Un risque sur le long terme ?

<!doctype html> <html lang="fr-FR" class="no-js"> <head> <meta charset="UTF-8"> <title> Un risque sur le long terme ? – CDBF </title> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <script type="text/javascript"> /* <![CDATA[ */ var gform;gform||(document.addEventListener("gform_main_scripts_loaded",function(){gform.scriptsLoaded=!0}),document.addEventListener("gform/theme/scripts_loaded",function(){gform.themeScriptsLoaded=!0}),window.addEventListener("DOMContentLoaded",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>"function"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn("The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 3.1."),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener("gform_main_scripts_loaded",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener("gform/theme/scripts_loaded",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener("DOMContentLoaded",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook("action",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook("filter",o,r,e,t)},doAction:function(o){gform.doHook("action",o,arguments)},applyFilters:function(o){return gform.doHook("filter",o,arguments)},removeAction:function(o,r){gform.removeHook("action",o,r)},removeFilter:function(o,r,e){gform.removeHook("filter",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+"_"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){"function"!=typeof(t=o.callable)&&(t=window[t]),"action"==r?t.apply(null,e):e[0]=t.apply(null,e)})),"filter"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}}); /* ]]> */ </script> <meta name="viewport" content="width=device-width, initial-scale=1.0, minimum-scale=1.0"> <meta name="theme-color" content="#ea2221"> <link href="https://cdbf.ch/wp-content/themes/cdbf/img/favicon.ico" rel="shortcut icon"> <link href="https://cdbf.ch/wp-content/themes/cdbf/img/apple-touch-icon.png" rel="apple-touch-icon-precomposed"> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' /> <style>img:is([sizes="auto" i], [sizes^="auto," i]) { contain-intrinsic-size: 3000px 1500px }</style> <link rel="alternate" href="https://cdbf.ch/1260/" hreflang="fr" /> <link rel="alternate" href="https://cdbf.ch/de/1260/" hreflang="de" /> <link rel="alternate" href="https://cdbf.ch/en/1260/" hreflang="en" />  <title>Un risque sur le long terme ? – CDBF</title> <link rel="canonical" href="https://cdbf.ch/1260/" /> <meta property="og:locale" content="fr_FR" /> <meta property="og:locale:alternate" content="de_DE" /> <meta property="og:locale:alternate" content="en_GB" /> <meta property="og:type" content="article" /> <meta property="og:title" content="Finance décentralisée : Un risque sur le long terme ? - CDBF" /> <meta property="og:description" content="Le 10 novembre 2022, la FINMA a publié son rapport annuel sur le monitorage des risques. Ce rapport informe sur les sept risques que la FINMA considère comme étant significatifs pour l’industrie financière. On y trouve le risque de taux, le risque de crédit pour les hypothèques, le risque de crédit pour les autres crédits, […]" /> <meta property="og:url" content="https://cdbf.ch/1260/" /> <meta property="og:site_name" content="CDBF" /> <meta property="article:published_time" content="2022-12-02T06:40:51+00:00" /> <meta property="article:modified_time" content="2024-06-21T15:56:41+00:00" /> <meta name="author" content="Yannick Caballero Cuevas" /> <meta name="twitter:card" content="summary_large_image" />  <link rel='dns-prefetch' href='//fonts.googleapis.com' /> <link rel="alternate" type="application/rss+xml" title="CDBF » Flux" href="https://cdbf.ch/feed/" /> <link rel="alternate" type="application/rss+xml" title="CDBF » Flux des commentaires" href="https://cdbf.ch/comments/feed/" /> <link rel="alternate" type="application/rss+xml" title="CDBF » Un risque sur le long terme ? 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/> <a class="btn btn-secondary" href="https://cdbf.ch/category/finance_numerique/">Plus d'articles en relation</a> </div> <div class="col-lg-9 order-0 order-lg-1 the_content"> <div class="px-lg-4 px-xl-5 position-relative"> <h2 class="h5 font-light"><span class="text-red">Finance décentralisée</span></h2> <h1> Un risque sur le long terme ? </h1>  <nav class="mobile-only mt-4 d-flex align-items-center"> <a class="bubble bubble-lg mb-2 mr-2" href="https://cdbf.ch/author/yannick-caballero-cuevas/"> <img class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2021/06/yannick-caballero-150x150.jpeg" /> </a> <h6 class="text-uppercase text-black font-light mb-2 mr-4"> <a class="text-black" href="https://cdbf.ch/author/yannick-caballero-cuevas/"> Yannick Caballero Cuevas</a> </h6> </nav>  <div class="d-flex align-items-center justify-content-start"> <ul class="nav translations-list"> <li class="lang-item lang-item-1423 lang-item-de lang-item-first"><a lang="de-DE" hreflang="de-DE" href="https://cdbf.ch/de/1260/">Deutsch</a></li> <li class="lang-item lang-item-1369 lang-item-en"><a lang="en-GB" hreflang="en-GB" href="https://cdbf.ch/en/1260/">English</a></li> </ul> </div> <div class="lead mt-4"> <p>Le 10 novembre 2022, la FINMA a publié son <a href="https://www.finma.ch/fr/~/media/finma/dokumente/dokumentencenter/myfinma/finma-publikationen/risikomonitor/20221110-finma-risikomonitor-2022.pdf?sc_lang=fr&hash=21C4016AC18D0084333C4809E0408E7D" target="_blank" rel="noopener">rapport</a> annuel sur le monitorage des risques. Ce rapport informe sur les sept risques que la FINMA considère comme étant significatifs pour l’industrie financière. On y trouve le risque de taux, le risque de crédit pour les hypothèques, le risque de crédit pour les autres crédits, le risque d’écart de rendement, les risques liés aux cyberattaques, le risque en matière de lutte contre le blanchiment d’argent ainsi qu’en matière de sanctions et le risque lié aux difficultés d’accès aux marchés étrangers. La majorité des risques mentionnés sont liés de près ou de loin à la situation géopolitique et économique tendue de cette année.</p> <p>Dans sa rubrique sur les risques et tendances à long terme, la FINMA aborde également le thème de la finance décentralisée (DeFi). Hasard du calendrier, un jour après la publication du rapport, la plateforme de cryptomonnaies FTX se <a href="https://cdbf.ch/reperages/des-manquements-elementaires-dans-la-gestion-de-ftx/" target="_blank" rel="noopener">déclarait</a> en faillite sous le chapitre 11 du <em>U.S. bankruptcy code</em>.</p> <p>La FINMA désigne la DeFi comme étant « des applications très diverses s’appuyant sur des infrastructures de <a href="https://cdbf.ch/lexique/blockchain/" target="_blank" rel="noopener"><em>blockchains</em></a> et qui permettent de proposer des applications financières telles que les opérations de négoce ou de crédit » (pour une définition plus spécifique, cf. <a href="https://cdbf.ch/lexique/finance-decentralisee-defi/" target="_blank" rel="noopener">cdbf.ch/lexique/finance-decentralisee-defi</a>). Pour la FINMA, le dénominateur commun des projets DeFi est l’utilisation de <em>blockchains </em>ouvertes – comme <a href="https://cdbf.ch/lexique/ethereum/" target="_blank" rel="noopener">Ethereum</a> ou <a href="https://cdbf.ch/lexique/solana-sol/" target="_blank" rel="noopener">Solana</a> – afin de traiter des transactions financières de manière automatisée et sans intervention d’intermédiaires financiers traditionnels. Bien que la DeFi vise une décentralisation, la FINMA constate que de nombreux projets DeFi sont exploités ou contrôles par une poignée de personnes ou d’entreprises. Ainsi, l’élément de décentralisation serait l’écosystème des <em>blockchains</em>, mais non la gouvernance des projets DeFi. En outre, la FINMA relève un manque de transparence de certains projets DeFi, ce qui pose un problème en matière de protection des investisseurs, puisqu’ils n’auraient pas accès aux informations pertinentes, notamment sur les risques.</p> <p>Dans son rapport, la FINMA rappelle que l’appréciation des projets DeFi se fonde sur une approche économique. L’application de la réglementation prudentielle se fait au regard des principes <em>same business, same risks, same rules </em>et <em>substance over form</em>. Les défis en matière de surveillance des projets DeFi sont notamment l’attribution des responsabilités selon le droit actuel des marchés financiers et l’inadéquation des concepts réglementaires actuels en raison de l’absence d’intermédiaires clairement identifiables. Par ailleurs, la compétence à raison du lieu est difficilement déterminable, car – comme le relève la FINMA – les projets DeFi n’ont ni présence, ni substance identifiable dans un pays spécifique, ce qui pose des questions en matière de surveillance et collaboration transfrontière.</p> <p>En matière de risques, la FINMA distingue ceux pour les clients privés et ceux pour les acteurs institutionnels. Pour les clients privés, le risque majeur est la perte de valeurs patrimoniales due principalement aux fortes fluctuations des cryptomonnaies, d’erreurs de conception de l’application DeFi, de cyberattaques ou encore de fraude. Concernant les acteurs institutionnels, ils sont notamment exposés à des risques opérationnels, juridiques et de réputation. En raison de l’utilisation limitée des applications DeFi, ces dernières ne représentent pas un risque systémique à l’heure actuelle. Les derniers déboires dans la cryptosphère semblent confirmer ce constat. Cependant, si leur utilisation venait à se généraliser parmi les acteurs institutionnels, la FINMA reconnait que la DeFi pourrait menacer la stabilité des marchés financiers traditionnels.</p> <p>À notre avis, l’approche adoptée par la FINMA s’agissant de la DeFi doit être saluée. En effet, elle réitère son approche pragmatique et laisse de côté les débats dogmatiques sur le sujet. Il est indéniable que l’actualité 2022 a mis en lumière les défaillances de certains projets DeFi, comme le <em>stablecoin</em> <a href="https://cdbf.ch/lexique/terrausd-ust/" target="_blank" rel="noopener">TerraUSD</a> ou encore la plateforme d’échange FTX. Pour cette dernière, des manquements élémentaires en matière de gouvernance et de tenue des états des lieux financiers ressortent – à ce stade – des <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MTM1MjUxMQ==&id2=-1" target="_blank" rel="noopener">documents</a> de la procédure de faillite. Cela démontre que la finance décentralisée n’est pas étrangère aux problématiques rencontrées par la finance traditionnelle lors des crises financières. 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