| Bitcoin is a new type of virtual currency that is developed in the context of blockchain using computer algorithms and cryptography.It can be used as part of the currency in life and can also be used as an investment tool.At present,China has positioned Bitcoin as a virtual commodity,and regards bitcoin transactions as a barter,blocking its connection with the current financial system,which does not match the real role played by Bitcoin.In addition,the Bitcoin trading platform undertakes a large number of transactions,exchanges and other related businesses in practice,but its establishment thresholds and trading rules are not included in the relevant legal supervision field.This situation is likely to breed a series of behaviors that harm the interests of investors.It is not conducive to the long-term development of emerging financial products in China.Therefore,bitcoin transactions and their regulation should be clarified as soon as possible,safeguarding China's current financial regulatory order,and providing a model for the regulation of other virtual currencies that will emerge in the new era.The research ideas of this paper are as follows: Firstly,it analyzes the significance of Bitcoin in reality by analyzing the related nature of Bitcoin.Secondly,it discusses the necessity of incorporating it into the national financial supervision field by analyzing the properties of Bitcoin and the foreign regulatory path.Finally,combined with the actual situation in China,it proposes countermeasures for the definition of Bitcoin,the revision of the securities law,and the regulation of the Bitcoin trading platform.In addition to the "Introduction" and "Conclusion",the thesis includes the following four chapters:The first chapter introduces the rise and characteristics of Bitcoin,an emerging financial product,and analyzes its current development status in China,its legal and policy environment,the public's perception of it and the regulatory predicament it faces.It is believed that the current positioning of its "virtual goods" is not conduciveto long-term healthy development,nor can it meet the needs of the "speculative tools" role played in real life.The second chapter discusses the theoretical classification of the legal attributes of Bitcoin.It explains the commonalities and differences between Bitcoin and currency,Bitcoin and commodities,Bitcoin and securities.I think that considering Bitcoin as a security is the most appropriate choice in the context of current legal environment and practical needs.Comparing the bitcoin trading mechanism with the current securities trading mechanism,it is concluded that the bitcoin trading mechanism and the securities trading mechanism can fit well.The third chapter sorts out the current attitudes of different countries on bitcoin in legislation.The whole is summarized as the currency,the virtual goods,the non-regulation of civil behavior,and the total prohibition of illegal transactions.Explain in detail the definition and supervision of Bitcoin in the judicial practice of the United States and Japan,and provide reference for regulating the development of Bitcoin in China.The fourth part,by combining the implementation of the current securities law,points out the limitations of the scope of "securities" and the practical problems brought about by it.It is recommended to introduce and learn from the concepts and standards of the US “investment contract”,expand the scope of application of the securities law,legalize bitcoin and related transactions,and meet the regulatory requirements of emerging financial products in the context of financial networks.In addition,the Bitcoin trading platform proposes regulatory advice on market access,business development,and investor protection. |
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