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英国财政部计划监管稳定币,但不监管加密资产

2021-1-9 13:08

 

今天,英国政府发布了一份46页的咨询文件,邀请各方就加密资产和稳定币的潜在监管方法作出回应。它正计划对加密资产采取一种相对宽松的方式,部分原因是该行业目前仍处于利基市场,消费者似乎意识到了重大的投机风险。然而,该公司计划将稳定币引入监管范围。这是因为主流应用可能会带来财务稳定方面的担忧,给消费者带来风险,并对现有企业造成影响。


“长期以来,英国一直被公认为金融科技领域的全球领导者。我们致力于保持这一立场,”英国财政部经济部长、国会议员约翰•格伦(John Glen)在前言中表示。


“在实践中,这意味着创造一个监管环境,让企业能够进行创新,同时至关重要地保持最高的监管标准,以便人们能够可靠、安全地使用新技术。”这对更广泛的金融体系信心至关重要。”


英国财政部承认,数字资产行业正在快速发展。因此,为了有一个敏捷的方法,它的目标是让财政部和议会在立法中勾勒出广泛的目标和考虑因素。独立监管机构将制定详细的业务守则。正如许多监管者所提到的,它热衷于“同样的风险,同样的监管结果”的原则。

Cryptoassets


政府计划对加密资产采取最低限度的方法,将比特币、其他投机型代币和实用型代币置于需要授权的“边界”之外。然而,它希望加强消费者沟通和反洗钱(AML)监管。


磋商的重点是高层原则和目标,而不是具体细节。独立监管机构将进行详细的规则磋商。


英国金融市场行为监管局(FCA)的最新研究得出结论,加密资产的主要目的是作为一种投机投资,消费者意识到了风险。在调查中,47%的受访者表示,他们购买加密货币是“一场可能赚钱也可能赔钱的赌博”,89%的受访者对缺乏监管保护表示赞赏。这种意识和细分市场的采用是light方法的原因。

Stablecoins


相比之下,政府希望稳定币能牢牢地进入监管范围。它计划监管稳定币发行者和提供相关服务的公司,以及批发和零售稳定币。财政部的文件概述了一系列将受到监管的机构。没有资产支持的算法稳定币可能会被排除在外。


这在一定程度上是因为它不认为这是一个利基行业,并将其广泛用于支付视为金融稳定风险。特别是,它对提供稳定价值和可赎回性的能力感到担忧。


除了价格稳定和赎回之外,它还为消费者设想了一系列广泛的风险。这些问题包括过高的费用、复杂性、滥用消费者数据、网络攻击和管理不善。


“同样的风险,同样的规则”的原则也意味着应该有一个公平的竞争环境。政府担心,一个稳定的比特币发行机构可能会迅速扩大规模,挑战没有相同监管和合规义务的现有机构。它没有直接提到Diem(以前的天秤座),但提到了全球稳定币。


磋商将持续到2021年3月21日。

 

Today the UK government published a 46-page consultation document inviting response on potential regulatory approaches for cryptoassets and stablecoins. It’s planning a relatively light-touch approach for cryptoassets, in part because the sector is currently still niche and consumers appear to be aware of the significant speculation risk. However, it plans to bring stablecoins into the regulatory perimeter. That’s because of the potential for mainstream usage resulting in financial stability concerns, risks to consumers and impact on incumbents.

“The UK has long been recognised as a world-leader in financial technology. We are committed to maintaining this position,” said John Glen MP, Economic Secretary to the Treasury, in the foreword. 

“In practice, that means creating a regulatory environment in which firms can innovate, while crucially maintaining the highest regulatory standards so that people can use new technologies reliably and safely. This is essential for confidence in the financial system more broadly.”

Her Majesty’s Treasury recognizes that the digital asset sector is fast-moving. So to have an agile approach, it aims for the Treasury and Parliament to outline broad objectives and considerations in legislation. Independent regulators will create detailed codes of practice. As various regulators have mentioned, it’s keen on the principle of ‘same risk, same regulatory outcome’.

Cryptoassets

The government plans a minimalist approach to cryptoassets leaving Bitcoin, other speculative tokens, and utility tokens outside the ‘perimeter’ requiring authorization. However, it wants to strengthen consumer communication and anti-money laundering (AML) regulation.

The consultation is focused on high-level principles and objectives rather than on the nitty-gritty details. Independent regulators will do the detailed rule consultations.

The latest research from the UK’s Financial Conduct Authority (FCA) concludes that the dominant purpose of cryptoassets is as a speculative investment, and consumers are aware of the risks. In the survey, 47% said they bought cryptocurrencies ‘as a gamble that could make or lose money,’ and 89% appreciated the lack of regulatory protection. This awareness and niche adoption are the reasons for the light approach.

Stablecoins

In contrast, the government wants to move stablecoins firmly inside the regulatory perimeter. It plans for oversight of both stablecoin issuers and firms providing related services, and both wholesale and retail stablecoins. The Treasury document outlines a broad array of organizations that will be regulated. Algorithmic stablecoins not backed by assets will likely be excluded.

That’s in part because it does not see it as a niche sector and views their broad use for payment as a financial stability risk. In particular, it has concerns over the ability to provide stable value and redeemability.

It envisages a broad array of risks to consumers in addition to price stability and redemption. They include excessive fees, complexity, the misuse of consumer data, cyberattacks and maladministration.

The principle of ‘same risk, same rules’ also means there should be a level playing field. The government is concerned that a stablecoin issuer could quickly reach scale and challenge incumbents without the same regulatory and compliance obligations. It doesn’t mention Diem (formerly Libra) directly but mentions global stablecoins.

The consultation runs until 21 March 2021.

 

来自: Ledger Insights