurrency.,Wall St. J., Jan. 24, 2018[DB/OL]. https://www.wsi.coni/articles/regtilatorsare-look ing-at-cryptocurrency-1516836363,2018.
[24]FCA. Guidance on Cryptoassets[EB/OL].https://www.fca.org.uk/publications/consultation-papers/cp19-3-guidance-cryptoas sets,2019.
[25]火币研究院,火币区块链产业专题报告:合规基础设施系列(上)—稳定币,https://research.huobi.cn/detail/38,2019.
[26] DCMS.UK Digital Strateg[EB/OL].https://www.gov.uk/government/publica tions/uk-digital-strategy,2017.
[27] SEC. Framework for‘Investment Contract’Analysis of Digital Assets[EB/OL]. https://www.sec.gov/news/public-statement/statement-framework-investment-con tract-analysis-digital-assets,2019.
[28]杨东.美国ICO的监管逻辑.[J]金融博览2017(9).