首发丨LBRCHINA专栏邓建鹏:开放数字资产交易的法治途径_LBRCHINA_站在未来看现在

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一、数字资产和交易所的全球格局

本文所说的区块链数字资产,是指以区块链加密技术为基础的数字资产,比如全球范围接受较广的比特币、以太币和瑞波币等。至2020年8月13日,全球数字资产总市值目前约3764亿美元左右,其中比特币市值约2173亿美元,占比约58%。

数字资产交易所是进行数字资产交易流通和价格发现的主要场所,类似股票与股票交易所间的关系。现在全球有上万家大大小小的交易所,近期日交易额近800亿美元,头部10家交易所的交易量占比超过30%,头部交易所在整个数字资产交易市场中对数字资产有较大定价能力。

交易中所中,其一为法币交易所。法币交易所支持直接通过法币交易数字资产,主要分布在美国、韩国、日本等国家,已逐步成为全球数字资产定价场所之一。中国境内公民若想购买数字资产,需要通过OTC(场外个人对个人交易)交易,但由于OTC交易的滞后性,导致OTC上的数字资产的价格无法成为全球数字资产的定价指数。其二为币币交易所。用户通过已有数字资产转换成另一种数字资产,交易过程不涉及法币。现有持牌经营的币币交易所大多位于美、日两国。其三为期货交易所。期货交易所提供杠杆交易。美国有多家传统金融巨头发起的数字货币期货交易所,均接受严格监管,包括CME、LedgerX和Bakkt等交易所。一些交易所同时融合上述三种交易模式。

最后,进入2020年下半年以来,越来越多的主流传统金融机构正加速进入加数字资产领域。比如,美国第三方支付巨头PayPal于2020年开始提供数字资产的买卖服务。新加坡在数字资产领域采取了积极的措施,该国最大的银行──星展银行计划成立数字资产交易所,提供几种主流数字资产交易服务及资产支持的通证的交易服务。这些数字资产包括比特币,比特现金和Ripple,它支持使用几种法币进行这类的交易服务。这些法币包括新加坡元,港币,日元和美元。有行业专家认为,星展银行可能先通过中心化的交易服务进入数字资产交易领域,然后再在此基础之上此后提供更多的数字资产交易服务。

二、主要国家的监管政策

针对区块链数字资产及其交易,全球影响力较大的监管政策分为“分类监管”和全面禁止两种。“分类监管”为对数字资产分为资产型、功能型、证券型等,不同类型的数字资产适用不同的监管法规(如《证券法》或《民法》),该监管方式以新加坡和瑞士为典型,美国SEC(证券交易委员会)对有证券性质的数字资产,亦要求发行方遵照相关法律,因此门槛很高;全面禁止,是禁止所有数字资产交易及数字资产发行,该监管方式以中国大陆为代表。但是,“一刀切”式的禁令能否收效,令人心存疑虑。尤其是进入2020年9月以来,各种去中心化数字资产交易所(CEX)一度火爆异常,这种类型的交易所更是使得单一国家的禁令捉襟见肘。

交易所的监管主要分为牌照制、沙盒监管和行业自律三种。牌照制以美国、日本为典型,针对交易所严格审核后发放牌照;沙盒监管以新加坡、香港地区为典型,相关企业能够申请进入沙盒试验;行业自律则以韩国为典型,业内成员成立自律组织相互约束。

世界上重要的发达国家多未完全禁止数字资产及其交易。其中,美国针对数字资产在不断完善法规,为数字资产交易寻求完善的法律和监管环境。与之相比,中国对数字资产的监管和配套法律法规上的发展差距较大。

三、数字资产交易所对中国的战略意义

(1)数字资产的作用与战略意义

有行业专家特别指出,根据区块链应用的深入程度,其可以分为四层,一是分布式账本技术,二是价值传输网络,三是构建经济激励体系,四是资产数字化,其中数字资产主要涉及到第二、三、四层。

第一层主要利用区块链技术解决数据共享和协同问题,风险可控,也是目前中国倡导的区块链和产业融合的典型应用模式,已有成功落地案例,比如区块链在发票、版权存证和政务等方向的应用。第二层是利用区块链技术构建可信网络传输和交易数字资产,加快资产流通效率,减少中间过程。比如欧洲央行法定数字货币、计划锚定一揽子法币的Libra及锚定美元的稳定币USDT等都采用区块链技术构建底层系统。第三层构建经济激励体系,需要建立在价值传输网络基础上,通过制定区块链系统内各参与方的权利、责任及相应经济激励机制构建可动态调整、持续运行的经济系统,激励的载体为该系统内的数字资产(俗称“通证”,TOKEN)。拥有激励体系的区块链系统将获得自我发展的驱动力,优化资源配置灵活性,衍生出新型商业模式源动力,是区块链应用的重要发展方向。

第四层是指将现有实物资产和证券资产所有权、使用权等数字化和确权,并放到区块链构建的体系流转和交易,以加快传统资产的流通效率和交易效率,优化中间环节。这是区块链和传统资产深层次融合模式,也是未来实现资产高效流通的可行方式。

四个层次应用难度依次递增,其中第二层构建的价值传输网络是第三层和第四层的必要前提,第三层和第四层是由区块链技术引入新商业模式和突破传统业务壁垒的重要发展方向。这三个层面的发展和突破都离不开数字资产及数字资产交易。但是,二至四层可能引发一些投资者炒作,或借数字资产之名行传销、诈骗之实,冲击一国金融秩序与社会稳定,因此被有的国家监管部门严禁。

(2)数字资产交易所的意义

首先,数字资产是未来资产重要组成部分,数字资产交易所是必要的基础设施。区块链除了在账本层面实现数据共享和多方协作,更重要的是它构造了价值传输网络,可实现各类数字资产安全、高效流通。随着区块链技术发展及数字资产广泛应用,数字资产将融入人们日常生活,成为未来资产重要组成部分。交易是资产流通重要环节,也是数字资产价格发现的重要渠道,数字资产交易所则是由区块链主导的未来数字经济发展的必要基础设施。

其次,数字资产交易所可能有益于人民币的全球主导地位。Libra崛起已引发全球关注,锚定法币的数字货币将是未来重要的流通和应用方式,这些都可能被数字资产交易所引入以作为数字资产交易中间媒介和定价方式。当前各交易所用到的数字资产稳定币如USDT、USDC等都锚定美元的资产,美元成为当前数字资产交易的定价货币。但是,目前不受监管、私人发行的稳定币USDT交易量极大,存在暗箱操作的风险,可能侵犯大量中国投资者的财产权益。交易所是当前数字资产领域关键环节,通过发展和培养中国顶级数字资产交易所,确立在民币在数字资产方面的定价权,有益于中国在新赛道发展和巩固人民币的地位,应对美元霸权。

最后,数字资产交易所是未来基于区块链的新经济重要融资渠道。就像股票市场交易所一样,数字资产交易所将承担未来基于区块链技术发展起来的各类项目的资产、权益交易和融资渠道,为新型数字经济注入资金、活力和创新动力。数字资产交易所能发挥“试验田”的作用,通过授权合规、严格监管的交易所,创新探索实施数字资产“上市”和“退市”制度试点,为区块链产业发展积累经验。

四、中国的问题与风险

2017 年 9 月4日,中国央行等七部委下发《关于防范代币发行融资风险的公告》,公告重点禁止代币发行融资(俗称ICO)的行为。代币发行融资是指融资主体通过代币的违规发售、流通,向投资者筹集比特币、以太币等“所谓虚拟货币”,本质上是一种未经批准非法公开融资的行为,涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。代币不能也不应作为货币在市场上流通使用。公告在当年及时制止了非法融资、传销诈骗等违法犯罪行为,具有积极意义。但是,国内一些司法机构却误读了该公告的核心精神。一些司法机构据此认为,因比特币等各类数字资产产生的债务,均系非法债务,投资者须自行承担投资风险,从而拒绝受理涉及数字资产权益纠纷的案件,使投资人合法持有的财产权益受到他人侵害却求告无门。与此同时,一些以华人或中国公司为实际控制人背景的境外数字资产交易所向中国公民提供数字资产交易服务,这些境外交易所以国外法人实体自居,侵犯中国投资者的权益,同时想方设法规避中国司法机构的管辖。

目前,中国正在失去数字资产国际话语权和定价权。与此同时,近两年来欧美日等金融发达国家在积极推动数字资产交易所合规监管。全球主流金融机构争相布局数字资产交易新赛道,全球竞争格局拉开序幕。特别应引起中国金融监管机构关注的是,美国传统金融交易行业巨头洲际交易所(ICE)、芝加哥期权交易所(CBOE)和芝加哥商品交易所(CME)纷纷布局数字资产交易赛道,花旗银行、富达投资及纳斯达克等老牌金融机构也在布局和投资数字资产交易新赛道。

相比欧美国家步伐,中国未及时跟进。中国若持续“全面禁止”策略,将在基于区块链基础上建立的新型数字经济这个赛道上丧失先发优势。此外,一些中国公民参与境外交易所买卖数字资产,容易出现资产跨境转移、洗钱等违规问题。

2013年到2017年,中国的一些交易所一度控制了全球 90%的交易量。在比特币“挖矿”领域,中国始终处于领先地位,利用四川等地无法上电网的小水电甚至是弃电,撑起了巨大的比特币算力。当时中国区块链与数字资产行业在世界范围内有巨大影响力。近两年,除了矿机研发与“挖矿”领域外,诸如交易所、数字资产项目研发、数字资产行情资讯和网上中介服务等多停止在国内的运营。同时,区块链的各类基金、项目方等机构都把目光集中在了美国等少数几个国家。

原本在国际上占据主流甚至领先地位的中国区块链数字资产及其交易产业正失去国际话语权,区块链应用方向受限,人才与资本流失。如不采用行之有效的手段予以解决,中国恐将错失在数字资产和价值互联网时代的重要战略机遇。自2019年10月以来,国家领导人强调区块链的核心技术地位。但是,没有数字资产激励机制,区块链产业缺乏明显的财富效应。如金融学家所论,过慢的财富实现不易产生强势社会示范效应,难以鼓励更多人创业创新,将放慢区块链产业的创新速度。

五、应对的法治路径

我们建议在法治精神之下,先行推动行业试点,其次致力于完善三层管理体系,建设优良的产业环境。

所谓法治,核心是“良法善治”,一是所制定的法律能有效促进数字资产行业健康、稳定发展,有效预防风险;二是有良好的监管、执法实践,避免政策与监管大起大落或远超企业预期。我们建议当前首先进行区域试点或沙盒监管。数字资产交易创新性强,价格波动巨大,衍生品交易非常复杂,这些均存在一定金融风险,建议尝试区域试点或沙盒监管。沙盒监管是在保护相关参与者权益、防止风险扩散的基础上,主动合理放宽监管规定,减少监管上对金融科技创新不必要的障碍,实现鼓励创新、促进创新的效果。当前北京已经针对持牌金融科技创新公司开展监管沙盒,未来建议沙盒向数字资产交易行业开放,评估参与机构实力与风险,对风险可控、通过测试的机构,允许其向社会开放交易服务。

根据2020年1月开始实施的《优化营商环境条例》所倡导的法治精神,不区分所有制主体,赋于民营企业公平的市场参与机会,允许民营企业试错迭代。政府或国企直接介入数字资产交易行业,出现误判或错误导向,可能引发巨大金融风险。国内一些民营区块链科技企业有很强的创新能力和拼搏精神,适合探索新事物,有的机构已经积累多年运营经验。民营企业试错迭代成本低、风险小,适合抓住新事物的机遇,帮助国家确立新事物发展方向。在纳入严格的合规监管机制后,民营交易所失败了也不会对整体经济造成很大影响,成功了则有助于中国在国际上确立该领域领先地位。因此,应积极鼓励民营企业在严格监管的前提下,在数字资产交易行业试错迭代。

长期以来,国内金融监管领域存在着典型的“父爱主义”精神,对金融市场充满了不信任,一些金融立法与监管政策具有典型的过度管制色彩。以笔者之见,为有效推动金融科技领域的创新,在金融监管思维与出台监管政策方面,监管机构应兼顾金融安全、金融效率与金融公平,不能以金融安全为唯一目标,置金融效率于不顾,从而影响区块链金融创新。在金融公平方面,应给予民营企业试错、平等参与金融市场的机会。三者之平衡,将为金融监管与未来立法走出“治乱循环”和“一刀切”政策确立新思维。

最后,政府应当完善针对区块链行业的三层监管体系,上层确定监管主体,中层推进成立数字资产行业协会组织,底层构建行业准入标准。

一是明确监管主体及政策法规框架。

数字资产交易所需要专门的监管主体重点负责和推进。为避免由多部门糅杂的监管,出现九龙治水的局面,从而影响行业的健康发展。考虑到当前监管格局,建议中国证监会下设专门监管机构较为合适。

确立监管主体后,需要搭建基本的政策法规框架,明确监管职责,起草数字资产交易所相关条例、政策和法规。核心规则包括交易客户权益保护;交易所自有资产与交易客户资产的隔离;交易所网络安全标准;数字资产托管机制;适格投资者标准;交易所数据对接监管机构,等等。与此同时,美国与日本等金融发达国家对数字资产交易所有完善的监管规则与牌照制度,这些规则与制度多具国际通用特征,很值得中国监管机构参考。

二是发起设立数字资产交易所行业协会。

建议参考互联网金融行业成立的中国互联网金融协会,在中国证监会指导下成立数字资产交易所行业协会,负责行业内的交流、合作与自律审查,出台交易所技术标准等。

三是建立行业国际标准及市场准入体系。

在标准制定方面,我国一些机构正积极参与区块链应用于数字资产等与数字经济发展密切相关的国际标准制定,参与数字资产标准制定,以打通未来数字经济资产流通的壁垒,加快未来数字经济发展。比如2020 年5 月,由中国电子技术标准化院提交的《基于区块链的数字资产识别标准》《基于区块链的数字资产交易所标准》等区块链资产相关国际标准通过了IEEE SA 标准委员会审核,正式立项。区块链数字资产相关国际标准建立了加密资产分类及识别的方法和实践、数字资产交易所模式建立标准等内容,并提出了数字资产识别规范。未来,我国应更加积极参与此类标准,发挥行业的国际影响力。

鉴于数字资产交易的创新性及可能存在的金融风险,需要规范行业从业人员和企业的参与资格。依托数字资产交易所行业协会,在证监会指导下制定通用交易所业务和技术标准规范、职业道德规范,强化审查制度,包括严格的用户识别机制(KYC)与反洗钱机制(AML)等;通过行业协会等渠道,对从业人员进行持续教育和业务培训,推出相应的从业人员资质考试,数字资产交易从业者需要持有相关资质才能上岗;建立透明、全面的从业人员信息体系等。

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