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FCA发布《加密资产指南》文件,计划监管证券型代币及稳定币

1月23日,金融行为管理局(FCA)发布《数字资产指南》咨询文件。文件中,将各种数字代币分为三种类别,并提议是否可以根据FCA现有的规章制度来进行监管,例如,作为特定投资、金融工具或电子货币监管。

在解释制定指导方针的原由时,该机构表示,加密资产对于消费者和投资者来说有一定风险,所以阐明哪些方面是受监管的,哪些不是,对与围绕加密资产展开业务运营的企业来说非常有必要。

FCA战略与竞争部门的执行总监Christopher Woolard在一份声明中表示:

“这是一个规模较小但却快速增长的市场,我们希望业内和消费者都能明白哪些是受监管的而哪些不是。这一点对于消费者可受益于哪种保护,以及确保市场正常运行来说都非常重要。”

通过此份咨询文件,比特币和莱特币等“交易代币”并不属于特定投资,因为目前在英国内还未被认定为法定货币,且与法定货币或其他大众商品的投资相比,交易代币的波动性较大。因此,这些代币的购买与销售并不隶属于FCA的职权范围。

另一方面,“证券型代币”则被归类为特定投资,因为她们的定义符合了英国2000年《金融服务与市场法》中受监管活动的定义。同时FCA还指出,根据“金融工具市场指令II(MiFID II)”这些产品也将成为金融工具。

尽管一些“效用型代币”在某些情况下可能符合电子货币的标准,但通常不受FCA的监管。同时,该监管机构还表示,因为“效用型代币”通常不表现出与证券性相同的特性,所以不会被监管制度所捕获,除非满足电子货币的定义。

与美元或英镑等挂钩的稳定币,如果是由特定资产(可能包括特定投资)、一系列加密资产支持,又或者是通过算法维持代币供应,则也可能满足电子货币的定义。

对于证券型代币来说,传统证券所涉及的所有规则都将适用于她们。因此,想要经营证券型代币的公司必须要向FCA申请许可。

FCA表示:

“那些想要为证券型代币销售、购买、传输创建基础设施的企业(通常被称为交易所或交易平台),必须确保拥有执行该类活动的权限。”

该监管机构目前正在寻求公众对此指导方针的意见,并设立了为期10周的质询期,直至4月5日结束。

普华永道区块链主管Steve Davies在邮件中就FCA的咨询文件发表意见:

“尽管可能会引起与加密资产有关的潜在风险,但同时也具有了许多积极因素。然而有些问题还尚未解答,就比如是否应将那些未被监管的加密资产纳入FCA的监管范围以进一步保护消费者,以及鉴于这些产品的特殊性质和风险,现有的监管框架是否合适等。”

The U.K.’s Financial Conduct Authority (FCA) has set out proposed guidance for how crypto assets should be regulated in the country.

In a consultation paper published Wednesday, the watchdog assigns the various crypto tokens into three categories and suggests whether these can be accommodated under existing rules overseen by the FCA – for example, as specified investments, financial instruments or e-money.

Explaining the reasons for guidelines, the agency said that crypto assets carry risks for consumers and investors, and clarification of what is regulated and what is not would help firms wishing to operate compliant businesses based around crypto assets.

In a statement, Christopher Woolard, the FCA’s executive director of strategy and competition, said:

“This is a small but growing market and we want both industry and consumers to be clear what is regulated, and what isn’t. This is vital if consumers are to know what protections they’ll benefit from and in ensuring we have a market functioning as it should.”

According to the draft paper, “exchange tokens,” such as bitcoin and litecoin, are not specified investments as they are currently not recognized as legal tender in the U.K. and are volatile compared to other investment avenues such as fiat currencies and commodities. Therefore, the buying and selling of these tokens do not fall under the FCA’s remit, the paper states.

On the other hand, “security tokens” are classed as specified investments, since their definition meets the one set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order. “These products are also capable of being financial instruments under MiFID II [Markets in Financial Instruments Directive II],” the FCA states.

While “utility tokens” may meet the criteria of e-money in certain circumstances, these would not generally be regulated by the FCA. “As utility tokens do not typically exhibit features that would make them the same as securities, they won’t be captured in the regulatory regime, unless they meet the definition of e-money,” the watchdog says.

Stablecoins, tokens pegged to a fiat currency like USD or GBPs, might meet the definition of e-money if “backed by certain assets (which may include Specified Investments), a basket of cryptoassets, or potentially through algorithms that maintain the supply of the token.”

For security tokens, all the rules covering traditional securities will apply to them, too. Accordingly, firms wanting to deal in securities tokens would have to apply for permission from the FCA.

The FCA says: “A firm wanting to create infrastructure for the buying, selling and transferring of security tokens (commonly known as exchanges or trading platforms) must ensure it has the appropriate permissions for the activities it wants to carry out.”

The regulator is now seeking public comment on the guidance – which follows a 2018 pledge for further clarification on crypto assets from the UK Cryptoassets Taskforce – by April 5.

In an email to CoinDesk, Steve Davies, PwC’s blockchain lead, commented on the FCA paper, saying that, while it raises the potential risks associated with crypto assets, “there are also a lot of positives.”

However, he continued:

“Some questions remain unanswered, including whether certain unregulated cryptoassets should be brought under the FCA’s jurisdiction to further protect consumers, and whether the existing regulatory framework is appropriate given the unique features and risks associated with these products.”

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