- 學位論文
加密貨幣交易所之監理法制——以系統性風險為中心
Regulating the Systemic Risk Posed by Centralized Cryptocurrency Exchanges
摘要
近來加密貨幣交易所的倒閉事件顯示使用者在交易所受到駭客攻擊、存在詐騙事件以及管理不當等資訊流出時，會爭先恐後地撤出資金——撤出對象並及於實際上體質健全的交易所。蓋使用者預期並害怕在未來交易所的一系列破產或清算過程中將受到資產不流動或貶值的風險。此顯示加密貨幣交易所的易擠兌性，特別是集中式交易所。實則，集中式交易所涉及類似銀行的營運模式：其為使用者資金提供存儲服務，同時擁有事實上權限去自由運用該等存儲資金。若監管者持續忽略此等議題，加密貨幣交易所可能在其能茁壯並嘉惠於人類社會之前便因大規模擠兌事件而出現系統性的倒閉現象。 本文主要聚焦在提供一個可行的監管框架來處理加密貨幣交易所中潛在的系統性風險，至少是加密系統性風險。在加密貨幣活動越趨頻繁之際，應是監管者開始關注加密系統性風險的時刻。本文經由對影子銀行的反思，進一步針對加密擠兌、加密系統性風險、甚而由加密貨幣交易所可能引起的宏觀經濟危機等議題提出一個解決方案：特殊加密銀行（Narrow Crypto Bank）的智慧監理框架。特殊加密銀行的設置目的在集中處理集中式加密貨幣交易所的系統性風險、課予特殊加密銀行一定額度的資本適足率義務、類似存款保險的備置義務、或清算計劃的提出責任等宏觀審慎監管的措施，同時分散監管風險在各集中式交易所之間，以降低個別交易所負擔。在本文所建議的監理框架中，除非集中式加密貨幣交易所能提出一個使特殊加密銀行對使用者的存儲資產有更多控制力的營運方式，否則集中式加密貨幣交易所將被要求移轉加密資產私鑰之一部給特殊加密銀行，同時配合多方簽名智慧合約來執行使用者的下單交易。本文以為，此特殊加密銀行模式結合監管者欲採的宏觀審慎監管策略與智慧監理脈絡，使得監管者與事業營運者均得獲益，而能達到雙贏局面。
並列摘要
The recent cryptocurrency exchange shut-down events showed how users scrambled to withdraw funds deposited in exchanges, including healthy exchanges, after information concerning hacking, scams, and mismanagement spilled over into the market. Users feared illiquidity or devaluation of assets in further bankruptcy or insolvency procedures. This illustrates the run-prone characteristics of cryptocurrency exchange, especially centralized exchange. Centralized exchange engages in bank-like activity: it acts as a custodian for users’ funds with the de facto discretion of utilizing those funds. If regulators continue to disregard the issue, the cryptocurrency exchange industry will be systematically dragged down by crypto run before it can be of benefit to human beings. This article aims to offer a feasible framework for addressing potential systemic risk, at least crypto-systemic risk, posed by centralized cryptocurrency exchange. This is the right time to materialize centralized exchange. This paper proposes a smart-regulatory framework of Narrow Crypto Bank licensing by employing the shadow banking theory. A centralized cryptocurrency exchange will be required to transfer systemic risk to the Narrow Crypto Bank in an economical manner. The centralized exchanges will transfer one of the splited private keys to a Narrow Crypto Bank equipped with the Multi-signature Smart Contract technology, unless another method guarantees more effective control over the stored crypto assets of the Narrow Crypto Bank. The Narrow Crypto Bank approach combines attempted macroprudential regulation and the smart regulation mindset, which can be beneficial for regulators and business operators.