全球數字金融監管異化的軟法治理歸正

The Modification of Soft Law Governance for the Regulatory Alienation of Global Digital Finance

金融科技催生的數字金融運營方式，因其跨國監管套利與金融通道媒介效應，極易衝擊全球金融市場的穩定。傳統的數字金融治理進路通常採用雙邊監管協作以遏制監管套利，但成本過度投入卻未能獲得更佳監管成效，造成監管資源耗散下的錯配；而數字金融的通道效應則易誘發強勢國家的監管標準單極化輸出，出現長臂管轄或替代合規，誘致監管技術的固化。對此，須借法律多元主義支持下的軟法治理路徑，採用基於吸引而非強制的監管技術標準，通過監管科技共享和監管參與激勵，以消弭數字金融監管異化問題。同時，嵌入具有義務性內容、程序性保障和梯次強制執行力的硬法，能有效充實參與能力不足造成的軟法正當性欠缺，遏制成員國選擇性的軟法治理投機行為，進而在多邊主義下促成一種去霸權主義的協同治理模式，助力以中國為代表的新經濟體對數字金融全球治理的話語權提升，落實區域監管相容與全球金融穩定的平衡。

Because of its cross-border regulatory arbitrage and financial channel media effect, the digital financial operation mode is easy to impact the stability of the global financial market. Traditional global governance approaches usually adopt bilateral regulatory cooperation to curb regulatory arbitrage, but the excessive investment of regulatory cost fails to achieve better results, resulting in the mismatch of regulatory resources. Moreover, the channel effect of digital finance would induce the uni-polar output of regulatory standards in strong countries, leading to long arm jurisdiction or alternative compliance, which will easily lead to the consolidation of regulatory technology. In this regard, we should take the soft law governance path supported by legal pluralism, adopt the regulatory technical standards based on attraction rather than coercion, and eliminate the alienation dilemma of digital financial regulation through the sharing of regulatory technology and incentive of regulatory participation. At the same time, embedding hard law with compulsory content, procedural guarantee and echelon enforcement can effectively enrich the lack of legitimacy of soft law, and curb the member states' selective speculation, so as to promote a collaborative governance model of de-hegemony under multilateralism. Meanwhile, the new economies represented by China should strengthen their voice in the global governance of digital finance, and implement the balance between regional regulatory compatibility and digital financial stability.