2022 年發生的事件讓數位資產產業發人深省。由於過度冒險、財務管理不善和瀆職行為，價值數十億美元的資產消失了，結果是數位資產價值大幅下跌。
What’s harder to measure is the crisis of confidence. Investors and crypto users are wary of what protocols they can trust with their assets. That has led to a revival of a rallying cry from the early days of crypto: “Not your keys, not your coins.”
本質上，這是對回歸的呼籲 自我保管.
切實可行的選項
That’s understandable. Self-custody is one of the foundational principles of crypto. For an individual retail investor, self-custody can be a viable option. But it’s not a feasible way forward for the industry as a whole for three reasons: it’s risky, it’s not scalable and it limits the utility of digital assets — particularly for institutions.
具有金融信託責任的持證、受監管託管人在降低系統性風險和保護數位資產方面發揮關鍵作用，這對於從傳統金融公司到財富 500 強企業更廣泛地採用數位資產至關重要。
託管1.0：安全託管
早在 2013 年，監管中的重大議題就圍繞著科技。數位資產是完全新穎的，因為它們是基於程式碼建構的不記名工具。這導致了安全問題。如果您遺失了數位金鑰，您就會失去您的資產。
想像一下，如果你的銀行倒閉了，你的資產被困在金庫裡。在當時，即使有聯邦擔保的存款保險，這也是一個很大的風險。錢包和交易所也遭受駭客攻擊和管理不善，投資者失去了所有資產。這個產業還處於起步階段，所以價值損失相對較小，但這是一次糟糕的經驗。
託管2.0：監理託管
As the ecosystem grew, the value of digital assets increased, and businesses began to participate. The idea of “not your keys, not your coins” started to break down.
For fiduciaries (people who act on behalf of another person or institution) to participate in the market, you can’t have just one person holding the keys, or risk losing the key. You wouldn’t give your safety deposit box key to the IT person and say, “Here, don’t take anything.” You need a separation of duties, internal and external controls, operations security, and business continuity if someone leaves the company.
挑戰者為了滿足這些需求，該行業不斷發展並增加了受監管的合格託管。簡單來說，託管就是保管。託管人的首要任務是保護客戶資產並消除資產管理方式中的任何單點故障。
Assets should be insured and held in segregated accounts with regulated custodians. In crypto, this means all your keys are protected and managed by a licensed and audited fiduciary. Customer funds are separated from the custodian’s funds and from other customers’ funds.
這使得機構、企業和高淨值人士等客戶能夠充滿信心地參與市場。
託管3.0：託管分離
傳統金融體系的市場結構隨著時間的推移而演變。有一個由受監管的經紀交易商、交易所、清算所、轉讓代理等組成的結構。每個機構都按照一定的規則運作，並對其監管機構負責遵守規則。這為交易對手提供了一個制衡系統。
Crypto was born without a market structure. As the ecosystem grew beyond just trading to include staking, lending, market making, hedging and other functions, we saw the rise of centralized exchanges that did all of those things, including custody — most commonly unregulated custody — under one roof.
This model where you have to store your funds with the exchange to participate is fundamentally flawed. There are no checks and balances. You can’t possibly measure your counterparty risk because it’s the sum of the exchange plus whatever markets they’re participating in. Are they lending? Hedging? What are they doing off chain? There’s no way to know.
自2013年以來，加密產業在市場結構方面取得了進展。現在有一些產品允許機構參與更大的加密經濟，並在合格的託管下保護資產。
繼續前進，建立信任
People talk about crypto as trustless, but there’s actually a good deal of trust because it turns out that when it comes to money, humans aren’t reliable.
When you’re holding your own keys, it’s fantastic because you’re empowered. You participate on equal footing with banks, traditional financial services providers and everybody else in the ecosystem.
You don’t have to go through any intermediaries to use your assets. But we can’t build the next global financial system if we can only trust ourselves. We need qualified custodians that are regulated to protect client assets. However no one firm can build market structure alone.
Custody for digital assets continues to evolve in large part because the infrastructure is still emerging. There’s a lot of work for us to do and I think every individual and institution getting into crypto needs to be looking at every counterparty risk that they have—in trading, lending, borrowing, or custody.
自我託管總會有一個地方，但為了實現託管 3.0，我們還需要受監管的託管。
麥克貝爾什 (Mike Belshe) 是以下公司的執行長兼聯合創始人 比特Go
文章来源于互联网:為什麼監管託管是 DeFi 的下一步
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