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比特币等“去中心化”互联网金融工具兴起,行政法律体系对比特币虚拟商品、非货币的属性定位,加上监管机构在规范形式上对比特币市场与实体经济、金融体系进行风险切割,共同导致既有的证券监管架构面临结构性失灵与适用性紊乱风险。解构比特币经济机理及固有缺陷与风险,能够深度揭示比特币的金融投资、投机功能,确立比特币的金融商品法律属性实质解释原理,从而引入证券法律制度微调的路径,解决证券监管困局,控制互联网金融市场风险。在《证券法》修改进程中,有必要将比特币等互联网金融时代的电子支付工具与法定货币之间的投资契约纳入证券范围,由证券监管机构对比特币交易所以及相关市场行为进行监管,以信息披露制度提升比特币市场透明度,以反内线交易、反市场操纵制度震慑市场滥用行为。
Bitcoin, etc. “Decentralization” The rise of Internet financial instruments, the positioning of the administrative legal system over Bitcoin virtual goods and non-monetary attributes, coupled with the regulators’ formality of the Bitcoin market and the real economy, the financial system, Cutting, together lead to the existing securities regulatory structure is facing the risk of structural failure and adaptability disorders. Deconstructing the economic mechanism of bitcoin and its inherent defects and risks can deeply reveal the financial investment and speculative functions of bitcoin and establish the substantive explanation principle of the legal attributes of bitcoin’s financial products so as to introduce the fine adjustment of the securities legal system and solve the difficulties in securities regulation, Control internet financial market risk. In the process of revising the Securities Law, it is necessary to include the investment contract between electronic payment instruments such as bitcoin and the legal currency in the financial era of the internet into the scope of securities, to supervise the Bitcoin Exchange and related market behaviors by securities regulators, Enhance the transparency of the Bitcoin market with the information disclosure system and deter market abuse through anti-insider trading and anti-market manipulation.