Systemic construction of the two-dimensional regulation of cryptocurrencies
The cryptocurrency originated from Bitcoin has formed an architectural commonality based on distributed ledgers in the process of technological advancement,and can be freely transferred through private key verification.Pro-grammable distributed ledgers make the diverse uses and ecology of cryptocurrencies possible,and form an economic model with cryptocurrency intermediary platforms as the core.The new architectural characteristics of cryptocurrencies are very different from paper media such as negotiable instruments,and account assets such as bank accounts,making cryp-tocurrencies highly liquid and the issuer and intermediary platform separated from each other.The enhanced financial as-set attributes of cryptocurrencies and the blurring and integration of private law nature have given rise to new financial risks in cryptocurrencies.Specifically,investors receive insufficient information compared to the issuer,the intermediary platform may not comply with fiduciary obligations,leading to operational failure,the market may be manipulated and e-ven spread to the traditional financial market,and illegal and criminal phenomena such as money laundering and evasion of foreign exchange regulation may occur.The traditional rule-oriented legal regulation model is no longer able to cope with the risk profile of technology-driven cryptocurrencies on its own,and it is necessary to introduce technology-driven regulation to jointly build a two-dimensional regulation system.Among them,the legal dimension includes rules such as issuer information disclosure regulation,prudential and behavioral regulation of intermediary platforms,and industry self-regulation.The technological dimension requires the construction of regulatory technology framework based on on-chain entity discovery and profiling,abnormal transaction discovery and tracking,network topology analysis,and other technol-ogies.The cryptocurrency intermediary platform can implement and deploy the two-dimensional regulation,take advantage of the characteristics of distributed ledgers to collect data in real time,and use artificial intelligence technology to effi-ciently analyze,thereby discovering regulatory targets,implementing regulatory measures,and ultimately realizing the RegChain.
digital assetscryptocurrencytwo-dimensional regulationRegChain
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