虛擬貨幣之法律性質與監理規範

Legal Theories and Supervision Norms of Cryptocurrency

宋皇志(Huang-Chih Sung) ； 吳婕華(Jie-Hua Wu)

《臺北大學法學論叢》 117期 (2021/03) Pp. 133-211

摘要

區塊鏈與虛擬貨幣之發明帶動金融科技之蓬勃發展，但也被少數有心份子利用做為犯罪工具，如何監管以在防弊與興利間取得平衡，成為法學研究之重要課題。從比較法觀點研析各國對虛擬貨幣之立場，輔以我國法制現況之研析，歸結出有效貨幣說、虛擬商品說、有價證券說及金融工具說等四種，本文傾向支持金融工具說。研析國際間對虛擬貨幣交易之監理方式，發現可以區分成：註冊許可制、不禁止但發布風險警示、以及明令禁止等三種，本文認為管制規範應明確讓業者有遵循依據。首次代幣發行係基於區塊鏈技術與虛擬貨幣之新穎籌資模式，國際上之監管可區分成全面事前核准制、區別事前核准制、未禁止但發布風險警示、及嚴格禁止等四種模式，建議我國採區別事前核准制，以是否具有證券性質為區分標準。最新發展之證券型代幣發行係以真實資產作為支持且滿足監管要求的數位憑證，是值得肯定的發展方向。

關鍵字

虛擬貨幣 ； 區塊鏈 ； 監理 ； 金融科技 ； 首次代幣發行 ； 證券型代幣發行

並列摘要

The invention of blockchain and cryptocurrency prospers the development of financial technology while at the same time it has also been used as an instrument for crime by a minority. Hence how to regulate cryptocurrency and strike a balance between crime prevention and profits cultivation has become an important issue. This article analyzes the stances of various countries on the nature of cryptocurrency from a comparative aspect, concluding three major theories: ＂Valid Currency Theory＂, the ＂Virtual Commodity Theory＂, the ＂Securities Theory＂, and the ＂Financial Tool Theory＂, and elaborates in favor of the ＂Financial Tool Theory＂. This article further analyzes the supervision taken by different countries on the trade of cryptocurrency and summarizes three major types: supervision with the registration requirement, no supervision but warning risks, and complete prohibition. This article believes the regulations should be clearly stipulated to allow the industry to comply with it. As for an innovative funding method of blockchain and cryptocurrency - Initial Coin Offering (the ＂ICO＂), this article classifies the regulations among different countries into four types: complete approval requirement, segment approval requirement, no prohibition but warnings risks, and strict prohibition. This article proposes to apply the approval-required type to the country and to distinguish the cases by examining whether the natures of the ICO are similar to securities. Furthermore, this article introduces the newest developed Security Token Offering (the ＂STO＂), a digital certificate that uses actual assets for support and meets the requirements of regulations. This article believes that STO is a worth developing area for the regulation of cryptocurrency.

並列關鍵字

Cryptocurrency ； Blockchain ； Supervision ； Financial Technology ； Initial Token Issuance ； Security Token Offering

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