Page 33 - CCFA Journal - 11th Issue

加中金融 金融监管 Regulation

Lack of Consistent Definition: Cryptoassets lack a clear and consistent definition, and there are variations in how different countries
and institutions define and classify cryptoassets. This lack of consistency can make it more challenging to establish a globally unified
implementation standard.

Technological Challenges: The field of cryptoassets experiences rapid technological advancements, with new cryptocurrencies and
trading methods emerging constantly. Implementing standardized methods requires adapting to the evolving technological
environment and ensuring accurate assessment and monitoring of risks.

Market Liquidity: The cryptoasset market is relatively new and smaller compared to traditional financial markets. Market liquidity
may not be as robust, which can increase the complexity of risk assessment and capital requirements since market liquidity is
crucial for accurate risk evaluation and management.

Innovation Risk: The cryptoasset market is characterized by innovation, with new types of cryptoassets and financial products
continuously emerging. This innovation can bring new risks and challenges, necessitating close monitoring by regulatory and
international bodies to promptly adjust regulatory policies and implementation standards.

These are some of the possible implementation challenges. Regulatory authorities, market participants, and international
institutions need to collaborate to address these challenges, ensuring a balanced implementation of risk management and capital
requirements while promoting stability and sustainable development in the cryptoasset market.

实施挑战

在加密资产领域，实施标准化方法面临一些挑战。以下是一些可能的实施挑战：

监管差异：不同国家和地区对加密资产的监管方法和法规存在差异。这些差异可能涉及加密交易所的合规要求、KYC（了
解你的客户）规定、交易所许可要求等。这种监管差异可能导致在全球范围内实施统一方法时的困难。

缺乏一致的定义：加密资产本身缺乏明确定义，不同国家和机构对于加密资产的定义和分类也存在差异。这种缺乏一致性
可能使得制定全球统一的实施标准变得更加困难。

技术挑战：加密资产领域的技术发展迅速，新的加密货币和交易方式不断涌现。实施标准化方法需要适应不断变化的技术
环境，并确保能够准确评估和监控风险。

市场流动性：加密资产市场相对较新且相对较小，市场流动性可能不如传统金融市场。这可能增加了风险评估和资本要求
的复杂性，因为市场流动性对于准确评估和管理风险至关重要。

创新风险：加密资产市场充满创新，新型加密资产和金融产品不断涌现。这种创新可能带来新的风险和挑战，需要监管机
构和国际机构密切关注市场动态，并及时调整监管政策和实施标准。

以上是一些可能的实施挑战，监管机构、市场参与者和国际机构需要共同努力来解决这些挑战，确保在实施风险管理和资
本要求方面取得合适的平衡，促进加密资产市场的稳定和可持续发展。

Reference
[1] BCBS, December 2022, Prudential treatment of cryptoasset exposures

https://www.bis.org/bcbs/publ/d545.pdf

CCFA JOURNAL OF FINANCE July 2023 Page 33 第33页