Crypto da Ka'idoji: Ina ne iyakar da ta wuce kima?

Tarihin kudin intanet (cryptocurrency) wani labari ne na gwagwarmaya. Ya fara ne a matsayin rada a gefen intanet, wata sabuwar fasaha da ta kutsa kai cikin babban fage kuma ta fallasa manyan matsalolin al'umma bayan da aka yi tsammanin an warware su. Hakika, sama da shekaru goma, ra'ayin nan na "lambar kwamfuta ita ce doka" (code is law) ya mamaye zukata, inda aka yi imanin cewa lissafi zai iya maye gurbin shugabancin dan adam, tare da dukkan gazawarsa da cin hancinsa.

Amma ga mu nan a farkon shekarar 2026, kuma yanayin ya canza gaba daya. Radar da ake yi a baya yanzu ta zama rurin gudumar majalisu da kukan alkalamun ma'aikatan gwamnati. Duniyarmu ta yau ba sauran daji ba ce inda kowa ke yin abin da ya ga dama, zamani ne na tsaurara dokoki ga kadarorin dijital. Babbar tambayar da ke yawo a masana'antar, tun daga corridors na Brussels har zuwa dakunan kwamitocin Washington, ba wai shin ya kamata mu tsara dokoki ga kudin intanet ba ne?, a'a, tambayar ita ce shin mun wuce gona da iri?

Domin fahimtar abin da ke faruwa a yau, ya zama dole a kwatanta hakan da girman tsare-tsaren dokoki da aka jibge wa tsarin (ecosystem). Wadannan ba tarnaƙi ne na yau da kullun ba; manyan gine-gine ne masu fadi wadanda za su sake fasalin a kalla yadda daraja ke gudana ta intanet. Manufar kusan koyaushe ana bayyana ta ne ta fuskar kariya — kare mai saka jari, kare kudin, da kuma kare kasa. Amma aiwatarwar galibi tana kama da wata hanyar killace wani damisa ne wanda masana'antar hada-hadar kudi ta gargajiya ke tsoron ba za ta iya tsere masa ba.

Ma'aunin Turai: MiCA

Na farko kuma wanda za a iya cewa shi ne mafi muhimmanci a cikin wadannan tsare-tsare shi ne dokar Tarayyar Turai ta Kasuwannin Kadarorin Kudin Intanet, wato Markets in Crypto-Assets regulation, ko MiCA kamar yadda aka fi saninta. Lokacin da ta fara aiki gadan-gadan, ta canza alkiblar komai.

Ba a taba samun wani babban rukunin tattalin arziki da ya yi kokari sosai don rungumar daukacin fannin kudin intanet (crypto) ba.

MiCA gajarta ce ta Markets in Cryptocurrency Assets (Kasuwannin Kadarorin Kudin Intanet): Dalilin samar da MiCA shi ne rarrabuwar kasuwar Turai. Kafin gabatar da ita, kamfanin kudin intanet zai fuskanci kalubalen bi ta cikin sarkakiyar dokoki daban-daban guda ashirin da bakwai na kasashe mambobi. Faransa tana da nata sharuddan rajista, Jamus tana da nata lasisin, yayin da kananan kasashe ba su da wata alkibla ko kadan. MiCA ta yi alkawarin daidaita wannan, ta hanyar gina tsarin “passporting” inda lasisi daga kasa daya zai ba da damar gudanar da ayyuka a daukacin Tarayyar Turai. Wannan shi ne babban abin jan hankalin: Masana'antar tana bunkasa, kudin intanet yana kara zama na kwararru.

Sai dai kuma, illolin MiCA sun kara fitowa fili ga masu kirkire-kirkire a fagen aiki. Babban abin rashin dadi shi ne nauyi da kuma tsadar bin dokoki. Tsarin yana da tsauraran sharuddan babban birni (capital), ka'idojin tsaro na ajiya (custodial), da wajibcin bayar da rahoto wadanda galibi suke yi wa manyan kamfanoni aiki amma suke shake kananan kamfanoni masu tasowa. Haka kuma, akwai tasirin “moat” (katanga), inda manyan musayar kudi (exchanges) da bankuna suka kankama saboda su ne kadai ke da karfin kashe kudi don gano yadda za su bi doka.

Bugu da kari, takunkumin da aka sanya wa tsayayyun kudi (stablecoins) — musamman takaita kudaden da ba a jingina su da Euro ba — zai raba kasuwar Turai da zirga-zirgar darajar kudi ta duniya inda kudaden da aka jingina da dalar Amurka (USD) suka mamaye. Wannan ya haifar da matsala inda kudaden da ake iya amfani da su (liquidity) suka yi karanci a Turai, kuma tazarar farashi (spreads) ta fi girma idan aka kwatanta da takwarorinsu na Asiya.

A bangare mai kyau, ana iya cewa MiCA ta ceci mutuncin masana'antar a kasashen Yamma.

A matsayin mai saka hannun jari, hakan ya kawar da haɗarin 'yan damfara na "fly-by-night" yadda ya kamata a lokacin hauhawar farashin kasuwa (bull runs) na farkon shekarun 2020 ta hanyar samar da bayyanannun dokokin alhaki ga Masu Samar da Sabis na Kadarorin Crypto (CASPs). Asusun hedge da manyan hukumomi, waɗanda a baya suke shakkar ɗaukar haɗarin ɓata suna, sun fito daga gefe sun shigo cikin harkar gadan-gadan. Asusun fansho da manyan kamfanonin inshora: Sun fi son tabbas na shari'a fiye da komai, kuma MiCA ta samar da hakan a yalwace. Ta canza crypto a Turai daga gidan caca zuwa rukunin kadarorin da aka tsara ƙarƙashin doka.

Labari ne na martani iri biyu game da MiCA. Masana'antar kuɗi da manyan musayar kuɗi na tsakiya (centralized exchanges) sun yi maraba da ita, suna kallonta a matsayin tabbaci ga kasuwancinsu da kuma hanyar hana sabbin masu fafatawa tasowa. A gefe guda kuma, rukunin "cypherpunk" na al'ummar crypto sun ɗauke ta a matsayin yaudara, da kuma raunana fasahar wanda ya hana ta damar kawo sauyi na gaske. Har yanzu ana cikin dambarwar, amma yanayin a bayyane yake: Turai ta zama matattara mai aminci ga harkokin crypto na kamfanoni masu tafiyar hawainiya, yayin da yawancin sabbin abubuwa masu babban haɗari da babban riba suka koma wasu wuraren.

Yanayin Amurka: Tsarin Mulki ta Hanyar Tilastawa

A ketaren Tekun Atlantic, abin da ke faruwa a Amurka labari ne daban daban. Amma maimakon tsayayyen tsari guda ɗaya wanda ya ƙunshi komai kamar MiCA, Amurka ta shafe shekaru tana cikin wani hali na rashin tabbas na doka kuma tana aiki ta hanyar abin da masana masana'antar suka kira "tsarin mulki ta hanyar tilastawa". Wannan hanyar, wadda Hukumar Kasuwancin Hannun Jari (SEC) ke jagoranta, ta haɗa da amfani da dokokin da aka tsara a shekarun 1930 ga fasahar da aka ƙirƙira a shekarun 2010.

Abin da ke faruwa a nan shi ne yaƙin ikon hukunci. Mene ne token — hannun jari ne (security), ko haja (commodity), ko kuma wani abu daban? Rashin bayyanannen umarnin doka daga Majalisa ya sa hukumomi suka cike gurbin ta hanyar shigar da ƙararraki a kotu.

Wannan ya haifar da fafutukar neman amincewa da kudurorin doka kamar Dokar Kirkirar Fasahar Kudi da Fasaha ta karni na 21 (FIT21) da sauran nau'o'inta daban-daban. Wadannan kokarin na majalisa sun nemi kafa bayyanannun iyakoki tsakanin SEC da CFTC (Hukumar Cinikin Kayayyaki da Kwangiloli).

Rashin kyawun tsarin Amurka ya kasance bala'i ga kirkire-kirkire na cikin gida. Rashin bayyananniyar alkibla na tsawon lokaci ya haifar da "guduwar kwararru" (brain drain). A matakin duniya, an samu rudani sosai game da wajibcin shari'a, inda masu kera fasaha (developers) suka yi kokarin boyewa ta hanyar komawa Dubai (Singapore ko Hong Kong). Tsauraran matakan da aka dauka kan ayyukan staking da kayan aikin sirri (privacy tools) ya sa sabbin hanyoyin sadarwa na blockchain da dama toshe Amurkawa (geoblock) daga samun damar yin amfani da sahun gaba na fasahohin kudi na bai-daya (decentralized finance).

Kokarin gudanar da rayuwar yau da kullum cikin fargabar samun "Wells Notice" ya haifar da salwantar albarkatu, domin kuwa da an yi amfani da wadancan kudaden wajen bunkasa kayayyaki maimakon biyan kudaden kare kai a kotu. Wannan ya dakile ci gaba a daya daga cikin manyan tattalin arzikin duniya kuma ya haifar da yanayi na tsoro maimakon na gwaji da bincike.

Colombia Amma duk da haka, ba za a iya yin watsi da alfanunsa ba. Tsauraran matakan da hukumomin Amurka suka dauka, bayan rugujewar manyan kamfanoni a 2022 da 2023, babu shakka sun koro wasu idan ma ba duka ba daga cikin gurbatattun abubuwa daga maboyarsu. Duk da cewa tsauraran sharuddan tsaro (custody) da bayyana gaskiya sun kasance masu wahala, hanya ce ta tilasta wa ayyukan (projects) su fito fili game da tsarin tattalin arzikin alamunsu (tokenomics) da rabon kudaden na cikin gida. Ga talakan mai zuba jari, kasuwar Amurka — koda yake an takaita ta — ta zama daya daga cikin wurare mafi wahala wajen gudanar da tsohon tsarin damfara na Ponzi ba tare da an kama mutum ba.

Martanin da aka bayar a Amurka ya kasu kashi-kashi sosai bisa ra'ayin siyasa, wanda hakan yana da illa ga kowace irin fasaha. Wani bangaren yana cewa tsauraran matakan suna da muhimmanci don kare masu amfani, yayin da wani bangaren kuma yake kallon hakan a matsayin yunkurin masu fada a ji na bankunan gargajiya na murkushe abokin takara. Sakamakon shi ne kasuwar duniya mai matakai biyu: kasuwar "onshore" mai bin doka wadda ta yi kama da tsarin kuɗi na gargajiya, da kuma kasuwar "offshore" inda ainihin manufofin crypto ke ci gaba da wanzuwa, amma galibi ba sa isa ga 'yan ƙasar Amurka.

Dokar Balaguro ta Duniya (The Global Travel Rule)

Da zarar mun fita wajen iyakokin ƙasashe, kamar yadda yake a yanayin Dokar Balaguro ta Duniya (Global Travel Rule) wadda Hukumar Yaƙi da Safarar Kuɗaɗe (FATF) ta ba da shawara. Wannan ita ce wataƙila mafi faɗi da kuma wahalar aiwatarwa ta fuskar fasaha a cikinsu duka.

Batun shi ne gwagwarmayar yaƙi da halartar kuɗaɗen haram da kuma tallafawa ta'addanci. Tsarin banki na gargajiya ya shafe shekaru yana buƙatar cewa idan ka tura kuɗi daga Banki A zuwa Banki B, bayanan da ke haɗa mai aikawa da mai karɓa dole ne su tafi tare da su. Kuma an gaya musu su buƙaci Masu Samar da Sabis na Kadarorin Intanet (VASPs) su yi hakan.

Illolin Dokar Balaguro (Travel Rule) na da alaƙa da fasaha da kuma wanzuwar tsarin kansa. An tsara fasahar Blockchain ne ta yadda ba a san ainihin sunayen masu amfani da ita ba (pseudonymous). Bayanan shaida na zahiri da aka haɗa da hada-hadar on-chain suna samar da manyan rumbunan bayanan sirri (honeypots). Lokacin da aka yi wa wani dandalin musayar kuɗi (exchange) kutse — kuma hakan yana faruwa akai-akai — ba kuɗi kawai ake sata ba, har ma da tarihin kuɗi na sirri da shaidun miliyoyin masu amfani.

Sannan kuma "matsalar fitowar rana" (sunrise issue), wanda ke nufin cewa ƙasashe suna aiwatar da dokar a matakai daban-daban, ya haifar da gazawar hada-hada da kuma daskarar da kuɗaɗe. Wani dandalin musayar kuɗi mai bin doka a Japan ba zai iya kammala hada-hada da wani dandalin da ba ya bin doka a Brazil ba, wanda hakan ke haifar da maƙalewar kadarori da rashin gamsuwa ga masu amfani.

Fa'idodin sun fi karkata ne ga ɓangaren rigakafin aikata laifuka. Kuma rashin Dokar Balaguro (Travel Rule) yana sa crypto ya zama mafi dacewa wajen neman kuɗin fansa da kuma hanyar kauce wa takunkumi, kamar yadda hukumomin tsaro suka bayyana.

Ta hanyar tilasta wa wuraren musayar kudi raba bayanai, suna samar da sawun bincike wanda ke sa ya yi matukar wahala ga masu aikata laifi su fitar da haramtattun ribarsu zuwa kudin fiat.

Martanin da aka samu a nan shi ne amincewa cikin sanyin gwiwa daga wuraren musayar kudi na tsakiya, wadanda ke kallon hakan a matsayin wani bangare na kudin gudanar da kasuwanci, da kuma tsantsar firgici daga masu fafutukar kare sirri. Martanin ya haifar da bullar walat-walat na “noncustodial” ko “self-hosted” a matsayin hanyar nuna rashin amincewa. Masu amfani da ke son kare sirrinsu sun fice daga wuraren tsakiya kuma sun gwammace su dauki nauyin sarrafa makullan (keys) kansu domin kauce wa ragar binciken hukumomi.

Rikicin DeFi

Wannan ya kawo mu ga fage mafi rikici duka: tsara dokoki ga DeFi da walat-walat na "unhosted". Wannan shi ne inda karfin iko na jiha ke karo da kodi na rarraba (decentralized code) wanda ba ya girsu.

Abin da ake tattaunawa a nan shi ne fargabar samun “boyayyen tsarin kudi.” Masu tsara dokoki suna kallon Decentralized Finance (DeFi) — kamar mutum-mutumi masu ciniki (robotraders), wuraren musayar kudi na rarraba, da stablecoins na lissafi (algorithmic stablecoins) — a matsayin wani rami mai duhu wanda ke hadiye ikon sarrafa kudi. An gabatar da shawarwarin tilasta wa masu kera manhaja (developers) sanya “kofofin baya” (backdoors) ko tantance asalin mutane a cikin kwangiloli masu basira (smart contracts) da kansu, ko kuma daukar masu kera manhajoji na budadden kodi (open-source) a matsayin masu shiga tsakani na kudi wadanda ke da alhakin abin da aka yi amfani da kodinsu wajen aikatawa.

Illar kokarin tsara dokokin DeFi ta wannan hanya babban barazana ce ga kasancewarsa. Idan masu kera manhaja ne ke da alhakin tsarin (protocol) da suka kirkira wanda kuma ba sa karkashin ikonsu, babu wanda zai sake yin kodi. Da zarar kwangila mai basira (smart contract) ta dogara ga tantance fasfo, to DApp din ba na rarraba (decentralized) ba ne kuma; kawai ya zama wani hadadden sabunta ma'ajiyar bayanai (database) ne da aka lullube da tufafin fasahar kudi (fintech).

Irin wadannan dokoki na fuskantar hadarin kashe kirkire-kirkiren da ke sa blockchain ya zama na musamman — wato halinsa na rashin bukatar izini (permissionless). Yana dora tsarin tsakiya a kan fasahar rarraba, sannan ya tsaya kamar Sarki Canute yana kokarin ba wa iska umarni.

Tasirin tsoratarwa da irin waɗannan barazanar shari'a za su yi ga al'ummar masu haɓaka manhajoji na buɗaɗɗen tushe (open-source) ba za a iya misalta shi ba.

Masu goyon baya, a ƙa'idance, suna mayar da hankali ne kan haɗarin tsarin (systemic risk). Idan DeFi ya faɗaɗa sosai, gazawa a cikin wata babbar yarjejeniyar fasaha (protocol) na iya shafar tattalin arziki baki ɗaya. Masu kula da dokoki sun ce ba za su iya barin wani tsarin banki na daban ya yi aiki ba tare da matakan kariya (asusun ajiya na babban birni da inshora) waɗanda, ko da kyau ko akasin haka, suke nan a cikin tsarin banki na gargajiya.

Martanin ya kasance mafi tsanani fiye da kowane lokaci. Kuma ya tattara mambobinsa na "crypto native" don ƙirƙirar DAOs (Ƙungiyoyi Masu Zaman Kansu Masu Sarrafa Kansu) musamman don yin fafutuka da yaƙar waɗannan dokoki a kotu. Sakamakon hakan ya zama wani yaƙin tseren fasaha: inda masu kula da dokoki ke ƙoƙarin sanya iyakoki, masu haɓaka manhajoji kuma suna ƙirƙirar fasahohin kiyaye sirri kamar zero-knowledge proofs (ZKPs) waɗanda ke ba mu damar tabbatar da bin doka ta hanyar lissafi ba tare da bayyana ainihin bayanan ba — suna ƙoƙarin doke doka ta hanyar lambobin kwamfuta (coding).

Farashin Bin Doka da Inganci

A cikin wannan yanayi na takura na dokoki, yanayin tattalin arziki ga mai amfani ya sauya. Bin doka yana buƙatar kuɗi. Wuraren musayar kuɗaɗen intanet (Exchanges) suna tura waɗannan tsadar ga masu amfani ta hanyar kuɗin ciniki, kuɗin cire kuɗi, da kuma faɗaɗa tazarar farashi (spreads). Wannan ya sa yawancin kasuwar ke gaggawar neman hanyoyin da suka fi sauƙi a duk inda suke. "Tushen farashi" na mu'amala da sarƙoƙin blockchain (chains) masu bin doka sosai ya ƙaru, wanda hakan ya sa neman wasu hanyoyin masu rahusa (dangane da saurin sarrafa bayanai) da kuma masu ƙarfin sarrafa bayanai (high-throughput) ya zama mafi mahimmanci.

Don haka, a cikin wannan yanayi na gasar farashi ne muke ganin ci gaba da mahimmanci da kuma dacewar hanyoyin sadarwa kamar TRON. Yayin da Ethereum da Layer-2 dinsa ke fafutuka a cikin sararin yanar gizo da kuma rarraba ikon sequencer (sequencer decentralization), TRON ya ci gaba da riƙe kambunsa a matsayin babbar hanyar biyan kuɗaɗen stablecoin cikin lumana.

Duk da haka, idan ana amfani da su akai-akai—koda a cikin waɗancan hanyoyin sadarwa masu inganci—kudaden caji na iya taruwa idan kawai kana ƙone asalin token ɗin (native token) duk lokacin da kake gudanar da ma'amala. Wannan matsin tattalin arziki ya haifar da kasuwa ta biyu wacce ta dogara kacokan kan haɓaka albarkatu (resources).

Ba zai ɗauki lokaci mai tsawo ba kafin ƙwararrun masu amfani da masu haɓakawa su gano cewa ƙone TRX a matsayin gas duk lokacin da kake yin ma'amala yana kusa da biyan “rack rate” (cikakken farashi) a otal. Maimakon haka, akwai kasuwa mai ƙarfi don albarkatu a cikin tsarin (ecosystem). Hayar TRON Energy ya kasance babban jigo ga duk wanda ke gudanar da ma'amaloli masu yawa. Ko kai kamfanin ciniki ne da ke aiwatar da dubban musayar arbitrage a kowace rana, ko kuma kasuwancin biyan

Sauƙin farashi yana samuwa ne ta hanyar kasuwar hayar makamashi (energy rental market) wadda ke ba da rangwamen da ake buƙata don tabbatar da ingancin tsarin kasuwanci.

Kasancewar waɗannan kasuwannin haya, a gefe guda, yana nuna rashin fahimta mai zurfi daga ɓangaren masu tsara dokoki game da waɗanda ke amfani da kayayyakin su a zahiri. Masu tsara dokoki sun fi mayar da hankali kan "wane ne" — wane ne ke tura kuɗi, wane ne ke karɓa, kuma wane ne ya ƙirƙiri token ɗin. Masu amfani kuwa ba sa gajiya da neman "yaya" da kuma "nawa" — yaya saurin da zan iya tura wannan, kuma a kan wane farashi. Tsauraran dokoki suna mayar da ɓangaren "wane ne" ya zama mai cin lokaci da tsada, kuma abin da ya rage kawai wajen yanke shawarar wace hanyar sadarwa (network) ce za ta rayu ko ta mutu shi ne "nawa ne kudin".

Idan kuma muka yi nazarin alkiblar waɗannan dokoki, tun daga MiCA har zuwa Travel Rule, akwai wani tsari na killace faffadan filin crypto zuwa wasu ƙananan al'ummomi masu katanga. Rashin amfanin ("cons") kusan koyaushe yana shafar wariya da tsada; yayin da amfanin ("pros") ke karkata ga tsaro da halaccin doka. Amma ga talakan mai amfani, kamar wanda ke Najeriya da ke ƙoƙarin amfani da USDT don kariya daga hauhawar farashin kaya ko kuma mai haɓaka manhaja a Vietnam da ke ƙoƙarin gina wasan bidiyo, duk waccan tattaunawa mai zurfi kan daidaiton tsarin ba ta da mahimmanci kamar yadda kuɗin tura kuɗi (transaction fee) da ya gani a kan allo yake.

Wannan shi ne ya sa duk wani abu da ke rage sarƙaƙiya da tsada yake da babban damar zama sabon matakin samar da ababen more rayuwa (infrastructure layer) mai daraja. A cikin duniyar da tura dukiya zai iya haifar da binciken bin doka (compliance checks) daban-daban guda uku da kuma haraji a kansa, ya zama dole a samar da hanyar sufuri (transport layer) mai sauƙi da inganci gwargwadon iko. Kasuwar hayar makamashi (energy bandwidth market) ba wai kawai wani nau'in jarin kuɗi (financial derivative) ne na musamman ba, a zahiri wani tsari ne na inshora daga haɗarin bin dokoki (compliance risk) wanda ke ƙara yawan ribar da aka tara.

Kammalawa: Neman Daidaito

To, yaushe ne aka wuce gona da iri? Idan doka ta sa fasahar da ya kamata ta kasance mai sauƙi ta fara zama mai wahala da cikas, to tabbas an wuce gona da iri.

Idan ya mayar da masu amfani cikin tarkon dillalan da suke ƙoƙarin tserewa, to ya gaza cimma burinsa. Amma ƙarfin tsarin crypto yana cikin yanayinsa na sauƙin canzawa. Lokacin da tsadar kuɗi da dogon tsarin mulki suka toshe babbar ƙofa, al'ummomi suna gina ƙofar gefe ta hanyar ingantawa da kyakkyawan aiki.

Misali mai kyau na sauƙin canzawa da ingancinsa shi ne bunƙasar tsarin albarkatu a cikin hanyar sadarwa ta TRON. Samun mafi kyawun farashi don buƙatun hada-hadar ku daga masu samarwa daban-daban na iya zama mai wahala, tunda farashi yana canzawa dangane da buƙatar hanyar sadarwa ko wadatar kuɗi (liquidity) na mai samarwa. Wannan shi ne inda Netts ya shigo ciki.

Netts yana ba ku wuri guda na tattara bayanai - TRON Price Comparison inda za ku sami wurin kwatanta farashin Energy kai tsaye (Kwatanta sama da masu samarwa fiye da 20). Tare da Netts, masu amfani za su iya samun makamashi (energy) mafi arha nan take — wanda galibi ya kai kashi 90% cikin sauƙi fiye da ƙone (burning) TRX — kuma su yi hayar sa cikin sauƙi da dannawa ɗaya. Ko don tura kuɗi sau ɗaya ne ko kuma biyan kuɗi na kowane wata, Netts.io yana tabbatar da cewa koyaushe kuna bin hanya mafi inganci don duk ayyukanku na kan-hanya (on-chain), kuma bunƙasar tsarin kuɗi na bai-ɗaya (decentralized finance) ba zai fita daga iko ba koda kuwa yanayin dokoki ya yi gajimare.