去中心化金融與美國監管：KYC 會摧毀 DeFi 嗎？

美國國稅局的舉動引發了 DeFi 的生存問題。以下是 KYC 可以改變現狀的一些關鍵方法。

The U.S. Internal Revenue Service (IRS) has announced new rules that will require cryptocurrency exchanges and decentralized finance (DeFi) front ends to report customer transactions above $10,000 to the agency.

美國國稅局 (IRS) 宣布了新規則，要求加密貨幣交易所和去中心化金融 (DeFi) 前端向該機構報告超過 10,000 美元的客戶交易。

The move is part of a broader effort to close the tax gap and generate an additional $124 billion in tax revenue over the next decade.

此舉是縮小稅收差距並在未來十年增加 1,240 億美元稅收的更廣泛努力的一部分。

While centralized exchanges are already subject to KYC (Know Your Customer) regulations, DeFi platforms have largely operated in a gray area due to their decentralized nature.

雖然中心化交易所已經受到 KYC（了解你的客戶）法規的約束，但 DeFi 平台由於其去中心化的性質，很大程度上處於灰色地帶。

However, the IRS's new rule effectively extends KYC to DeFi, a move that has sparked widespread debate within the crypto community.

然而，美國國稅局的新規定實際上將 KYC 延伸到了 DeFi，此舉引發了加密社群的廣泛爭論。

In this article, we will delve into the clash between KYC and DeFi, exploring its origins, potential consequences, and the strategies that crypto enthusiasts and regulators may adopt in the face of these new regulations.

在本文中，我們將深入探討 KYC 和 DeFi 之間的衝突，探討其起源、潛在後果，以及加密貨幣愛好者和監管機構面對這些新規定可能採取的策略。

What is KYC and Why is it Important in Traditional Finance?

什麼是 KYC？

KYC laws were created as part of a global effort to fight money laundering and terrorism financing, and they’ve been around in traditional finance for decades.

KYC 法是作為全球打擊洗錢和恐怖主義融資努力的一部分而製定的，它們在傳統金融領域已經存在了數十年。

In practice, KYC means financial institutions are legally required to verify the identities of their customers.

實際上，KYC 意味著金融機構必須依法驗證其客戶的身份。

When you sign up for a bank account, provide a copy of your driver’s license, or submit a utility bill to prove your address, that’s KYC in action. Makes sense, can’t really argue its necessity in most use cases. That’s why it’s a contentious topic.

當您註冊銀行帳戶、提供駕駛執照副本或提交水電費帳單來證明您的地址時，KYC 就在發揮作用。有道理，在大多數用例中無法真正論證其必要性。這就是為什麼它是一個有爭議的話題。

For centralized crypto exchanges like Coinbase and Gemini, KYC rules have long been a fact of life.

對於像 Coinbase 和 Gemini 這樣的中心化加密貨幣交易所來說，KYC 規則早已成為現實。

Platforms like these are registered businesses with identifiable owners, so they comply with KYC regulations to stay in the good graces of governments.

此類平台是擁有可識別所有者的註冊企業，因此它們遵守 KYC 法規以維持政府的青睞。

But DeFi? It operates in the gray space between finance and tech, built on permissionless, decentralized protocols.

但 DeFi 呢？它在金融和科技之間的灰色空間中運作，建立在未經許可的去中心化協議之上。

The idea of slapping KYC on a DeFi app isn’t just a logistical headache—it’s an existential threat.

在 DeFi 應用程式上實施 KYC 的想法不僅是一個後勤問題，而且是一個生存威脅。

The Origins of the DeFi and KYC Feud

DeFi 與 KYC 之爭的起源

The clash between KYC and DeFi has been brewing since 2018.

KYC 與 DeFi 之間的衝突自 2018 年以來就一直在醞釀。

Protocols like Uniswap, Compound, and Aave changed crypto trading, lending, and borrowing by eliminating the need for a central authority.

Uniswap、Compound 和 Aave 等協議消除了對中央機構的需求，從而改變了加密貨幣交易、借貸。

Instead, users interacted with smart contracts— self-executing code that runs on the blockchain.

相反，用戶與智能合約（在區塊鏈上運行的自動執行程式碼）進行互動。

No forms, no IDs, no approvals.

沒有表格，沒有身分證，沒有批准。

To regulators, this anonymity was an obvious red flag. Without KYC, bad actors could use DeFi platforms to launder money or evade taxes.

對於監管機構來說，這種匿名行為是一個明顯的危險信號。如果沒有 KYC，不良行為者可能會利用 DeFi 平台洗錢或逃稅。

For DeFi enthusiasts, though, anonymity was the whole point. The system was designed to be trustless and borderless—a financial system for everyone, no matter who or where they were.

不過，對 DeFi 愛好者來說，匿名才是重點。這個系統的設計是去信任和無國界的——一個適合所有人的金融系統，無論他們是誰或在哪裡。

The real fireworks began in 2021 when the U.S. Treasury flagged DeFi as a potential hub for illicit activity in its “Anti-Money Laundering and Countering the Financing of Terrorism” (AML/CFT) priorities.

真正的煙火始於 2021 年，當時美國財政部將 DeFi 標記為其「反洗錢和打擊資助恐怖主義」(AML/CFT) 優先事項中潛在的非法活動中心。

While regulators didn’t move immediately, the writing was on the wall: DeFi was in their crosshairs.

雖然監管機構沒有立即採取行動，但不祥之兆是：DeFi 已成為他們的瞄準目標。

The IRS KYC Rule: What’s Happening Now?

IRS KYC 規則：現在發生了什麼事？

Fast forward to 2024, and the IRS has officially dropped the hammer. The new rule, set to take full effect by 2027, requires DeFi front-end platforms to:

快進到 2024 年，美國國稅局 (IRS) 正式放棄了這項措施。新規則將於 2027 年全面生效，要求 DeFi 前端平台：

- Collect and verify the name, address, Social Security number, and other identifying information of any U.S. customer whose transactions exceed $10,000 in a calendar year. This includes transactions made on behalf of another person, such as a nominee or agent.

- 收集並驗證任何一年內交易額超過 10,000 美元的美國客戶的姓名、地址、社會安全號碼和其他身分資訊。這包括代表他人（例如代理人或代理人）進行的交易。

- Report these transactions to the IRS annually, using a standardized format.

- 每年使用標準化格式向國稅局報告這些交易。

- Maintain the collected customer information for at least five years and make it available to the IRS upon request.

- 將收集到的客戶資訊保留至少五年，並根據要求提供給 IRS。

If it sounds familiar, it’s because centralized exchanges were hit with a similar mandate earlier this year.

如果這聽起來很熟悉，那是因為今年早些時候中心化交易所也受到了類似的要求。

But while Coinbase and its ilk have the infrastructure to handle compliance, DeFi platforms don’t. Most don’t even have employees, customer service desks, or compliance officers.

但是，雖然 Coinbase 及其同類產品擁有處理合規性的基礎設施，但 DeFi 平台卻沒有。大多數甚至沒有員工、客戶服務台或合規官員。

Many DeFi front ends may simply shut down rather than comply. Others might try to adapt but risk alienating users, who could seamlessly switch over to another DeFi platform that doesn’t comply.

許多 DeFi 前端可能只是關閉而不是遵守規定。其他人可能會嘗試適應，但可能會疏遠用戶，他們可能會無縫切換到另一個不合規的 DeFi 平台。

Here are a few key ways KYC could shake things up in the world of DeFi.

以下是 KYC 可以改變 DeFi 世界的一些關鍵方式。

1. Liquidity could dry up

1.流動性可能枯竭

DeFi runs on liquidity. When users provide funds to protocols in exchange for rewards, those funds create the pools that power lending, borrowing, and trading.

DeFi 依靠流動性運作。當用戶向協議提供資金以換取獎勵時，這些資金就會創造為借貸和交易提供動力的資金池。

But if KYC requirements spook users, or just don’t want their details shared with the IRS, they might withdraw their liquidity, shrinking the ecosystem.

但如果 KYC 要求嚇到了用戶，或者只是不想與 IRS 共享他們的詳細信息，他們可能會撤回流動性，從而縮小生態系統。

2. DeFi could lose its decentralized soul

2. DeFi 可能會失去去中心化靈魂

Sounds dramatic; the beauty of DeFi lies in its decentralization. Enforcing KYC would likely push DeFi platforms toward centralization.

聽起來很戲劇化； DeFi 的美妙之處在於它的去中心化。執行 KYC 可能會推動 DeFi 平台走向中心化。

Platforms might have to partner with intermediaries or centralize their operations to comply,

平台可能必須與中介機構合作或集中其運作以遵守，