Contents
Chapter 1Introduction
1. Introduction
1.1Subjects of research
1.2Research Questions
1.3Methodology
1.4Literature and other sources
2. Sources of law and hierarchy of the Chinese law in the Chinese legal system
2.1Legislations
2.1.1The National People s Congress and its Standing Committee： Constitution and Laws
2.1.1.1Constitution
2.1.1.2Laws（法律）
2.1.2The State Council： Administrative Regulations
2.1.3Local People s Congresses： Local Regulations, Autonomous Regulations, and Specific Regulations
2.1.3.1Provincial governments
2.1.3.2Governments of the Provincial Capital Cities or Larger Cities
2.1.3.3Governments of the Special Economic Zones
2.1.3.4Governments of Autonomous Areas
2.1.4Ministries of the State Council： Departmental Rules
2.1.5Local People s Governments： Local Rules
2.2Interpretations of laws
2.3Case law
2.4International treatiesChapter 2Basic Concepts of Money, Payment and Chinese
Payment Systems
1. Basic concepts of money, payment and payment system models
1.1What is money?
1.2What is payment?
1.3Two basic fund transfer models： credit transfer and debit transfer
1.4Two basic payment systems： accountbased system and cashbased system
2.Chinese payment systems
2.1A brief history and the development of the Chinese payment system
2.1.1Planned economy stage 1949-1978
2.1.2Initial reform and opening up stage 1978-1992
2.1.3The stage between 1992 and 2000
2.1.4New century stage 2000 and afterwards
3. An analytical introduction to new Internet payment in the Internet era in contemporary China
3.1Categorizations of Renminbi new Internet payment
3.1.1Internet as a new window to facilitate Renminbi transfers, where Internet third party payment providers are not involved
3.1.1.1Internet banking transfer payment
3.1.1.2Direct connection between the Internet businesses and Internet banking
3.1.2The Internet third party payment
3.1.2.1The Internet third party gateway payment
3.1.2.2Virtual accounts payment
3.2Virtual currency new Internet payment
3.3Cryptocurrency
4. Conclusion Chapter 3Theories of Regulation, Banking and Financial Regulation and Payment Services RegulationIntroduction
1. General theory of regulation
1.1What is regulation?
1.2Why regulate?
1.2.1Monopolies and natural monopolies
1.2.2Windfall profits
1.2.3Externalities
1.2.4Information inadequacies
1.2.5Continuity and availability of service
1.2.6Anticompetitive behaviour and predatory pricing
1.2.7Public goods and moral hazard
1.2.8Unequal bargaining power
1.2.9Scarcity and rationing
1.2.10Rationalization and coordination
1.2.11Planning
1.2.12Other regulatory rationales
1.3What is a good regulation?
2. Theory of banking and financial regulation and its application to the regulation of Internet payment services
2.1Definition of bank regulation and bank supervision
2.2Arguments and justifications for regulating banking and financial sectors, and applications to Internet payment services
2.2.1Fundamental justification： confidence
2.2.2Three main arguments for the regulation of banking and financial sectors and Internet payment services
2.2.2.1The first argument： protection against monopolies
2.2.2.2The second argument： client protection
2.2.2.3The third argument： ensuring systemic stability
2.2.3Specific and standard justifications of government regulation and their applications to Internet payment services
2.2.4An additional argument and justification for regulating new Internet payment services
3.General principles of payment systems regulation
4.Specifically, what regulatory principles should be considered in a good regulation of new Internet payment in China?
Chapter 4The Regulation of Internet Third Party Payment Providers in China Licensing and Retained Funds
Regulation Introduction
1.Market layout of the Internet third party payment providers in China
1.1Market layout and relevant statistics
1.2Industry features： from Internet payment 1.0 to Internet payment 2.0
1.3Industry features： from Internet payment 2.0 to Internet payment 3.0
2.Two crucial legislations
2.1Order of the People s Bank of China No. 2 ［2010］ Measures of Management on NonFinancial Institutions Payment Services
2.2Announcement No. 43 ［2015］ of the People s Bank of China Administrative Measures for the Online Payment Business of Non Banking Payment Institutions
3. Legal issues on Internet third party payment providers： the relationship between the regulator and providers
3.1Requirements to entry for Internet third party payment providers to operate as legitimate providers
3.1.1Reasons why the People s Bank of China proposed to impose licensing
3.1.2The current licensing scheme may be slightly relaxed
3.1.3The role of the market
3.2Retained funds in Internet third party payment providers and the regulation
3.2.1In traditional banking electronic funds transfers, retained funds in credit transfers differ from retained funds in debit transfers
3.2.1.1Retained funds in credit transfers
3.2.1.2Retained funds in debit transfers
3.2.1.3Retained funds in the Internet third party payment providers
3.2.2Regulation of retained funds in the Internet third party payment providers
4. Conclusion
Chapter 5Virtual Currency and Its Regulation in China
1. Definition and analytical introduction of virtual currency
1.1Definition
1.2Is virtual currency money in economics?
1.3Is virtual currency money in legal sense?
1.4Distinctions between virtual currency and statesissued currency
1.4.1Issuers
1.4.2Risks
1.4.3Regulation
1.5Why did virtual currency exist and develop in China?
2. Life cycle and industry chain of virtual currency in China
2.1Components of the chart
2.1.1Regulators
2.1.2Virtual currency issuers insideoutside the Internet games
2.1.3Virtual currency players
2.1.3.1Ordinary virtual currency players
2.1.3.2Gold virtual currency farmers
2.1.3.3Virtual currency speculators
3. Arguments and justifications on regulating virtual currency in China
3.1Economic arguments for regulating virtual currency
3.1.1Virtual currency will not cause inflation in the real economy and will not affect Renminbi market
3.1.2Virtual currency still needs to be regulated
3.2Ethical and moral arguments for regulating virtual currency
4.Analysing current legal regulation of virtual currency in China
4.1Notice on Regulating Business Order of Internet Games and Prohibiting Engaging Gambling through Internet Games
4.2Notice on Further Enhancing the Regulatory Work of Cyber Cafes and Internet Games
4.3An Official Reply by the China State Administration of Taxation on individuals gain profits by trading virtual currency through the Internet must pay personal income tax
4.4A Public Announcement by the People s Bank of China
4.5Notice of Enhancing Regulatory Work on Internet Games Virtual Currency
4.5.1The first comprehensive and systematic regulatory Measures on virtual currency
4.5.2Defining Internet games virtual currency
4.5.3Regulating market behaviours
4.5.4A strong consumer protection approach
4.5.5Setting up an excellent example for the world
4.6Provisional Measures of Management on Internet Games
5. Conclusion
Chapter 6Internet Third Party Payment, Virtual Currency and Their Regulation in the EU and UK
1. Introduction
1.1Overview
1.2Internet third party payment in the EUwith the example of Paypal Europe
1.3Virtual currencies, virtual property and economy in virtual worlds： how people interact economically in the virtual environments?
1.4Electronic money and electronic money regulations
2. Can the Electronic Money Directive 2000 and the Electronic Money Directive 2009 apply to Internet third party payment and virtual currency?
2.1Background of the Electronic Money Directive 2000
2.2Definition of e money in the Electronic Money Directive 2000
2.2.1The first requirement
2.2.2The second requirement
2.2.3The third requirement
2.3Definition of emoney in the Electronic Money Directive 2009
2.4Selective key regulatory aspects of the Electronic Money Directive
2000 and the Electronic Money Directive 2009 on Internet third
party payment and virtual currency
2.4.1From institutional regulation approach to functional regulation approach
2.4.2Capital requirements
2.4.2.1Initial capital requirements
2.4.2.2Ongoing capital requirements and own funds
2.4.3Limitations of investments and safeguarding rules
2.4.4Issuance and redeemability
3.Can the EU Payment Services Directive 2007 and EU Payment
Services Directive 2015 apply to Internet third party payment and virtual currency?
3.1Background of the Payment Services Directive 2007
3.2Scope of the Payment Services Directive 2007 and Internet third party payment and virtual currency
3.3Obligations placed by the Payment Services Directive 2007 on Internet third party payment providers and virtual currency operators
3.4The new EU Payment Services Directive 2015
4.Other relevant laws apart from the Electronic Money Directives 20002009 and the Payment Services Directive 2007
5. Conclusion
Chapter 7ConclusionExperience that China and the EUUK May Learn from Each Other
Introduction
1.Experience 1：Institutional regulation or functional regulation activities regulation, EU s experience and China s choice
1.1Theory of financial regulatory approaches
1.1.1Four types of regulatory approaches in financial regulations
1.1.2Institutional regulation and functional regulation,the EU s application
1.2The reason why the EU electronic money regulatory regime switched from institutional regulation to functional regulation activities regulation
1.3China s situation and China s choice in the regulatory approach of Internet third party payment
1.4China s situation and China s choice in the regulatory approach of virtual currency
1.5Transition in a big picture
1.6Issues of functional regulation in context
2.Experience 2： Clearer and wider definition
2.1EUs experience on defining electronic money in the Electronic Money Directives
2.2Legal definitions of the Internet third party payment and virtual currency in China
2.2.1Legal definition of the Internet third party payment
2.2.2Legal definition of virtual currency
3.Experience 3： Light touch regulation
3.1EU s experience on light touch regulation
3.2Is the regulation of Internet third party payment and Internet games virtual currency in China a light touch regulation?
4. The key experience that the EUUK may learn from China
5.Conclusion for this chapter as well as for the whole book
Appendix 1
Appendix 2
Appendix 3
Bibliography
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