区块链技术是当前广受关注的热点技术之一，被认为是一种能够引发新一轮产业变革的前沿信息技术，因其独特的信任建立机制使得其在金融行业具有广泛的应用空间。本文首先从区块链技术的构成原理和模式架构出发，指出其具有去中心化和去信任化、可追溯和不可篡改、可拓展性和公开透明性等技术特性，这与证券领域对于建立信任的需求存在天然的契合性，“区块链+证券”的应用模式将在降低证券业成本、控制证券市场风险和满足信息披露要求等方面具有积极意义。其次，本文探讨了区块链技术在证券市场各个环节应用的可能，重点展望了其在证券发行交易、登记结算、资产证券化和公司治理等潜力较大的环节的应用前景，分析区块链技术的应用优势和问题，以及颠覆传统的证券业务模式的可能。此后，本文梳理区块链技术证券应用和发展所面临的问题与挑战，既包括对现行法律秩序的冲击，例如数据权利、智能合约、代币性质和ICO规制等诸多需要现行法律回应的问题；也包括其自身技术局限可能给证券市场所带来的金融风险，例如节点操纵、投资者保护与救济不足、自律监管弱化等若干风险可能影响资本市场的稳定；还包括我国现行证券监管制度在面对“区块链+证券”这一新模式上的不适应，在监管能力和监管认识上都有待加强。最后，本文反思了我国历年来对区块链技术金融应用相关的规制政策，指出存在监管机构的协调性不足和监管制度零散单薄这两大问题，对区块链技术金融应用造成阻碍。结合前述的相关问题，本文认为监管者应该在监管制度、监管理念、监管主体和监管方式等多个方面予以积极应对。在监管制度上，应该在划定监管底线的同时，遵循保护投资者的证券法立法价值，通过修改解释和“实验立法”的方式，及时将区块链技术证券应用纳入到法律监管的范围内；在监管理念上，监管者应该树立原调适、原则和科技的监管理念，给新技术留下更多呼吸的空间。在监管主体上，摒弃政府机构大包大揽独占监管权，引入自律性组织和相关企业作为监管主体，分配监管权；在监管方式上，应该避免此前一刀切的禁止性命令，可以通过试点场外市场和引入监管沙盒的创新机制进行充分尝试。以期最终实现创新发展和风险控制的和谐统一。
Blockchain technology is one of the hotspot technologies that are currently receiving much attention. It is considered to be a cutting-edge information technology that can trigger a new round of technological innovation and industrial transformation. Because of its unique trust-building mechanism, it has a wide range of application space in the financial industry. .This article starts from the constitutional principles and mode architecture of blockchain technology, and discusses its technical characteristics such as decentralization, detrusting, traceability and non-tampering, scalability and transparency. There is a natural fit for the industry needs of disclosure and trust establishment. The application model of "blockchain + securities" will have positive significance in reducing the cost of the securities industry, controlling the risks of the securities market and meeting the requirements of information disclosure. Secondly, this article discusses the possibility of the application of blockchain technology in various links of the securities market, and focuses on the prospects of its application in the links with greater potential in securities issuance and trading, registration and settlement, asset securitization and corporate governance, and analyzes the blockchain Application advantages and problems of technology, and the possibility of subverting the traditional securities business model. After that, this article sorts out the problems and challenges facing the application and development of blockchain technology securities, including the impact on the current legal order, such as data rights, smart contracts, the nature of tokens and ICO regulations, and many other issues that require current legal responses; It also includes the financial risks that its own technical limitations may bring to the securities market, such as node manipulation, insufficient investor protection and relief, and weakening of self-regulatory supervision and other risks that may affect the stability of the capital market; it also includes China ’s current securities regulatory system The incompatibility with the new model of “Blockchain + Securities” needs to be strengthened in terms of regulatory capabilities and regulatory understanding. Finally, this article reflects on the regulatory policies related to the application of blockchain technology finance in China over the years, and points out that there are two major problems: insufficient coordination of regulatory agencies and fragmented regulatory system, which negatively hinders the application of blockchain technology finance.Combining the aforementioned related issues, this article believes that the supervisor should actively respond to the supervision system, supervision philosophy and supervision methods. In the regulatory system, while delineating the regulatory bottom line, we should follow the legislative value of the securities law to protect investors, and through the interpretation and "experimental legislation", timely application of blockchain technology securities to the scope of legal supervision ; In terms of the regulatory concept, it should establish the original regulatory concept of adaptation, principles and technology, leaving more room for new technologies to breathe. In terms of supervision methods, the previous one-size-fits-all prohibitive orders should be avoided, and sufficient attempts can be made by piloting the off-market market and introducing an innovative mechanism of supervision sandbox. With a view to finally achieving the harmonious unification of innovation development and risk control.
