A Study On Administrative Supervision Of Digital Token

Digital token has been controversial since its creation.Its unique point-to-point cash payment system with decentralization,asymmetric encryption,and distributed system has produced a great subversion of the traditional financial system and monetary system,and brought brand new reform and impact over financial,legal,Internet and other sectors.The hot digital token once set off a global “token speculation fever” for investors and triggered a wave of global investment.At the same time,token coupled with traditional industries has developed new types and new features,which have made a huge impact on traditional industries.In the face of the impact of digital token,our central bank together with multiple departments issued a joint and urgent call to restrict the token transaction services provided by domestic financial institutes.Now,departments are actively studying and exploring its application on the development of financial,legal and scientific sectors as well as its integration with industries.The change of attitude has reflected our country's open concept of active research in the face of technological revolution,and presented our country's proper measures and contingency thinking which keep in pace with the global development.In this paper,through analysis of digital token's basic theories and operation mechanism,the monetary attribute of digital token,the attribute of virtual property and the attribute of the first releasing of token by ICO were firstly distinguished and identified.Then the advanced regulatory model and legal practice in USA,Russia,Japan,Germany,UK and other countries were compared and studied,extracting valuable regulatory experience for reference.On the basis of the analysis of the digital token's impact on our traditional regulatory system,suggestion about administrative regulatory structure suitable for our practical situation was proposed.From the perspective of the regulatory body and responsibilities,analysis and prove were emphasized so as to better adapt to and match the current research situation of our country on blockchain technology,and handle practical problems such as the change of regulatory thinking and ways on digital token as representative for a new type digital financial technology.