International Experience and China's Strategy of Blockchain Technology Regulation

（1.Law School，Shanghai University，Shanghai 200444，China；2.Institute of Finance and Banking，Chinese Academy of Social

Sciences，Beijing 100028，China）

Abstract：As a database technology with the characteristics of decentralization，high anonymity and immutability，Blockchain technology has gone through the development stages of programmable currency，programmable finance and programmable society， which constantly reshaping the social and economic development pattern，covering financial payment，medical care，logistics， government affairs services，education and other fields，but it also implies technical and legal risks. The internal logic of blockchain technology regulation is that it is not only the realistic demand of risk prevention of blockchain technology，but also the internal requirement of the lack of legal regulation of blockchain technology. The former includes the contradiction between decentralization of technology and centralization of law，immutability and computing power monopoly risk，relative anonymity and deep-web risk； and the latter includes the risk of criminal offense，the risk of obstacles in civil and contract law，and the risk of infringement on consumers' rights and interests. The author makes a comparative study on the regulatory experience of blockchain technology in the United Kingdom (UK)，the United States of America (USA) and Australia，and it is found that different countries have different emphasis on blockchain technology regulation. The UK's regulation of blockchain technology focuses on the combination of technology and legal system；the regulation of blockchain technology focuses on strict access and review in the USA；and it strengthens the legal regulation of blockchain technology and implements "Twin Regulation" for Australia. However，in general，in terms of the regulation of blockchain technology，all countries focus on improving and perfecting the legal system according to their national conditions，attach importance to the protection of consumer rights and interests，and choose appropriate regulation methods. In the era of the rise of blockchain technology，China needs to seriously analyze the current regulation policies and deficiencies of blockchain technology，need to actively adhere to the rule of law，security and innovative principles of blockchain technology regulation，adopt a functional regulatory approach to guide the development of blockchain technology，and actively learn from the international experience of blockchain technology to build and improve the specific path of China's blockchain technology regulation，including：strengthening the revision of the Criminal Law and international cooperation，and strictly punishing violations of laws and crimes；making up the defect of civil contract and law to perfect the smart contract technology；establishing the legal system of private key and perfecting the protection mechanism of consumers' rights and interests；and strengthening legal innovation and transplantation，and improving the cutting-edge legal design of blockchain.

Key words：blockchain technology；regulatory sandbox；legal regulation；international experience；China’s strategy