2020 End of the year , This year , What impresses you most about the blockchain industry ？ It is the explosive growth of public chain ecology ？ Or the vigorous development of blockchain applications ？ Or a major positive policy ？ Universal blockchain in 2020 At the end of the year , Four big annual review series ：《 Public chain chapter 》、《 Application articles 》、《 Serving the real economy 》 and 《 Supervision 》, Record a year of blockchain development through wind and waves .
The following is the end of the annual review series ——《 Supervision 》, author ： Office of chief economist of Wanxiang blockchain . Let's sort out the countries 2020 It's the policies and regulations on encryption asset supervision launched in ~
2020 This year is a year of continuous progress in the blockchain industry , It's not only a breakthrough in technology and Application , The regulatory policies of encryption assets in various countries are also constantly improving . Of all encrypted assets , The price of stable currency is stable , Pay point to point 、 Micro payment and smart contract programming have unique advantages , The impact on financial stability is also greater . Though not a substitute for sovereign currencies , But stable currency is developing very fast , Will be more valued by regulators . this paper 2020 The review and carding of encryption asset supervision policy in , Including Singapore 、 Hong Kong 、 The European Union and Japan , Among them, the focus is on the regulatory policies for stable currency and related services .
Singapore 《 Payment services act 》
2019 year 1 month ,《 Payment services act 》（PSA,Payment Service Act） Through the parliament of Singapore , Be formally legislated , And in 2020 year 1 month 28 Officially implemented from . This bill will replace 《 Money exchange and remittance business law 》（MCRBA,Money-changing and Remittance Businesses Act） and 《 Payment system supervision law 》（PSOA,Payment Systems (Oversight) Act）, And amend some other bills related to payment . 《 Payment services act 》 Including two parallel regulatory frameworks .“ Designation system ” Mainly for large payment systems , And PSOA The specified payment system in is similar to , Monetary authority of Singapore （MAS,Monetary Authority of Singapore） A regulated payment system can be designated to maintain financial stability and public confidence .“ Licensing system ” It's a regulatory framework designed to respond more flexibly to market changes . （ One ） Type of service 《 Payment services act 》 Will the account issue service 、 Domestic remittance services 、 Cross border remittance services 、 Payment based digital currency services 、 E-money issuance Services 、 Merchant acquiring services and currency exchange services are regulated , Service providers can choose to provide one or more of these services . 1、 Account publishing service Account issuing service is to provide issuing payment account to anyone in Singapore , Or run any service related to the business required for a payment account , For example, deposit or withdraw funds into a payment account （ Excluding domestic and cross-border remittances ）. 2、 Domestic remittance services Domestic remittance service refers to the provision of local remittance service in Singapore . In domestic remittance service, both remitter and payee are in Singapore , And none of them are financial institutions . The service provider receives money from the remitter , And execute or arrange for the execution of remittance transactions , Including payment transactions executed through payment accounts , Direct debit service through payment account , And credit transaction service through payment account . 3、 Cross border remittance services Cross border remittance service refers to the inward and outward remittance service between Singapore and other countries or regions . The service provider receives money from the remitter , And execute or arrange the execution of remittance transactions to users outside Singapore , Or the service provider collects remittances from abroad for anyone in Singapore .
4、 Payment based digital currency services Payment type digital currency service mainly includes two types , One is to provide services related to payment based digital currency transactions , The second is to provide any convenient service for payment based digital currency transactions .《 Payment services act 》 The definition of payment digital currency is as follows . Payment digital currency refers to the digital expression of value , And it needs to meet the following conditions ： This value is expressed as a unit ; Not in any currency , Nor can issuers anchor it to any currency ; Has become or intends to become a medium of exchange accepted by the public or part of the public , Used to pay for goods or services 、 Pay off the debt ; Transfer in electronic form 、 Store or trade ; Satisfy MAS Other specified features . 5、 E-money issuance Services E-money issuing service is to issue e-money to anyone , And allow them to make payment transactions .《 Payment services act 》 The definition of e-money is as follows . Electronic money refers to the value of any money stored in electronic form and needs to meet the following conditions ： In a certain currency , Issuers can anchor the value of e-money with other currencies ; Payment has been made in advance , So that users can make payment transactions ; The object of payment cannot be the issuer of electronic currency ; E-money represents a creditor's right of an issuer .
6、 Merchant billing service Merchant billing service refers to the service provider according to the contract with the merchant , Receive and process payment transactions for merchants . In the business billing service , A business is incorporated or operates in Singapore , Or service providers and businesses sign contracts in Singapore . 7、 Currency exchange services Currency exchange services refer to services provided by service providers in connection with the purchase and sale of foreign currencies . （ Two ） License application According to its own business model and the above 7 The relationship between the two services for license application , There is currently a currency exchange licence 、 Standard payment institution license and large payment institution license . The currency exchange licence is limited to currency exchange services , Applicable to service providers providing currency exchange . Because of the small scale of the business itself , The risks involved are also low ,MAS Money laundering and terrorist financing risks of major regulatory service providers . The standard payment agency licence applies to the above 7 A business model of any combination of services , But there is a limit on the total amount of business , Application requirements are low , Service providers are also less regulated . Large payment agency license is applicable to those who exceed “ Standard payment institutions ” All businesses within the limits set by the licence , Because the amount involved is larger 、 The risk is higher , So it's under the strictest Supervision , Large service providers can apply for . If future business needs change , A licensee may apply for a change of licence , In order to meet the requirements of payment service or license when new business is running .
MAS On 2020 year 1 month 28 Officially implemented from 《 Payment services act 》, And require all service providers to provide license application filing documents on time . meanwhile ,MAS It also gives specific requirements for the application qualification of service providers , Including the company's main body and management structure 、 Industry competitiveness 、 Office or registered address 、 Basic capital 、 Guarantee money and audit information, etc .
（ 3、 ... and ）《 Payment services act 》 Changes brought about
First of all ,《 Payment services act 》 Integrate and improve the current 《 Money exchange and remittance business law 》 and 《 Payment system supervision law 》, The two parallel regulatory frameworks of designation system and license system also refer to the existing regulatory ideas . The difference is ,《 Payment services act 》 The scope of the regulation is broader , Domestic remittance service 、 Merchant billing service 、 Payment based digital currency services are subject to regulation .
second , Domestic remittance services and cross-border remittance services will effectively replace MCRBA Supervision of remittance business . It's important to point out that ,MCRBA China does not regulate domestic remittances , But domestic remittance services need to comply with 《 Payment services act 》 Regulatory requirements for .
Third , E-money issuance services will effectively replace PSOA For stored value payment instruments （SVF,Stored Value Facility） Supervision of . It can be seen from the previous definition that ,SVF and e-money There are similarities and obvious differences .SVF and e-money Can be the value of money stored in electronic form , And there's advance payment , but e-money There is no provision for payment for goods or services . for instance , If businesses give the value stored in electronic form to users , So by definition , It belongs to e-money But that does not belong to SVF.
Fourth , Engaged in payment type digital currency service provider （ Such as the digital currency exchange 、 Wallet and OTC Platform, etc ） Will be regulated , Must follow MAS Apply for relevant license and comply with anti money laundering and anti terrorist financing requirements . It should be noted that ,《 Payment services act 》 The definition of payment digital currency requires that no currency can be anchored , So it's similar to Libra The stable currency is not in the scope of this kind of regulation .
The fifth , suffer 《 Payment services act 》 The threshold for protected Payment institutions will be lowered , The daily average floating amount is from 3000 S $10000 to 500 Ten thousand Singapore dollars . This means that if the daily average floating amount exceeds 500 Ten thousand Singapore dollars , Any electronic money held by payment institutions will be fully protected . If the average daily floating amount does not exceed 500 Ten thousand Singapore dollars , Electronic money held by payment institutions will not be fully protected , Payment institutions need to make appropriate information disclosure to consumers . Lowering the threshold means that the number of protected Payment institutions will increase , But these payment institutions have to meet compliance requirements . Small payment institutions will not be protected , But there are fewer compliance requirements , It will not hinder its business development due to over regulation . The sixth ,《 Payment services act 》 Prevention and control measures have been taken against the main risks in the payment system , It mainly includes the prevention and control of customers' capital loss , Money laundering 、 Prevention and control of terrorist financing risks , Prevention and control of technical risks and solutions to the lack of interoperability between different payment schemes .
Hong Kong's regulation of encryption assets
（ One ） Regulatory body
The SFC （SFC,Securities and Futures Commission） To supervise the operation of Hong Kong's securities and futures market , It's also the main regulator of encryption assets .SFC Our regulatory objectives include ： Maintain and promote the equity of the securities and futures industry 、 efficiency 、 Competitive power 、 Transparency and order ; Improve the public's understanding of the operation and functions of the securities and futures industry ; Provide protection to the public investing in or holding financial products ; Try to reduce crime and misconduct in the securities and futures industry ; Reduce the systemic risk in the securities and futures industry ; Take appropriate steps related to the securities and Futures Industry , To help the financial secretary maintain the financial stability of Hong Kong . Hong Kong Monetary Authority （HKMA,Hong Kong Monetary Authority） Responsible for Hong Kong's financial policy and banking 、 Money management , Acting as a central bank .HKMA Its main functions include ： Maintaining monetary stability within the framework of the linked exchange rate system ; Promote the financial system , Including the stability and soundness of the banking system ; To help consolidate Hong Kong's position as an international financial centre , Including the maintenance and development of Hong Kong's financial infrastructure and the management of the exchange fund . except SFC and HKMA outside , The Hong Kong Insurance Authority （HKIA,Hong Kong Insurance Authority） And other institutions will also co supervise encryption assets . at present , These regulators pass “ Sandbox regulation ” The way , Test and monitor encrypted assets and blockchain technology in a controlled environment . （ Two ） Regulatory policy In Hong Kong , Encryption assets are mainly divided into security encryption assets 、 Functional encryption assets and virtual goods （ For example, bitcoin ）. For different types of encryption assets , Hong Kong regulators have adopted different regulatory policies .SFC The explanation of security encryption assets is ： On behalf of equity （ The right to receive dividends and to participate in the distribution of surplus assets in the liquidation of the company ）; On behalf of the debenture （ The issuer can repay the principal of the investment and pay interest to the token holders on a specified date or at the time of redemption ）; Available for acquisition “ Collective investment programs ” earnings . There is no legislation in Hong Kong specifically for encryption assets and related businesses , But the regulations made by the relevant laws before , For example, anti money laundering 、 Anti fraud and anti terrorist financing, etc , All must be observed . Besides , With the increasing influence of encryption assets , Regulators have launched a series of regulatory policies , To better protect the interests of investors . Regulatory policies related to encryption assets mainly include the following ：1.《 Securities and Futures Ordinance 》;2.《 About the initial token issue statement 》（2017 year 9 Published in ）;3.《 Circulars to licensed corporations and registered bodies ： About bitcoin futures contracts and investment products related to encrypted assets 》（2017 year 12 Published in ）;4.《 About management companies for virtual asset portfolios 、 Statement on regulatory framework of fund distributors and trading platform operators 》（2018 year 11 Published in ）;5.《 Statement on the issue of security token 》（2019 year 3 Published in ）;6.《 Standard terms and conditions applicable to licensed corporations that manage portfolios invested in virtual assets 》（2019 year 10 Published in ）;7.《 Warning about virtual asset futures contracts 》 and 《 Position paper ： Regulate the virtual asset trading platform 》（2019 year 11 Published in ）. （ 3、 ... and ） Related license plates SFC All in all, it is stipulated that 12 A regulated activity , That is to engage in the following 12 All related activities need to be licensed , And be supervised , Only in this way can we legally carry out corresponding financial activities in Hong Kong . among , The second part related to OTC derivatives 11 Class and 12 Class a license has not yet been implemented . surface 1： Regulatory licenses Under the current regulatory framework , Trading platforms related to encrypted assets 、 The licenses related to the fund and fund management platform mainly include the third part 1 class 、 The first 4 class 、 The first 7 Class and 9 Class regulatory license . for example , Funds and sales platforms that invest in virtual assets need to hold 1 Class license plate , Asset management platform needs to hold the second 9 Class license plate .
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The European Commission's proposal to regulate the stable currency
2020 year 9 month 24 Japan , European Commission （EC,European Commission） There's a proposal for encryption asset regulations , Covering parts not included in the existing EU financial services bill , It provides a complete legal framework for the encryption asset market in the EU . In addition to providing regulatory guidance to participants in the crypto asset market , Encouraging innovation is also one of the goals of the proposal . Consistency and proportionality are the ideas that run through the whole regulatory program . Stable currency because of its particularity , Compared with other encryption assets, the scale of use is easy to expand , There will be greater risks to investors and the financial system , It will lead to problems of financial stability and monetary sovereignty , Influence the transmission of monetary policy, etc , So the stable currency , In particular, the key stable currency will be subject to stricter supervision . （ One ） Regulatory body The institutions of member states that perform the function of supervising the stable currency need to be appointed by themselves , And inform the European Banking authority （EBA,European Banking Authority） And the European Securities and Markets Authority （ESMA,European Securities and Markets Authority）. If there are multiple regulators , Cross border administrative focal points need to be designated as well . Regulators have sufficient regulatory power over stable currency issuance and encryption asset service providers , Including asking the regulated party to provide additional information , Postpone or prohibit the issuance and trading of stable currency, permit or application of service provider . Regulators also have the power to punish violations , Make public the issuers of stable currency who fail to fulfill their obligations . EBA and ESMA As a highly professional organization , Will be responsible for the formulation of draft technical standards that do not involve policy . For example, issuing asset related token The applicant's relevant standard format and process , The type of asset the issuer invests in , The calculation method of the issuer's capital requirements, etc . EBA It will also be responsible for judging whether the stable currency is the key stable currency , The standard for the ：1. user 、 The number of investors and participating third party entities is no less than two million ;2. issue token The total or market value of （ If you have any ） No less than a billion euros ;3. The daily transfer amount is not less than 500000 or the transfer amount is not less than 100 million euro ;4. The value of reserve assets is no less than one billion euros ;5. It is more important in cross-border activities , Used as cross-border payments and transfers token The number of member states involved is not less than seven ;6. Stable currencies and their issuers are seen as interconnected with the financial system . As long as three of the above conditions are met , Can be EBA Determined as the key stable currency . besides , Issuers can also take the initiative to apply to be classified as key stable currency projects . If stable currency is judged as key stable currency according to the above criteria , Its supervision is left to EBA be responsible for .EBA There will be a regulatory Association , Members include all entities related to key stable currencies and regulators related to cryptographic asset service providers （ about e-money token, The corresponding regulatory body is 2009/110/EC Regulators under the directive ）, They will exchange information and promote cooperation .EBA A fee will be charged to the key stable currency issuers to cover the expenses , The cost is proportional to the size of the stable currency's reserve assets . （ Two ） Specific requirements for stable currency issuance For stable currency issuers , The first principle to follow is to obtain the membership of the home country （ Where the office is registered ） Before the authority of the regulator , It can't be issued to the public within the EU or sought to be traded on trading platforms , And only legal entities established within the EU can be authorized . Before issuing to the public or seeking a deal , Regulators need to be informed , And publish documents that contain information that needs to be disclosed , That's the white paper , Information should be fair , Presented in a clear and non misleading way . Information to the public , Stable currency issuers and management institutions should apply to the civil liability management rules . According to the definition of stable currency , Regulators also have different requirements for information disclosure and obligations of issuers . 1、 For asset related token The requirements of Asset related token It's a reference to a variety of legal tender 、 One or more commodities 、 One or more encryption assets or a combination of them , In order to maintain the stability of their own value of encryption assets . In related asset issues token Before , The issuer must be authorized by the regulatory authorities of the home country , The relevant application materials include the information of the applicant 、 white paper 、 Description of relevant business and obligations, etc . If asset related token It's about currencies in the EU , Before regulators approve or reject , Need to consult EBA、ESMA、 The European Central Bank （ECB） And the Central Bank of the country that issued the currency . When approved by regulators , This encryption asset works across the EU , It can also be traded on the encrypted asset platform . For encrypted assets , The basic information to be disclosed includes ： Basic information about the publisher 、 Information about the project 、 Information about distribution to the public or platform transactions 、 Rights and obligations related to encrypted assets 、 The underlying technology and risks . When it comes to asset related token when , The white paper needs to be supplemented ： The publisher's management plan 、token Value stability mechanism 、 The investment strategy of reserve assets 、 The safekeeping plan of reserve assets, etc . If the issuer does not provide the holder with direct creditor's rights or redemption rights on the reserve assets , The white paper should have a clear warning , At the same time, it should be reminded in marketing . There are also information disclosure requirements for corresponding reserve assets , Including... In circulation token Quantity and the value and composition of reserve assets , Publishers need to update the site at least once a month . Whether or not these encrypted assets are trading , Issuers are required to disclose the possible impact of token Or the value of reserve assets . Asset related token We need to be honest 、 Act fairly and professionally , The distributor should token Starting from the best interests of the holder , Establish a transparent and efficient complaint handling process . The distributor should also be the manager 、 shareholders 、 The relationship between users and third-party service providers may cause conflicts of interest, and formulate corresponding identification and management programs . The issuer should have an orderly and gradual liquidation plan , Ensure that the issuer is in the process of ceasing operation or legal bankruptcy , Protect token The rights and interests of the holder . Publishers need to develop robust management solutions , Including a clear-cut organizational structure of power and responsibility 、 The process of monitoring and reporting related risks 、 Perfect internal management mechanism, etc . The requirement for the issuer's own funds is at least 350000 euro and at least one percent of the average amount of reserve assets within six months 2%. If it is defined as key asset related token, Own funds need to account for at least 3%, At the same time, the issuers are required to pay more attention to risk management . The relevant management members of the issuer are in the qualification 、 Experience and technology also need to have a good reputation and ability , Have the time and ability to perform functions . Asset related token Issuers need to maintain token The stability of value , We need to ensure that there is enough asset reserve behind it . Issuers need to take prudent measures to manage reserve assets , Guarantee token The creation and destruction of reserves correspond to the increase and decrease of reserve assets . The publisher should describe in detail what is relevant to the stabilization mechanism , Especially the composition and distribution of reserve assets 、 The risk assessment of reserve assets 、token The process of creation and destruction 、 Investment plan and investment principle of reserve assets and purchase and redemption token The process of .token Issuers should ensure that reserve assets are separated from their own assets , And have quick access to reserve assets to meet redemption requests from holders . Reserve assets should be kept by credit institutions and crypto asset service providers , The distributor is responsible for selecting and appointing , Ensure that the trustee has the necessary professional knowledge and good market reputation . Reserve assets should be invested in safe and low-risk assets , These investments can be liquidated with minimal price impact . All gains or losses arising from the investment shall be borne by the issuer . To ensure that the asset is relevant token It's mainly for trading, not for value storage , Neither the issuer nor the encryption asset service provider will hold token Users of the company distribute interest . For key asset related token For the publisher of , They should have a strict liquidity management strategy , Ensure that the whole system can still operate normally under the condition of tight liquidity . 2、 Yes e-money token The requirements of e-money token Is to anchor a single legal tender to maintain its own value stability , Encryption assets mainly used for transactions . because e-money token The definition and e-money be similar , Regulation for e-money token We also learn from e-money Related content of . e-money token The white paper should include information about the publisher and the project 、 Information about public distribution or trading on the platform 、e-money token Related rights and obligations 、 Underlying technology and risk . The white paper should make it clear that e-money token The holder has the right to redeem at face value at any time e-money token. e-money token The issuing institution of shall be 2013/36/EU A credit institution or 2009/110/EC E-money institutions under orders , And they should abide by 2009/110/EC The related operation requirements of the instruction . The issuer should give the holder the right to redeem at face value at any time token The power of , In the process of redemption, the issuer can charge the Redeemer a fee . alike ,e-money token The issuers and service providers of encryption assets will not hold token Users of the company distribute interest . The distributor should pass e-money token The money is invested in e-money token In the same currency , Avoid cross currency risks . If defined as the focus e-money token, The trusteeship and investment rules of its reserve fund need not be referred to 2009/110/EC Order number 7 The relevant contents of the article , It's a reference to key asset related token The requirements of , Including the establishment of an orderly and gradual liquidation plan, etc .
Japan 《 Payment services act 》 Amendment
2019 year 5 month 31 Japan's Finance Agency （FSA,Financial Services Agency） Put forward about 《 Payment services act 》（PSA） The amendment to the bill was passed , On 2020 year 5 month 1 Effective from . The amendment adds activities related to encrypted assets , Including encryption asset custody service and encryption asset trading service provider , Further expand the scope of Supervision . 《 Payment services act 》 There are several important changes in , Including the scope of providing cryptographic asset hosting services 、 Additional requirements for registering as an encrypted asset trading service provider 、 Requirements related to customer assets 、 Demands and prohibitions 、 Margin trading regulations 、 Advertising and marketing restrictions, etc . （ One ） Encrypted asset escrow service Revised PSA New regulation on providers of escrow services for encrypted assets , Previously, it only supervised those who were engaged in selling and purchasing encryption assets or as intermediaries . If the private key held by the service provider is enough to transfer the client's encrypted assets for itself or its subcontractors and related service providers , Or it can transfer the client's encrypted assets without the participation of the client , Can be regarded as engaged in encryption asset custody services , It needs to be based on PSA To register . If a multi signature system is adopted or the private key is divided into several parts , The service provider and its subcontractors do not hold or control the necessary part of the private key , Can not be regarded as “ management ” The client's encryption assets . （ Two ） Crypto asset trading service provider Revised PSA More requirements are put forward for encrypted asset trading service providers . At registration time , The applicant holds 10% The holders of the above voting rights need to report to FSA Disclosure . In terms of managing customer assets PSA Put forward more demands . If the customer's asset is cash , Service providers have to be separated from their own cash , And keep it in the trust account opened by the licensed trust , The beneficiary is the customer of the service provider . The agent on behalf of the beneficiary must be designated by the cryptographic asset trading service provider , At least one of them is a lawyer 、 Accounting or FSA Designated professionals . Trust assets can invest in low-risk financial products under strict restrictions . If the license of the cryptographic asset trading service provider is revoked , Insolvent or out of business , Trust assets will benefit the beneficiary . Every weekday, the service provider needs to compare the total amount of customer cash held with the outstanding trust assets , If there is a shortage, the amount of trust assets must be adjusted within two working days , Make it equal to or greater than the cash held by the user . If the customer asset is encrypted , It also requires service providers to be separated from their own assets , And keep it in a cold wallet or something .PSA The definition of cold wallets and the like is ： Record information on electronic devices 、 On electromagnetic media or other media including paper , And make sure these media are never connected to the Internet , Or other technical measures to ensure the same security level . If we want to ensure that the transaction service can be carried out smoothly , You can keep encrypted assets out of your cold wallet , But not more than... Of the total value of the encrypted assets of all customers under custody 5%, At the same time, service providers need to isolate their encryption assets of the same type and quantity in separate cold wallets or similar places , Customers have priority over other creditors . Crypto asset trading service providers need to manage the above cash and crypto assets , And audited by an accounting firm every year . In the contract, service providers need to make contingency plans , Be prepared for not being able to provide service . Revised PSA There are also additional requirements and prohibitions for the service providers of encrypted asset trading , These and 《 Financial instruments and exchange law 》 The requirements for securities dealers or foreign exchange product dealers are similar . The requirements include providing customers with the latest price of other customers' orders and quotation information of Japan virtual currency trading association ; If the service provider acts as the opponent of the customer in the transaction , The customer needs to be informed and explained in writing ; Service providers must adopt strategies to detect conflicts of interest in the above transactions ; Service providers must take measures to detect and suspend improper transactions, etc . Prohibited acts include the provision of unreasonable and unsubstantiated information ; Manipulate or assist in manipulating market prices ; The dissemination of non-public information or the use of investment decisions ; Preemptive trading, etc . For margin trading by crypto asset trading service providers ,PSA Similar and more stringent requirements than those for foreign exchange dealers are set out in . Including the disclosure and interpretation of the terms of the transaction and the risks attached , Compulsory obligation to receive margin （ The minimum amount is not less than the transaction value 50%） etc. . About advertising and marketing for crypto asset trading service providers ,PSA The following information is required ： Corporate name ; The advertiser is a registered encrypted asset trading service provider and provides the registration number ; Encrypted assets are not “ currency ”; The nature of encrypted assets that have a significant impact on the user's decision to participate in a transaction , These properties refer to the fact and reason that customers suffer losses due to the fluctuation of the value of encryption assets ; Encrypted assets can only be used for payment when the other party agrees to accept the encrypted assets as payment .
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Thinking and summary
It can be seen from the above discussion that , The official bills and amendments have filled the regulatory gaps in encryption assets , Yes, stable currency 、 Encrypted asset payment 、 New things such as encrypted asset trading have clear regulatory requirements . This is of great significance to improve the regulatory policy in the field of encryption assets , Regulatory policy is an important factor in determining the development direction of the blockchain industry . The blockchain industry is still an emerging industry , Relatively mild regulation will bring space for the development of blockchain and encryption assets . These regulatory acts are designed to protect the interests of investors to protect the stability of the financial system , Licenses and licenses are necessary for services related to encrypted assets , Only through the review can the relevant services be carried out . Regulation embodies the principle of proportionality of risk , If the relevant business has a higher risk to financial stability , It's going to be more demanding . It is expected that in the future, more countries will improve the regulatory regulations on encryption assets , This is related to the accelerated penetration of encryption assets , Also to prevent regulatory arbitrage . The borderless nature of encrypted assets gives them great advantages in cross-border transactions , It's also a challenge to regulation , A sound regulatory system also requires cooperation between countries and international organizations . thus , Produced by the office of the chief economist of Wanxiang blockchain 2020 All articles in the blockchain industry review series have been updated . We go through 《 Public chain chapter 》、《 Application articles 》、《 Serving the real economy 》 and 《 Supervision 》 From a key perspective, four articles comprehensively reviewed the development of blockchain industry in 2020 Progress made in 2007 , Hope to help you understand the industry trends , Grasp the industry trend , I also wish the blockchain industry a greater breakthrough in the core issues in the coming year , To bring more opportunities for the general practitioners ！ Recommended reading Wanxiang blockchain annual review ： Riding the wind and waves 2020—— Public chain chapter Wanxiang blockchain annual review ： Riding the wind and waves 2020—— Application articles Wanxiang blockchain annual review ： Riding the wind and waves 2020—— Serving the real economy
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