日本的Web 3.0合作：加密貨幣監管模式

從文化遺產到尖端技術進步，日本是古老習俗和現代奇蹟的交匯處。傳統與創新的獨特融合反映了日本在加密領域的戰略定位。

Japan’s Web 3.0 cooperation remains one of its national mandates. But why is that?

日本的 Web 3.0 合作仍然是其國家任務之一。但這是為什麼呢？

From its cultural heritage to cutting-edge technological advancements, Japan is where ancient customs and modern marvels converge.

從文化遺產到尖端技術進步，日本是古老習俗和現代奇蹟的交匯處。

The unique blend of tradition and innovation reflects Japan’s strategic positioning within crypto.

傳統與創新的獨特融合反映了日本在加密領域的戰略定位。

In recent months, the country has taken a measured approach, legally permitting only licensed entities to issue stablecoins to ensure stability within a fragile financial system.

近幾個月來，該國採取了謹慎的做法，在法律上只允許獲得許可的實體發行穩定幣，以確保脆弱的金融體系的穩定性。

Fostering non-adversarial relationships between stakeholders and regulators has made advancing financial systems and global innovation driven by cryptocurrencies more evident.

培養利害關係人和監管機構之間的非對抗性關係，使得加密貨幣驅動的金融體系和全球創新的進步更加明顯。

This is particularly true in areas like Japan, where collaborative regulatory frameworks have paved the way for enhanced development and adoption of digital assets.

在日本等地區尤其如此，這些地區的協作監管框架為加強數位資產的開發和採用鋪平了道路。

Putting regulatory clarity into practice

將監管清晰度付諸實踐

Despite crypto’s evolution from a speculative investment to an asset class contributing to a balanced portfolio, governments worldwide remain conflicted about how to regulate it.

儘管加密貨幣已從投機性投資演變為有助於平衡投資組合的資產類別，但世界各國政府對於如何監管它仍然存在衝突。

While it’s not atypical for regulatory bodies to disagree on how to oversee financial instruments, the approach to crypto assets continues to be divisive.

儘管監管機構在如何監管金融工具方面存在分歧的情況並不罕見，但加密資產的處理方法仍存在分歧。

India, for example, has no centralized authority handling crypto regulations and offers no guidelines for settling disputes when dealing with digital assets, leaving investors to trade at their own risk.

例如，印度沒有處理加密貨幣法規的集中機構，也沒有提供處理數位資產時解決爭議的指南，導致投資者自行承擔交易風險。

The absence of regulations allows unmonitored practices to flourish – and without appropriate safeguards, criminals can and do benefit from the lack of oversight, leaving law-abiding citizens to suffer.

缺乏監管使得不受監管的行為得以猖獗——如果沒有適當的保障措施，犯罪分子能夠而且確實會從缺乏監管中受益，讓守法公民蒙受損失。

Without laws, there are no legal ramifications, and crypto has magnified this issue before when people or organizations have gotten away with crimes due to legal shortcomings.

沒有法律，就沒有法律後果，而以前，當個人或組織因法律缺陷而逃脫犯罪時，加密貨幣就放大了這個問題。

So, it seems strange that Japan is among the few economic powerhouses highlighting the importance of forging non-adversarial relationships with the blockchain industry.

因此，日本是少數幾個強調與區塊鏈產業建立非對抗性關係重要性的經濟強國之一，這似乎很奇怪。

Such collaborations allow regulators to gain insights from industry stakeholders about practical implications, enabling governments to craft rules that achieve regulatory objectives and are feasible for businesses to implement while protecting consumers.

這種合作使監管機構能夠從行業利益相關者那裡獲得有關實際影響的見解，使政府能夠制定實現監管目標的規則，並且企業可以在保護消費者的同時實施這些規則。

For instance, Japan’s 2023 Web 3.0 whitepaper outlined strategies for NFTs and DAOs, underscoring the importance of developing a regulatory framework balancing innovation with consumer protections and mechanisms to maintain market integrity.

例如，日本的 2023 Web 3.0 白皮書概述了 NFT 和 DAO 的策略，強調了製定平衡創新與消費者保護和維護市場誠信機制的監管框架的重要性。

With that in mind, navigating the hurdles of financial regulation can lead to positive outcomes by facilitating a secure economic landscape, as exemplified by Japan’s stance on crypto.

考慮到這一點，克服金融監管的障礙可以透過促進安全的經濟格局來帶來積極的成果，日本對加密貨幣的立場就是例證。

Driving financial innovation

推動金融創新

As financial institutions begin to embrace a new wave of finance, the relationship between regulators and stakeholders is the glue that can create an inclusive and protected financial ecosystem.

隨著金融機構開始擁抱新一輪金融浪潮，監管機構和利害關係人之間的關係是創造包容性和受保護的金融生態系統的黏合劑。

But the key difference that has set Japan apart is that its regulators seem to actually want to work with crypto, rather than pretending that it doesn’t exist.

但日本與眾不同的關鍵區別在於，其監管機構似乎確實希望與加密貨幣合作，而不是假裝它不存在。

For instance, cryptocurrency exchanges in Japan must register with its FSA (Financial Services Agency) to ensure they protect investors.

例如，日本的加密貨幣交易所必須在其 FSA（金融服務機構）註冊，以確保保護投資者。

Over the last few months, the FSA has tightened surveillance on crypto payments following a surge in fraud cases, directing financial institutions to conduct an effective monitoring system to prevent illegal transfers.

過去幾個月，隨著詐欺案件激增，英國金融服務管理局加強了對加密貨幣支付的監控，指示金融機構建立有效的監控系統以防止非法轉移。

Likewise, while most countries have yet to consider regulating stablecoins, Japan is paving the way for a stablecoin framework to gain a head start on navigating its complexities.

同樣，雖然大多數國家尚未考慮監管穩定幣，但日本正在為穩定幣框架鋪平道路，以便在應對其複雜性方面取得先機。

In contrast to countries like the US, Japan’s approach stands out as a proactive model by implementing a stablecoin law that is both logically and economically sound.

與美國等國家相比，日本的做法透過實施邏輯上和經濟上均合理的穩定幣法而成為一種積極主動的模式。

The impacts are already clear here. For example, Binance, in collaboration with MUTB (Mitsubishi UFJ Trust and Banking Corporation), is aiming to introduce stablecoins tied to currencies like the Yen by the end of 2024 – aligning with Japan’s framework that only permits licensed organizations to issue stablecoins.

這裡的影響已經很明顯了。例如，幣安與 MUTB（三菱日聯信託銀行）合作，計劃在 2024 年底前推出與日圓等貨幣掛鉤的穩定幣，這與日本只允許獲得許可的組織發行穩定幣的框架保持一致。

Most recently, Hokkoku, a regional bank based in the Ishikawa prefecture, announced the launch of a stablecoin backed by bank deposits.

最近，位於石川縣的地區銀行 Hokkoku 宣布推出由銀行存款支持的穩定幣。

Even now, Japan’s proactive stance extends beyond institutional regulations. Its embrace of different financial movements – from Web 3.0 gaming to new opportunities for VC (venture capital) firms investing in crypto – has fostered a more secure environment.

即使現在，日本的積極主動立場也超越了製度監管的範疇。它擁抱不同的金融運動——從 Web 3.0 遊戲到投資加密貨幣的 VC（風險投資）公司的新機會——培育了一個更安全的環境。

Under Prime Minister Fumio Kishida’s leadership, the country has emerged as a pioneer in crypto, inviting entrepreneurs, developers and investors to explore the world of Web 3.0.

在首相岸田文雄的領導下，該國已成為加密領域的先驅，邀請企業家、開發商和投資者探索 Web 3.0 的世界。

Lawmakers in Japan have even developed Web 3.0 policies advocating for corporate tax reductions and new opportunities for VC firms to invest in crypto, encouraging its overall strategy to update financial services by adopting and implementing new technologies.

日本立法者甚至制定了 Web 3.0 政策，提倡企業減稅，並為創投公司提供投資加密貨幣的新機會，鼓勵其透過採用和實施新技術來更新金融服務的整體策略。

For VC firms, this shift requires navigating new compliance frameworks and balancing the risks associated with digital assets while capitalizing on innovative opportunities.

對於創投公司來說，這種轉變需要探索新的合規框架並平衡與數位資產相關的風險，同時利用創新機會。

While no framework is perfect, Japan has shown that its influence in the blockchain arena can offer a blueprint for regulators worldwide to support crypto while keeping citizen safety at the top of mind.

儘管沒有完美的框架，但日本已經表明，其在區塊鏈領域的影響力可以為全球監管機構提供支援加密貨幣的藍圖，同時將公民安全放在首位。

Given the borderless nature of crypto and blockchain, international coordination and cooperation are needed to create a level playing field and encourage responsible innovation within the cryptocurrency space on a global scale.

鑑於加密貨幣和區塊鏈的無國界性質，需要進行國際協調與合作，以創造一個公平的競爭環境，並鼓勵全球範圍內的加密貨幣領域負責任的創新。

Coordinated efforts will work to prevent regulatory arbitrage, ensuring the maintenance of market integrity and stability worldwide.

協調一致的努力將致力於防止監管套利，確保維護全球市場的誠信和穩定。

James Wo is the founder and CEO of DFG. He currently manages a

James Wo 是 DFG 的創辦人兼執行長。他目前管理著一家