加密资产是一种主要依赖于密码学和分布式账本或类似技术的私营部门数字资产，近年来受到诸多投资者的热捧。然而，其中最具代表性的加密货币比特币已较2021年末的峰值下跌近三分之二，使约四分之三的投资者出现亏损，反映出当前缺乏对于加密货币资产的保护机制。随着一些国家使用加密资产取代本国货币以规避外汇和资本管制，机构投资者在低利率环境下增持稳定币，加密资产与核心金融系统的联系日益紧密，未来或将引起人们对系统性风险和金融稳定性的担忧。因此，需要加强金融监管和监督，制定可由监管机构一致实施的全球标准加以解决。

本文基于具有相对稳定价值的加密资产级生态系统提出了五项关键建议：1）加密资产服务提供商应该获得许可、注册和授权，其客户资产与公司自身资产需要区分，并与其他职能隔离；2）执行多种职能的实体应该遵守额外的审慎要求，应严格遵守信息披露要求；3）稳定币的发行者应受到严格的审慎要求，根据稳定币的模式和规模，可能需要像银行一样的监管力度；4）对接触和参与加密货币的金融机构应有明确的监管要求；5）需要协调建立全球范围内的加密资产管理和监督，加强跨国与跨部门合作。

作者｜李波（国际货币基金组织副总裁），杉本信泰（国际货币基金组织金融监管部副主任）

Crypto Contagion Underscores Why Global Regulators Must Act Fast to Stem Risk

Stronger financial regulation and supervision, and developing global standards, can help address many concerns about cryptoassets.

Bo Li, Nobuyasu Sugimoto

18 January 2023

Introduction

The already volatile world of crypto has been upended anew by the collapse of one of its largest platforms, which highlighted risks from cryptoassets that lack basic protections.

The losses punctuated an already perilous period for crypto, which has lost trillions of dollars in market value. Bitcoin, the largest, is down by almost two-thirds from its peak in late 2021, and about three-quarters of investors have lost money on it, a new analysis by the Bank for International Settlements showed in November.

During times of stress, weve seen market failures of stablecoins, crypto-focused hedge funds, and crypto exchanges, which in turn raised serious concerns about market integrity and user protection. And