国际清算银行-加密货币、代币和DeFi：驾驭监管格局（英）-2023.5-50页_763kb

Executive Summary of Crypto, Tokens, and DeFi: Navigating the Regulatory Landscape

Cryptoasset markets pose risks to financial stability, consumer protection, and market integrity due to their cyclical nature and potential for interconnectedness with traditional finance. Policymakers are addressing these risks through a mix of regulatory measures, including bans, restrictions, clarifications, and innovation facilitation. The report analyzes policies in 19 jurisdictions, focusing on three categories: centrally managed cryptoasset activities (e.g., issuance, infrastructure, service provision); community-managed activities (e.g., native tokens and DeFi protocols); and users' direct exposures to cryptoassets.

Key findings include:

• Centrally managed activities saw extensive regulation, with initiatives targeting stablecoins and security tokens, such as licensing requirements and capital buffers. Infrastructure experiments aim to improve efficiency, while service providers face prudential and AML/CFT rules.
• Community-managed activities, particularly DeFi protocols, remain less regulated, with authorities using analytical papers and enforcement actions to address risks like AML and investor protection.
• Users' direct exposures involve retail and wholesale investor protections, with warnings issued in most jurisdictions and prohibitions on certain promotions and distributions in some cases.
• Future challenges include the need for continuous adaptation to evolving technologies, harmonized international standards, and addressing risks from DeFi and DLT enablement. Authorities stress the importance of resources, expertise, and cross-border cooperation to mitigate systemic risks.

The report recommends ongoing monitoring, enforcement, and policy refinements to ensure financial stability and market integrity in the crypto ecosystem.