| With the continuous development of China's Internet,digital currency has received widespread attention.It has not only circulated in the Internet,but has also penetrated into the real world.However,as a new thing in recent years,digital currency has attracted lots of controversy in China and in the world.While it's rapidly developing,it also brings a series of risks.To this end,the author believes that to treat new and widely influential technological products,it's necessary to conduct research on its nature in a timely manner,thereby further embracing technology and strengthening supervision to maintain financial stability and promote innovation in fintech.The research ideas in this paper mainly use risk as a starting point to study the corresponding regulatory measures.In view of the fact that there is no legally uniform qualitative and no systematic regulatory measures for digital currency in the world,the author believes that the cross-border transactions of digital currency should first clarify the legal attributes of digital currency and then analyze the current digital currency.In fact,as well as its legal risks in cross-border transactions,it draws on the specific regulatory measures of digital currencies in other countries.Finally,it proposes a more feasible proposal for monitoring the potential risks of digital currency and its cross-border transactions in light of China's specific nationalconditions.In order to clarify the legal attributes of digital currency,the first chapter of this article provides an overview of digital currency.The first section of this chapter first defines the concept of digital currency.Based on the definition of digital currency,it is classified according to the application of digital currency,and analyzes the technical characteristics of digital currency,including anonymity and programmable.The second section analyzes the legal nature of digital currency,distinguishes it from traditional currency,and further analyzes the particularity of that in the legal status according to the definition of digital currency.As a new type of digital currency,its legal supervision is relatively imperfect,and such imperfect supervision will inevitably lead to corresponding new risks.In order to better monitor digital currency,you should first analyze the risks that may arise in the transaction.Therefore,the second chapter of this paper analyzes the possible risks of the digital currency itself and its cross-border transactions.The first section focuses on the legal nature of digital currency,which may pose obstacles to regulation and further clarify the legal reasons for such possible occurrences.Giving the digital currency a legally accurate qualitative is the basis for reasonable regulation of digital currency.However,at present,countries do not form a unified understanding of the legal attributes of digital currency.Some countries do not legally identify digital assets while completely prohibiting them.Some countries also use digital currencies according to different standards.The identification of different legal attributes between countries on digital currency is unfavorable for digital currency to be subject to unified and coordinated regulatory measures in cross-border transactions.It may result in conflicts in law application or supervision due to non-uniformity.The second section mainly expounds the risk of money laundering in digital currency cross-border transactions.The reason for these risks is the anonymity of digital currency transactions.At the same time,their transactions often have sovereign supranationalism and concealment.These characteristics make suspicious transaction funds difficult.Monitoring and tracking,money laundering risks are difficult to detect and effectively regulated.At present,the anti-money laundering supervision system indigital currency transactions is still not perfect,and the intermediaries in them often have only weak anti-money laundering internal control,and can't effectively save the customer's identity data and transaction records,which can easily become an important tool for criminals to launder money.At present,there is no international agreement on the supervision of digital currency anti-money laundering,which has increased the difficulty for digital currency anti-money laundering supervision and enforcement.The third section mainly deals with the international tax risks brought by digital currency,such as international tax evasion and international tax avoidance.The international community has great controversy about whether digital currency should be taxed,what kind of tax should be levied,and how to levy taxes.Digital currency is defined as a virtual commodity that can be taxed in some countries,but most countries have not yet introduced similar regulations,and there is still a gap in regulation;in the international community,whether in the absence of a centralized management agency or intermediary digital currency Giving effective taxation supervision still feels a large technical difficulty in properly protecting citizens' privacy and effectively preventing tax evasion and tax avoidance.Digital currency is easy to become a criminal cross-border transfer of assets due to its own characteristics.An effective way to evade government tax regulationIn the absence of relatively complete regulatory measures in China,the author believes that we need to learn from the existing experience abroad to take the best of it and use it for me.Therefore,the third chapter of this paper studies and summarizes the advanced experience of digital currency regulation in the world.It mainly studies some countries(such as Switzerland,the United States,Singapore,Japan,the European Union,Russia,etc.)and other relevant regulatory regulations.As far as the legal attributes of digital currency are concerned,the author finds that most countries adopt the method of classification and identification for digital currency,according to the nature of digital currency,application scenarios,application methods,distribution methods,etc.,for example,the essence of digital currency In the case of the legal attribute determination method,if the digital currency is actually a “voucher” of an asset,the digital currency shall be regulated according to the existing regulationsaccording to the nature of the assets it represents,in accordance with the existing regulations.Take the United States as an example,who uses the "Howey test" to determine whether the digital currency constitutes a substantial investment contract and is then regulated by the Securities and Futures Commission.The second section deals with the regulation of digital currency issuers in various countries.It mainly refers to the rules for exempting securities registration applicable to digital currency issuers under the current US securities law system.At the same time,according to the identification of the legal attributes of digital currency,these countries have also regulated the digital currency issuers and digital currency trading platforms that play an important role in digital currency transactions.The author has also borrowed from the United States and Japan for digital currency.Regulatory measures for issuers and digital currency trading platforms,both the United States and Japan focus on the use of “registration system” for regulation.The US registration system includes alternative trading system,bit licenses,money service business,etc.(depending on the nature of digital currency).According to the different roles of the participants,Japan has only one registration system,that is,only those authorized by the Financial Services Authority can engage in digital currency exchange business in Japan,and the enterprises that require the application for authorization must have qualified conditions.The second section mainly describes the supervision of some countries on the risk of money laundering of digital currency,most of which are based on existing anti-money laundering regulations and measures,and require additional information reporting requirements for digital currency trading participants or participation in digital currency trading.The reason for the additional monitoring work is that there is currently no good way to solve the problem of high risk of money laundering crime caused by the original characteristics of digital currency anonymity and geographical restrictions;however,the Financial Action Task Force Some regulatory recommendations have been put forward for the work of digital money anti-money laundering,including risk-based methods,due diligence on customer identity,record keeping and reporting suspicious transactions,but these measures can not be coordinated at the international level.It is similar to the original anti-moneylaundering supervision measures of various countries.The third section analyzes the existing regulatory measures of countries under the digital currency tax risk.For taxation supervision,it is first necessary to determine the tax object,tax item,tax base,etc.,and the premise of determining the above tax elements is to clearly identify the digital currency.The legal attributes further clarify the behavior of the taxable digital currency,clarify how the digital currency should be taxed as the subject of the transaction itself and the use of the digital currency as a payment instrument to assist in the completion of the transaction,so that the taxation supervision can be targeted.According to the characteristics of digital currency,the author believes that only through cross-country cooperation,can we maximize the international tax evasion and tax avoidance of digital currency and safeguard the interests of all countries.Combined with the existing international advanced supervision experience,the author puts forward suggestions on the supervision of digital currency in China according to China's national conditions.The fourth chapter first expounds the status quo of China's digital currency supervision,including the identification of digital currency legal attributes in the regulations,the identification of digital currency legal attributes in judicial practice,and China's regulatory attitude and supervision status for the first token issue.It shows that the current development trend of digital currency in China has not weakened.In fact,many people in China are exposed to the risks of digital currency.The second section analyzes the necessity of China's establishment of a regulatory system for digital currency.It mainly explains that the risk of digital currency has actually affected the domestic market.It cannot be avoided only by prohibiting transactions.The digital currency itself has value and cannot be In the case of strict risk control,it is also a way to embrace new technologies or to open up new financing models.The third section puts forward suggestions on China's establishment of a digital currency regulatory system.In view of the current digital currency,China's regulatory attitude is very negative and has prohibited digital currency-related issuance,trading,circulation and other activities.Therefore,the author only proposed the current possible regulatory recommendations in the situation:First,improve the mechanism for protection of digital currency holders,includingstrengthening investor education and improving dispute resolution mechanisms;second,improving domestic existing anti-money laundering mechanisms for digital money laundering,including clearing digital currency anti-money laundering supervision,strengthen international anti-money laundering cooperation,etc.Third,strengthen the prevention of digital currency tax risks.One is to include digital currency in the scope of tax supervision,and the other is to strengthen international cooperation,combat international tax evasion and tax avoidance,and prevent tax losses and tax crimes;Fourth,the establishment of a regulatory sandbox mechanism for the first token issue,and an introduction to the regulatory sandbox mechanism in Hong Kong,and proposed an idea for China to establish a regulatory sandbox mechanism for the first token issue under the digital currency;Fifth is to refer to the idea of financial consumer protection,strengthen the right Education and protection word currency investors.The conclusion of this paper is that digital currency may show many negative effects in the past few years of its development,which brings certain risks to the stability of economic order,and also has a certain impact on social harmony and stability.However,digital currency As a product of innovation in finance and technology,if we can supervise it,we believe that digital currency can show its own value.It is important to be able to draw on the experience of various countries,but it is more important to study the regulation and risk prevention of digital currency in light of China's national conditions.Try to monitor,encourage innovation,clarify the legal attributes of digital currency,strengthen the supervision of digital money laundering and tax risks,create a regulatory sandbox mechanism and focus on Investor education is a model and direction that China can consider in digital currency regulation. |
PDF Full Text Request