第三方支付法制之研究——以沈澱資金監管為核心

隨著第三方支付業務的發展，給金融監理帶來新的挑戰。關於現行各地區針對第三方支付的立法，主要有以下兩種監管模式：一種是專法模式，訂立新法例針對提供支付中介服務之第三方電子支付機構進行監管，係機構性監管；另一種是非專法模式，透過擴大解釋或延伸既存之金融相關規範，將非金融機構的支付業務納入傳統監管範圍中，與其餘可以從事支付業之金融機構受到同質之監管，係功能性監管。伴隨第三方支付平台的壯大，許多地區的第三方支付機構的規模已經不亞於一些中小銀行，涉及到的使用者資金規模也在不斷增加中，各地區偶有發生支付機構挪用客戶沈澱資金或爆出資安事件等，且隨著虛擬貨幣逐漸走向大眾視野，虛擬貨幣交易所是否納入金融監理，官方目前也尚未有明確態度，倘支付機構因重大違規、經營不善等問題結束營業或破產時，缺乏配套的保障機制，沈澱資金存在缺口，將會嚴重損害使用者權利。本文在明確第三方支付概念之後，著重介紹四個地區關於第三方支付及其沈澱資金之監管現況，再觀察台灣第三方支付及其沈澱資金現行監管情形，以及整理2021年金管會新修之電子支付機構管理條例之調整變化。最後，通過前述分析為基礎，藉由全盤檢視台灣支付規範，針對台灣之沈澱資金及其監管提出本文認為其中之監理問題與相關修法建議。

關鍵字

第三方支付；沈澱資金；電子支付機構管理條例；虛擬貨幣；存管

並列摘要

It brings new challenges for financial supervision with the development of third-party payment market. With regard to the exsiting legislation in relation to third-party payment, two modes of supervision are mainly adopted. One is the mode of special legislation, enacting new laws to regulate third-party electronic payment institutions which provide intermediary payment services, i.e. institutional supervision . The other is the mode of non-specialized legislation, i.e. functional supervision, incorporating the payment business of non-financial institutions into the traditional regulatory scope by means of extensive interpretation or expanding the existing financial-related laws and regulations, so as that payment business of non-financial institutions is subject to homogeneous regulation as other financial institutions that can engage in the payment business. With the growth of third-party payment platforms, the size of third-party payment institutions in many regions is no less than that of some small and medium-sized banks. Funds involved in third-payment platform is also increasing and occasionally, customers' precipitated funds has been misappropriated by payment institutions or funds safety incidents are revealed in various areas. As the virtual currency is gradually coming into the public view, the authorities have not yet made a clear attitude on whether the virtual currency exchange will be subject to financial supervision. Suppose a payment institution closes its business or goes bankrupt due to major irregularities or mismanagement,in that case, the lack of supporting protection mechanism and precipitated funds will seriously undermine the rights of person who use the third-party payment institution. This paper will firstly explain the concept of third-party payment, and then focuses on the current situation of supervision in four regions with regard to the third-party payment and its precipitated funds. The current regulation in Taiwan concerning third-party payment and its precipitated funds will be introducd, and then the changes of the newly revised regulations on electronic payment institutions by the FSC in 2021 will be analyzed. Finally, based on the aforementioned analysis, the paper proposes the regulatory issues and relevant amendment proposals for Taiwan's sedimentation funds and their regulation by means of a comprehensive review of Taiwan's payment regulations.