| On October 24,2019,the 18th collective learning of the Political Bureau of the CPC Central Committee took the current situation and trend of blockchain technology development as the main content.General secretary Xi Jinping emphasized that the integrated application of block chain technology played an important role in new technological innovation and industrial transformation.Blockchain is a distributed accounting network technology that uses encryption technology to ensure that the data can’t be tampered according to the time sequence.The combination of blockchain technology and the financial industry has created new financial products,business models,business processes and service scenarios,mainly including encrypted digital currency,ICO financing,smart contracts and related application development and trading institutions.Blockchain technology comes from encrypted digital currency and has been extended to other fields.It has become the most likely technical means to update and upgrade the infrastructure of digital economy and has broad development and application prospects.The development of China’s blockchain financial industry not only brings innovation and vitality to the financial industry,but also produces financial risks that can’t be ignored,which puts forward new problems and challenges to the legislation and supervision.Due to its own characteristics of decentralization,non-tampering and distrust,blockchain has become a comprehensive subject promoted by technological innovation but closely affecting economic,legal,social governance and other aspects.It is a feasible means to solve this problem by legislation to regulate the behavior of financial practitioners in blockchain,protect the legitimate rights and interests of consumers,and maintain the stability of financial order.Refusing invention means refusing progress,and rational supervision is the right choice for blockchain finance.This paper adopts the research methods of semantic analysis,normative analysis,historical review,comparative study and legal review,and analyzes the legislative supervision activities in China from the perspective of the necessity and feasibility of legislation by summarizing the risk and practice of blockchain financial supervision.The foreign blockchain financial industry appeared earlier than our country,and the corresponding legislation and supervision level is more advanced than our country.The United States,the United Kingdom and other countries have their own characteristics in financial regulatory legislation,and they all show the common characteristics in dealing with blockchain finance.They have achieved constructive results in the legal characterization of encrypted digital currency,the market access standards of trading institutions,the protection of civil rights and other aspects of the legislative work,which provides experience for China’s current legislative work and is conducive to China’s blockchain finance The construction of financial supervision legislation system can promote the development of financial supervision system including industry associations,establish the concept of multi-party collaborative supervision,cultivate high-quality supervision talents,and improve the efficiency and level of supervision.Any emerging science and technology,including blockchain,needs to be fully tested in practice from its emergence to its wide application.The legislative supervision mode of blockchain finance also needs to strive to achieve the relative balance of risks and interests in different supervision stages.At present,China’s legislation system of blockchain financial supervision is not perfect,but the development of related industries requires legislation to respond as soon as possible.In order to achieve the legislative purpose of creating a good financial regulatory environment and establish a comprehensive financial risk regulatory system as soon as possible,we need to combine China’s national conditions and learn from the historical experience of other countries to explore a gradual and tentative legislative regulatory path in line with the actual development of China’s blockchain Finance,and gradually improve the regulatory mechanism of coordinated supervision and communication interaction.With the rapid development of digital economy,China’s legislature should actively participate in the legal practice of blockchain application,speed up the standard setting of blockchain industry,gradually improve the international influence and rule making power in the process of global cooperative governance,and promote the healthy and stable development of China’s blockchain financial industry under the improved regulatory system. |
