加密貨幣和金融穩定的自適應監管

在歐洲銀行管理局和歐洲中央銀行最近組織的國際會議上，代理貨幣監理署

At a recent international conference, the Acting Comptroller of the Currency in the United States addressed the evolving challenges in bank supervision. He explained that the growing concern in traditional banks engaging with non-bank actors such as fintech companies leads to emerging supervisory issues.

在最近的國際會議上，美國代理貨幣審計長討論了銀行監管中不斷變化的挑戰。他解釋說，傳統銀行越來越擔心與金融科技公司等非銀行參與者的合作，導致了新出現的監管問題。

Fluctuations in phenomena such as the cryptocurrency market, the banks’ role in the growth and subsequent decline of private credit, and the recent bankruptcy of fintech middleware firm Synapse have raised numerous questions about actors and risks in Bank and non-bank systems. He noted that these problems point to the importance of ensuring that rules and regulations for governing and mitigating risks evolve to counter the risks associated with information change and, particularly, financial technology.

加密貨幣市場、銀行在私人信貸增長和隨後下降中的作用以及金融科技中間件公司 Synapse 最近的破產等現象的波動，引發了許多關於銀行和非銀行系統的參與者和風險的問題。他指出，這些問題表明，必須確保管理和緩解風險的規則和法規不斷發展，以應對與資訊變化（尤其是金融科技）相關的風險。

As part of current supervisory practice, Hsu offered an example of the recent volatility in the cryptocurrency market. By the end of 2022, the decline of cryptocurrency market lost $2 trillion in value and many platform failures did not largely affect the banking system. According to Hsu, this stability was not due to luck but to proper supervision of the activities about cryptocurrencies to guarantee the safety and sustainability of the banking related activities.

作為當前監管實踐的一部分，Hsu 舉了一個近期加密貨幣市場波動的例子。到2022年底，加密貨幣市場的下滑損失了2兆美元的價值，許多平台故障並沒有對銀行系統產生太大影響。 Hsu表示，這種穩定性不是運氣，而是對加密貨幣活動的適當監管，以確保銀行相關活動的安全性和可持續性。

He stated that this supervision approach is effective in keeping things stable even if there are many changes and financial shocks occur. Hsu highlighted the benefits of the risk-based supervisory approach as adaptable and cautious while the financial industry becomes more closely connected with innovative technologies and digital assets.

他表示，即使發生許多變化和金融衝擊，這種監管方式也能有效維持穩定。許強調，當金融業與創新技術和數位資產的連結更加緊密時，基於風險的監管方法的好處是適應性強且謹慎。

The discussion also confirmed that there is always a need for ongoing changes in the regulation of the increasing complexities and risks that arise due to the ever-changing nature of the financial landscape so that financial supervision remains effective in meeting the challenges posed by this dynamic environment.

討論也確認，由於金融格局不斷變化，監管日益複雜，風險不斷增加，因此始終需要對監管進行持續變革，以便金融監管能夠有效應對這一動態環境帶來的挑戰。