美国加密托管vs加拿大监管模式：Kraken案例深度剖析

几年前，加拿大经历了QuadrigaCX的崩溃，很多币圈加拿大人损失了本金，于是加密货币交易所被纳入了加拿大现有的证券监管框架之下，对规则进行了一些微调以使其适应。这导致了许多变化，使加拿大的加密货币客户更加安全。

Kraken他是一家总部位于美国的加密货币交易所，服务于美国和加拿大的客户。然而，如果你是一个在Kraken上交易的美国客户，你持有的资产类型与加拿大客户的资产类型非常不同。

让我们看一下美国平台的细则：<span yes'; mso-ascii- mso-hansi- mso-bidi- font-size:10.5000pt;mso-font-kerning:1.0000pt;">

所以，在美国，资产是"我们为你持有"。也就是说，Kraken自己为其客户持有、保管或提供加密货币的保管服务。在这里想强调的一个关键观察是，这与标准的受监管市场如纳斯达克或多伦多证券交易所的运作方式有着根本的不同。传统的市场提供了一个交易资产的场所，但他们不提供保管服务。如果他们试图引入这个，那监管机构是不会允许的。

另外一边，让我们来看看加拿大的，这是细则：<span yes'; mso-ascii- mso-hansi- mso-bidi- font-size:10.5000pt;mso-font-kerning:1.0000pt;">

下划线的文字意思是，如果你是加拿大人，Kraken并不为你持有你的加密货币。这与美国的情况非常不同。相反，Kraken表示，客户的加密货币被视为"托管资产"，并将你的加密货币委托给一个"指定的信托账户在一个加密货币托管人处"。就是了。这就是我之前提到的交易与保管的分离，这符合市场的标准做法。

再往下看细则，你会知道这个加密货币托管人是—Anchorage Digital Bank：

加拿大证券监管机构要求在加拿大运营的所有加密货币交易所将至少80%的客户加密货币委托给第三方托管人。（其余20%可以存放在热钱包中，以便流动性。）Kraken似乎并没有为其美国客户这样做，那是因为没有美国监管机构敦促它这样做。在要求这种分离之外，加拿大监管机构规定，第三方托管人必须有资格。也就是说，他们不能只是随便找个人。托管人必须符合监管机构的标准，这需要有系统和组织控制（SOC）的认定，以及其他一些东西。

你现在可能已经看出，如果你是Kraken的客户，那么比起美国人，你的资产会收到更合规的保护，原因如下：

• Anchorage是一个受联邦监管的金融机构，受到严格的监督。Kraken U.S.大部分是未受监管的。没有人在旁边检查它是否在妥善保管你的硬币。

  
  

  A few years ago, Canada experienced a collapse. Many Canadians in the currency circle lost their principal, so the cryptocurrency exchange was brought under the existing securities supervision framework in Canada, and the rules were fine-tuned to adapt to it, which led to many changes and made Canadian cryptocurrency customers safer. He is an American-based cryptocurrency exchange serving customers in the United States and Canada. However, if you are an American customer trading on the Internet, the types of assets you hold are the same as those of Canadian customers. The types of assets are very different. Let's take a look at the details of the American platform, so in the United States, assets are held by us for you, that is to say, we hold custody or provide custody services for its customers. A key observation I want to emphasize here is that this is fundamentally different from the operation mode of standard regulated markets such as Nasdaq or Toronto Stock Exchange. Traditional markets provide a place to trade assets, but they do not provide custody services if they try to introduce this supervision. On the other hand, let's take a look at Canada. This is the underlined text of the detailed rules. It means that if you are Canadian, you don't hold your cryptocurrency for you. This is very different from the situation in the United States. On the contrary, it means that the cryptocurrency of the customer is regarded as a custody asset and your cryptocurrency is entrusted to a designated trust account with a cryptocurrency custodian. This is the separation of transaction and custody that I mentioned earlier. This is in line with the standard practice of the market. Look further. Then you will know that this cryptocurrency custodian is a Canadian securities regulator, and all cryptocurrency exchanges operating in Canada are required to entrust at least their customers' cryptocurrencies to third-party custodians, and the rest can be stored in hot wallets so that liquidity doesn't seem to do this for its American customers. That's because there is no American regulator urging it to do so. In addition to requiring this separation, Canadian regulators stipulate that third-party custodians must be qualified, that is to say, they can't just look for them casually. Personal custodians must meet the standards of regulatory agencies, which requires systematic and organizational control and other things. You may have seen by now that if you are a customer, your assets will receive more compliance protection than Americans. The reasons are as follows: a federally regulated financial institution is strictly supervised, most of which are unregulated, and no one is around to check whether it is properly keeping your coins. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

• Kraken有很多不同的业务，但Anchorage专注于托管，所以它可能在这个任务上做得更好。

• Anchorage独立于Kraken。这种分离降低了由Kraken管理层造成的资产丢失、盗窃或误用的风险。在Kraken的案例中，这一点特别重要，因为它参与许多其他业务活动，如交易或做市，这些都可能带来潜在的利益冲突。

你可能不知道Kraken的事

大部分人可能只知道Kraken是一个美国的加密货币交易平台。但是，你可能不知道的是，Kraken实际上是Payward Ventures的商业名称，而Payward Ventures是Payward, Inc的子公司。Payward, Inc又有另一个子公司，名为Payward Financial, Inc，它拥有一个州立银行——Kraken Bank。对。包括当你注册成为Kraken交易平台的用户时，你实际上是与Payward Ventures建立关系，而不是Payward Financial。这意味着，尽管Kraken拥有一家银行，但是在交易平台的服务条款中，并没有提到Kraken Bank会参与到加密货币的保管中。

你可能会问，为什么Kraken不利用它自己的银行来保管加密货币呢？这确实很奇怪，对吧？

当Kraken今年早些时候首次申请在加拿大开展业务时，它表示希望使用Kraken Bank作为托管人。但是，现在我们看到的是，Kraken实际上正在使用Anchorage Bank作为托管人。个人猜测，加拿大的监管机构可能对Kraken说："Kraken Bank不够独立，你们必须使用第三方作为托管人。" 

那么，对于加拿大最受欢迎的交易所Coinbase呢？Coinbase的加拿大服务条款并没有表明它正在使用一个合格的托管人。顾客的资产是"由Coinbase集团代你持有"。这种做法对监管机构来说是不可接受的。我预测，在未来几个月内，你会看到Coinbase使用Anchorage这样的第三方托管人，或者它可能会选择离开加拿大市场。