Deng Jianpeng of the Central University of Finance and Economics: Let the rule of law become the basis for enhancing the competitiveness of China's blockchain enterprises

On November 2nd, the Securities Daily published an article by Deng Jianpeng, a professor at the School of Law of the Central University of Finance and Economics, “conforming to the trend of the times and pushing forward the normative development of the blockchain industry”. The article stated that regulators and law enforcement agencies should focus on the discipline and governance of blockchain from the perspective of the rule of law, making the rule of law the basis for enhancing the competitiveness of China's blockchain enterprises. Strict implementation of the rule of law in the field of blockchain, its important role is to provide relevant enterprises with certainty of industry development and market predictability. The blockchain industry is partially reconstructing the basic framework of the financial legal system. Because the blockchain has the characteristics of peer-to-peer, borderless and no specific legal responsibility, it brings great convenience and brings risks in the fields of finance and so on. It is necessary for the state to provide regulatory supervision and even legislation to promote the safe and orderly development of the blockchain industry. It is first recommended that regulators strengthen international collaboration and strengthen international regulation. Secondly, it is recommended to establish self-discipline rules in the industry through industry self-discipline, and implement the self-governance of the industry by the “soft law” of self-discipline rules, which complements the external supervision of the government. Finally, through the effective communication and negotiation between the regulatory agencies and industry self-regulatory organizations and other blockchain technology participants, the formation of national norms and the realization of “hard law” governance.