日本的Web 3.0合作：加密货币监管模式

从文化遗产到尖端技术进步，日本是古老习俗和现代奇迹的交汇处。传统与创新的独特融合反映了日本在加密领域的战略定位。

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

日本的 Web 3.0 合作仍然是其国家任务之一。但这是为什么呢？

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

从文化遗产到尖端技术进步，日本是古老习俗和现代奇迹的交汇处。

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

传统与创新的独特融合反映了日本在加密领域的战略定位。

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.

近几个月来，该国采取了谨慎的做法，在法律上只允许获得许可的实体发行稳定币，以确保脆弱的金融体系的稳定性。

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

培养利益相关者和监管机构之间的非对抗性关系，使得加密货币驱动的金融体系和全球创新的进步更加明显。

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

在日本等地区尤其如此，这些地区的协作监管框架为加强数字资产的开发和采用铺平了道路。

Putting regulatory clarity into practice

将监管清晰度付诸实践

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.

尽管加密货币已从投机性投资演变为有助于平衡投资组合的资产类别，但世界各国政府对于如何监管​​它仍然存在冲突。

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.

尽管监管机构在如何监管金融工具方面存在分歧的情况并不罕见，但加密资产的处理方法仍然存在分歧。

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，印度没有处理加密货币法规的集中机构，也没有提供处理数字资产时解决争议的指南，导致投资者自行承担交易风险。

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.

缺乏监管使得不受监管的行为得以猖獗——如果没有适当的保障措施，犯罪分子能够而且确实会从缺乏监管中受益，让守法公民蒙受损失。

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.

没有法律，就没有法律后果，而以前，当个人或组织因法律缺陷而逃脱犯罪时，加密货币就放大了这个问题。

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，日本是少数几个强调与区块链行业建立非对抗性关系重要性的经济强国之一，这似乎很奇怪。

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.

这种合作使监管机构能够从行业利益相关者那里获得有关实际影响的见解，使政府能够制定实现监管目标的规则，并且企业可以在保护消费者的同时实施这些规则。

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 白皮书概述了 NFT 和 DAO 的战略，强调了制定平衡创新与消费者保护和维护市场诚信机制的监管框架的重要性。

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.

考虑到这一点，克服金融监管的障碍可以通过促进安全的经济格局来带来积极的成果，日本对加密货币的立场就是例证。

Driving financial innovation

推动金融创新

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.

随着金融机构开始拥抱新一轮金融浪潮，监管机构和利益相关者之间的关系是创建包容性和受保护的金融生态系统的粘合剂。

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.

但日本与众不同的关键区别在于，其监管机构似乎确实希望与加密货币合作，而不是假装它不存在。

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

例如，日本的加密货币交易所必须在其 FSA（金融服务机构）注册，以确保保护投资者。

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.

过去几个月，随着欺诈案件激增，英国金融服务管理局加强了对加密货币支付的监控，指示金融机构建立有效的监控系统以防止非法转账。

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.

同样，虽然大多数国家尚未考虑监管稳定币，但日本正在为稳定币框架铺平道路，以便在应对其复杂性方面取得先机。

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.

与美国等国家相比，日本的做法通过实施逻辑上和经济上均合理的稳定币法而成为一种积极主动的模式。

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.

这里的影响已经很明显了。例如，币安与 MUTB（三菱日联信托银行）合作，计划在 2024 年底前推出与日元等货币挂钩的稳定币，这与日本只允许获得许可的组织发行稳定币的框架保持一致。

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

最近，位于石川县的地区银行 Hokkoku 宣布推出由银行存款支持的稳定币。

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.

即使现在，日本的积极主动立场也超出了制度监管的范畴。它拥抱不同的金融运动——从 Web 3.0 游戏到投资加密货币的 VC（风险投资）公司的新机会——培育了一个更安全的环境。

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.

在首相岸田文雄的领导下，该国已成为加密领域的先驱，邀请企业家、开发商和投资者探索 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，提倡企业减税，并为风险投资公司提供投资加密货币的新机会，鼓励其通过采用和实施新技术来更新金融服务的总体战略。

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

对于风险投资公司来说，这种转变需要探索新的合规框架并平衡与数字资产相关的风险，同时利用创新机会。

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.

尽管没有完美的框架，但日本已经表明，其在区块链领域的影响力可以为全球监管机构提供支持加密货币的蓝图，同时将公民安全放在首位。

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.

鉴于加密货币和区块链的无国界性质，需要进行国际协调与合作，以创造一个公平的竞争环境，并鼓励全球范围内的加密货币领域负责任的创新。

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

协调一致的努力将致力于防止监管套利，确保维护全球市场的诚信和稳定。

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

James Wo 是 DFG 的创始人兼首席执行官。他目前管理着一家