译文/Translated：
监管有利于数字资产交易
采用数字资产的一个主要障碍在于缺少信任。数字资产往往被看作“蛮荒西部”，人们觉得这个领域缺少监管、身份隐私，且一旦被黑客盯上，用户获得的保护太少了，因此机构、大投资人和高净值客户都对此表示谨慎。
《2020年Chainalysis 加密犯罪报告》详述了黑客何如利用场外交易在加密货币交易所进行洗钱活动。仅2019年一年，Chainalysis就发现犯罪实体把价值28亿美元的比特币转移到交易所。
因为加密市场一些贪得无厌的个体，整个行业名声都受损了。政府官员的一些声明也证明了这一点。2021年5月，美国证券交易委员会主席Gary Gensler告诉国会，“现在没有针对加密交易所的市场监管，因此，面对诈骗或金融操纵我们没有任何办法保护投资人。”
2021年9月，美国财政部宣布因为某交易所支持向勒索软件支付赎金，对该交易所进行制裁，这是第一个针对加密交易所的制裁。这个举措或许标志着对数字资产交易所及其客户的监管时代到来了。
主动接受监管
Bullish决定改写这种“西部故事”。我们的交易所履行合规的数字资产交易操作，其中包括反洗钱、了解你的客户（KYC）、了解你的交易（KYT）操作。
我们采用可行的KTC标准审核Bullish客户，其交易也受到现有条例监督，并会定期进行KYC评估。针对散户我们会实施自动化流程。散户会通过平台上线：我们要求他们提供身份文件、经济背景信息、进行“实时”测试、实施制裁检验。
我们在直布罗陀地区获得了分布式账本技术（DLT）执照，当地政府专门针对加密货币行业形成了专门的DLT辖区。利用这些专门条例，企业能够灵活地设计其控制的内容。重要的是，我们要有积极的措施减少风险。
此外，Bullish还申请了FinCEN（金融犯罪执法局）依据银行保密法管理的MSB（钱服务业务）牌照。FinCEN是美国财政部下设的项目，其管理境内外金融行为。该项目由以下三个部分形成：执法机构、监管社区、金融服务社区。FinCEN的使命是管理金融系统，防止非法行为、打击洗钱活动。
过监管获得信任
一些加密货币狂热者对AML和KYC措施持怀疑态度，毕竟他们曾因为匿名操作和免受政府监管感到欢呼雀跃。但Bullish有不同的态度。我们相信，想要让机构投资者和更大的金融社区对此感到放心，监管是必要的。
数字资产在逐渐成为主流资产类别，这种背景下，接受监管的加密货币交易所会成为领头羊。
原文/Original：
Digital asset exchanges can benefit from regulation
One of the main barriers to the adoption of digital assets has been a lack of trust. Institutions, leading investors and high-net-worth individuals have been wary of digital assets because of a “Wild West” reputation – not enough regulation, identities shielded, and a lack of protections for investors targeted by bad actors.
The Chainalysis 2020 Crypto Crime Report detailed how criminals have used over-the-counter (OTC) brokers to launder money on cryptocurrency exchanges. Chainalysis traced $2.8 billion in Bitcoin that moved from criminal entities to exchanges in 2019 alone.
These unsavory activities by some involved in the crypto markets have contributed to a negative image of the whole industry. Statements from government officials confirm this. In May 2021, SEC Chairman Gary Gensler told Congress, “Right now there’s not a market regulator around these crypto exchanges. And thus there’s really not protection against fraud or manipulation.”
In September 2021, the U.S. Treasury Department announced its first set of sanctions against an exchange for facilitating ransomware payments. This move potentially heralds an era of greater regulatory scrutiny of digital asset exchanges and their customers.
Choosing to embrace regulation
Bullish is determined to rewrite the “Wild West” narrative. Our exchange is a regulated option for digital asset trading, with Anti-Money Laundering (AML), Know Your Customer (KYC) and Know Your Transaction (KYT) practices.
Bullish customers will be screened on applicable KYC criteria, and their transactions will be subject to ongoing monitoring and periodic KYC reviews. On the retail side, we will implement an automated process. Retail customers will onboard via our platform — they will be required to supply government-issued identification, information about their financial background, conduct what we call a ‘liveness’ test, and undergo sanctions checks.
We have been granted a Distributed Ledger Technology (DLT) license in Gibraltar, where the government has developed a principles-based DLT regime tailored to cryptocurrency businesses. In principles-based regulation, a company has flexibility in how to design its controls. What’s important is that diligent measures are taken to mitigate risk.
In addition, Bullish is registered as a Money Services Business (MSB) pursuant to the Bank Secrecy Act (BSA), administered by the Financial Crimes Enforcement Network (FinCEN). FinCEN, a project of the U.S. Department of the Treasury, operates domestically and internationally, and it consists of three major players—law-enforcement agencies, the regulatory community, and the financial services community. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering.
Gaining trust through regulation
Some cryptocurrency enthusiasts are skeptical toward the adoption of AML and KYC measures, given the anonymity and freedom from government oversight they have historically enjoyed. Bullish takes the opposite view. We believe regulation is an essential step for raising the comfort level of institutional investors and the greater financial community.
Cryptocurrency exchanges that embrace regulation will lead the pack as digital assets mature into a mainstream asset class.
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