加密资产属性的司法认定困境与理论重构  

The Judicial Identification Dilemma and Theoretical Reconstruction of Crypto Assets Attribute

作　　者：邓建鹏 李铖瑜 DENG Jianpeng;LI Chengyu

机构地区：[1]中央财经大学法学院

出　　处：《金融监管研究》2025年第3期37-51,共15页Financial Regulation Research

摘　　要：随着区块链金融的高速发展,我国出现了大量涉加密资产的司法案件。但司法机关深受金融监管政策的影响,并未形成对加密资产法律属性的统一认识,“同案异判”现象频频发生。在我国目前的司法实践中,对加密资产的属性认定存在“财产说”“非财产说”和“数据说”三种裁判立场。“非财产说”缺乏充足论述理由和依据,不具有说服力;而以“数据说”为判定基础,则难以得出令人信服的公正裁判,无法做到逻辑自洽。为跳出上述司法认定中的困境,需要理性的理论构建。本文认为,基于应然角度,主流加密资产和稳定币具有价值性、稀缺性和可排他的支配性,可认定为具有财产属性的新型网络虚拟财产。为落实这一认定,可进一步明确相关监管政策,构建以“行为时市场价格”为核心的加密资产计价规则,搭建合法适格的加密资产信息数据平台,为加密资产民事侵权赔偿与刑事犯罪数额的认定提供准确的依据。In the context of the rapid advancements witnessed in the domain of blockchain finance, a substantial number of cases pertaining to crypto assets have been submitted to China's judicial apparatus.However, the judicial organs are significantly influenced by the prevailing financial regulatory policies, resulting in a lack of a unified understanding of the legal attributes of crypto assets. This has led to the occurrence of "different judgements for the same case" with a high frequency. In the prevailing judicial practice, three adjudicative positions – "property theory", "non-property theory" and "data theory" – are utilized for the determination of the attributes of crypto assets. The "non-property theory" is found to lack sufficient reasoning and justification, thus being unpersuasive. Conversely, the "data theory" complicates the process of arriving at a convincing and fair judgement, and is not logically self-consistent. From a contingent perspective, mainstream crypto assets and stable coins possess value, scarcity and exclusive dominance, and can be recognized as a new type of network virtual property with property attributes. To implement this classification, regulatory policies should be further clarified by establishing crypto-asset valuation rules centred on the "market price at the time of the act", and establishing a legally qualified crypto-asset information and data platform, thereby providing an accurate basis for the determination of the amount of civil infringement damages and criminal offences.

关 键 词：加密资产 财产属性 金融监管政策 价格认定 司法认定 

分 类 号：F832[经济管理—金融学]