<p>指南者留学全国统一咨询热线：<a href="tel:4001831832" style="color:#1677ff; text-decoration:none;">400-183-1832</a>，全国各地区、各分公司联系方式均为此号码。</p><section style="font-size: 16px;" data-role="outer"> <section style="font-size: 15px; font-family: PingFangSC-light; line-height: 2; padding: 0px 15px; box-sizing: border-box; text-align: justify;"> <section style="text-align: center; margin: -10px 0px 10px; line-height: 0; box-sizing: border-box;"></section> <section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: 5px 0px 10px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; align-self: flex-start; flex: 0 0 auto; padding: 0px 15px; border-style: solid; border-width: 0px 0px 2px; border-color: #d42002 #d42002 #003d7c; background-image: linear-gradient(135deg, #f5f7fa 0%, #c3cfe2 100%); box-sizing: border-box;"> <section style="margin: 10px 0px; box-sizing: border-box;"> <section style="text-align: justify; color: #3e3e3e; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">就在几年前，政府和监管机构还在鼓励建立去中心化金融(decentralised finance, DeFi)的实验性监管政策，如沙盒和特殊通行证等并非针对特定行为或参与者的预防性监管政策。然而，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">鉴于最近DeFi市场暴露出其弱点，监管环境再次发生新变化。</span></strong>同时，大环境和监管方式的转变也格外影响了新加坡和香港作为全球大型加密货币市场的相对吸引力。</p> </section> </section> </section> </section> <section style="margin: 0px 0px -3px; box-sizing: border-box;"> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">新加坡和香港都致力于打造一个既吸引资本和投资，同时为投资者和客户提供充分保护的环境。但国际资本流动是变化无常的，尤其在相对较少监管的DeFi市场。<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">即便是监管态度发生轻微的变化，都有可能引起资本外流，</span></strong>因此，这两个城市的监管都有着很大的挑战，因为他们必须在吸引资本流动和严格监管之间取得平衡。</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> </section> <section style="margin: 25px 0px 13px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; padding: 10px 5px; box-shadow: #bfbfbf 0px 0px 5px; box-sizing: border-box; border: 1px solid #ededed;"> <section style="margin: -27px 0% 14px; text-align: center; box-sizing: border-box;"> <section style="display: inline-block; border-radius: 0.5em; padding-bottom: 0.3em; box-sizing: border-box;"> <section style="padding: 0.3em 0.5em; border-radius: 0.5em; background-color: #003d7c; color: #ffffff; line-height: 1.6; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;">教授简介</strong></p> </section> </section> </section> <section style="justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: -5px 0px; box-sizing: border-box;"> <section style="display: inline-block; vertical-align: top; width: 36%; flex: 0 0 auto; height: auto; padding: 0px 7px 0px 0px; align-self: flex-start; box-shadow: #000000 0px 0px 0px; box-sizing: border-box;"> <section style="text-align: center; margin-top: 10px; margin-bottom: 10px; line-height: 0; box-sizing: border-box; transform: translate3d(10px, 0px, 0px);"> <section style="max-width: 100%; vertical-align: middle; display: inline-block; line-height: 0; border-radius: 100px; overflow: hidden; box-sizing: border-box; border: 0px none #3e3e3e;"><img style="vertical-align: middle; max-width: 100%; width: 100%; box-sizing: border-box; height: auto;" src="https://editor-user.365editor.com/wechat/99/94/4992994/1681977013329965.png" width="252" height="252" data-ratio="1" data-w="252" data-src="https://editor-user.365editor.com/wechat/99/94/4992994/1681977013329965.png" /></section> </section> </section> <section style="display: inline-block; vertical-align: top; width: 64%; flex: 0 0 auto; height: auto; box-shadow: #000000 0px 0px 0px; padding: 0px 3px; align-self: flex-start; box-sizing: border-box;"> <section style="margin: 25px 0px 0px; box-sizing: border-box; transform: translate3d(20px, 0px, 0px);"> <section style="font-size: 12px; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="font-size: 16px; box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">Ben Charoenwong</span></strong></p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 13px; box-sizing: border-box;">新加坡国立大学商学院</span></p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 13px; box-sizing: border-box;">金融系助理教授</span></p> </section> </section> </section> </section> </section> </section> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: 5px 0px 10px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; background-color: #003d7c; padding: 0px 10px; align-self: flex-start; flex: 0 0 auto; box-sizing: border-box;"> <section style="display: flex; flex-flow: row nowrap; margin: -5px 0%; text-align: center; justify-content: center; box-sizing: border-box;"> <section style="display: inline-block; width: auto; vertical-align: middle; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; padding: 4px; background-color: #ffffff; box-shadow: #ffffff 0px 0px 0px inset; align-self: center; box-sizing: border-box; border: 1px solid #003d7c;"> <section style="justify-content: center; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; border-width: 0px; background-color: #003d7c; padding: 0px 10px; align-self: flex-start; flex: 0 0 auto; box-sizing: border-box;"> <section style="color: #ffffff; text-align: justify; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="box-sizing: border-box;">新加坡获得的经验和教训</span></strong></p> </section> </section> </section> </section> </section> </section> </section> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">许多加密货币市场的行为就像我们快进式观看&ldquo;金融史教训如何造成目前众多监管规定&rdquo;。</span></strong>金融监管当中有一个基本的道理&mdash;将客户资产和公司资产区分，但众所周知，这是已倒闭的FTX加密货币交易所没有做到的，因其关联贸易公司Alameda Research使用客户资产在加密货币市场进行大规模定向押注。FTX的联合创始人、时任该公司的首席执行官Sam Bankman-Fried的被捕<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">也为世人敲响了警钟，提醒人们违反市场法规的真正后果。</span></strong></p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> <section style="text-align: center; justify-content: center; display: flex; flex-flow: row nowrap; margin: 10px 0px; box-sizing: border-box;"> <section style="display: inline-block; width: auto; vertical-align: top; align-self: flex-start; flex: 0 0 auto; border-style: solid; border-width: 0px 4px; border-color: #0f6135 #003d7c; min-width: 5%; max-width: 100%; height: auto; box-sizing: border-box;"> <section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: 2px 0px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; align-self: flex-start; flex: 0 0 auto; background-color: #f4f7f9; padding: 5px 13px; box-sizing: border-box;"> <section style="text-align: center; margin: 0px; box-sizing: border-box;"> <section style="text-align: justify; color: #3e3e3e; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">新加坡在这事件中遭受了巨大损失，因为淡马锡公司(Temasek)在曾是全球第二大加密货币交易所FTX上损失了2.75亿美元投资。<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">这一事件也暗示了在创新与安全保障取得平衡是多么困难的一件事。</span></strong></p> </section> </section> </section> </section> </section> </section> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">而在这之前，三箭资本(Three Arrows Capital)也在新加坡宣布了破产。</span></strong>这家加密货币对冲基金欠债权人超过30亿美元的欠款，其管理的资产规模远远超过了他们在新加坡金融管理局(Monetary Authority of Singapore)持有的监管许可。</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">当然，香港也有自己的问题。总部位于香港特别行政区的加密货币交易服务商Genesis也在FTX崩盘后停止了提现。去年11月，香港证券及期货事务监察委员会(Securities and Futures Commission)考虑推出一项新的监管政策，该政策可能会允许市场推出像比特币(Bitcoin)和以太币(Ether)等交易所买卖基金。<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">此举加剧了该地区与芝加哥商品交易所(Chicago Mercantile Exchange)等其他平台之间的逐底竞争。</span></strong></p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> <section style="margin: 10px 0%; text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; background-color: #003d7c; padding: 0px 10px; align-self: flex-start; flex: 0 0 auto; box-sizing: border-box;"> <section style="display: flex; flex-flow: row nowrap; margin: -5px 0%; text-align: center; justify-content: center; box-sizing: border-box;"> <section style="display: inline-block; width: auto; vertical-align: middle; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; padding: 4px; background-color: #ffffff; box-shadow: #ffffff 0px 0px 0px inset; align-self: center; box-sizing: border-box; border: 1px solid #003d7c;"> <section style="justify-content: center; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; border-width: 0px; background-color: #003d7c; padding: 0px 10px; align-self: flex-start; flex: 0 0 auto; box-sizing: border-box;"> <section style="color: #ffffff; text-align: justify; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="box-sizing: border-box;">竞争激烈的市场</span></strong></p> </section> </section> </section> </section> </section> </section> </section> <section style="margin: 0px 0px -3px; box-sizing: border-box;"> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">各大城市都争先恐后地将自己打造成金融中心来吸引资本流动，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">加密货币也是其中的一部分。</span></strong>因此，这些城市并没有禁止加密货币，即使他们不鼓励对加密货币进行零售投资。</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> </section> <section style="text-align: center; justify-content: center; display: flex; flex-flow: row nowrap; margin: 5px 0px; box-sizing: border-box;"> <section style="display: inline-block; width: auto; vertical-align: top; align-self: flex-start; flex: 0 0 auto; min-width: 5%; max-width: 100%; height: auto; box-sizing: border-box;"> <section style="text-align: right; justify-content: flex-end; display: flex; flex-flow: row nowrap; box-sizing: border-box; transform: translate3d(-2px, 0px, 0px);"> <section style="display: inline-block; width: auto; vertical-align: top; align-self: flex-start; flex: 0 0 auto; min-width: 5%; max-width: 100%; height: auto; z-index: auto; line-height: 0; box-sizing: border-box;"> <section style="text-align: center; box-sizing: border-box;"> <section style="display: inline-block; width: 20px; height: 7px; vertical-align: top; overflow: hidden; background-image: linear-gradient(to left, #bdbbbe 0%, #9d9ea3 100%), radial-gradient(88% 271%, rgba(255, 255, 255, 0.25) 0%, rgba(254, 254, 254, 0.25) 1%, rgba(0, 0, 0, 0.25) 100%), radial-gradient(50% 100%, rgba(255, 255, 255, 0.3) 0%, rgba(0, 0, 0, 0.3) 100%); box-sizing: border-box;"></section> </section> </section> </section> <section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: 2px 0px 0px; box-sizing: border-box; transform: translate3d(2px, 0px, 0px);"> <section style="display: inline-block; width: 100%; vertical-align: top; align-self: flex-start; flex: 0 0 auto; background-color: #003d7c; box-sizing: border-box; border: 1px solid #3e3e3e;"> <section style="justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: -5px 0px 5px; box-sizing: border-box; transform: translate3d(-5px, 0px, 0px);"> <section style="display: inline-block; width: 100%; vertical-align: top; align-self: flex-start; flex: 0 0 auto; background-color: #ffffff; padding: 10px 15px; box-sizing: border-box; border: 1px solid #003d7c;"> <section style="display: flex; width: 100%; flex-flow: column nowrap; box-sizing: border-box;"> <section style="z-index: 2; box-sizing: border-box;"> <section style="color: #3e3e3e; text-align: justify; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">新加坡禁止了针对散户投资者的加密货币广告，但该国也应该坦承其保护的局限性。新加坡副总理兼财政部长黄循财(Lawrence Wong)曾在议会上表示，加密货币平台可能会因为欺诈、不可持续的商业模式或过度的风险承担而崩盘。<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">&ldquo;再多的监管也无法消除加密货币带来的损失风险。&rdquo;</span></strong></p> </section> </section> </section> </section> </section> </section> </section> <section style="text-align: left; margin: -11px 0px 0px; box-sizing: border-box; transform: translate3d(13px, 0px, 0px);"> <section style="display: inline-block; width: 10px; height: 20px; vertical-align: top; overflow: hidden; background-image: linear-gradient(to top, #c4c5c7 0%, #dcdddf 52%, #ebebeb 100%); box-sizing: border-box;"></section> </section> </section> </section> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">面对FTX的倒闭和未经授权使用客户资金的不当行为，新加坡金融管理局表示，虽然FTX不在新加坡运营，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">但他们不可能阻止新加坡的用户直接到访海外的交易平台。</span></strong></p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">诸如客户和公司资产分离等措施正在酝酿之中，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">全球券商交易的监管基础重新确立，情况或有可能会得以改善。</span></strong>但如禁止向散户投资者投放加密货币广告，可能会让他们感不知所措，或者把他们推向其他地方。</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> <section style="margin: 10px 0px 5px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; padding: 10px; background-color: #ededed; border-radius: 0.7em; box-sizing: border-box; border: 2px dashed #003d7c;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">从地区竞争的角度来看，新加坡金融管理局的反应是有道理的。该部门担心，过于严厉地打击加密货币只会让资金和人才流向海外。</p> </section> </section> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <section style="margin: 10px 0%; text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; background-color: #003d7c; padding: 0px 10px; align-self: flex-start; flex: 0 0 auto; box-sizing: border-box;"> <section style="display: flex; flex-flow: row nowrap; margin: -5px 0%; text-align: center; justify-content: center; box-sizing: border-box;"> <section style="display: inline-block; width: auto; vertical-align: middle; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; padding: 4px; background-color: #ffffff; box-shadow: #ffffff 0px 0px 0px inset; align-self: center; box-sizing: border-box; border: 1px solid #003d7c;"> <section style="justify-content: center; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; border-width: 0px; background-color: #003d7c; padding: 0px 10px; align-self: flex-start; flex: 0 0 auto; box-sizing: border-box;"> <section style="color: #ffffff; text-align: justify; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="box-sizing: border-box;">香港遭遇的困境</span></strong></p> </section> </section> </section> </section> </section> </section> </section> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">与新加坡相比，香港的地缘政治使其处在了相对弱势的地位，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">因为很多技术人才已经从香港涌入了新加坡。</span></strong>新加坡的政治环境相对稳定。然而，由于中国对加密货币持反对态度，这些活动可能会流向香港，因为香港是中国用户的&ldquo;避风港&rdquo;。</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> <section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row nowrap; margin: 10px 0px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; vertical-align: top; align-self: flex-start; flex: 0 0 auto; background-color: rgba(0, 65, 130, 0.65); box-sizing: border-box;"> <section style="justify-content: flex-start; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: auto; vertical-align: top; align-self: flex-start; flex: 100 100 0%; height: auto; border-style: solid; border-width: 0px 0px 0px 16px; border-left-color: #003d7c; padding: 0px 0px 0px 10px; box-sizing: border-box;"> <section style="margin: 10px 0px; box-sizing: border-box;"> <section style="text-align: justify; color: #ffffff; font-size: 12px; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> </section> </section> </section> <section style="text-align: right; justify-content: flex-end; display: flex; flex-flow: row nowrap; box-sizing: border-box;"> <section style="display: inline-block; width: 96%; vertical-align: top; align-self: flex-start; flex: 0 0 auto; background-color: #f4f7f9; padding: 10px 15px; height: auto; box-sizing: border-box;"> <section style="text-align: justify; color: #3e3e3e; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">香港证券及期货事务监察委员会发表声明称，加密储蓄和押注产品不会像银行存款那样受到保护。事实上，一些产品可能是未经许可的投资基金，因此发价人可能会面临罚款和监禁的处罚。香港市场能否安然度过FTX崩盘的余波，仍有待观察。在撰写本文时，另一家加密货币交易平台Atom Asset Exchange也已暂停了客户取款服务。</p> </section> </section> </section> </section> </section> <section style="box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">鉴于目前的经济情况，香港的监管机构可能正在走向一个过度冒险的处境。这可能会给投资者和客户带来潜在的风险，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">加密货币最大市场虽然吸引了最多的资本，但也存在最大的风险。</span></strong></p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">以太坊(Ethereum)区块链联合创始人Vitalik Buterin在接受《海峡时报》(The Straits Times)采访时评论说：&ldquo;如果你有了某种名声，就很容易在无意之中吸引各种各样的&lsquo;Do Kwon&rsquo;(权道亨)，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">他指的是备受争议的Terraform Labs创始人Do Kwon，</span></strong>该公司发行的稳定币TerraUSD已经发生了巨大崩盘。&rdquo;</p> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">&nbsp;</p> </section> <section style="margin-top: 10px; margin-bottom: 10px; box-sizing: border-box;"> <section style="display: inline-block; width: 100%; border-radius: 0.7em; box-shadow: #003d7c 5px 5px 3px 0px; padding: 10px 12px; box-sizing: border-box; border: 2px solid #003d7c;"> <section style="color: #333333; box-sizing: border-box;"> <p style="margin: 0px; padding: 0px; box-sizing: border-box;">总体而言，从鼓励沙盒等实验性法规到禁止特定不法行为的预防性法规，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">过去几年新加坡和香港的加密货币政策一直都在发生变化。</span></strong>但是，这两个城市的监管机构都面临着&ldquo;监管平衡&rdquo;问题，因为他们必须在吸引资本流动的同时，制定更加严格的法规来确保用户安全。尽管吸引更多资本的竞争压力会使这两个城市陷入&ldquo;囚徒&rdquo;一般的困境，<strong style="box-sizing: border-box;"><span style="color: #003d7c; box-sizing: border-box;">但采纳和执行能够提高稳定性的监管法规必定会带来益处。</span></strong></p> </section> </section> </section> </section> <p style="display: none;">&nbsp;</p> </section>