IMF最新研究：尽快建立起监管加密货币的全球标准（英）-47正式版

NOTE/2022/007 Regulating the Crypto Ecosystem The Case of Unbacked Crypto Assets Parma Bains,Arif Ismail,Fabiana Melo,and Nobuyasu Sugimoto FINTECH NOTE Regulating the Crypto Ecosystem The Case of Unbacked Crypto Assets Prepared by Parma Bains,Arif Ismail,Fabiana Melo,and Nobuyasu Sugimoto September 2022 2022 International Monetary Fund Regulating the Crypto Ecosystem:The Case of Unbacked Crypto Assets NOTE/2022/007 Parma Bains,Arif Ismail,Fabiana Melo,and Nobuyasa Sugimoto*DISCLAIMER:Fintech Notes offer practical advice from IMF staff members to policymakers on important issues.The views expressed in Fintech Notes are those of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.RECOMMENDED CITATION:Bains,Parma,Arif Ismail,Fabiana Melo,and Nobuyasa Sugimoto.2022.“Regulating the Crypto Ecosystem:The Case of Unbacked Crypto Assets.”IMF Fintech Note 2022/007,International Monetary Fund,Washington,DC.ISBN:979-8-40022-136-1(Paper)979-8-40022-158-3(ePub)979-8-40022-161-3(PDF)JEL Classification Numbers:D18,E26,E42,F31,G28,G18,O30 Keywords:Crypto;crypto asset;cryptocurrency;blockchain;stablecoin;DLT;regulation;Economic sectors;Emerging technologies;Financial crises;Financial sector policy and analysis;Financial sector stability;Financial services;Fintech;Systemic risk;Technology Authors email addresses:PBainsimf.org AIsmailimf.org FMeloimf.org NSugimotoimf.org *The authors would like to thank Tobias Adrian for his guidance,and Marina Moretti,Agnija Jekabsone,and Cristina Cuervo for their comments and contributions to this note.Contents Acronyms/Glossary.3 Executive Summary.4 Introduction.9 Taxonomy and Scope.10 The Growth of Crypto Assets.13 I.The Crypto Ecosystem:Risks and Regulatory Responses.15 Issuers.15 Crypto Asset Exchanges.18 Wallet Providers.21 Validators,Miners,and Underlying Technology.24 Regulated Financial Institutions.26 Multiple Functions and Market Infrastructure.28 II.Building a Regulatory Architecture.29 Considerations for Regulatory Frameworks across Crypto Assets.33 Monitoring.34 Prioritization.34 Scope.34 Domestic Collaboration.35 Continuous Assessment of Risks.36 Considerations for Data Availability.37 Conclusions.39 References.41 BOXES 1.Regulating Crypto Asset Promotions.17 2.Critical Service Providers.26 3.Approaches to Unbacked Crypto Asset Regulation.31 FIGURES 1.A Taxonomy of Crypto Assets,NFTs,and CBDCs and Scope of this Note.12 2.The Growth of Crypto Assets by Market Capitalization.14 TABLE FINTECH NOTES Regulating the Crypto Ecosystem:The Case of Unbacked Crypto Assets INTERNATIONAL MONETARY FUND 2 1.Recommendations for Prudential and Conduct Regulation of the Crypto Ecosystem:Unbacked Crypto Assets.7 FINTECH NOTES Regulating the Crypto Ecosystem:The Case of Unbacked Crypto Assets INTERNATIONAL MONETARY FUND 3 Acronyms/Glossary AML.AntiMoney Laundering BCBS.Basel Committee on Banking Supervision BFA.Bali Fintech Agenda CFT.Combating the Financing of Terrorism CBDC.Central Bank Digital Currency CPMI.Committee on Payments and Market Infrastructure DeFi.Decentralized Finance DLT.Distributed Ledger Technology FCA.Financial Conduct Authority(UK)FATF.Financial Action Task Force FMI.Financial Market Infrastructure FSB.Financial Stability Board IOSCO.International Organization of Securities Commissions NFT.Non-Fungible Token SSB.Standard Setting Body VPN.Virtual Private Network FINTECH NOTES Regulating the Crypto Ecosystem:The Case of Unbacked Crypto Assets INTERNATIONAL MONETARY FUND 4 Executive Summary The ongoing evolution in the crypto ecosystem is revealing both opportunities and pitfalls.Crypto assets were originally developed to democratize payments but are mostly used for speculation and,in the case of certain types of dollar-denominated stablecoins,also as a hedge against inflation and currency depreciation.Unbacked crypto assets are the oldest and most popular type of crypto assets,relying not on any backing asset for value but instead on supply and demand.These crypto assets offer limited or no rights for the token holder and are usually issued in a decentralized manner.Users treat unbacked crypto assets as speculative instruments rather than as a medium of exchange.Nevertheless,innovations that have given rise to the crypto ecosystem,including their underlying technologies,could create potential benefits through greater competition and efficiency in some financial services,such as remittance,trade financing,and cross-border payments.Applying decentralized technologies to real use cases,coupled with appropriate regulation,can offer consumers compelling alternatives to traditional finance.Crypto asset growth has been volatile,and associated financial stability risks in some emerging markets and developing economies are rising.The total valuation of crypto assets reached almost$3 trillion in November 2021 before falling to less than$1 trillion in July 2022,demonstrating relatively high volatility.Although the size of the market it