面向律师的技术与分类——Alexander Ressos博士著作《新加坡与瑞士数字资产法》（Digital Assets Law in Singapore and Switzerland）的一部分。
面向律师的技术与分类：Alexander Ressos博士著作《新加坡与瑞士数字资产法》（Digital Assets Law in Singapore and Switzerland）的一部分。
本部分属于Alexander Ressos博士的著作新加坡与瑞士数字资产法，全书在本站逐节完整发布。
律师须知的技术与分类
A lawyer who advises on digital assets does not need to write code. She does need to know, with precision, which technical fact produces which legal consequence. Read more Singapore · Technology作为共享记录的账本
A distributed ledger is a database that many independent computers hold in identical copies and update by agreement. Nothing in that description is new. Read more Singapore · Technology区块、哈希与不可篡改性
Transactions are grouped into blocks. Each block carries a cryptographic hash of the preceding block, which is a fixed-length fingerprint computed from the block's entire content. Read more Singapore · Technology公钥与私钥
Every account on a distributed ledger is controlled by a key pair. The private key is a very large random number. The public key is derived from it by a one-way mathematical function. Read more Singapore · Technology地址与假名性
An address is a string of letters and digits. It carries no name. Anyone can generate as many addresses as he wishes at no cost. Read more Singapore · TechnologyUTXO模型与账户模型
Bitcoin tracks value as unspent transaction outputs (UTXOs). Each output is a discrete lump of value locked to a condition, usually a public key. Read more Singapore · Technology共识机制
Consensus is the procedure by which the participants settle on the next block. Two families dominate. Read more Singapore · Technology最终性与结算
Finality is the point after which a transaction cannot be reversed by the protocol's own rules. Bitcoin offers probabilistic finality. Read more Singapore · Technology智能合约
A smart contract is a programme stored on the ledger that executes when a transaction calls it. The word "contract" was chosen by Nick Szabo in 1994 and has misled lawyers ever since. Read more Singapore · Technology分叉
A fork occurs when the network's participants cease to agree on a single history. A soft fork tightens the rules in a way older software still accepts. Read more Singapore · Technology第二层网络
A layer-2 network processes transactions off the main chain and periodically posts a compressed record to it. Read more Singapore · Technology跨链桥与封装资产
A bridge is a mechanism that lets a token on one chain be represented on another. Read more Singapore · Technology预言机
An oracle feeds external information to a smart contract. Price oracles tell a lending protocol what collateral is worth, so that it can liquidate under-collateralised positions. Read more Singapore · Technology综合运用：解读一笔交易
Before giving any opinion on a token, obtain and record the following from a block explorer or the client's technical team: - The network and, if applicable, the layer-2 on which the token lives. -… Read more Singapore · Technology为什么托管是核心问题
Most of the legal risk in digital assets concentrates at one point: who holds the private key, and on what terms. Regulation in both hubs is organised around that point. Read more Singapore · Technology自托管
Self-custody means the holder controls the private key without an intermediary. Read more Singapore · Technology托管持有：综合钱包
In an omnibus model the custodian holds all client tokens in one or a few addresses that it controls. Read more Singapore · Technology隔离钱包
In a segregated model each client has her own on-chain address controlled by the custodian. The chain itself shows the client's balance, although the custodian holds the key. Read more Singapore · Technology热钱包、冷钱包与密钥管理谱系
The hot/cold distinction concerns connectivity. A hot wallet's key is on a system connected to the internet and can sign at once. Read more Singapore · Technology多方计算与多重签名
Two technologies have replaced the single private key in institutional custody. Multi-signature (multisig) is a feature of the ledger itself. Read more Singapore · Technology质押托管
Staking means committing tokens to a proof-of-stake network to earn validation rewards. Four models exist. In solo staking the holder runs her own validator with her own keys and bears all risk. Read more Singapore · Technology借贷、再抵押与托管的终点
Custody ends where lending begins. A custodian that may use client tokens for its own account, lend them to third parties or pledge them, holds a debt to the client and not the client's asset. Read more Singapore · Technology“控制”在法律上的含义
The chapter has used "control" in several senses, and it is worth separating them before the taxonomies of Chapter III rely on the word. Read more Singapore · Technology破产中的私钥：唯一重要的事实
A Singapore exchange with a Swiss subsidiary fails in 2026. Read more Singapore · Technology为什么分类是第一步
Every regulatory question in this book begins with a classification. Is the token a security, a payment instrument, a claim on money, a right to use a service, or none of these? Read more Singapore · TechnologyFINMA的分类体系
FINMA published its ICO Guidelines on 16 February 2018 and has not withdrawn them. Read more Singapore · Technology新加坡的分类体系
Singapore classifies by statute, with MAS guidance filling the gaps. Four categories carry legal weight. Read more Singapore · TechnologyMiCA的分类体系
Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) has applied to stablecoins since 30 June 2024 and to other crypto-assets and service providers since 30 December 2024. Read more Singapore · Technology疑难情形
The three taxonomies agree on Bitcoin, on a tokenised share and on a dollar stablecoin. They were written for those cases. Read more Singapore · Technology实务中的分类：决策步骤
Apply the following steps, in order, to any token and record the answer to each: 1. Does the holder have a claim against any identifiable person? If yes, go to step 2. Read more Singapore · Technology赎回承诺：法律核心
A stablecoin is a token designed to hold a constant value against a reference, almost always a fiat currency and overwhelmingly the US dollar. Read more Singapore · Technology法币支持型稳定币
In the dominant model an issuer holds reserves of fiat currency and short-dated government securities and issues tokens against them one for one. Read more Singapore · Technology加密资产支持型稳定币
A crypto-backed stablecoin is issued by a protocol against over-collateralised deposits of other crypto assets. MakerDAO's DAI, now rebranded as USDS under the Sky protocol, is the leading example. Read more Singapore · Technology算法稳定币
An algorithmic stablecoin maintains its peg through a mechanism that expands and contracts supply in response to price, with little or no collateral. Read more Singapore · Technology代币化存款
A tokenised deposit is a bank deposit recorded on a distributed ledger instead of the bank's core banking system. Read more Singapore · Technology央行数字货币
A central bank digital currency (CBDC) is a liability of the central bank in token form. Two varieties exist. Read more Singapore · Technology目的绑定货币
Purpose-bound money (PBM) is a Singapore design concept, published by MAS in a white paper of June 2023, under which a digital money token is wrapped in a programmable layer that restricts how,… Read more Singapore · Technology瑞士法郎稳定币
The Swiss franc stablecoin market has remained small because of the regulatory constraints described above. Three designs have been tried. Read more Singapore · Technology新加坡元稳定币
Singapore's dollar stablecoin market is dominated by StraitsX's XSGD, issued since 2020 by a company holding an MPI licence for e-money issuance and DPT services, and by Paxos Digital Singapore's… Read more Singapore · Technology制裁、冻结与承诺的技术现实
Every major fiat-backed stablecoin contract contains functions that let the issuer freeze or destroy tokens at specified addresses. Read more Singapore · Technology代币化的两种含义
"Tokenisation" describes two quite different operations. Most confusion in the field comes from failing to separate them. In the first, the ledger is the register. Read more Singapore · Technology账本即登记册：账本型证券
Switzerland is the only jurisdiction covered by this book that allows the ledger to be the register for securities as a matter of general law. Read more Singapore · Technology账本即记录：数字孪生
In the second model the token is a digital twin of an asset held elsewhere. A gold token represents gold bars in a vault. A tokenised fund unit represents a unit recorded in the fund's register. Read more Singapore · Technology代币化证券
Tokenised bonds have been the most active segment in both hubs. Read more Singapore · Technology代币化房地产
Real estate cannot be tokenised directly in either hub. Title passes by registration in the land register, which neither country has connected to any distributed ledger. Read more Singapore · Technology代币化大宗商品与艺术品
A gold token is a claim against the issuer for delivery of gold, or a representation of a share in gold the issuer holds. Read more Singapore · Technology私人信贷与应收账款
Tokenised private credit, in which loans to businesses are originated, funded and serviced through tokens, grew rapidly in 2024 and 2025 through protocols such as Centrifuge, Maple and Goldfinch and… Read more Singapore · Technology账本即登记册与账本即记录：决策步骤
For any tokenised real-world asset, record the following before advising on it: - The asset and the register that establishes title to it under the law of its location. - Whether the token is the… Read more Singapore · Technology什么是DeFi，以及法律为何难以应对
Decentralised finance (DeFi) is the collective name for financial services delivered by smart contracts on public ledgers without an intermediary holding customer assets. Read more Singapore · Technology自动做市商
A decentralised exchange of the traditional kind would need an order book and a matching engine. Automated market makers (AMMs) dispense with both. Read more Singapore · Technology借贷协议
Aave and Compound, the leading lending protocols, hold pools of tokens deposited by lenders and allow borrowers to draw against collateral they deposit. Read more Singapore · Technology流动性质押
Chapter II introduced staking and Chapter III classified the receipt tokens. Read more Singapore · Technology再质押
Restaking, introduced by EigenLayer in 2023 and 2024, allows staked ETH or liquid staking tokens to be committed as security to additional services (oracles, bridges, data layers) that need economic… Read more Singapore · Technology永续合约与衍生品
Perpetual futures (perps) are the dominant derivative in crypto markets. Read more Singapore · Technology作为DeFi基础设施的跨链桥
Chapter I described bridges technically. In the DeFi context they are the point of greatest loss. Read more Singapore · Technology谁是对手方：协议背后的法律主体
The preceding sections have repeatedly asked who the counterparty is. The question can be approached systematically. Every DeFi protocol has some combination of the following persons connected to it. Read more Singapore · Technology联邦委员会2022年的立场
The Federal Council published its report on decentralised finance on 16 December 2022 in response to a parliamentary postulate. Read more Singapore · TechnologyMAS的立场
MAS has never published a DeFi report comparable to the Federal Council's, but its position can be assembled from speeches, consultation papers and the design of the DTSP regime. Read more Singapore · Technology执法现实
Neither regulator has brought an enforcement action against a DeFi protocol as such. Both have acted against identifiable operators. Read more Singapore · Technology什么是DAO
A decentralised autonomous organisation (DAO) is a group of persons who coordinate through smart contracts and govern a shared treasury or protocol by voting with tokens. Read more Singapore · Technology瑞士法下DAO的法律性质
Swiss law has no DAO statute. Read more Singapore · Technology新加坡法下DAO的法律性质
Singapore's common law reaches a similar default by a different route. Read more Singapore · Technology瑞士基金会
The analysis above explains why no serious protocol operates an unwrapped DAO. The core team's advisers will have told them that they are personally liable for everything the DAO does. Read more Singapore · Technology瑞士社团
The association (Verein) under Art. 60 ff. CC has become the second Swiss wrapper and in some respects a better one for DAOs. An association has members, who may be the token holders. Read more Singapore · Technology新加坡的担保有限公司
Singapore has neither a foundation nor an association with legal personality in the Swiss sense. Read more Singapore · Technology代币持有人的责任
Protocol teams also use the Cayman Islands foundation company, the Marshall Islands DAO LLC, the Wyoming DAO LLC and the Liechtenstein foundation. Each has advantages. Read more Singapore · Technology资金库控制
A DAO's treasury is the assets the community governs. It may be held in a smart contract that executes votes automatically, in a multisig controlled by a committee, or by a legal wrapper. Read more Singapore · Technology2026年各中心的现状
Switzerland has, through the foundation and the association, the most developed practice in the world for giving protocols a legal home. Read more Singapore · Technology本书所用技术术语表
The following entries define the technical terms used throughout the book in the sense in which the book uses them, in alphabetical order. Read more