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根據幣安研究院的最新報告:穩定幣正在成為區塊鏈技術的關鍵方面,其監管塑造了全球分散式帳本技術(DLT)規則的未來。
Stablecoins, a critical component of blockchain technology, are now a key focus for regulators worldwide. Their decisions will ultimately shape the rules governing distributed ledger technology (DLT) on a global scale.
穩定幣是區塊鏈技術的重要組成部分,現在是全球監管機構關注的重點。他們的決定最終將塑造全球範圍內分散式帳本技術(DLT)的管理規則。
Here's a closer look at the latest report from Binance Research on stablecoin regulation.
以下是幣安研究院關於穩定幣監管的最新報告的詳細介紹。
Types of Stablecoins and Their Regulation
穩定幣的類型及其監管
There are three main types of stablecoins:
穩定幣主要分為三種:
1) Real-World Asset-Linked (Fiat-backed) Stablecoins,
1) 現實世界的資產掛鉤(法定貨幣支持)穩定幣,
2) Digital Asset-Backed Stablecoins,
2)數位資產支持的穩定幣,
3) Algorithmic Stablecoins.
3)演算法穩定幣。
Fiat-backed stablecoins are the most widely used and are typically pegged to a fiat currency, such as the U.S. dollar. These stablecoins are designed to maintain a stable value, making them suitable for everyday transactions. In most jurisdictions, fiat-backed stablecoins are subject to licensing, transparency, and anti-money laundering (AML) regulations. These regulations aim to ensure that stablecoin issuers maintain the necessary fiat currency reserves and allow for timely redemption of stablecoins by users.
法定貨幣支持的穩定幣使用最廣泛,通常與美元等法定貨幣掛鉤。這些穩定幣旨在保持穩定的價值,使其適合日常交易。在大多數司法管轄區,法幣支持的穩定幣受到許可、透明度和反洗錢 (AML) 法規的約束。這些規定旨在確保穩定幣發行機構維持必要的法定貨幣儲備,並允許用戶及時贖回穩定幣。
Digital asset-backed stablecoins are pegged to the value of another crypto asset, such as Bitcoin or a basket of crypto assets. These stablecoins are typically used for decentralized finance (DeFi) applications and are not as widely regulated as fiat-backed stablecoins. However, some jurisdictions may apply regulations related to asset-backed tokens or stablecoins in general.
數位資產支持的穩定幣與另一種加密資產的價值掛鉤,例如比特幣或一籃子加密資產。這些穩定幣通常用於去中心化金融(DeFi)應用,並且不像法幣支持的穩定幣那樣受到廣泛的監管。然而,一些司法管轄區可能會適用與資產支持代幣或穩定幣相關的一般法規。
Algorithmic stablecoins use smart contracts to maintain their peg, typically expanding or contracting the stablecoin supply in response to price movements. These stablecoins are designed to maintain their peg without the need for fiat currency or other external asset reserves. Due to their inherent volatility and collapse risks, algorithmic stablecoins have faced significant regulatory challenges, with many jurisdictions opting to restrict or ban them.
演算法穩定幣使用智能合約來維持其掛鉤,通常會根據價格變動擴大或收縮穩定幣供應。這些穩定幣旨在維持其掛鉤,而不需要法定貨幣或其他外部資產儲備。由於其固有的波動性和崩潰風險,演算法穩定幣面臨重大的監管挑戰,許多司法管轄區選擇限製或禁止它們。
Regional Frameworks for Stablecoin Regulation
穩定幣監管的區域框架
Different jurisdictions are taking unique approaches to stablecoin regulation.
不同的司法管轄區正在採取獨特的穩定幣監管方法。
- In the EU, the Markets in Crypto-Assets (MiCA) framework will mandate strict rules for fiat-backed stablecoins, covering reserve management, redemption timelines, and other aspects. Notably, MiCA will ban algorithmic stablecoins to mitigate risks.
- 在歐盟,加密資產市場(MiCA)框架將對法定支持的穩定幣制定嚴格的規則,涵蓋儲備管理、贖回時間表和其他方面。值得注意的是,MiCA 將禁止演算法穩定幣以降低風險。
- In the U.S., the Lummis-Gillibrand Payment Stablecoin Act focuses on integrating stablecoins with the banking system, requiring licensed stablecoin issuers to maintain strict reserve management practices. Multiple federal agencies, including the SEC, CFTC, and OCC, are involved in overseeing stablecoin activities, creating a complex regulatory environment.
- 在美國,《Lummis-Gillibrand 支付穩定幣法案》著重於將穩定幣與銀行系統整合,要求獲得許可的穩定幣發行人維持嚴格的準備金管理實務。包括 SEC、CFTC 和 OCC 在內的多個聯邦機構參與監督穩定幣活動,創造了複雜的監管環境。
- The UK has adopted a phased approach, initially integrating stablecoins under the Payment Services Regulation 2017. Future phases will cover algorithmic and commodity-backed stablecoins, with a particular emphasis on foreign stablecoins.
- 英國採取了分階段的方法,最初根據 2017 年支付服務法規整合穩定幣。
- In the UAE, the Central Bank of UAE (CBUAE) regulates stablecoins under the Payment Token Services Regulation, prioritizing transparency and restricting algorithmic tokens. While the UAE supports dirham-pegged stablecoins, it limits the use of foreign stablecoins for payments.
- 在阿聯酋,阿聯酋中央銀行 (CBUAE) 根據《支付代幣服務條例》對穩定幣進行監管,優先考慮透明度並限制演算法代幣。雖然阿聯酋支持與迪拉姆掛鉤的穩定幣,但它限制使用外國穩定幣進行支付。
- Japan's Payment Services Act only permits banks and trust companies to issue stablecoins, ensuring secure backing and reliable redemption processes.
- 日本的《支付服務法》僅允許銀行和信託公司發行穩定幣,確保安全支援和可靠的贖回流程。
- Singapore's Monetary Authority of Singapore (MAS) framework governs single-currency stablecoins (SCS) pegged to the Singapore dollar or G10 currencies, emphasizing robust reserve management and transparency.
- 新加坡金融管理局 (MAS) 框架管理與新加坡元或 G10 貨幣掛鉤的單幣種穩定幣 (SCS),強調穩健的儲備管理和透明度。
Future Outlook on Stablecoin Regulation
穩定幣監管的未來展望
As stablecoin adoption continues to grow and regulators gain more experience, we can expect further evolution in stablecoin regulation. Some key areas to watch include:
隨著穩定幣的採用不斷增長以及監管機構獲得更多經驗,我們可以預期穩定幣監管將進一步發展。一些值得關注的關鍵領域包括:
Integration with Traditional Finance: Stablecoins are becoming an essential part of existing banking frameworks, enabling faster transactions, lower costs, and cross-border payments. This integration will likely drive closer cooperation between regulators overseeing banks and платежные системы.
與傳統金融的整合:穩定幣正在成為現有銀行框架的重要組成部分,從而實現更快的交易、更低的成本和跨境支付。這種整合可能會推動銀行監管機構與銀行之間更密切的合作。
Shift Towards Fiat-Linked Stablecoins: Given the risks and regulatory challenges associated with algorithmic models, many jurisdictions are focusing on fiat-backed tokens to foster trust and stability in the stablecoin ecosystem.
轉向與法定貨幣掛鉤的穩定幣:考慮到與演算法模型相關的風險和監管挑戰,許多司法管轄區將重點放在法定貨幣支持的代幣上,以促進穩定幣生態系統的信任和穩定性。
Global Coordination for Interoperability: Clear regulatory frameworks from regions like the EU, UAE, and Singapore are crucial in creating a globally interoperable framework for stablecoins. This will enable the adoption of diverse stablecoins, including non-USD stablecoins, and facilitate seamless cross-border payments.
全球互通性協調:歐盟、阿聯酋和新加坡等地區的明確監管框架對於創建穩定幣的全球互通框架至關重要。這將使包括非美元穩定幣在內的多種穩定幣得以採用,並促進無縫跨境支付。
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