2022 年发生的事件让数字资产行业发人深省。由于过度冒险、财务管理不善和渎职行为，价值数十亿美元的资产消失了，其结果是数字资产价值大幅下跌。
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.”
本质上，这是对回归的呼吁 self-custody.
切实可行的选项
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.
具有金融信托责任的持证、受监管托管人在降低系统性风险和保护数字资产方面发挥着关键作用，这对于从传统金融公司到财富 500 强企业更广泛地采用数字资产至关重要。
托管1.0：安全托管
早在 2013 年，监管中的重大问题就围绕着技术。数字资产是完全新颖的，因为它们是基于代码构建的不记名工具。这导致了安全问题。如果您丢失了数字密钥，您就会失去您的资产。
想象一下，如果你的银行倒闭了，你的资产被困在金库里。在当时，即使有联邦担保的存款保险，这也是一个很大的风险。钱包和交易所也遭受黑客攻击和管理不善，投资者失去了所有资产。这个行业还处于起步阶段，所以价值损失相对较小，但这是一次糟糕的经历。
托管2.0：监管托管
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.
挑战者为了满足这些需求，该行业不断发展并增加了受监管的合格托管。简单来说，托管就是保管。托管人的首要任务是保护客户资产并消除资产管理方式中的任何单点故障。
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.
这使得机构、企业和高净值个人等客户能够充满信心地参与市场。
托管3.0：托管分离
传统金融体系的市场结构随着时间的推移而演变。有一个由受监管的经纪交易商、交易所、清算所、转让代理等组成的结构。每个机构都按照一定的规则运作，并对其监管机构负责遵守规则。这为交易对手提供了一个制衡系统。
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年以来，加密行业在市场结构方面取得了进展。现在有一些产品允许机构参与更大的加密经济，并在合格的托管下保护资产。
继续前进，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.
自我托管总会有一个地方，但为了实现托管 3.0，我们还需要受监管的托管。
迈克·贝尔什 (Mike Belshe) 是以下公司的首席执行官兼联合创始人 BitGo
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