自2014年以來穩定幣出現後,穩定幣此一產品即呈現穩定成長之狀況,並逐漸在密碼資產世界成為最為重要的金融工具之一。但或許係因2020年疫情爆發前穩定幣皆未在主流金融圈中佔據重要地位,因此各國對穩定幣監管皆採取較為放任之態度,亦尚未對其有明確之監管架構,也變相造成穩定幣對金融穩定、金融消費者保護等產生了一定程度之風險,如過去曾發生之USDT與USDC儲備不實案件等,即為此類風險之體現。 台灣與其他國家相似,現階段針對密碼資產之監管討論僅停留在證券性質密碼資產(STO)監管的階段,而尚未對包含穩定幣之其他密碼資產有更進一步之監管策略或發想。有鑒於此,本文希望於穩定幣對台灣金融穩定產生巨大風險前,藉由比較法研究之方式,分析各國目前規劃中之監理思考、手段及策略,並分析台灣現行法制下,包括銀行法、證券交易法、證券投資信託與投顧法以及電子支付機構管理條例等法律,是否可能成為台灣監管穩定幣之法制基礎,並探討相對應的合適修正方向,以因應穩定幣此一有別於其他金融工具的特殊金融產品。 本文研究發現,除美國因有聯邦與州之間的監管權限分配問題,導致聯邦因而傾向採用銀行之監管模式外,英國與歐盟目前之監管方向皆採用類似台灣電子支付機構之監管架構,並針對穩定幣之去中心化特性做出對應之法規調整。是以本文建議台灣或可考慮使用現行之電子支付機構管理條例作為基礎,並於資本額、資產隔離、責任分配等層面做出相對應之調整,以作為台灣穩定幣監管之手段。
Since its debut at 2014, stablecoins have continued to grow and have now positioned itself as one of the most important financial instruments in the crypto-world. Further, as stablecoins have never occupied a significant role in the traditional financial world until recently, there is a lack of stablecoin regulation from countries and jurisdictions, brewing problems both in terms of financial stability and financial consumer protection. The lack of regulation has resulted in problems such as the USDT and USDC cases which failed to honor their promises regarding reserve maintenance. Taiwanese regulation for stablecoins is not an exception. Taiwan is still stuck at discussing regulations for security tokens and thus has never taken the next step into regulating stablecoins and other crypto-aseet. Therefore, this thesis would like to draw on the current discussions, expected regulatory framework, and projected policy for stablecoin regulations in other countries and jurisdictions and use it as a benchmark for determining which regulation framework Taiwan should use and how Taiwan should modify its current regulations to regulate stablecoins. Potential applicable Taiwanese regulation models may include banking regulation, securities regulation, securities investment trust regulation, and electronic payments regulation. After studying the case of United States, European Union and United Kingdom, this thesis discovered that beside the United States which adopts banking regulation on the federal level to regulate stablecoins due to its federal-state regulatory framework, both the United Kingdom and European Union have decided to use the regulatory framework similar to the electronic payment regulation in Taiwan with partial modification to contain the decentralized nature of stablecoins. Therefore, this thesis suggests that Taiwan may consider using electronic payment regulations as the basis and modify certain clauses, including the capital requirement, asset segregation, and attribution of liability, to regulate stablecoins.
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