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英格兰银行(BoE)和金融行为监管局(FCA)最近宣布推出数字证券沙盒(DSS),标志着英国金融体系的发展迈出了重要一步。
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.
英格兰银行(BoE)和金融行为监管局(FCA)联手推出数字证券沙盒(DSS),标志着英国金融体系发展迈出了重要一步。该举措旨在促进金融创新、提高市场效率并支持数字证券领域的监管合规性。以下是对这一发展的关键方面和影响的更仔细的了解。
Overview: Digital Securities Sandbox Unveiled
概述:数字证券沙盒揭幕
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,英国央行和 FCA 宣布推出数字证券沙盒,该平台旨在让企业探索分布式账本技术 (DLT) 在金融证券领域的优势。此举将彻底改变数字资产和证券在英国的测试、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.”
该沙箱将使用可编程和分布式账本在英国实现数字证券的发行、交易和结算,同时遵守英国央行和英国金融行为监管局制定的法规。 FCA 表示,“这可能是根据现行法规已获得授权或认可的现有金融机构,也可能是市场的新进入者。”
Boosting Financial Innovation in Digital Securities
推动数字证券金融创新
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.
数字证券沙盒旨在为公司提供安全可控的环境来测试涉及数字证券的创新。数字证券是使用 DLT 发行和交易的金融工具,例如股票、债券或其他资产,并支撑比特币 (BTC) 和以太坊 (ETH) 等加密货币。 DSS 使公司能够试验基于 DLT 的产品,同时保持遵守法规。
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.
监管沙箱的概念此前已由新加坡金融管理局 (MAS) 于 2020 年提出。FCA 自 2016 年以来也一直在运行其监管沙箱,为金融科技初创公司提供在监管监督下测试产品的空间。然而,DSS 更进一步,专门关注数字证券及其潜在应用。
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.
接受沙盒的公司将能够测试新流程、发行机制、结算协议和代币化资产的使用,同时接收监管机构的实时反馈。通过创建专门针对数字证券的沙箱,英国央行和英国金融行为监管局致力于支持下一波金融创新浪潮。此举预计将加速 DLT 在金融市场的采用,并鼓励机构投资者更多地参与,从而提高金融市场的效率和透明度。
Addressing Regulatory Challenges with Digital Assets
应对数字资产的监管挑战
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.
数字证券沙盒的主要目标之一是解决数字资产使用带来的监管挑战。尽管分布式账本技术有望提高效率和安全性,但它也带来了合规性、法律框架和市场稳定性方面的复杂性。英国央行和英国金融行为监管局认识到,当前的监管制度需要不断发展,以适应加密货币在全球经济中日益增长的作用。
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.
通过 DSS,公司可以识别并解决监管障碍,同时与英国央行和 FCA 密切合作,确保数字证券在合规框架内运营。这种协作方法将使监管机构能够更好地了解数字证券带来的风险和机遇,为未来的监管发展铺平道路。
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.
沙盒预计还将有助于制定数字证券的国际标准。随着金融市场日益全球化,跨境协调数字资产监管至关重要。通过 DSS 的引领,英国可以将自己定位为数字金融领域的全球领导者,塑造数字资产国际监管框架的未来。
Implications for the Financial Industry
对金融业的影响
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.
数字证券沙盒的推出将对金融行业产生深远影响,特别是在资本市场、资产管理和投资银行领域。例如,资产代币化是 DSS 的核心焦点,它可以通过允许对房地产或艺术品等传统非流动资产的部分所有权来实现金融市场准入的民主化。这可以为散户投资者开辟新的投资机会,并为企业提供其他筹集资金的方式。
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,在证券发行和结算中使用DLT可以大大减少这些过程的时间和成本。传统的结算过程可能需要几天的时间,需要多个中介机构,每个中介机构都会收取费用。通过DLT,证券可以近乎实时地结算,消除了对中介机构的需求,并显着降低了交易成本。这可以增加金融市场的流动性并提供更快、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 还为公司探索使用智能合约(将协议条款直接写入代码的自动执行合约)提供了机会。这些可以自动化金融交易的某些方面,例如股息支付或应计利息,进一步简化运营并降低运营风险。
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
数字证券沙盒的创建正值全球金融业正在经历快速数字化转型之际。包括英格兰银行在内的世界各国中央银行正在探索中央银行数字货币(CBDC)的发展,而金融机构也越来越多地采用区块链和DLT来增强其服务。 DSS 预计将通过为企业提供试验数字证券的空间来补充这些举措,并为金融体系更广泛的数字化做出贡献
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