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英格蘭銀行(BoE)和金融行為監理局(FCA)最近宣布推出數位證券沙盒(DSS),標誌著英國金融體系的發展邁出了重要一步。
The Bank of England (BoE) and the Financial Conduct Authority (FCA) have joined forces to launch a Digital Securities Sandbox (DSS), marking a significant step in the evolution of the United Kingdom's financial system. This initiative aims to boost financial innovation, enhance market efficiency, and support regulatory compliance in the realm of digital securities. Here's a closer look at the key aspects and implications of this development.
英格蘭銀行(BoE)和金融行為監理局(FCA)聯手推出數位證券沙盒(DSS),標誌著英國金融體系發展邁出了重要一步。該措施旨在促進金融創新、提高市場效率並支持數位證券領域的監管合規性。以下是對這一發展的關鍵方面和影響的更仔細的了解。
Overview: Digital Securities Sandbox Unveiled
概要:數位證券沙盒揭幕
On September 30, 2024, the BoE and the FCA announced the launch of the Digital Securities Sandbox, a platform designed to allow companies to explore the advantages of distributed ledger technology (DLT) in financial securities. This move is set to revolutionise how digital assets and securities are tested, traded, and governed in the UK.
2024 年 9 月 30 日,英國央行和 FCA 宣布推出數位證券沙盒,該平台旨在讓企業探索分散式帳本技術 (DLT) 在金融證券領域的優勢。此舉將徹底改變數位資產和證券在英國的測試、交易和管理方式。
The sandbox will enable the issuance, trading, and settlement of digital securities in the United Kingdom using programmable and distributed ledgers, all while adhering to regulations set by the BoE and FCA. According to the FCA, “This could be an existing financial institution that is already authorised or recognised under current regulation or a new entrant to the market.”
該沙箱將使用可程式化和分散式帳本在英國實現數位證券的發行、交易和結算,同時遵守英國央行和英國金融行為監理局製定的法規。 FCA 表示,“這可能是根據現行法規已獲得授權或認可的現有金融機構,也可能是市場的新進入者。”
Boosting Financial Innovation in Digital Securities
推動數位證券金融創新
The Digital Securities Sandbox is designed to offer a safe and controlled environment for firms to test innovations involving digital securities. Digital securities are financial instruments, such as shares, bonds, or other assets, that are issued and traded using DLT and underpin cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The DSS enables firms to experiment with DLT-based products while remaining compliant with regulations.
數位證券沙盒旨在為公司提供安全可控的環境來測試涉及數位證券的創新。數位證券是使用 DLT 發行和交易的金融工具,例如股票、債券或其他資產,並支撐比特幣 (BTC) 和以太坊 (ETH) 等加密貨幣。 DSS 使公司能夠試驗基於 DLT 的產品,同時保持遵守法規。
The concept of a regulatory sandbox has been introduced previously by the Monetary Authority of Singapore (MAS) in 2020. The FCA has also been running its regulatory sandbox since 2016, offering fintech startups a space to test products with regulatory oversight. However, the DSS goes further by focusing exclusively on digital securities and their potential applications.
監管沙箱的概念先前已由新加坡金融管理局 (MAS) 於 2020 年提出。然而,DSS 更進一步,專門關注數位證券及其潛在應用。
Firms accepted into the sandbox will be able to test new processes, issuance mechanisms, settlement protocols, and the use of tokenised assets—all while receiving real-time feedback from regulators. By creating a sandbox specifically for digital securities, the BoE and FCA are committed to supporting the next wave of financial innovation. This move is expected to accelerate the adoption of DLT in the financial markets and encourage greater participation by institutional investors, which could drive increased efficiency and transparency in financial markets.
接受沙盒的公司將能夠測試新流程、發行機制、結算協議和代幣化資產的使用,同時接收監管機構的即時回饋。透過創建專門針對數位證券的沙箱,英國央行和英國金融行為監理局致力於支持下一波金融創新浪潮。此舉預計將加速 DLT 在金融市場的採用,並鼓勵機構投資者更多參與,從而提高金融市場的效率和透明度。
Addressing Regulatory Challenges with Digital Assets
應對數位資產的監管挑戰
One key objective of the Digital Securities Sandbox is to tackle the regulatory challenges that arise with the use of digital assets. Although distributed ledger technology promises greater efficiency and security, it also introduces complexities regarding compliance, legal frameworks, and market stability. The BoE and FCA recognise that the current regulatory regime needs to evolve to accommodate the growing role of cryptocurrencies in the global economy.
數位證券沙盒的主要目標之一是解決數位資產使用帶來的監管挑戰。儘管分散式帳本技術有望提高效率和安全性,但它也帶來了合規性、法律框架和市場穩定性的複雜性。英國央行和英國金融行為監理局意識到,目前的監管制度需要不斷發展,以適應加密貨幣在全球經濟中日益增長的作用。
Through the DSS, firms can identify and address regulatory barriers while working closely with the BoE and FCA to ensure that digital securities operate within a compliant framework. This collaborative approach will allow regulators to understand better the risks and opportunities presented by digital securities, paving the way for future regulatory developments.
透過 DSS,公司可以識別並解決監管障礙,同時與英國央行和 FCA 密切合作,確保數位證券在合規框架內運作。這種協作方法將使監管機構能夠更好地了解數位證券帶來的風險和機遇,為未來的監管發展鋪平道路。
The sandbox is also expected to contribute to developing international standards for digital securities. As financial markets become increasingly globalised, harmonising digital asset regulations across borders will be crucial. By leading the way with the DSS, the UK can position itself as a global leader in digital finance, shaping the future of international regulatory frameworks for digital assets.
沙盒預計還將有助於制定數位證券的國際標準。隨著金融市場日益全球化,跨境協調數位資產監管至關重要。透過 DSS 的引領,英國可以將自己定位為數位金融領域的全球領導者,塑造數位資產國際監管框架的未來。
Implications for the Financial Industry
對金融業的影響
The launch of the Digital Securities Sandbox is poised to have far-reaching implications for the financial industry, particularly in capital markets, asset management, and investment banking. For example, the tokenisation of assets, a core focus of the DSS, can democratise access to financial markets by allowing fractional ownership of traditionally illiquid assets like real estate or fine art. This could open up new investment opportunities for retail investors and provide firms alternative ways to raise capital.
數位證券沙盒的推出將對金融業產生深遠影響,特別是在資本市場、資產管理和投資銀行領域。例如,資產代幣化是 DSS 的核心焦點,它可以透過允許對房地產或藝術品等傳統非流動資產的部分所有權來實現金融市場准入的民主化。這可以為散戶開闢新的投資機會,並為企業提供其他籌集資金的方式。
Moreover, using DLT in securities issuance and settlement could drastically reduce the time and cost of these processes. Traditional settlement processes can take several days, requiring multiple intermediaries, each of whom charges a fee. With DLT, securities can be settled in near real-time, eliminating the need for intermediaries and significantly lowering transaction costs. This can increase liquidity in financial markets and provide faster, more secure transactions.
此外,在證券發行和結算中使用DLT可以大大減少這些過程的時間和成本。傳統的結算過程可能需要幾天的時間,需要多個中介機構,每個中介機構都會收取費用。透過DLT,證券可以近乎即時地結算,消除了對中介機構的需求,並顯著降低了交易成本。這可以增加金融市場的流動性並提供更快、更安全的交易。
The DSS also presents opportunities for firms to explore the use of smart contracts—self-executing contracts with the terms of the agreement directly written into code. These could automate certain aspects of financial transactions, such as dividend payments or interest accrual, further streamlining operations and reducing operational risk.
DSS 也為公司探索使用智慧合約(將協議條款直接寫入程式碼的自動執行合約)提供了機會。這些可以自動化金融交易的某些方面,例如股息支付或應計利息,進一步簡化營運並降低營運風險。
The creation of the Digital Securities Sandbox comes at a time when the global financial industry is undergoing rapid digital transformation. Central banks worldwide, including the Bank of England, are exploring the development of central bank digital currencies (CBDCs), while financial institutions are increasingly adopting blockchain and DLT to enhance their services. The DSS is expected to complement these initiatives by providing a space for firms to experiment with digital securities and contribute to the broader digitalisation of the financial system
數位證券沙盒的創建正值全球金融業正在經歷快速數位轉型之際。包括英格蘭銀行在內的世界各國中央銀行正在探索中央銀行數位貨幣(CBDC)的發展,而金融機構也越來越多地採用區塊鏈和DLT來增強其服務。 DSS 預計將透過為企業提供試驗數位證券的空間來補充這些舉措,並為金融體系更廣泛的數位化做出貢獻
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