世界经济论坛-加密资产监管之路：一种全球方法（英）-2023.5-34页

The white paper "Pathways to the Regulation of Crypto-Assets: A Global Approach" examines the need for, challenges to, and potential solutions for regulating the crypto-asset ecosystem globally. It highlights that while crypto-assets offer innovative opportunities like borderless transactions and financial inclusion, their decentralized and rapidly evolving nature complicates traditional regulatory frameworks. Key points include:

• Need for Global Approach: Crypto-assets' borderless nature and interconnectedness with traditional finance necessitate international coordination to prevent risks like regulatory arbitrage and ensure consumer protection, drawing on principles such as "same risk, same regulatory outcome."

• Challenges: The main obstacles include lack of standardized definitions (e.g., crypto-assets are classified differently across jurisdictions), regulatory arbitrage incentivizing risky behavior in lax regions, and fragmented monitoring, supervision, and enforcement, exacerbated by technical issues like traceability and anonymity in blockchain transactions.

• Regulatory Approaches: The white paper outlines several methods:

  • Principle-based regulation sets broad goals and outcomes, allowing flexibility.
  • Risk-based regulation prioritizes intervention based on risk levels, efficient for resource allocation.
  • Agile regulation uses iterative, responsive strategies, often through sandboxes for innovation.
  • Self- and co-regulation involve industry collaboration for voluntary standards.
  • Regulation by enforcement relies on legal actions, but is inefficient for building regulatory frameworks.

• Recommendations: International organizations should promote harmonized taxonomies and standards; national regulators need to coordinate cross-sector efforts; and the industry must adopt shared best practices and leverage technology for compliance. The conclusion emphasizes that a balanced, innovative approach must involve multistakeholder dialogue to ensure sustainable development.