Детальная информация

В данном исследовании анализируется неоднородное влияние частных криптовалют, стейблкоинов и CBDC на международные финансы, выявляются шесть типичных трансграничных схем отмывания денег и раскрывается самоусиливающаяся регуляторная дилемма (технологический разрыв → юрисдикционный вакуум → координационная ловушка). С использованием панельных данных (2020–2025 гг., десять экономик) и моделей GARCH-BEKK установлено, что объём торгов криптовалютами положительно коррелирует с объёмом аномальных потоков капитала (коэффициент 0,327, p<0,01), при этом уязвимость стран с формирующимся рынком более чем вдвое выше, чем у развитых экономик. Предлагается трёхуровневая система совместного управления, объединяющая мониторинг on-chain на основе ИИ, встраиваемый в смарт-контракты надзор, подтверждение соответствия с использованием доказательств с нулевым разглашением и механизм глобального сотрудничества «общие выгоды – общие издержки».

This study analyzes the heterogeneous impacts of private cryptocurrencies, stablecoins, and CBDCs on international finance, identifies six typical cross-border money laundering patterns, and reveals a self-reinforcing regulatory dilemma (technology mismatch → jurisdictional vacuum → coordination trap). Using panel data (2020–2025, ten economies) and GARCH-BEKK models, it finds that cryptocurrency trading volume positively correlates with abnormal capital flows (coefficient 0.327, p<0.01), with emerging markets twice as vulnerable as developed economies. A three‑layer collaborative governance framework is proposed, integrating AI-driven on-chain monitoring, smart contract-embedded supervision, zero-knowledge proof compliance, and a “shared benefits, shared costs” global cooperation mechanism.

• ВЫПУСКНАЯ КВАЛИФИКАЦИОННАЯ РАБОТА МАГИСТЕРСКАЯ ДИССЕРТАЦИЯ
  • ОПТИМИЗАЦИЯ СИСТЕМ ПРОТИВОДЕЙСТВИЯ ОТМЫВАНИЮ ДЕНЕГ В СФЕРЕ ЦИФРОВЫХ ВАЛЮТ С МЕЖДУНАРОДНОЙ ФИНАНСОВОЙ ТОЧКИ ЗРЕНИЯ
    • for graduation qualification work
• 1.1. Classification and Characteristics of Digital Currencies
  • 1.1.1. Private Cryptocurrencies: Dominated by Decentralization and Anonymity
  • 1.1.2. StableCoin: Between Value Stability and Regulatory Arbitrage
  • 1.1.3. Central Bank Digital Currency (CBDC): Centralized Regulation and Programmability Integration
  • 1.1.4. Comparison of Core Features of Three Types of Digital Currencies
• 1.2. Digital Currency Money Laundering Patterns
• 1.3. Regulation Challenges of Digital Currency Anti-Money Laundering
• 1.4. Anti-Money Laundering Strategies for Digital Currencies
• 1.5. Core Theoretical Frameworks
  • 1.5.1. Financial Innovation Theory
  • 1.5.2. Regulatory Capture Theory
  • 1.5.3. International Cooperation Theory
  • 1.5.4. Theory of Technological Governance
• 1.6. Research Gaps and Academic Controversies
  • 1.6.1 Research Gaps
  • 1.6.2. Academic Controversies
• 1.7. Chapter Summary
• 2. ANALYSIS AND EMPIRICAL STUDY
• 2.1. Impact of Digital Currencies on International Finance
  • 2.1.1. Impact on Cross-border Capital Flows: Efficiency Improvement and Risk Escalation Coexist
  • 2.1.2. Impact of Exchange Rate Fluctuations: A Game Between Short-term Disturbances and Long-term Equilibrium
  • 2.1.3. Impact on Fiscal Sovereignty: Restructuring and Game of Monetary Control
  • 2.1.4. Summary of the Transmission Pathways of Digital Currency Impact on International Finance
• 2.2. Cross-border Money Laundering Patterns and Case Studies of Digital Currencies
• 2.3. Structural Analysis of the Regulatory Dilemma of Digital Currency Money Laundering
  • 2.3.1. Core Regulatory Challenges in Digital Currency Money Laundering
  • 2.3.2. The Internal Logic of the Supervision Dilemma: A Structural Analysis
  • The Dilemma Loop: How Challenges Amplify Each Other.
  • Figure 4 - Self‑Reinforcing Loop of the Regulatory Dilemma (made by author)
  • The Structural Roots of the Dilemma.
  • 2.3.3. Implications for Governance Design
• 2.4. Chapter Summary
• 3. A COLLABORATIVE GOVERNANCE FRAMEWORK FOR CROSS-BORDER DIGITAL CURRENCY ANTI-MONEY LAUNDERING AND ITS IMPLEMENTATION PATHWAYS
  • 3.1. Research Findings and Theoretical Implications
    • 3.1.1. Core Research Findings
      • 1. Heterogeneous impacts of the three types of digital currencies on international finance.
      • 2. Common technical logic and three‑layer evolutionary trends of the six money laundering patterns.
      • 3. Self‑reinforcing loop of the regulatory dilemma.
    • 3.1.2. Theoretical Implications and Framework Integration
      • 1. Theoretical integration of the “technology‑institution‑interest” tripartite framework.
      • 2. Systematic responses to the four research gaps.
      • 3. Positions on the three academic controversies.
    • 3.1.3. Re‑examination of Research Significance
      • 1. Deepening of theoretical significance.
      • 2. Enrichment of practical significance.
  • 3.2. Design of the Three‑Layer Collaborative Governance Framework
    • 3.2.1. Technological Layer: A RegTech‑Driven Intelligent Supervision System
      • 1. AI - and machine learning - based large - scale real - time on - chain monitoring systems.
      • 2. Smart contract‑embedded supervision: from ex‑post accountability to in‑process intervention.
      • 3. Technical solutions for balancing privacy protection and regulatory transparency.
      • 4. Emerging technology risk warning and forward‑looking defence.
    • 3.2.2. Institutional Layer: Differentiated Regulation and Compliance Incentive Mechanisms
      • 1. A tiered regulatory framework for the three types of digital currencies.
        • a) Private cryptocurrencies: access restrictions and transparency requirements.
        • b) Stablecoins: reserve auditing and issuer supervision.
        • c) CBDCs: Institutionalising the export of regulatory advantages.
      • 2. Strengthened KYC/CDD obligations for VASPs and compliance incentive mechanisms.
      • 3. Legal characterisation of emerging business forms such as DeFi and DAOs, and allocation of AML obligations.
      • 4. Design of mechanisms to prevent regulatory capture.
    • 3.2.3. Collaborative Layer: From Fragmentation to “Shared Benefits, Shared Costs” Global Cooperation
      • 1. The operational logic and theoretical basis of the “shared benefits, shared costs” mechanism.
      • 2. Practical experience with regional mutual recognition mechanisms and pathways for diffusion.
      • 3. CBDC cross‑border mutual recognition and joint supervision agreement framework.
      • 4. Coordination mechanisms for data sovereignty and cross‑border information sharing.
      • 5. The enabling role of international organisations in the collaborative layer.
    • 3.2.4. The Internal Logic and Operational Mechanism of the Three‑Layer Governance Framework
  • 3.3. Policy Recommendations and Implementation Roadmap
    • 3.3.1. Policy Recommendations for Sovereign States
    • 3.3.2. Action Initiatives for International Organisations
    • 3.3.3. Implementation Roadmap
    • To operationalize the proposed digital asset anti-money laundering framework, a phased implementation roadmap is essential, aligning regulatory, technical, and cross-border cooperation milestones. The following three-stage plan outlines priority actio...
    • Table 9 - Implementation Roadmap for Digital Asset AML Governance (Three-Phase Plan) (made by author)
  • 3.4. Research Limitations and Future Directions
    • 3.4.1. Research Limitations
    • 3.4.2. Future Research Directions
  • 3.5. Conclusion
• CONCLUSION
• This dissertation systematically optimises anti‑money laundering (AML) systems for digital currencies from an international financial perspective. By integrating theoretical analysis, panel regression, GARCH‑BEKK volatility spillover models, case stud...
• 1. Heterogeneous impacts on international finance
• Private cryptocurrencies, stablecoins, and CBDCs affect cross‑border capital flows, exchange rates, and fiscal sovereignty differently. Panel data (2020–2025, ten economies) show that cryptocurrency trading volume is positively correlated with abnorma...
• 2. Six money laundering patterns and evolution
• Six typical patterns are dissected: DeFi ecosystem, NFT/metaverse, cross‑border OTC+payment networks, privacy coins+cross‑chain bridges, AI‑driven dynamic wallets, and shadow contracts. They share a common logic: identity anonymisation → fund path obf...
• 3. Self‑reinforcing regulatory dilemma
• Three core challenges – technological‑regulatory mismatch, jurisdictional vacuum, and coordination trap – form a self‑reinforcing loop, sustained by path dependence, sovereignty barriers, and epistemic limits. Breaking the loop requires simultaneous a...
• 4. “Technology‑institution‑interest” tripartite framework
• A novel analytical framework is constructed, viewing AML as a dynamic game among technological logic (RegTech, smart contract supervision), institutional logic (tiered regulation, legal clarity for DeFi/DAOs), and interest logic (asymmetric costs/bene...
• 5. Three‑layer collaborative governance framework
• Technological layer: AI‑driven on‑chain monitoring, smart contract‑embedded supervision (ex‑post to in‑process intervention), zero‑knowledge proof compliance (zkAML), and quantum‑resistant cryptography. Institutional layer: tiered regulation (private ...
• 6. Policy recommendations
• Advanced economies should export RegTech and fund capacity‑building; emerging markets must prioritise risk buffers and Travel Rule legislation; China should promote digital renminbi‑based multilateral AML cooperation. International organisations need ...
• 7. Author’s contribution and validity
• Original contributions: First “technology‑institution‑interest” framework; Quantitative evidence of heterogeneous impacts with threshold effects; Systematic mapping of six laundering patterns; Operational three‑layer governance design.
• Feasibility is validated by real‑world examples: mBridge cuts settlement time to 2‑3 seconds and costs by 76%; MiCA operates in 27 EU states; digital renminbi’s controllable anonymity achieves >90% anomaly interception.
• 8. Limitations and future research
• Data limited to 2020‑2025, omitted variables (regulatory stringency), inherent case concealment, insufficient sub‑category granularity. Future work should extend panel to 2030, include more controls, analyse AI/quantum convergence, compare retail vs. ...
• Overall conclusion
• Optimising digital currency AML demands a systemic, multi‑layer, collaborative approach, not isolated fixes. The proposed framework provides a pragmatic roadmap to transform the current vicious cycle of regulatory lag into a virtuous cycle of adaptive...
• BIBLIOGRAPHY