|合规联盟原创出品 |
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近期，BTC的价格大幅上涨，首次突破2万美元大关，并短暂升至24000美元。业内人士预测，BTC市值可能已达新的历史高点。而这也潜在的影响了更多人的投资理念，投资者开始意识到数字货币的支付和价值储藏价值，数字货币在疫情期间再次打开了数字经济的新局面。
BTC’s prices have recently risen dramatically, breaking the $20,000 mark for the first time, and briefly rising to $24,000. Industry predicts that BTC’s market value may have reached a new historical high.
数字货币也开始被越来越多的传统金融机构所认可。然而，相较于波动性较为强劲的BTC，更多的投资者还是更愿意交易波动性更小、更具保值效果的USDT。USDT凭借着其自身具备的稳定价值，已经成为全球公认的最佳保值代币。本文拟在中国法框架下对USDT的法律属性及交易过程中的相关法律问题等进行研究。
Digital currencies are also beginning to be recognized by a growing number of traditional financial institutions. However, more investors are more willing to deal with the USDT, which is less volatile than the more volatile BTC. USDT, by virtue of its own stable value, has become the world-renowned best value for money. This paper proposes to study, within the framework of Chinese law, the legal attributes of the USDT and related legal issues in the course of transactions.
一、什么是USDT？
I. What's a USDT?
USDT（简称泰达币，即U币）是注册于马恩岛和香港的Tether公司于2014年11月左右推出的基于美元（USD）的稳定价值的代币Tether USD。Tether 公司承诺严格遵守1：1的准备金保证，即每发行1个 USDT 代币其银行账户都会有1美元的资金保障。USDT的发行初始采用的是Omni协议，之后又陆续使用ETH网络上的 ERC20协议和Tron网络的TRC-20协议发行。USDT发行和交易均基于公有链，可实现交易的不可篡改和可追溯，达到交易过程与交易结果的透明性目的。
The USDT (Tedarcoin, Ubi) is a proxy for the stable value of the United States dollar (USD), introduced around November 2014 by Tether, a company registered in the Isle of Man and Hong Kong. The Tether company undertakes to adhere strictly to the 1:1 reserve guarantee that each issue of a USDT token will have a $1 guarantee in its bank account. The USDT was initially issued using the Omni agreement, followed by the ERC20 agreement on the ETH network and the TRC-20 agreement on the Tron network.
应当注意到，BTC与USDT相比，BTC是去中心化程度比较高的加密数字货币，其本身并不与具体的实物或价值锚定；而USDT是由特定主体基于区块链发行，且该发行主体承诺将USDT与美元按照固定比例兑付。故而，USDT交易在法律风险方面具有一定的特殊性。
It should be noted that BTC is an encrypted digital currency with a higher degree of decentralisation than USDT, which is not per se anchored to specific physical or value; whereas USDT is issued by a particular subject on the basis of a block chain, and the issuer undertakes to pay USD in a fixed proportion to the United States dollar.
二、USDT 的法律属性
II, USDT
USDT是否为法定货币
根据2020年10月23日中国人民银行发布的《中华人民共和国中国人民银行法修订草案征求意见稿》第十九条规定，
Pursuant to article 19 of the revised draft People's Bank of China Law issued by the People's Bank of China on 23 October 2020,
“人民币包括实物形式和数字形式。”
“The renminbi includes both physical and digital forms. ”
因此，由中国人民银行发行的数字形式的人民币也是法定货币。外国法定货币发行机构发行的数字形式的货币，能够从法律上被认定为货币。
Therefore, the renminbi, in the form of figures issued by the People’s Bank of China, is also the legal currency.
因USDT与Libra在监管上很多方面类似，二者均无国家信用支撑也无中央调节机制，并且缺失国家相关监管政策予以监管。央行专家盛松成曾提及Libra不具有货币的本质。因此，USDT并不是由外国法定货币发行机构发行的法定货币的数字形式，不属于货币。
Since USDT and Libra are regulatoryly similar in many ways, neither has a state credit support or a central regulatory mechanism, and the relevant state regulatory policy is lacking to regulate them. Central bank experts Xin Xin Xing mentioned that Libra is not monetary in nature.
USDT是否为美元代币票券
根据2000年7月5日中国人民银行办公厅《关于对购物卡性质认定的函》（银办函）、《中国人民银行法》第十九条、《现金管理暂行条例》和《国务院关于禁止印制、发售、购买和使用各种代币购物券的通知》的相关规定，认定为“代币票券”一般应具备以下几个要素：
In accordance with the relevant provisions of the letter dated 5 July 2000 from the Office of the People's Bank of China on the determination of the nature of shopping cards (the silver letter), article 19 of the Law of the People's Bank of China, the Provisional Regulations on Cash Management and the Circular of the State Council on the Prohibition of the Printing, Sending, Purchase and Use of Bills of Purchase of Various Currency Forms, it has been determined that the following elements should normally be present:
1.具备一定数量的金额；
1. A certain amount of money;
2.在时间上具有一定的跨度性；
2. A certain span of time;
3.在一定范围内使用和流通，可购买不特定商品；
3. Use and circulation within a certain range, with the possibility of purchasing non-specific commodities;
4.不记名、不挂失。
4. Unnamed and unscathed.
发行机构承诺USDT与美元一比一锚定，具有一定的金额；USDT的使用并无一定的期限要求；USDT可以在一定范围内使用和流通，在可以购买不特定的数字货币；且不记名不挂失。但是并无相关的制度和条件来保障USDT价值的稳定。可见，其在数字货币领域以外的传统经济金融领域，USDT并不能作为美元代币票券而存在。
The issuer commits the USDT to an anchor against the dollar, with a certain amount of money; the USDT is not used for a certain period of time; the USDT can be used and circulated within a certain range, with the possibility of purchasing unspecific digital currencies; and there is no missing name. But there are no relevant systems and conditions to guarantee the stability of the USDT value. Thus, in its traditional economic and financial sphere outside the digital currency sphere, the USDT does not exist as a dollar coupon.
USDT是否属于美元外汇资产
根据《企业会计准则第19号－外币折算》，外币是指企业记账本位币以外的货币。国内企业通常应选择人民币作为记账本位币。《企业会计准则规定》业务收支以人民币以外的货币为主的企业，可以按照本准则第五条规定选定其中一种货币为记账本位币。但是，编报的财务报表应当折算为人民币。企业对于发生的外币交易，应当将外币金额折算为记账本位币金额。可以得知，外币即以人民币以外的其他货币计价的货币。
According to the Enterprise Accounting Standard 19-Foreign Currency Translation, a foreign currency is a currency other than the currency in which the business is accounted for. Domestic enterprises should normally choose the renminbi as the currency in which the account is maintained.
根据《中华人民共和国外汇管理条例》中外汇是指下列以外币表示的可以用作国际清偿的支付手段和资产：
Foreign exchange in accordance with the Foreign Exchange Regulations of the People's Republic of China is defined as the means of payment and assets that can be used for international settlement, expressed in the following foreign currencies:
（一）外币现钞，包括纸币、铸币；
(i) Foreign currency banknotes, including banknotes, moorings;
（二）外币支付凭证或者支付工具，包括票据、银行存款凭证、银行卡等；
(ii) Certificates of payment in foreign currency or instruments of payment, including notes, bank certificates, bank cards, etc.;
（三）外币有价证券，包括债券、股票等；
(iii) Foreign currency marketable securities, including bonds, equities, etc.;
（四）SDR；
(iv)SDR;
（五）其他外汇资产。
(v) Other foreign exchange assets.
笔者认为，由于目前USDT仅局限于数字货币领域，在其他大多数金融领域并不能直接兑换、在其他国家也不能无条件地作为支付手段使用。所以USDT不是境外批准的金融产品，其与传统规范意义的外汇存在很大差别，不属于外汇资产，但未来可能在某些特定的数字资产交易领域被认定为美元外汇资产。
In my view, since the USDT is currently limited to digital money only, it is not directly convertible in most other areas of finance, nor can it be used as a means of payment without conditions in other countries. Therefore, the USDT is not an offshore-approved financial product that differs significantly from the traditional norm of foreign exchange and is not a foreign exchange asset, but may in the future be recognized as a United States dollar foreign exchange asset in certain specific areas of digital asset transactions.
三、USDT 交易过程中的其他法律问题
III, USDT
是否涉嫌非法经营罪
is suspected of illegal business
根据《刑法》第二百二十五条的规定，非法经营罪是指违反国家规定，有下列非法经营行为之一的犯罪：
According to article 225 of the Criminal Code, the offence of illegal business is defined as an offence against the provisions of the State and includes one of the following:
（一）未经许可经营法律、行政法规规定的专营、专卖物品或其他限制买卖的物品的；
(i) Unauthorized operations of specialises, articles or other restricted items provided for in laws, administrative regulations;
（二）买卖进出口许可证、进出口原产地证明以及其他法律、行政法规规定的经营许可证或者批准文件的；
（三）未经国家有关主管部门批准，非法经营证券、期货或者保险业务的，或者非法从事资金结算业务的；
(iii) a person who illegally carries out securities, futures or insurance operations, or an illegal financial settlement business, without the approval of the competent national authority;
（四）从事其他非法经营活动，扰乱市场秩序，情节严重的行为。
(iv) other illegal activities that disturb the order of the market, in serious circumstances.
目前国内对于USDT交易商交易虚拟货币等并无特许牌照或专营牌照的具体法律规定，只是有《关于防范代币发行融资风险的公告》等规定（禁止代币发行融资活动），更没有USDT交易商相关追究刑事责任的规定和相关刑事司法解释，而且从裁判文书网上检索案例发现，单纯买卖USDT这一行为而言，一般不会被认定为非法经营罪。
At present, there are no specific domestic provisions on licensing or exclusive licence plates such as the USDT dealer's transaction in virtual currency, but only provisions such as the Proclamation on Protection against the Risk of Money Issue Financing (prohibition of money issue financing activities), even less provisions on criminal liability and related criminal justice interpretations of the USDT dealer's transactions, and it has been found from online searches of adjudicative documents that the mere purchase and sale of USDT is generally not criminalized as an offence of illegal business.
是否涉嫌非法买卖外汇的法律风险
is suspected of being a legal risk to the illicit trade in foreign currency
非法买卖外汇罪是指我国的机构、单位或个人，外国驻华机构及其工作人员，其他来华的外国人，违反国家关于外汇买卖的有关法律规定，以牟取非法利益为目的，非法买卖或变相买卖外汇，情节严重的行为。同时，根据最高人民法院有关规定，非法买卖外汇20万美元以上，违法所得5万元人民币以上，即构成非法买卖外汇罪。
The offence of illegal trade in foreign currency is considered to be a serious offence committed by institutions, units or individuals in China, foreign agencies and their employees in China, and other foreigners in China, in violation of the relevant national legal provisions on foreign exchange, for the purpose of profiting from illegal interests, and for the purpose of buying or selling foreign currency in a disguised manner. At the same time, under the relevant provisions of the Supreme People's Court, the illegal trade in foreign currency amounts to more than $200,000, and the illegal sale of more than 50,000 yuan in foreign currency constitutes the offence of illegal trade in foreign currency.
根据实践中非法买卖外汇的犯罪行为，总结起来主要有以下两种：
On the basis of the criminal offence of illegal trade in foreign currency in practice, two main categories are summarized:
1. 未通过外汇指定银行、外汇调剂中心而私自买卖外汇。比如机构或者个人的外汇收入，没有卖给中国银行，没有通过指定银行或外汇调剂中心进行。
1. Foreign exchange is not bought or sold privately through foreign exchange designated banks or foreign exchange transfer centres.
2. 私自买卖外汇额度。根据我国相关法律规定，拥有外汇使用额度的单位必须在规定的范围内使用，不能将所拥有的外汇使用额度，非法买卖给他人，进而从中牟取非法利益。
2. Privately buy and sell foreign exchange amounts.
由于USDT无法直接出售给指定银行，也不存在USDT相关的外汇使用额度，所以买卖USDT也就不属于买卖外汇，笔者认为，将仅仅买卖USDT这一行为视为非法买卖外汇的行为几率较低。
Since USDT cannot be sold directly to the designated bank and there is no USDT-related amount of foreign currency use, the purchase and sale of USDT is not considered to be the sale of foreign currency, which, according to the author, is considered to be illegal.
其他法律风险
Other legal risks
1. 涉嫌反洗钱、反恐怖融资。
1. Suspected of anti-money laundering, anti-terrorist financing.
在USDT交易过程中，用户经常会面临“冻卡”的现象，这可能是相关的USDT交易涉嫌反洗钱、反恐怖融资刑事调查甚至直接构成洗钱或恐怖融资刑事犯罪。
Users often face the phenomenon of “freezing cards” in the course of USDT transactions, which may be linked to money-laundering, criminal investigation of counter-terrorist financing, or even directly constitute a criminal offence of money-laundering or terrorist financing.
2.涉嫌违反资本管制、外汇管制。
2. Suspected of violations of capital controls and foreign exchange controls.
如果USDT交易违反资本管制、外汇管制活动，可能触发违反资本管制、外汇管制刑事法律规定甚至直接构成相应犯罪。
If the USDT transaction violates capital controls, foreign exchange control activities, it may trigger a violation of the criminal laws on capital controls, foreign exchange controls and even directly constitutes a corresponding offence.
3.涉嫌侵犯财产类犯罪（比如诈骗罪、盗窃罪）破坏金融管理秩序罪（比如非法集资的行为）。
3. Suspected of offences against property (e.g. fraud, theft) against the order of financial administration (e.g. unlawful collection of funds).
因USDT没有相关法律进行监管，所以用户资金安全缺乏保障，因此可能会发生诈骗、盗窃、非法集资等事件。
Since there is no relevant law regulating the USDT, user financial security is not guaranteed and fraud, theft, illegal fund-raising, etc. can occur.
目前，加密货币市场瞬息万变，海外大机构的行为也捉摸不定，投资者应当谨慎投资。
Currently, the markets for encrypted money are changing rapidly, and the behaviour of large offshore institutions is uncertain, and investors should be careful to invest.
全球区块链合规联盟
“设立区块链行业标准，加强行业自律，共同维护良好的市场秩序和行业环境，为行业健康发展提供理论指导，推动行业健康可持续发展”。
“to establish industry standards for block chains, strengthen industry self-regulation, jointly maintain good market order and industry environment, provide theoretical guidance for industry health development and promote sustainable industrial health development”.
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