資料載入中.....
|
請使用永久網址來引用或連結此文件:
https://nccur.lib.nccu.edu.tw/handle/140.119/158289
|
| 題名: | 合規還是套利？FTX事件後中小型加密貨幣交易所的監管策略選擇
License or Arbitrage? Crypto Exchange Strategies for Tier 2 CeFi in a Post-FTX Era |
| 作者: | 黃玫樺
Huang, Alice |
| 貢獻者: | 吳文傑
Wu, Jack
黃玫樺
Huang, Alice |
| 關鍵詞: | 加密貨幣交易所
監管
歐盟市場中加密資產法規
第二層中心化金融機構
混合式策略
Crypto Exchange
Regulation
MiCA
Tier 2 CeFi
Hybrid Licensing |
| 日期: | 2025 |
| 上傳時間: | 2025-08-04 12:53:44 (UTC+8) |
| 摘要: | The collapse of FTX in 2022 marked a turning point for centralized crypto exchanges, exposing regulatory vulnerabilities and reshaping institutional expectations. This thesis explores how Tier 2 exchanges can navigate this environment by adopting hybrid regulatory strategies that balance compliance and innovation.
Using a real-world case study, referred to as Exchange Z for confidentiality purposes, the research applies scenario analysis and a weighted strategic decision matrix to compare regulatory paths: MiCA-only, offshore-only, and a MiCA-anchored hybrid. Findings suggest that for exchanges with European exposure and institutional goals, a hybrid model offers the strongest alignment, combining long-term credibility with short-term agility.
The thesis contributes a repeatable framework for evaluating regulatory strategy, grounded in market dynamics, operational diagnostics, and cross-functional trade-offs. It argues that regulation is no longer a constraint, but a design choice that can enable growth when approached strategically. |
| 參考文獻: | Anchorage Digital. (2023). Institutional Crypto Custody Whitepaper. https://www.anchorage.com/resources
BaFin. (2023). Investor Protection Principles for Digital Assets. https://www.bafin.de
Binance Square. (2025, April 12). U.S. Senate committee anticipates crypto bill by August 2025. https://www.binance.com/zh-TC/square/post/04-12-2025-u-s-senate-committee-anticipates-crypto-market-bill-by-august-2025-22835208946514
Binance Square. (2025, May 15). Stablecoin regulation to drive institutional adoption. https://www.binance.com/zh-TC/square/post/05-15-2025-stablecoin-regulation-poised-to-drive-institutional-interest-in-crypto-industry-24293798073626
Binance Square. (2025, May 16). MiCA implementation challenges. https://www.binance.com/zh-TC/square/post/05-16-2025-mica-implementation-challenges-and-opportunities-in-the-eu-crypto-market-24327585778458
Binance Square. (2025, May 17). UK to enforce new crypto reporting rules in 2026. https://www.binance.com/zh-TC/square/post/05-17-2025-uk-to-enforce-new-crypto-reporting-rules-in-2026-24367213951146
Binance. (2023, November 8). Binance transitions to regulatory compliance with regional entities. https://www.binance.com
Bitget. (2025, March). Applies for VASP license in Lithuania. https://www.bitget.com/blog/articles/crypto-exchange-Bitget-completes-crypto-registration-in-Lithuania
Blank, S. (2013). The four steps to the epiphany: Successful strategies for products that win (2nd ed.). K&S Ranch Press
Bloomberg Intelligence. (2024). ETF Outlook: The Crypto Asset Class Expands. https://www.bloomberg.com/professional/blog/etf-outlook-crypto
Bloomberg. (2024, February 10). Kraken launches digital bank in Wyoming. https://www.bloomberg.com
Bloomberg. (2025, April 4). Kollewe, J. What is a stablecoin, how do they work, and why are regulators concerned? https://www.bloomberg.com/news/articles/2025-04-04/what-is-a-stablecoin-how-do-they-work-and-why-are-regulators-concerned
Bloomberg. (2025, May 14). Armstrong signals more M&A activity post-Deribit. https://www.bloomberg.com/news/articles/2025-05-14/coinbase-s-armstrong-looks-to-make-more-acquisitions-after-deribit-purchase
Bloomberg. (2025, May 15). Coinbase cooperating with SEC on user metrics. https://www.bloomberg.com/news/articles/2025-05-15/coinbase-says-it-s-cooperating-with-sec-on-user-metrics-probe
Bloomberg. (2025, May 15). Coinbase hack shows even heavyweights are vulnerable. https://www.bloomberg.com/news/newsletters/2025-05-15/coinbase-hack-shows-even-crypto-s-heavyweights-are-at-risk
Bloomberg. (2025, May 16). Trump crypto project pushes back on Senate inquiry. https://www.bloomberg.com/news/articles/2025-05-16/trump-s-crypto-project-pushes-back-on-senate-panel-inquiry
Bloomberg. (2025, May 16). Galaxy talks with SEC on tokenizing shares. https://www.bloomberg.com/news/articles/2025-05-16/novogratz-s-galaxy-is-talking-with-sec-about-tokenizing-shares
Bloomberg. (2025, May 16). Crypto abductions prompt new security rules in France. https://www.bloomberg.com/news/articles/2025-05-16/crypto-abductions-prompt-new-security-steps-from-french-minister
Bloomberg. (2025, May 8). Coinbase acquires Deribit for $2.9 billion. https://www.bloomberg.com/news/articles/2025-05-08/coinbase-buys-crypto-options-exchange-deribit-for-2-9-billion
BNY Mellon. (2023). Digital Assets: Designing the Future of Custody. https://www.bnymellon.com/us/en/insights/all-insights/digital-assets-and-custody.html
Bybit. (2023, June 26). Bybit gains crypto license in Cyprus. CoinDesk. https://www.coindesk.com
Chainalysis. (2024). Crypto Compliance & Custody Trends Report. https://www.chainalysis.com/reports
Chainalysis. (2024). Crypto Compliance Trends and KYT Solutions. https://www.chainalysis.com/reports
Chainalysis. (2024). Crypto Compliance Trends Report. https://www.chainalysis.com/reports
Chainalysis. (2024). Crypto exchange compliance trends post-FTX. https://www.chainalysis.com
Chainalysis. (2024). Crypto user trends: Self-custody and institutional shift. https://www.chainalysis.com/reports/2024-crypto-user-trends/
Chainalysis. (2024). Institutional adoption and risk exposure in CeFi. https://www.chainalysis.com/reports/
Chainalysis. (2024). The 2024 State of Crypto Compliance. Retrieved from https://www.chainalysis.com
Chainalysis. (2024). User Behavior and Self-Custody Trends. https://www.chainalysis.com/reports
Christensen, C. M. (1997). The innovator’s dilemma: When new technologies cause great firms to fail. Harvard Business Review Press.
CipherTrace. (2023). Global Travel Rule Compliance: Regulatory Adoption Tracker. Retrieved from https://ciphertrace.com
Coinbase Global, Inc. (2024). Annual report (Form 10-K). U.S. Securities and Exchange Commission. https://www.sec.gov
Coinbase Institutional. (2024). Custody Solutions for ETFs and Institutions. https://www.coinbase.com/institutional/custody
CoinDesk. (2023, May 9). OKX expands regulatory footprint in Bahamas and Dubai. https://www.coindesk.com
CoinDesk. (2023). Kraken, Binance Delist Monero in Several Jurisdictions Over Regulatory Concerns. Retrieved from https://www.coindesk.com
CoinDesk. (2024). BlackRock, Fidelity Expand Crypto Offerings After ETF Approval. https://www.coindesk.com/policy/2024/01/11/blackrock-fidelity-crypto-expansion
CoinDesk. (2024). BlackRock’s Bitcoin ETF Custody Model Relies on Coinbase Compliance. https://www.coindesk.com
CoinMarketCap. (2023). Cryptocurrency market capitalization and volume. https://coinmarketcap.com/
CoinMarketCap. (2025). Top cryptocurrency spot exchanges by volume. https://coinmarketcap.com/rankings/exchanges/
CoinShares. (2024). Digital Asset Fund Flows Weekly Report. https://coinshares.com/research/digital-asset-fund-flows
Cointelegraph. (2023). Why Small Crypto Exchanges Are Merging to Stay Afloat. https://www.cointelegraph.com/news
Commodity Futures Trading Commission. (2024, December 19). Record-setting $17.1 billion penalties. https://www.cftc.gov/PressRoom/PressReleases/9011-24
Commodity Futures Trading Commission. (n.d.). Enforcement actions. https://www.cftc.gov/LawRegulation/EnforcementActions/index.htm
Cornerstone Research. (2024). SEC cryptocurrency enforcement 2024 update. https://www.cornerstone.com/wp-content/uploads/2025/01/SEC-Cryptocurrency-Enforcement-2024-Update.pdf
DA Labs. (2024). Stablecoin bill and USD1 trouble: Why FIT21 matters. https://dalabs.org/report/stablecoin-bill-usd1-trouble-meta/
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
Eisenmann, T., Ries, E., & Dillard, S. (2012). Hypothesis-driven entrepreneurship: The lean startup
Elliptic. (2024). 2024 Risk Monitoring Trends in Virtual Assets. https://www.elliptic.co
European Commission. (2023). EU Anti-Money Laundering Package: Towards a Harmonised AML Framework. Retrieved from https://ec.europa.eu
European Commission. (2023). Markets in Crypto-Assets (MiCA) regulation. https://finance.ec.europa.eu/publications/proposal-regulation-markets-crypto-assets_en
European Parliament and Council. (2023). Transfer of Funds Regulation (EU 2023/1113). Retrieved from https://eur-lex.europa.eu
European Securities and Markets Authority (ESMA). (2023). MiCA Implementation Guidelines. https://www.esma.europa.eu
Fidelity Digital Assets. (2023). Institutional Crypto Report. https://www.fidelitydigitalassets.com
Financial Action Task Force. (2021). Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. Retrieved from https://www.fatf-gafi.org
Financial Action Task Force. (2022). The FATF's Work on KYC and AML Standards. Retrieved from https://www.fatf-gafi.org
Financial Action Task Force. (2023). Guidance on Digital Asset Surveillance Tools. https://www.fatf-gafi.org
Financial Services Authority of Saint Vincent and the Grenadines. (2022). Virtual Asset Act 2022. https://svgfsa.com/mdocs-posts/virtual-asset-act-2022/
Financial Times. (2022, November 14a). FTX: Inside the crypto exchange that 'accidentally' lost $8bn. https://www.ft.com/content/913ff750-d1f4-486a-9801-e05be20041c1
Financial Times. (2022, November 14b). FTX collapse exposes gaps in global crypto oversight. https://www.ft.com
Fireblocks. (2024). MPC Wallet Infrastructure Report. https://www.fireblocks.com/product/mpc-wallet
Fireblocks. (2024). MPC Wallet Technology for Institutions. https://www.fireblocks.com/product/mpc-wallet/
Hong Kong SFC. (2024). Licensing Conditions for Virtual Asset Trading Platforms. https://www.sfc.hk
International Organization of Securities Commissions. (2023). Policy recommendations for crypto and digital asset markets: Final report. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD728.pdf
Kaiko. (2024). Centralized exchange landscape: Institutional outlook Q3 2024. https://www.kaiko.com/reports
Kraken. (2024). Where is Kraken licensed or regulated? https://support.kraken.com
Kraken. (2020). Gets license for Wyoming’s first cryptocurrency bank. Finance Magnates. https://www.financemagnates.com/cryptocurrency/exchange/kraken-gets-license-for-wyomings-first-cryptocurrency-bank/
KuCoin. (2025). Company profile. LinkedIn. https://www.linkedin.com/company/kucoin/
Ledger Enterprise. (2024). Institutional MPC Solutions Overview. https://www.ledger.com
Messari. (2024). CeFi Consolidation Trends. https://messari.io/report/centralized-exchange-consolidation-2024
Monetary Authority of Singapore. (2023). Guidelines for Token Listings and Technology Risk Management. https://www.mas.gov.sg
Office of Foreign Assets Control. (2022). Sanctions on Tornado Cash Entities and Smart Contracts. U.S. Department of the Treasury. Retrieved from https://home.treasury.gov
Organisation for Economic Co-operation and Development. (2023). Crypto-Asset Reporting Framework (CARF). Retrieved from https://www.oecd.org
PwC. (2023). Crypto M&A Report: Market Rationalization and Regulatory Impact. https://www.pwc.com/gx/en/industries/financial-services/assets/pwc-crypto-ma-report.pdf
PwC. (2023a). Crypto compliance benchmarking report. https://www.pwc.com/gx/en/industries/financial-services/publications/crypto-compliance-report.html
PwC. (2023b). Global crypto regulation report. https://www.pwc.com/crypto
Ray III, J. J. (2023, June 26). Second interim report to the independent directors: The commingling and misuse of customer deposits at FTX.com. United States Bankruptcy Court for the District of Delaware. https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2023/06/10121033/jj-ray-3-second-interim-report.pdf
Reuters. (2024, January 16). Crypto exchange OKX secures Dubai licence to target retail clients. https://www.reuters.com/business/finance/crypto-exchange-okx-secures-dubai-licence-target-retail-clients-2024-01-16/
Reuters. (2024, September 17). FTX auditor settles US SEC negligence case. https://www.reuters.com/business/finance/ftx-auditor-settles-us-sec-negligence-case-pays-fine-2024-09-17/
Rogers, E. M. (2003). Diffusion of innovations (5th ed.)
Securities Commission of The Bahamas. (2023). Overview of the Digital Assets and Registered Exchanges (DARE) Act – Revised 2023. https://www.scb.gov.bs/wp-content/uploads/2023/03/DARE-Act-2023-Revisions.pdf
SIX Swiss Exchange. (2024). Crypto-ETPs and Structured Products. https://www.six-group.com/en/products-services/the-swiss-stock-exchange/market-data/data-tools/crypto-products.html
South Korea Financial Services Commission. (2021). Virtual Asset Guidelines and Exchange Regulations. Retrieved from https://www.fsc.go.kr
Standard Chartered. (2023). Zodia Markets Launch Announcement. https://www.zodiamarkets.com/news
Time. (2022, December). FTX founder Sam Bankman-Fried charged with fraud by SEC after arrest in the Bahamas. https://time.com/6240579/ftx-sam-bankman-fried-arrested-bahamas/
TRM Labs. (2024). Blockchain Forensics and Regulatory Readiness Whitepaper. https://www.trmlabs.com/resources
TRM Labs. (2024). Real-Time Transaction Monitoring Whitepaper. https://www.trmlabs.com/resources
U.S. House of Representatives. (2023). Financial Innovation and Technology for the 21st Century Act (FIT21) – Discussion draft. https://financialservices.house.gov/uploadedfiles/07062023_crypto_cmte_discussion_draft.pdf
U.S. Securities and Exchange Commission. (2023a). Crypto enforcement actions overview. https://www.sec.gov/spotlight/cybersecurity-enforcement-actions
U.S. Securities and Exchange Commission. (2023b, June 5). SEC charges Binance and founder Changpeng Zhao with securities law violations. https://www.sec.gov/newsroom/press-releases/2023-101
U.S. Securities and Exchange Commission. (2023c, June 6). SEC charges Coinbase for operating unregistered securities exchange, broker, and clearing agency. https://www.sec.gov/newsroom/press-releases/2023-102
U.S. Securities and Exchange Commission. (2024). SEC approves spot Bitcoin ETFs from BlackRock, Fidelity, and others. https://www.sec.gov/news/press-release/2024-01
Wall Street Journal. (2022, November 17a). At FTX, multimillion-dollar expenses were approved by emoji. https://www.wsj.com/articles/at-ftx-multimillion-dollar-expenses-were-approved-by-emoji-fb91bb3a
Wall Street Journal. (2022, November 17b). New CEO says FTX suffered ‘complete failure of corporate controls’. https://www.wsj.com/livecoverage/stock-market-news-today-11-17-2022/card/new-ceo-says-ftx-suffered-complete-failure-of-corporate-controls--anHR8VGIa37oobtZDlnh
Wall Street Journal. (2022, November 9). Crypto exchanges tout their reserves after FTX woes. https://www.wsj.com/livecoverage/stock-market-news-today-11-09-2022/card/crypto-exchanges-tout-their-reserves-after-ftx-woes-j4kwkwdHDXNfpGilvq1G
Wall Street Journal. (2023, October 12). Here’s how FTX executives secretly spent $8 billion in customer funds. https://www.wsj.com/finance/regulation/sbf-trial-ftx-customer-money-missing-6ba13914 |
| 描述: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
108933012 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0108933012 |
| 資料類型: | thesis |
| 顯示於類別: | [國際經營管理英語碩士學程IMBA] 學位論文
|
文件中的檔案:
| 檔案 |
大小 | 格式 | 瀏覽次數 |
|---|
| index.html | 0Kb | HTML | 3 | 檢視/開啟 |
|
在政大典藏中所有的資料項目都受到原著作權保護.
|
