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| 研究生： |
黃玫樺 Huang, Alice |
|---|---|
| 論文名稱： |
合規還是套利？FTX事件後中小型加密貨幣交易所的監管策略選擇 License or Arbitrage? Crypto Exchange Strategies for Tier 2 CeFi in a Post-FTX Era |
| 指導教授： |
吳文傑
Wu, Jack |
| 口試委員: |
彭喜樞
Peng, Shih-Shu 鄭輝培 Cheng, Hui-Pei |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 國際經營管理英語碩士學位學程(IMBA) International MBA Program College of Commerce(IMBA) |
| 論文出版年： | 2025 |
| 畢業學年度： | 113 |
| 語文別： | 英文 |
| 論文頁數： | 116 |
| 中文關鍵詞： | 加密貨幣交易所 、監管 、歐盟市場中加密資產法規 、第二層中心化金融機構 、混合式策略 |
| 外文關鍵詞： | Crypto Exchange, Regulation, MiCA, Tier 2 CeFi, Hybrid Licensing |
| 相關次數： | 點閱：33 下載：0 |
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The collapse of FTX in 2022 marked a turning point for centralized crypto exchanges, exposing regulatory vulnerabilities and reshaping institutional expectations. This thesis explores how Tier 2 exchanges can navigate this environment by adopting hybrid regulatory strategies that balance compliance and innovation.
Using a real-world case study, referred to as Exchange Z for confidentiality purposes, the research applies scenario analysis and a weighted strategic decision matrix to compare regulatory paths: MiCA-only, offshore-only, and a MiCA-anchored hybrid. Findings suggest that for exchanges with European exposure and institutional goals, a hybrid model offers the strongest alignment, combining long-term credibility with short-term agility.
The thesis contributes a repeatable framework for evaluating regulatory strategy, grounded in market dynamics, operational diagnostics, and cross-functional trade-offs. It argues that regulation is no longer a constraint, but a design choice that can enable growth when approached strategically.
1. Introduction 1
1.1. Background and Context 1
1.2. Purpose and Scope of the Study 2
1.3. Research Questions 4
1.4. Research Methodology 4
2. The FTX Collapse: Lessons in Governance and Trust 7
2.1. Overview of FTX’s Rise and Fall 7
2.2. Internal Governance Failures and Collusion 7
2.3. Regulatory Gaps and Weak Oversight 8
2.4. Public Trust Erosion and Market Reactions 10
3. Regulatory Landscape for Crypto Exchanges Post-FTX 12
3.1. Global Regulatory Response to the FTX Collapse 12
3.2. Major Frameworks and Developments 12
3.2.1. MiCA (Markets in Crypto-Assets Regulation – European Union) 12
3.2.2. DARE Act (Digital Assets and Registered Exchanges – Bahamas) 14
3.2.3. United States: Intensifying but Fragmented Regulation 15
3.2.4. Flexible and Light-Touch Jurisdictions 16
3.3. Importance of Licensing for Market Access and Trust 17
4. Strategic Regulatory Choices in the Post-FTX Era 21
4.1. Licensing as a Competitive Advantage 21
4.2. Regulatory Arbitrage: Speed, Flexibility, and Risk 22
4.3. Strategic Trade-offs and Cost-Benefit Analysis 23
4.3.1. Quantifying Trade-Offs: A Cost-Benefit Framework 24
4.4. Framework for Tier 2 CeFi Regulatory Strategy 27
4.4.1. Hybrid Regulatory Models: Variants and Operational Challenges 31
5. Strategic Models Among Leading Exchanges: Lessons for Tier 2 Players 34
5.1. Introduction: Strategy as Survival for Tier 2 CeFi 34
5.2. The Compliance-First Model: Coinbase 34
5.3. The Arbitrage-to-Compliance Pivot: Binance 35
5.4. The Governance Failure Case: FTX 37
5.5. The Hybrid Model: Kraken and OKX 38
5.6. Summary of Strategic Models 41
5.7. Final Takeaways for Tier 2 CeFi Exchanges 43
6. Emerging Trends Shaping Tier 2 Strategy 45
6.1. Regulatory Fragmentation and the Path Toward Convergence 45
6.1.1. Current Regulatory Landscape 45
6.1.2. Toward Convergence: Global Standards by 2028 48
6.2. Trends in Public Trust and Institutional Adoption 49
6.2.1. Institutional Integration Trajectory 52
6.3. Strategic Repositioning for Tier 2 Exchanges 53
6.3.1. Prediction-Driven Strategy Outlook (2025–2027) 55
7. Exchange Z Case Study: Strategy in Action 58
7.1. Company Overview and Strategic Identity 58
7.2. Financial Profile and Market Position 61
7.3. Regulatory Landscape and Operational Readiness 68
7.4. Scenario Mapping: Strategic Pathways Forward 74
7.5. Strategic Trade-Off Evaluation: A Weighted Decision Matrix Approach 80
7.5.1. Exchange Z Example: Compliance-Weighted Decision Matrix 81
7.5.2. Alternative Weighting Scenarios 83
7.6. Strategic Guidance for Exchange Z: Prioritizing a MiCA-Anchored Hybrid Model 85
7.7. Reflection 92
8. From Strategy to Execution: Building Institutional Maturity 94
8.1. Strategic Recap and Thesis Integration 94
8.2. Translating Strategy into Operational Execution 94
8.3. KPI Framework for Compliance and Growth 95
8.4. Strategic Adaptability and Scenario Resilience 96
8.5. Concluding Reflection 97
8.6. Limitations 98
8.7. Research Implications 98
9. Conclusion: Regulation as Strategic Design 100
Reference 101
Appendix A: Glossary of Terms 113
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