基于业态演进视角的数字证券适应性监管  

Adaptive Regulatory Framework for Digital Securities Based on Business Model Evolution

作　　者：赵佩婕 Zhao Peijie

机构地区：[1]华东政法大学经济法学院,上海200042

出　　处：《上海金融》2024年第7期67-79,共13页Shanghai Finance

基　　金：河北省社会科学基金一般项目“算法时代的金融风险法律规制研究”(20220404016)阶段性成果。

摘　　要：从加密资产到数字证券,业态演进修正了产品没有实体资产支撑的关键缺陷,以及依赖于持续的投资者流入来回报早期参与者的不可持续的商业模式。市场基础条件的结构性转变,促使域外监管机构遵循功能监管理念,将数字证券纳入证券法律体系进行规制和监管,并逐渐助推通证化与分布式记账技术作为新型金融基础设施,进行证券通证化监管试验,以期实现证券发行与交易模式的技术变革。在此背景下,基于分布式记账技术的跨地域特性,我国观望市场发展以适时作出监管应对的选择性监管模式,既难以有效应对域外市场风险的溢出效应,又存在监管步速问题,将使我国金融发展与制度竞争处于落后被动态势。基于数字证券市场风险相对可控,且与传统证券市场具有相似经济功能的判定,我国监管机构应以传统证券通证化为切入点,遵循功能监管理念,通过规则扩张式监管方式将传统证券监管框架应用于数字证券市场,并基于试验性监管成果对法律规则进行适应性调整,形成与数字证券业态同步演进的适应性监管模式。From crypto assets to digital securities,the evolution of the industry has addressed the critical flaw of products lacking tangible asset support and the unsustainable business model reliant on continuous investor inflows to reward early participants.The structural transformation of the market’s fundamental conditions has prompted overseas regulators to adhere to the functional regulation concept,incorporate digital securities into security legal system for regulation and supervision,and gradually facilitate the tokenization and distributed ledger technology as new financial infrastructures to conduct regulatory experiments on security tokenization,aiming to realize the technological transformation in security issuance and trading models.Under this backdrop,given the cross-regional nature of distributed ledger technology,China’s discretionary reaulatory approach while observing market development to make timely regulatory responses.It is not only unable to effectively cope with the spillover effects of risks from the overseas market,but also suffers from issues related to the pace of regulation.This approach risks leaving China’s financial development and institutional competition in a passive and lagging position.Based on the assessment that the risks in the digital security market are relatively controllable and have similar economic functions to the traditional security market,China’s regulatory agencies should start with traditional security tokenization follow the concept of functional regulation and apply the traditional security regulatory framework to the digital security market through a rule-expansion regulatory approach.Furthermore,they should make adaptive adjustments to legal rules based on experimental regulatory outcomes,forming an adaptive regulatory model that evolves in tandem with the digital security industry.

关 键 词：数字证券 证券通证化 金融科技 适应性监管 功能监管 

分 类 号：D912.28[政治法律—民商法学] F832[政治法律—经济法学]