論穩定幣之法制

穩定幣為一崛起之新興金融工具，為試圖解決虛擬通貨之價格波動性，進而發展出與具有可比性之資產掛勾之穩定幣，藉此成為加密市場之支付工具。而穩定幣類型，本文則以各穩定幣背後所支持之資產類型為區別標準，分為資金代幣化穩定幣、鏈下擔保穩定幣、鏈上擔保穩定幣及演算法穩定幣，分別研究各種類穩定幣之運作模式。欲審視穩定幣之監理法制，首要針對穩定幣進行定性，有認為穩定幣屬於活期存款，從而應以存款保險規範加以監理，惟本文對此見解持保留態度，除因穩定幣符合投資契約要件而該當有價證券外，前開見解將會形成穩定幣發行人成為銀行之謬論，故此將存有對於系統性風險之錯估與法規套利的二嚴重問題。職此，既穩定幣該當有價證券，即須落入我國證券交易法進行監理，故本文探求我國STO規範監理穩定幣，然而，除對於現行STO規範之批判外，穩定幣實則具備有別於傳統證券之特殊性，應跳脫傳統證券交易法對於證券之監理方式。綜合觀察，SEC委員提出之Rule 195草案係最為符合吾人對於穩定幣之監理願景，希冀透過此一為穩定幣（即虛擬通貨）量身訂製之監理規範概念，以實現普惠金融並創造我國特有的實體與虛擬共存共榮的金融市場。

關鍵字

穩定幣；擔保；虛擬通貨；擠兌；存款；投資契約； Howey Test ； Reves Test ；系統性風險

並列摘要

Stablecoins are emerging financial instruments derived from cryptocurrency which attempt to address the price volatility of cryptocurrency. For low volatility, stablecoins develop their stabilization mechanism which is linked to comparable assets (mostly fiat currency), thereby becoming payment instruments in the crypto market. Hence, the types of stablecoins can also be divided into four by their backed asset: capital tokenized stablecoins, off-chain backed stablecoins, on-chain backed stablecoins, and algorithmic stablecoins. As for the nature of stablecoins, commentators argue that stablecoins are classified as demand deposits and therefore should be regulated by deposit insurance regulations. Nevertheless, this article is at odds with that because stablecoins meet the requirements of investment contracts and should be securities, also, the previous view will lead to the paradox that the issuer of stablecoins becomes a bank (causing regulatory arbitrage) and the misevaluation of systemic risk. In addition to the above, commentators also argue that the issue of stablecoins accords with the requirements of the Banking Act of The Republic of China §29-1, accordingly FSC can regulate stablecoins by that. However, this article disagrees because of the line between depositor and investor and the one between direct finance and indirect finance. As stablecoins should be securities, they must be regulated by the Securities and Exchange Act, thus, this article explores the regulation of stablecoins through STO regulations. Additionally, despite the criticism of the current STO regulations, we are aware that stablecoins are cryptocurrencies with more distinctive features than typical securities, as a result, they should be treated far from the way traditional securities are regulated under the Securities and Exchange Act to avoid stifling innovation while protecting investors. Overall, the proposal of rule 195 which was suggested by the SEC commissioner is most in line with our vision for the regulation of stablecoins. It is looking forward to realizing inclusive finance and creating a unique financial market where currency and cryptocurrency live long and prosper through this tailored regulation arrangement.

並列關鍵字

Stablecoins ； Warranty ； Cryptocurrency ； Run on Banks ； Deposits ； Investment Contract ； Howey Test ； Reves Test ； Systemic Dangers

參考文獻

莊永丞（2007），〈論保單貼現金融商品是否為證券交易法之有價證券〉，《法令月刊》， 58 卷 3 期，頁 61-73 。https://doi.org/10.6509/TLM.200703_58(3).0005

楊岳平（2019），〈區塊鏈時代下的證券監管思維挑戰：評金管會最新證券型虛擬通貨監管方案〉，《臺大法學論叢》，48 卷特刊，頁 1279-1374。https://doi.org/10.6199/NTULJ.201911_48(SP).0001

Salami, I. (2020). Decentralised Finance The Case for a Holistic Approach to Regulating the Crypto Industry, Journal of International Banking and Financial Law, 35(7), 496-499. https://doi.org/10.2139/ssrn.3733647

Wilmarth, A. E. (2022). It@@$$s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks. Banking & Financial Services Policy Report, 41(2), 1-20. https://doi.org/10.2139/ssrn.4000795

Wilmarth, A. E. (2021, August 6). The Pandemic Crisis Shows that the World Remains Trapped in a @@$$Global Doom Loop@@$$ of Financial Instability, Rising Debt Levels, and Escalating Bailouts. Banking & Financial Services Policy Report, 40(8), 1-26. https://doi.org/10.2139/ssrn.3901967

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