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Chinese Abstract: 去中心化金融是金融创新、金融科技的新形式。目前对去中心化金融尚无统一定义。总体而言，去中心化金融是基于区块链、智能合约代码构建的无需中介机构的金融系统。去中心化金融包括借贷、交易、基金和保险等多种应用形态。去中心化金融与传统金融在功能上相同。本文首先提出了理解去中心化金融的框架：规避法律或替代法律。然后本文介绍了去中心化金融的概念和技术层级。其技术层级可分为清算层、资产层、交互层和应用层。去中心化借贷和去中心化交易所是两种去中心化金融的典型应用。本文以二者为例，详细分析去中心化金融如何用代码运行金融服务。本文的分析揭示了去中心化金融的目的。去中心化金融并非为了规避法律，而是为了替代法律。去中心化金融不是中介机构，不具有法律主体地位。去中心化金融是替代法律的代码。去中心化金融虽然在一定程度上消除了中介机构的成本和风险，但是无法解决其他法律风险和技术风险，因此去中心化金融亟需金融监管。本文介绍了国内外对去中心化金融的监管现状，其中详细介绍了比较法上美国对去中心化金融的证券监管。去中心化金融使美国证券法对证券和交易所的定义均遭遇挑战。美国拟修改交易所的定义，增加“通信协议”作为交易所的新类型。美国的监管实践为我国监管去中心化金融提供重要参考。本文建议了三种监管方式。首先，在传统金融监管规则中，监管中介机构的规则占较大比重。这导致传统规则应对去中心化金融时陷入困境。本文提出了一个将传统规则适用于去中心化金融的分析框架。其次，去中心化自治组织是基于代码的组织形态。去中心化自治组织中包括众多投资者，在去中心化金融中发挥重要作用。立法机构需要明确去中心化自治组织的法律性质，使其成为金融法的监管对象。最后，用户和开发者应该被纳入金融监管。用户可能借助去中心化金融实行受监管的金融活动，例如证券发行。对于用户的违法行为，开发者不应承担直接责任和监管义务。知识产权法中的避风港原则可以提供参考，用来减轻开发者的责任。
English Abstract: Decentralized finance is a new form of financial innovation and financial technology. At present, there is no unified definition of decentralized finance. In general, decentralized finance is a financial system without intermediaries based on blockchain and smart contract codes. Decentralized finance involves several applications such as lending, exchanges, funds and insurance. Decentralized finance has the same function as traditional finance.This paper starts with a framework for understanding decentralized finance: avoid or replace the law. And then, this paper introduces the concepts and technological levels of decentralized finance. Decentralized lending and decentralized exchanges are two main decentralized finance applications. The two are used as examples to analyze how decentralized finance replace the law with code. This paper sheds light on the purpose of decentralized finance. The goal of decentralized finance is not to avoid the law, but to replace it. Decentralized finance is not a legal entity or an intermediary agency. Decentralized finance is the code that replace the law.While decentralized finance minimizes intermediary costs and risks to a certain extent, it does not solve other legal and technical risks. Financial regulation is critical for decentralized finance. This article discusses the present condition of decentralized finance regulation in China and abroad. This paper introduces the securities regulation of decentralized finance in the United States. Securities and exchange definitions in US securities law have been challenged. The regulation authority plans to change the definition of exchanges, including the addition of "communication protocols" as a new type of exchange. The regulatory practice in the United States serves as a good example for regulating decentralized finance in China.This paper proposes three regulatory methods. First, among the traditional financial regulation rules, the rules for regulating intermediaries account for a large proportion. This leads to a dilemma when traditional rules dealing with decentralized finance. This paper proposes an analytical paradigm for applying traditional rules to decentralized finance. Second, a decentralized autonomous organization is a code-based organization. Decentralized autonomous organizations include many investors and play an important role in decentralized finance. Legislative entities need to clarify the legal nature of decentralized autonomous organization, so that they can be regulated by financial law. Finally, financial regulation should include users and developers. Users can use the services provided by decentralized finance to execute regulated financial activities, like securities issuance. Developers should not bear direct liability or regulatory obligations for illegal activities of users. The safe harbor principle from intellectual property law can be used to reduce the developer's liability