剑桥大学-第三届全球加密资产基准研究报告（英文）-2020.9-71页

3rd Global Cryptoasset Benchmarking Study Summary

Core Content

The 3rd Global Cryptoasset Benchmarking Study, conducted by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, provides an in-depth analysis of the global cryptoasset industry's development, focusing on key areas such as industry growth, mining, off-chain activity, user demographics, regulatory compliance, and IT security. The study gathered data from 280 entities across four main market segments: exchanges, payments, custody, and mining, representing 59 countries.

Main Findings

Industry Growth Indicators

• Employment Growth: Full-time equivalent (FTE) employee growth in the cryptoasset industry slowed significantly after the 2017-2018 ICO bubble. In 2019, the industry reported a year-on-year growth of 21%, down from 57% in 2018.
• High-Growth Firms: Despite the slowdown, 26% of firms showed employment growth above 10% annually over the past three years, qualifying them as "high-growth companies" based on the CCAF's criteria.
• Firm-Level Trends: The decline in employment growth at the industry level was more pronounced than at the firm level, indicating the dominance of a few large firms.

Mining Sector

• Energy Consumption: On average, 39% of proof-of-work mining is powered by renewable energy, mainly hydroelectric power.
• Financialisation of Mining: Miners are increasingly using financial products such as hashrate and cryptoasset derivatives to hedge risks, with 12% to 14% of all miners utilizing these tools.
• Cost Structure: American miners allocate 56% of their costs to capital expenditures (primarily mining equipment), while Chinese miners spend only 31%. This difference is attributed to the concentration of hardware manufacturing in China, leading to shorter supply chains and lower costs.
• Government Support: 23% of surveyed miners receive government support, mostly in the form of electricity subsidies, with nearly two-fifths of these located in China.

Off-Chain Activity

• Transaction Flow: Off-chain transactions are dominated by fiat-cryptoasset trades, with users primarily interacting with 'gateway' service providers like exchanges.
• Regional Trends: Exchanges in the Asia-Pacific (APAC) region report the highest share of crypto-crypto trades (40%), with most transactions directed to the open market.
• Stablecoins: The share of service providers supporting Tether increased from 4% to 32% between 2018 and 2020, while non-Tether stablecoins saw a rise from 11% to 55%.

User Demographics

• User Base: As of Q3 2020, there were up to 101 million unique users across 191 million accounts opened at service providers.
• Geographic Diversity: North American and Middle Eastern and African (MEA) service providers have a more geographically diverse customer base, with 42% of their customers from other regions.
• Clientele Composition: North American and European firms primarily serve cryptoasset hedge funds and traditional institutional investors, while MEA firms focus on online merchants (50%). APAC firms have a notable share dealing with miners (41%).

Regulatory and Compliance

• Licensing Status: Just over 40% of surveyed firms are licensed or in the process of obtaining a license, with most located in Europe.
• Compliance Variability: Compliance with KYC/AML obligations is not uniform across regions. European and North American service providers KYC most of their accounts, while only 50% of MEA-based service providers do so.
• Regulatory Landscape: Some firms operate in jurisdictions without a regulatory framework, and certain activities (like non-custodial functions) do not yet require authorisation.

IT Security

• Best Practices Development: The industry is developing best market practices for IT security.
• Resource Allocation: There is a growing allocation of resources to IT security, reflecting the increasing importance of cybersecurity in the sector.
• Audits and Insurance: Security audits and insurance are becoming more prevalent, with firms investing in these areas to mitigate risks.

Key Insights

• The cryptoasset industry has entered a growth stage, despite challenges since 2018.
• Regulators are contributing to industry growth by providing clarity and harmonisation.
• Financialisation is evident in the mining sector through the use of hedging tools.
• APAC exchanges are primarily used for trading, while other regions focus on different aspects of the ecosystem.
• The user base is expanding, with a growing number of unique users and accounts.
• Regulatory compliance is uneven, with significant differences across regions.
• IT security is becoming a more critical concern, with increased investment in audits and insurance.

Contributors and Acknowledgements

• Research Team: Apolline Blandin, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Dr. Anton Dek, Sean Taylor, Damaris Njoki.
• Sponsors and Partners: Invesco, various industry associations, and media organisations such as 8btc, ChainNews, and CoinDesk.
• Data Providers: CryptoCompare contributed additional data for the report.
• Design and Support: Louise Smith (design), Kate Belger, Yvona Duncan, and Neil Jessiman (behind-the-scenes support).
• Institutions: Cambridge Judge Business School provided assistance in producing and publishing the report.
• Survey Respondents: Global entities participated in the survey, with some preferring anonymity.

Conclusion

The study highlights the evolving nature of the cryptoasset industry, emphasizing the need for addressing regulatory compliance, IT security, and other operational risks to ensure sustainable growth. It also underscores the importance of collaboration between industry players and researchers in advancing the understanding and development of this emerging sector.