Research On The Legal Supervision Of Blockchain Finance In China

With the emergence of the currency,as its underlying technology of block chain technology is becoming more and more attention.The technological innovation of block chain technology's own decentralization and strong trust mechanism is consistent with the financial essence,which has injected new blood into the development of Internet finance,promoted the innovation of financial products,and strengthened the trend of mixed operation in the financial industry.At the same time,the current chain financial law regulation system seriously lagging behind the block chain of financial innovation.In block chain technology development,financial regulators need to reform the existing block chain legal supervision system,can fit new technology bring new regulatory requirements.Blockchain finance has the value of introducing new credit mechanism,breaking industry boundaries and reducing the cost of value transfer.At present,the "Token paradigm" in the mainstream blockchain system is an opportunity for the integration of blockchain technology and finance.According to the industry,the practical state of blockchain finance can be divided into blockchain + securities,blockchain + insurance,blockchain + supply chain finance and blockchain +P2P.Faced with such rapid development,China began to regulate blockchain finance in 2013.China still adopts the regulatory mode dominated by administrative orders and applies the command-based regulatory mode,which inhibits the development and innovation of blockchain finance.The problems existing in the legal supervision of blockchain finance in China include four aspects: the lagging concept of the legal supervision of blockchain finance,the inadaptation of the centralized supervision system to the development of blockchain finance,the imperfect legal and regulatory basis of blockchain finance,and the insufficient protection of the rights and interests of blockchain financial consumers.First of all,regulators adopt the principle and concept of strict supervision,and lack of understanding,respect and tolerance of the blockchain financial model.Secondly,because the Token paradigm breaks through the scope of objects of the original legal relationship,the new legal relationship is difficult to define,the traditional relationship of rights and obligations is no longer applicable,and the legal basis for blockchain financial supervision is insufficient.Thirdly,the government-centered regulatory supervision system has little effect on the supervision of blockchain finance.The centralized regulatory system does not pay attention to the continuous operation of enterprises,but also ignores the characteristics of block chain financial disintermediation,and still takes capital shortage as the starting point for supervision.Finally,due to the infringement of the rights and interests of consumers by the characteristics of blockchain technology,there is a lack of specific consumer rights protection mechanism adapted to the financial characteristics of blockchain.Foreign legal supervision measures for blockchain finance are various,but they can be divided into three regulatory modes: strict supervision,compromise supervision and deregulation.This paper argues that we should follow the idea of technical governance to improve the legal supervision of blockchain financial supervision in China.This paper advocates that blockchain technology should maintain a positive interaction and integration with legal supervision.On the one hand,financial innovation and legal supervision should be balanced,and on the other hand,technical supervision and legal supervision should be coordinated.On the specific measures of blockchain financial supervision,the first is to improve the relevant regulatory laws and regulations,and do a good job in legislation and interpretation of blockchain financial supervision;Second,we should build a technology-driven regulatory system,allocate the powers of central and local regulatory bodies,promote scientific and technological progress and determine appropriate technical standards.Third,we introduce regulatory sandbox to protect the rights and interests of Chinese consumers.