International Regulatory Experience and Enlightenment on Non-Legal Tender Digital Currency from the Perspective of the Kame Framework

Abstract

Based on the current imperfect regulatory system for non-legal digital currencies in China, this article focuses on the regulation of non-legal digital currencies, exploring regulatory paths and models suitable for Chinas national conditions based on the regulatory experiences of typical foreign countries. The renowned law and economics theory frameworkthe Coase-Meade frameworkis adopted to analyze the overall regulatory model of non-legal digital currency regulation abroad. Firstly, based on the applicability value of the Coase-Meade framework to the subject of this study, typical countries such as Germany, the United States, the United Kingdom, Japan, and South Korea are analyzed under the Coase-Meade frameworks prohibition and transaction rules, property rules, and liability rules to clarify their legal characterization of non-legal digital currencies and explore regulatory paths in terms of legal, financial, and technological regulation. Next, the characteristics of foreign regulatory models are reviewed, including scenario-based regulation, centralized regulation, and categorized regulation. Finally, drawing on Chinas current prohibition stance and overseas practical experience, the article preliminarily clarifies the legal attributes of non-legal digital currencies. Then, it constructs a regulatory framework suitable for the country from the perspectives of principles, priorities, and methods based on the chosen paths of typical countries. Additionally, it emphasizes the clarity of regulatory responsibilities for regulatory agencies and the establishment of other self-regulatory bodies to enhance the coordination of domestic regulatory entities. Furthermore, it actively explores international cooperation to strengthen international coordination in regulation, enhancing Chinas international influence and discourse power.