加密货币、代币和去中心化金融：监管指引

-- 报告摘要 --

Addressing the risks posed by crypto assets has become a pressing issue for policymakers.Crypto asset markets have experienced cycles of growth and collapse， often resulting in large losses for investors.These markets pose risks which， if not adequately addressed， might undermine consumer protection， financial stability and market integrity.While the turmoil experienced in these markets at the endof2022hassofarnotled to wider contagion， the outcome might have been worse had the crypto asset markets and the traditional financial system been more interconnected.

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