The crypto industry suffered a prolonged crisis in 2022. It is now at a turning point, as lawmakers around the world deploy new statutes aimed at curtailing endemic fraud, inadequate risk management, and bad governance. This is a net positive for the ecosystem – without legal certainty, it cannot flourish. In this paper, I argue that some crypto-native constructs may usefully complement traditional frameworks in the regulation of both crypto itself and the broader financial system. Protected environments, such as regulatory sandboxes and innovation hubs, should be leveraged to foster creative cooperation between authorities and the crypto industry.

加密行业在 2022 年遭遇了长期危机。现在正处于一个转折点，世界各地的立法者部署了旨在减少普遍存在的欺诈、风险管理不足和治理不善的新法规。这对生态系统来说是一个净积极因素——没有法律确定性，它就无法蓬勃发展。在本文中，我认为一些加密原生结构可能会有效地补充加密货币本身和更广泛的金融体系监管中的传统框架。应利用监管沙箱和创新中心等受保护的环境来促进当局与加密货币行业之间的创造性合作。