論基於分散式帳本技術之密碼學資產的監管框架

基於分散式帳本技術與密碼學技術之各類密碼學資產因其技術及經濟上獨有之特性帶來諸多新興之風險，其中又以消費者與投資人保護之風險與洗錢及資恐之風險為最。本文自比特幣之技術特性與共識機制出發，研究其係如何創造出「無須信任的信任架構」並將其應用於社會各處既有之「中介者信任架構」中，亦討論以太坊區塊鏈之智能合約功能如何打造出各項嶄新之去中心化應用。而各類密碼學資產搭配性質各異之發行、託管移轉與資產管理以及交易活動等亦衍生不同程度之監管挑戰。本文研究美國、英國及日本等主要國家之監管框架如何回應前揭挑戰，並評價各國監管框架之優缺點及討論不同國家在政策選擇上之光譜定位，此外亦統整我國當前之監管概況並討論我國當前潛在之監管問題，進而綜合分析不同國家之監管措施是否得以作為我國建立監管框架上之借鏡。最終提出本文之建議，即建構一個分階段與分層級之新監管框架。

關鍵字

密碼學資產；分散式帳本技術；密碼學技術；比特幣；去中心化；監管框架；信任架構

並列摘要

Cryptographic assets based on distributed ledger technologies and cryptographic technologies have brought many emerging risks due to their unique technical and economic characteristics, among which, the risk of consumer and investor protection, the risk of money laundering and financial terrorism are the most important. This paper examines how Bitcoin creates a “trustless trust” architecture and applies it to existing “intermediary trust” architectures in various parts of society, and discusses how the Ethereum blockchain creates new decentralized applications by its smart contract feature. Various crypto-assets activities such as issuance, custody, transfer, asset management and trading also create different levels of regulatory challenges. This paper also conducts analysis on how the regulatory frameworks of major countries such as the United States, the United Kingdom and Japan have tackled the aforementioned challenges, evaluates the strengths and weaknesses of their regulatory frameworks, as well as discusses the positioning of the spectrum of policy choices in different countries. In addition, this paper also reflects a comprehensive overview on the current regulatory landscape in Taiwan with the angle on the potential regulatory issues and further identifies which the regulatory approaches can best serve as a good reference for establishing a new framework with different stages and levels of controls.