加密数字货币的定性困境与间接监管出路  

Regulating Cryptocurrency:Legal Complexities and Indirect Regulation

作　　者：许多奇 肖凯 Xu Duoqi;Xiao Kai

机构地区：[1]复旦大学法学院 [2]上海金融法院

出　　处：《中国应用法学》2020年第3期24-43,共20页China Journal of Applied Jurisprudence

摘　　要：加密数字货币是金融科技的重要创新,其匿名性、跨境性、数字化、发行主体的多元化等特点,对基于国家信用的传统货币法律框架提出了深刻挑战。金融监管由于法律欠缺、监管资源约束以及鼓励金融创新等因素,存在着较大的不确定性和监管套利问题。加密数字货币一旦产生纠纷,司法机关则从嗣后救济变成了跨前审查,容易导致金融司法陷入两难。比较域外法院的相关案例,加密数字货币的法律性质尚无定论,通过个案裁判的定分止争来实现某种监管功能的美好愿望将很难具有现实性。因此,对于加密数字货币,监管机关在加强监管科技的同时,更应通过针对传统金融机构以及其他相关服务提供者的间接监管来实现加密数字货币的规范化。Due to the attributes of anonymity,extraterritoriality,digitization,and multiple private issuers,cryptocurrency as an important fin-tech innovation poses grave regulatory challenges to the traditional monetary legal system which is based on sovereignty credit.Current financial regulation exposes to a great deal of uncertainties and suffers regulatory arbitrage,especially from the statutory vacuum,regulatory resources restraint,and pro-innovation policies.When disputes concerning cryptocurrency occur,judicial authorities are in the dilemma of playing a role of ex ante regulation while resolving the ex post disputes at the same time.This article draws on a comparative perspective of cryptocurrency cases in several jurisdictions,analyzes different judicial characterizations of cryptocurrency,and finds it unrealistic for the court to function as a regulator through litigation.The authors,therefore,maintain that,in order to achieve a rule-based cryptocurrency ecosystem,financial authorities should play more active roles and strengthen the regulatory technology by indirect regulation of service providers and financial intermediaries.

关 键 词：加密数字货币 法律定性 间接监管 

分 类 号：D922.285[政治法律—经济法学]