首次代幣發行之架構及相關問題探討

The Structure and Legal Issues of Initial Coin Offering

黃朝琮(Chao-Tsung Huang)

《臺北大學法學論叢》 111期 (2019/09) Pp. 1-94

摘要

本文以首次代幣發行（initial coin offering，以下簡稱「ICO」）為對象，探討其交易架構及相關議題，而首先觀察其所使用的四項基礎技術：公開金鑰加密、區塊鏈技術、加密貨幣及智能契約，再解析其運作的基本架構與運作機制。在此基礎上，本文接續探討ICO之代幣是否屬於有價證券，以及ICO之準據法、管轄法院、紛爭解決機制、資訊揭露與周邊單位監理等議題，並討論ICO與群眾募資之關係，以在既有文獻上，作更進一步開展。

關鍵字

ICO ； 區塊鏈 ； 公開金鑰加密 ； 智能契約 ； 加密貨幣 ； 代幣 ； 有價證券 ； Howey測試 ； SAFT計畫 ； 工作量證明機制

並列摘要

This article explores the deal structure of initial coin offering (the ＂ICO＂) and the relevant legal issues. It first identifies the four related underlying technologies: public-key cryptography, blockchain, smart contract and cryptocurrency and then analyzes the structure and mechanism of ICO. Based on the above, this articles further discusses whether the tokens issued in the ICO constitute securities that should be subject to securities regulations as well as other legal issues such as how to decide a ICO's governing law, what is the court that has jurisdiction over a ICO, the proper dispute resolution mechanism, the items that should be disclosed in a ICO and the scrutiny of the relevant players, as well as the relationship between the ICO and crowdfunding.

並列關鍵字

ICO ； Blockchain ； Public-key Cryptography ； Smart Contract ； Cryptocurrency ； Token ； Securities ； Howey Test ； SAFT Project ； Proof of Work

參考文獻

Couture, Wendy Gerwick, The Risk of Regulatory Arbitrage: A Response to Securities Regulation in Virtual Space, 74 WASH. & LEE L. REV. ONLINE 234, 234-246 (2018).

Didenko, Anton & Buckley, Ross P., The Evolution of Currency: Cash to Cryptos to Sovereign Digital Currencies, 42 FORDHAM INT’L L. J. 1041, 1041-1094 (2019).

Epstein, Rachel, "Smart Securities" and the Future of Securities Regulation, 90 N. Y. ST. B. J. 34, 34-38 (2018).

Fenwick, Mark, Kaal, Wulf A. & Vermeulen, Erik P. M., Legal Education in the Blockchain Revolution, 20 VAND. J. ENT. & TECH. L. 351, 351-383 (2017).

Gatteschi, Valentina, Lamberti, Fabrizio, Demartini, Claudio, Pranteda, Chiara & Santamaría, Víctor, To Blockchain or Not to Blockchain: That Is the Question, 20 IT PROFESSIONAL 62, 62-74 (2018).