Zhao Wei, Beijing Normal University: Blockchain technology blurs the territorial scope of cross-border financial supervision

According to the Economic Information News, Dr. Zhao Wei, Ph.D., School of Economics and Business Administration, Beijing Normal University, said that in the case of cryptocurrencies, some countries and regions that rely heavily on the financial industry are starting from their own comparative advantages and international division of labor, in order to retain The huge international funds related to cryptocurrencies have introduced various regulatory policies that encourage the excessive development of cryptocurrencies, but they have only closed their eyes on cross-border money laundering and terrorist financing related to cryptocurrencies. This policy of beggar-thy-neighbour has caused the spillover effect of the country's financial integrity and financial stability in neighboring countries. As financial technology adopts more decentralized technologies and concepts, the main body of blockchain technology services generally adopts the structure of associations and foundations of international organizations. This not only reduces the barriers to entry for cross-border finance, but also blurs the territorial scope of cross-border financial regulation, bypassing the legal regulation of financial supervision based on jurisdictions, resulting in more complicated and difficult cross-border financial regulatory problems. .