Observation on regulatory policies and events in the global Web3 virtual asset industry in the first quarter of 2024: ETF, BUIDL and full compliance

撰文：Will 阿望

At the beginning of 2024, with the victory of the Grayscale case and the promotion of Wall Street capital led by BlackRock, the BTC ETF was historically approved, marking the first time that virtual assets entered the vision of mainstream traditional capital, and thus started a bull market.

这样的牛市不仅仅反映在虚拟货币的价值层面，也能够反映在Blockchain技术被主流机构的逐步接纳，最具有影响力的就是贝莱德Token化基金 BUIDL 的成功推出。毫无疑问，未来传统金融资本将会更多地嫁接到Blockchainsuperior.

在监管层面，美国依然缺乏统一的虚拟资产监管框架，但是这并不妨碍美国监管对于违法犯罪的打击（如 KuCion 违反反洗钱要求的监管执法），以及传统华尔街资本对于虚拟资产的逐步认可（如 BTC ETF，Token化基金等）。

In contrast, the EU and Hong Kong are actively establishing comprehensive virtual asset regulatory frameworks (such as the EU's MiCA and Hong Kong's VASP licensing system and numerous advisory opinions). At a practical level, we can see that these regulatory frameworks bring huge business development costs and obstacles to compliance business adjustments for market participants.

Crypto Friendly is not Crypto Easy.

本文将梳理 2024 年第一季度全球 Web3 虚拟资产监管及热点事件观察，内容覆盖 BTC ETF 的历史性获批、KuCoin 及其创始人的监管执法、贝莱德的代币化基金 BUIDL、欧盟的非托管wallet反洗钱新规，和全面走向虚拟资产合规的香港。

1. The historic approval of BTC ETF

历经十年的 BTC ETF 艰辛审批之路终于迎来了胜利的曙光，2024 年 1 月 11 日凌晨 4 时，美国证监会（SEC）同时通过了 11 支现货 BTC ETF。这所有的一切都应该归功于灰度（Grayscale）的胜诉。

1.1 Grayscale 的胜诉

2023 年 8 月 29 日，美国联邦法院的一项裁决让 Grayscale 在针对 SEC 拒绝申请现货 BTC ETF 的诉讼中获胜 [1]。此举加速了过去几个月 Blackrock 和 Fidelity 等传统金融巨头申请 BTC ETF 的进程。

SEC 此前不批准 BTC ETF 的理由是担心市场的欺诈和操纵。虽然 SEC 曾于 2021 年首次允许期货 BTC ETF 的交易，但是其表示：期货产品更难被操纵，因为市场是基于芝加哥商品exchange（CME）的期货价格，而芝加哥商品exchange受美国商品期货交易委员会（CFTC）监管。

但在案件中，法官认同 Grayscale 的表述：期货 BTC ETF 批准的逻辑应该等于现货 BTC ETF 批准的逻辑。法官认为 SEC 未能解释其对类似 ETF 产品的有何不同处理方式，认为 SEC 拒绝 Grayscale 的申请是武断且没有依据的，这种区别对待的行政行为违反了行政法。法院最终同意 Grayscale 的请求并撤销 SEC 的拒绝申请的行为。

由此，直到 Grayscale 案件之后，SEC 的态度才完全转变，从被动地不批转变为主动审查，且在 22 页的批准文件中表示：This order approves the Proposals on an accelerated basis.

参考文章：灰度赢得了一场关于未来的胜利 SEC 的比特币现货 ETF 还有多远？

1.2 SEC 告诉我们 BTC ETF 的风险在哪？

ETF 本身作为由来已久的合规金融产品没有法律障碍，BTC 也是被美国监管（尤其是 SEC）唯一定义为「非证券」的资产。那么 BTC ETF 的风险在哪？

在 22 页批准文件中 [2]，SEC 告诉我们：风险来自 ETF 底层资产交易市场的不可控——即 BTC 现货市场的操纵风险。

虽然各个 ETF 都有与合规监管交易所（如芝加哥商品期货交易所 CME）签订监控共享协议（Surveillance Sharing Agreement），监控 BTC 期货市场的风险，但是 BTC 现货本身并不在 CME 交易，监控无法覆盖到 BTC 现货市场。

SEC 的论据是：BTC 期货在 CME 已经是合规产品，需要证明 BTC 现货 BTC 期货的价格相关性是最好选择。由此，SEC 对比 Coinbase 和 Kraken 两家虚拟货币交易所的 BTC 价格与 CME 期货价格的自 2021 年开始的相关性，发现两者高度相关。这就意味着如果 BTC 现货市场出现欺诈或操纵行为，这些行为很可能也会影响期货市场，从而被 CME 的监控系统所检测，从而监管可以进入控制风险。

BTC 现货市场的市场操纵风险主要来自做市商或市场参与者在 CEX 的交易，美国监管如能够覆盖 CEX 的监管，那么就可以做到风险的相对把控。对于此，美国监管的做法是通过落地监管合规覆盖 Coinbase 和 Kraken 这两家虚拟货币交易所，同时「定点爆破」了交易体量最大的 Binance，并顺利入驻并合规控制。

参考文章： BTC ETF 通过背后的法律监管逻辑

1.3 SEC 委员的分歧

虽然 SEC 最终通过了 BTC ETF，但是在 SEC 的决策层面依旧存在巨大的分歧，SEC 主席 Gary Gensler 在新闻稿中谨慎地表态 [3]：

「本次 SEC 的 ETF 审批仅限于持有一种『非证券』商品（BTC）的 ETF（holding one non-security commodity, bitcoin）。它绝不应该表明 SEC 愿意批准任何其他虚拟资产证券（Crypto Asset Securities）的上市标准。批准也没有表明 SEC 对根据证券法的对其他虚拟资产的地位或某些虚拟资产市场参与者不遵守证券法的现状的看法。

As I have said in the past, the vast majority of virtual assets are investment contracts and therefore subject to securities laws.

尽管 SEC 是中立的，但我要指出的是，贵金属 ETF 中的底层资产具有消费和工业用途，而相比之下，BTC 主要是一种投机性、波动性资产，也用于众多的非法活动，包括勒索软件、洗钱、逃避制裁和恐怖主义融资。

虽然 SEC 今天批准了现货 BTC ETF 的上市和交易，但我们并未批准或认可 BTC。投资者应该对 BTC 和虚拟资产相关的产品保持谨慎。」

The controversial point of the statements of other committee members is that spot and futures BTC ETFs are completely two different things, and it is not advisable to use the logic of regulating futures BTC ETFs to regulate spot BTC ETFs. The two are not relevant because there is no major regulatory agency in the Bitcoin spot market, and it is impossible to prevent price manipulation and fraud in the BTC spot market.

1.4 The historical significance of BTC ETF

无论如何，BTC ETF 的通过都极具历史意义，让怀揣着加密朋克理想 / 一夜暴富幻想的我们也能够置身其中，为历史的滚滚洪流添加浓重的一笔艳丽色彩。

就像硅谷王川 Chuan（X：@Svwang1）所说的：「2024 年 1 月 10 日在世界货币史的意义，以后回头看，也许可以和 1971 年 8 月 13 日（尼克松宣布和黄金脱钩），1871 年 1 月 18 日（德国统一，并引领欧洲各国和美国在几年内先后加入金本位的体系）相提并论。"

2. Criminal proceedings against KuCoin and its founder for violating anti-money laundering regulations

On March 26, 2024, the U.S. Department of Justice indicted the virtual currency exchange KuCoin and its two founders for conspiring to operate an unlicensed money transmission business entity and violating the anti-money laundering compliance procedures of the Bank Secrecy Act[4].

美国检察官称：「KuCoin 及其创始人故意试图隐藏大量美国用户正在其平台上交易的事实，每日交易额达数十亿美元，年交易量达数万亿美元。而像 KuCoin 这样的金融机构，必须遵守美国法律，去 FinCEN 以及 CFTC 进行注册，并实施 KYC/AML/CTF 的反洗钱合规程序，而 KuCoin 据称故意选择不这么做，导致其成为非法洗钱的避风港。KuCoin 收到超过 50 亿美元并发送超过 40 亿美元的可疑和犯罪资金。

像 KuCoin 这样的虚拟货币交易所不能两面兼得。今天的起诉书应向其他虚拟货币交易所发送一个明确的信息：如果你计划服务美国客户，你必须遵循美国法律。」

At the same time, the CFTC also filed a civil lawsuit against KuCion[5], alleging that KuCion and its various entities violated various provisions of the Commodity Exchange Act (CEA) and CFTC regulations by engaging in unlicensed over-the-counter commodity futures trading, leverage, margin, or providing financing for retail commodity trading businesses.

其实细看美国监管对 KuCion 的监管执法与对 Binance 的并无差别，总结还是美国财政部长耶伦的一句话：「任何想要在美国展业，受益于美国良好金融市场的主体应该严格遵守美国的法律。」

3. BlackRock’s Tokenized Fund

我们去年的文章就分析过代币化基金在连接 TradFi 与 DeFi 中的重要程度，而且基金这种资产形式，由于（1）其本身受监管；（2）相对标准化的数字化表达方式，是 RWA 资产最佳的载体。

参考文章：RWA 10,000-word research report: The value, exploration and practice of fund tokenization

Then in March this year, Blackrock’s tokenized fund aircraft carrier set sail.

3.1 What is the tokenized fund BUIDL

2024 年 3 月 21 日，贝莱德（Blackrock）与 Securitize 携手在公共Blockchain——以太坊上推出首个代币化基金 BUIDL「BlackRock USD Institutional Digital Liquidity Fund」，该 BUIDL 基金将通过 Securitize Markets 向合格投资者提供赚取美元本位收益的机会 [6]。

Tokenization is one of the core elements of BlackRock's digitalization strategy. The tokenization of the BUIDL fund marks a key step for BlackRock to actively enter the field of tokenization of real-world assets (RWA), and also brings huge benefits to investors. For example, investors can issue and trade ownership on the blockchain, provide investors with access to on-chain products, provide instant and transparent settlement, and allow the transfer of rights and interests across platforms.

BUIDL 基金将保持每个代币 1 美元的稳定价值，并且通过 rebase 的形式进行分配利息，即在每日将应计股息作为新代币直接支付到投资者的wallet中。基金的总资产 100% 将投资于现金、美国国债和回购协议，让投资者在链上持币的同时赚取收益。Best of all, investors can transfer their tokens to other pre-approved investors 24/7/365, and the fund also offers flexible custody options.

Bank of New York Mellon will enable interoperability between digital and traditional markets for the fund and serve as the custodian and manager of the fund. Securitize will serve as the fund's transfer agent and tokenization platform, managing tokenized fund shares and reporting fund subscriptions, redemptions and distributions. Securitize Markets will serve as a sales agent to offer the fund to qualified investors. PwC has been appointed as the auditor of the fund. In addition, other asset custody partners include: Anchorage Digital Bank, BitGo, Coinbase, and Fireblocks.

3.2 Tokenized funds have great potential

从传统金融 TradFi 的角度来看，基金通过区块链与分布式账本技术被代币化后，能够释放更加巨大的价值。

此前，贝莱德 CEO Larry Fink 在接受彭博专访时明确表示，资产代币化将成为贝莱德的下一步发展方向：「我们相信，金融资产代币化将是接下来的趋势，这意味着每一只股票、债券都将被记录在一个总账本上。」

In addition, UK regulators are also actively exploring fund tokenization. In a statement from its Investment Association, it stated that fund tokenization is expected to improve efficiency, transparency and international competitiveness in the field of investment management, and released a report titled “UK Fund Tokenization – Implementation Blueprint”[7].

Although Franklin Templeton has already realized tokenized funds on public blockchains, BlackRock has undoubtedly opened the door to a new world of traditional financial RWAs. In the future, we will see more traditional financial assets being released with greater value using blockchain technology. The tokenization of the stock market is within sight.

(https://app.rwa.xyz/treasuries)

四、欧盟的非托管wallet反洗钱新规

On March 23, 2024, Cointelegraph reported [8] that EU regulators are updating a new anti-money laundering regulation aimed at conducting KYC and other supervision on virtual currency commercial transaction activities of non-custodial wallets.

这一措施被视为欧盟去年建立虚拟资产全方面监管框架（Markets in Crypto-Assets Regulation，MiCA）的延续Xiaobai Navigation，是欧盟更广泛反洗钱战略的重要组成部分。该反洗钱法案预计将在 3 年后的 2027 年实施，与 MiCA 法案共同加强对匿名账户提供服务的限制。

（EU scraps proposed $1K payment limit for self-custody crypto wallets）

The Anti-Money Laundering Act requires that Crypto Asset Service Providers (CASPs) providing services in the EU conduct customer due diligence and identity verification (KYC) for transactions with non-custodial wallet users of more than 1,000 euros. It is worth noting that this is the EU's compliance requirement for virtual currency service providers (mainly service providers that custody user funds, such as exchanges, custodial wallets, etc.) regulated by MiCA.That is, any transaction exceeding 1,000 euros between a non-custodial wallet and a virtual currency service provider will be regulated, while transactions between non-custodial wallets are not subject to the restrictions of the bill.

There is no doubt that the EU's regulatory provisions pose a huge challenge to the anonymity of virtual assets. After the EU passed the MiCA Act to bring virtual currency service providers under regulation, it passed the Anti-Money Laundering Act to bring non-custodial wallets related to virtual currency service providers under regulation. It is obvious that after comprehensive supervision, the next step will be the related tax bill.

Recently, we have seen that entities that are already in the EU or plan to provide virtual currency services in the EU are actively fulfilling the compliance requirements of the EU MiCA Act. EU member states are also playing games with virtual currency service providers. Once all aspects of EU supervision are fully implemented, the previous wild growth of the EU virtual asset market will undoubtedly be reconstructed.

The big fish will continue to participate in the market game in a more EU way, and the small fish will be eliminated due to regulatory compliance pressure.

参考文章：虚拟资产市场监管法 MiCA，能否让欧盟全面拥抱 Web3？

5. Hong Kong towards full compliance

随着 2022 年 10 月《关于香港虚拟资产发展的政策宣言》的提出，香港全新的虚拟资产 VASP 制度已于 2023 年 6 月 1 日正式施行，这是有史以来中国香港虚拟资产行业的重大利好。

为了全面监管香港所有的虚拟资产交易活动，并落实金融行动特别工作组（FATF）的标准，港府除了通过修订了《打击洗钱条例》，并建立全新的 VASP「强制发牌」制度之外，亦从稳定币、虚拟资产出入金 OTC、虚拟资产托管等方面，对虚拟资产在实际流转过程中的参与方以及参与形式进行了全面的监管。

Although supervision in other areas except the VASP licensing system is still in the process of soliciting opinions or legislative regulation, it can still provide us with a comprehensive overall regulatory framework.

此前介绍过虚拟资产交易所的 VASP 发牌制度，这里不再赘述，可参考文章：深入解读香港虚拟资产 VASP 发牌制度（2023 年 6 月 1 日）.

5.1 Stablecoins

2023 年 12 月 27 日，香港财经事务及库务局（「财库局」）和香港金融管理局（「金管局」）联合发布了一份公众咨询文件，就在香港实施法币稳定币发行人监管制度的立法建议展开咨询 [9]。

Legislative background: Due to the important role of stablecoins in the Web3 and virtual asset ecosystem, and the increasingly close connection between the traditional financial system and the virtual asset market, the Hong Kong government believes that it is necessary to establish a regulatory system for issuers of fiat stablecoins. By regulating fiat stablecoin issuers in a risk-based and flexible manner, the potential risks of fiat stablecoins to monetary and financial stability can be properly managed, and a clear legal and regulatory environment can be provided to promote the sustainable and responsible development of Hong Kong's virtual asset ecosystem.

立法建议考虑引入新法例来实施法定稳定币发行人发牌制度，主要由两部分组成：

（1）法币稳定币发行人的发牌及监管制度。法币稳定币发行人必须满足一系列严格的发牌条件和监管要求，在获得牌照之后，方可在香港运营。不论有关法币稳定币的稳定机制及相关支持资产，所有法币稳定币发行人将须符合相同的监管框架。意思是 USDC、USDT 稳定币发行人在港展业需要申请牌照。

（2）法币稳定币发售和推广活动主体的监管制度。只有获发牌的法币稳定币发行人、认可机构、持牌法团及持牌虚拟资产交易平台，可以在香港提供购买法币稳定币的服务，或积极向香港公众人士积极推广有关服务；只有由持牌发行人所发行的法币稳定币可售予零售投资者（社会大众），否则只可售予专业投资者。意思是只有持牌主体才能在港零售，如 USDC、USDT 稳定币发行人未在港持牌，可以通过持牌出入金服务商进行交易，但只能针对专业投资者。

香港的稳定币监管制度着重于法币稳定币而非其他类型的稳定币（例如与黄金或其他资产挂钩的稳定币）。香港的稳定币监管制度将采用以风险为本的方法监管法币稳定币发行人及相关活动，并将遵循「相同业务、相同风险、相同监管」的监管原则。港府有权根据虚拟资产市场的发展对新监管制度的适用范围进行调整。

除了公众咨询文件之外，为配合稳定币发行人监管制度立法建议的咨询，金管局宣布推出稳定币发行人「沙盒」。金管局希望通过「沙盒」，向有意在香港发行法币稳定币的机构传达监管期望，并收集参与者对监管要求的意见，以促进后续监管制度的落实 [10]。

5.2 OTC virtual asset transactions

2024 年 2 月 8 日，财库局发布了《有关规管虚拟资产场外交易的立法建议》的公众咨询文件（「OTC 立法建议」）[11]，拟根据《打击洗钱及恐怖分子资金筹集条例》设立新的由香港海关作为监管机构的虚拟资产场外交易服务提供者发牌制度，对所有提供虚拟资产场外交易服务（OTC 服务）的主体进行规管。在拟议制度下，任何人如在香港从事有关任何虚拟资产现货交易服务的业务，须向海关关长申领牌照。

The virtual asset over-the-counter (OTC) business will be defined as:

(a) providing spot trading services of any virtual asset in the form of business, excluding non-business transactions of virtual assets between peers;

(b) 不论是透过实体店 ( 即包括自动柜员机 ) 或其他平台 ( 例如互联网平台）提供服务，不适用于并非contract / 具约束力交易一方的人士，例如相关（仅提供展示服务而不参与交易的）网上平台 / 网上应用程序 / 通讯系统运营商等；

(c) explicitly exclude the operation of virtual asset trading platforms that are already covered by the virtual asset trading platform licensing regime.

Similarly, taking into account the wide range of business forms of virtual asset OTC operators, the proposed regime ensures that all forms of virtual asset OTC services are regulated under the principle of same business, same risks and same rules.

The Hong Kong government proposes to require anyone who operates a virtual asset over-the-counter trading business in Hong Kong, or actively promotes the provision of virtual asset over-the-counter trading services to the Hong Kong public, to obtain a licence issued by the Commissioner of Customs and Excise and comply with the fit and proper person criteria and other regulatory requirements.

「积极推广」的定义可考虑因素包括是否有详细的推广计划、是否通过推广途径（互联网、报纸等）宣传、推广是否有计划地进行等。

5.3 Virtual Asset Custody

On February 20, 2024, the HKMA issued guidelines on virtual asset custody activities, providing clear standards for governance and risk management, client asset isolation and protection, delegation and outsourcing for institutions applying for a virtual asset custody service provider license (TCSP) [12].

Background of the issuance of guidelines: As the virtual asset industry continues to develop, the HKMA has noticed that authorized institutions are increasingly interested in virtual asset-related activities, especially in providing virtual asset custody services to customers. In order to ensure that the virtual assets of customers kept by authorized institutions are fully protected and the relevant risks are properly managed, the HKMA believes that it is necessary to provide guidelines on the provision of virtual asset custody services by authorized institutions.

We have already seen the Hong Kong government's requirements for virtual asset custody in the VSAP licensing system, such as the VASP licensing system requiring exchanges to hold customers' funds and virtual assets in trust through wholly-owned subsidiaries. This further regulation of virtual asset custody requirements will further implement the implementation of virtual asset participants and protect the interests of investors.

The article comes from the Internet:Observation on regulatory policies and events in the global Web3 virtual asset industry in the first quarter of 2024: ETF, BUIDL and full compliance

相关推荐: Bitget 研究院：BGB 持续上涨突破 1 美元，头部 Meme 币全线上涨

过去 24 小时，市场出现了不少新的热门币种和话题，很可能它们就是下一个造富机会。 撰文：Bitget 研究院 摘要 比特币价格在过去 24 小时内几乎没有变化，各公链头部 Meme 币均迎来了不同幅度的上涨。本周五是季度大交割日，有高达 150 亿美元期权待…