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題名 我國密碼資產交易平台之監理研究
A Study on the Supervision of Crypto-assets Trading Platforms in Taiwan作者 楊承璇
Yang, Chen-Hsuan貢獻者 王文杰<br>臧正運
Wang, Wen-Chieh<br>Tsang, Cheng-Yun
楊承璇
Yang, Chen-Hsuan關鍵詞 虛擬通貨
加密資產
數位資產
證券型代幣
虛擬貨幣
交易所
STO
IEO
ICO日期 2019 上傳時間 5-Sep-2019 16:23:57 (UTC+8) 摘要 在比特幣推波助瀾下，全球掀起一波密碼資產(Crypto Asset)投 資熱潮，而本文研究之「密碼資產交易平台(Crypto-asset Trading Platform)」身為密碼資產市場中重要的流通市場，除卻扮演交易撮 合角色外，亦兼具清算結算、資產託管、自營商等等複合型角色，其 利益衝突的風險不言而喻，故近年亦頻傳「交易量造假」、「挪用或侵 吞用戶資產」、「平台被駭客入侵」等問題，因此喚起國際各金融主管 機關對交易平台的監理意識，故本文希望藉由分析密碼資產及交易平 台的本質與市場發展，並進一步分析交易平台之金融市場的潛在風險, 並參考國際準則制訂組織（SSBs）與美國、加拿大、香港、新加坡之 監理方針，並以此反思我國針對交易平台之法制健全性是否已足,並 評析金管會近期推出的「證券型代幣發行(Security Token Offering, STO) 相關規範」法案，最後本文將綜合風險評估與現況監管不足之 處提出總體性的立法建議 參考文獻 參考文獻一、 中文書籍1. 王志誠，(2017)。現代金融法(三版)，台北：新學林。2. 李榮謙，(2012)。貨幣銀行學(十版)，台北：智勝文化。3. 楊東，(2017)。鍊金有法-區塊鏈商業實踐與法律指南，北京：北京航空航天大學出版社。4. 邱聰智，(2002)。新訂債法各論（中），台北：元照。5. 張冠群，(2015)，危機後系統性重要銀行及金融機構監理法規之變革兼評我國現行銀行監理制度-財經法新課題與新趨勢（二），台北：元照。6. 劉連煜，(2016)。證券交易法實例研習(十四版)，台北：元照。二、 中文期刊論文1. 王儷玲，(2019)。從ICO衍生問題談區塊鏈創新之挑戰，遠見雜誌，第393期。2. 王志誠，(2016)。股權群眾募資之新里程-兼論證券商經營股權性質群眾募資平臺業務之法制發展及課題， 華岡法粹，第 61 期，頁1-58。3. 王詠心，(2014)。後金融海嘯時代-證券期貨市場監理之國際趨勢，財團法人孫運璿學術基金會，頁56-58。4. 李姿瑩，(2018)。美國ULC公布統一虛擬貨幣事業監管規範建議，科技法律透析，30:5期，頁15-21。5. 李英正，(2007)。網路交易適用消保法郵購買賣規範之探討，消費者保護研究，第 10 輯，137 頁。6. 陳恭，(2018)。運用區塊鏈打造公共治理新局面，國土與公共治理季刊，第6卷第4期，頁50-61。7. 羅鈺珊，（2017），分散式帳本與區塊鏈的應用現況與挑戰，經濟前瞻，169期，頁79 - 84。8. 唐長兵，(2017)，PoW共識演算法中的博弈困境分析與優化，自動化學報，第 43 卷第 9 期，頁1521-1531。9. 徐肇鴻，(2013)，由經濟論點論銀行體系中系統風險之成因及事後處理機制之規範原則 ，東吳法律學報，第24卷第3期，頁87 - 124。10. 陳美菊，(2009)，全球金融危機之成因、影響及因應，經濟研究第九期，頁261-296。11. 楊偉文，(2009)，金融監理機關功能性組織調整之研究， 臺北大學法學論叢第 70 期，頁157-255 頁。12. 鄭秀霙，(2010)，美國金融改革法店頭衍生性商品集中結算之研究，期貨與選擇權學刊 ，5卷2期， 頁29 – 84。13. 郭土木，(2000)，期貨交易詐欺及內線交易行為之探討，證券暨期貨管理，18卷第3期， 頁 1-12。14. 楊岳平，(2018)，首次代幣發行與證券監理法制─以臺灣證券交易法下「證券」的定義為中心，月旦財經法雜誌，第43期， 頁135-164。三、 中文網站1. 蔡曜如，金融危機對金融體系與總體經濟之影響，瀏覽日期2019年7月10日，檢自：https：//www.cbc.gov.tw/public/Attachment/02616193371.pdf2. 王可言，經濟日報-區塊鏈、代幣經濟和產業創新，瀏覽日期2019年7月10日，檢自： https：//money.udn.com/money/story/5629/36821033. 以太坊（Ethereum）是什麼？首次代幣眾籌（ICO）如何讓以太幣超越比特幣？，瀏覽日期2019年7月10日，檢自：https：//www.bnext.com.tw/article/44959/what-is-ethereum-and-how-ico-become-the-reason-that-ether-exceeds-bitcoin4. 區塊鏈運作原理大剖析，瀏覽日期2019年7月10日，檢自：https：//www.ithome.com.tw/news/1053745. 為你解說區塊鏈應用：以太坊、以太幣、智能合約，瀏覽日期2019年7月10日，檢自：https：//medium.com/@astromnhsu/%E7%82%BA%E4%BD%A0%E8%A7%A3%E8%AA%AA%E5%8D%80%E5%A1%8A%E9%8F%88%E6%87%89%E7%94%A8-%E4%BB%A5%E5%A4%AA%E5%9D%8A-%E4%BB%A5%E5%A4%AA%E5%B9%A3-%E6%99%BA%E6%85%A7%E5%90%88%E7%B4%84-a134c118b8dd6. 陳恭，智能合約的發展與應用， 瀏覽日期2019年7月10日，檢自：https：//www.fisc.com.tw/Upload/b0499306-1905-4531-888a.../TC/9005.pdf8. 報告：ICO專案平均有5項漏洞，約7成智能合約有安全風險，瀏覽日期2019年7月10日，檢自：https：//www.ithome.com.tw/news/1241389. 運行在區塊鏈上的交易所 ，瀏覽日期2019年7月10日，檢自：https：//medium.com/taipei-ethereum-meetup/%E9%81%8B%E8%A1%8C%E5%9C%A8%E5%8D%80%E5%A1%8A%E9%8F%88%E4%B8%8A%E7%9A%84%E4%BA%A4%E6%98%93%E6%89%80-%E4%B8%8B-a5d8fe13961610. 如何用比特幣私鑰創建以太坊地，瀏覽日期2019年7月10日，檢自：https//medium.com/cryptocow/%E5%A6%82%E4%BD%95%E7%94%A8%E6%AF%94%E7%89%B9%E5%B9%A3%E7%A7%81%E9%91%B0%E5%89%B5%E5%BB%BA%E4%BB%A5%E5%A4%AA%E5%9D%8A%E5%9C%B0%E5%9D%80-f500d7429b7511. 工商時報，證券型虛擬通貨 金管會納管，瀏覽日期2019年7月10日，檢自：https：//ctee.com.tw/news/finance/114521.html12. 臺灣首例公開ICO，募資平臺自行開發!沃田咖啡用以太坊推出2100萬個咖啡幣，瀏覽日期2019年7月10日，檢自：https：//www.ithome.com.tw/news/11962913. 月旦會計網，證券型代幣公開發行（Security Token Offering， STO）於我國與國外之發展，瀏覽日期2019年7月10日，檢自：http：//www.angle.com.tw/accounting/current/post.aspx？ipost=371814. ICO 已死：九成新幣瀕臨倒閉，散戶、發行公司都死無全屍 ，瀏覽日期2019年7月10日，檢自：https：//buzzorange.com/techorange/2018/03/13/ico-already-dead/15. 應用場景的ICO顯得愈發彌足珍貴，瀏覽日期2019年7月10日，檢自：https：//www.wanlianzhijia.com/News/show/id/3205.html16. 工商時報，投資人被騙怕了 全球ICO急凍，瀏覽日期2019年7月10日，檢自：https：//www.chinatimes.com/newspapers/20180730000214-260205？chdtv17. 數位時代，解密ICO：華麗的詐術還是區塊鏈落地的破壞式創新， 瀏覽日期2019年7月10日，檢自：https：//www.bnext.com.tw/article/50798/ico-top-818. 許崇恩，經濟日報-區塊鏈趨勢/IEO 風潮席捲而來 什麼魔力讓萬人響應， 瀏覽日期2019年7月10日，檢自：https//money.udn.com/money/story/5597/381435819. 交易所拿自己的信譽背書IEO 能重建市場信心，瀏覽日期2019年7月10日，檢自：https：//www.blocktempo.com/can-ieo-help-market-regain-confidence/23. 託管及非託管交易所資訊需知，瀏覽日期2019年7月10日，檢自：https//medium.com/%E5%AF%B6%E5%B3%B6%E9%87%91%E8%9E%8Dformosafinancial/%E8%A8%97%E7%AE%A1%E5%8F%8A%E9%9D%9E%E8%A8%97%E7%AE%A1%E4%BA%A4%E6%98%93%E6%89%80%E8%B3%87%E8%A8%8A%E9%9C%80%E7%9F%A5-b63637ffd39c24. 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COBINHOOD 現在只剩陳泰元一人，用戶資金提領問題依舊，瀏覽日期2019年7月10日，檢自：https：//www.blocktempo.com/popo-cobinhood-withdrawal-issue-need-ex-cto-to-fix/32. 臺灣證券交易所，美國證券市場相關制度，瀏覽日期2019年7月10日，檢自： https//www.twse.com.tw/ch/products/publication/download/0003000161.pdf33. 陳德霖 ，金管局總裁2018年9月21日於財資市場高峰會的發言，瀏覽日期2019年7月10日，檢自：https：//www.hkma.gov.hk/chi/key-information/insight/20180921.shtml34. 香港金管局，有關首次代幣發行的聲明，瀏覽日期2019年7月10日，檢自：https：//www.sfc.hk/web/TC/news-and-announcements/policy-statements-and-announcements/statement-on-initial-coin-offerings.html35. 何謂集合投資計劃 ，瀏覽日期2019年7月10日，檢自：https：//www.consumer.org.hk/ws_chi/choice/445_0636. 證監會訂立守則或指引，瀏覽日期2019年7月10日，檢自：https：//www.elegislation.gov.hk/hk/cap571!zh-Hant-HK37. 香港金管局，網上分銷及投資諮詢平台指引，瀏覽日期2019年7月10日，檢自： https：//www.sfc.hk/web/TC/assets/components/codes/files-current/zh-hant/guidelines/guidelines-on-online-distribution-and-advisory-platforms/guidelines-on-online-distribution-and-advisory-platforms.pdf38. 香港金管局，非複雜及複雜產品 ，瀏覽日期2019年7月10日，檢自：https：//www.sfc.hk/web/TC/rules-and-standards/suitability-requirement/non-complex-and-complex-products/39. 香港證監會， 持牌人或註冊人操守準則， 瀏覽日期2019年7月10日，檢自： https：//www.sfc.hk/web/TC/assets/components/codes/files-current/zh-hant/codes/%E8%AD%89%E5%88%B8%E5%8F%8A%E6%9C%9F%E8%B2%A8%E4%BA%8B%E5%8B%99%E7%9B%A3%E5%AF%9F%E5%A7%94%E5%93%A1%E6%9C%83%E6%8C%81%E7%89%8C%E4%BA%BA%E6%88%96%E8%A8%BB%E5%86%8A%E4%BA%BA%E6%93%8D%E5%AE%88%E6%BA%96%E5%89%87/%E8%AD%89%E5%88%B8%E5%8F%8A%E6%9C%9F%E8%B2%A8%E4%BA%8B%E5%8B%99%E7%9B%A3%E5%AF%9F%E5%A7%94%E5%93%A1%E6%9C%83%E6%8C%81%E7%89%8C%E4%BA%BA%E6%88%96%E8%A8%BB%E5%86%8A%E4%BA%BA%E6%93%8D%E5%AE%88%E6%BA%96%E5%89%87.pdf40. 香港立法會，對虛擬資產投資活動的監管（ 在立法會會議上胡志偉議員的提問和財經事務及庫務局局長劉怡翔的書面答覆），瀏覽日期2019年7月10日，檢自：https：//www.info.gov.hk/gia/general/201904/03/P2019040300268.htm42. 香港證監會，可能規管虛擬資產交易平台營運者的概念性框架，瀏覽日期2019年7月10日，檢自： https//www.sfc.hk/web/TC/files/ER/PDF/App%202%20%20Conceptual%20framework%20for%20VA%20trading%20platform%20（final）_chi.pdf43. 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國立政治大學
法律學系
1056510081資料來源 http://thesis.lib.nccu.edu.tw/record/#G1056510081 資料類型 thesis dc.contributor.advisor 王文杰<br>臧正運 zh_TW dc.contributor.advisor Wang, Wen-Chieh<br>Tsang, Cheng-Yun en_US dc.contributor.author (Authors) 楊承璇 zh_TW dc.contributor.author (Authors) Yang, Chen-Hsuan en_US dc.creator (作者) 楊承璇 zh_TW dc.creator (作者) Yang, Chen-Hsuan en_US dc.date (日期) 2019 en_US dc.date.accessioned 5-Sep-2019 16:23:57 (UTC+8) - dc.date.available 5-Sep-2019 16:23:57 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2019 16:23:57 (UTC+8) - dc.identifier (Other Identifiers) G1056510081 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125678 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 法律學系 zh_TW dc.description (描述) 1056510081 zh_TW dc.description.abstract (摘要) 在比特幣推波助瀾下，全球掀起一波密碼資產(Crypto Asset)投 資熱潮，而本文研究之「密碼資產交易平台(Crypto-asset Trading Platform)」身為密碼資產市場中重要的流通市場，除卻扮演交易撮 合角色外，亦兼具清算結算、資產託管、自營商等等複合型角色，其 利益衝突的風險不言而喻，故近年亦頻傳「交易量造假」、「挪用或侵 吞用戶資產」、「平台被駭客入侵」等問題，因此喚起國際各金融主管 機關對交易平台的監理意識，故本文希望藉由分析密碼資產及交易平 台的本質與市場發展，並進一步分析交易平台之金融市場的潛在風險, 並參考國際準則制訂組織（SSBs）與美國、加拿大、香港、新加坡之 監理方針，並以此反思我國針對交易平台之法制健全性是否已足,並 評析金管會近期推出的「證券型代幣發行(Security Token Offering, STO) 相關規範」法案，最後本文將綜合風險評估與現況監管不足之 處提出總體性的立法建議 zh_TW dc.description.tableofcontents 第壹章 緒論 11第一節 研究動機及目的 11第二節 研究問題及方法 11第三節 研究架構 12第貳章 密碼資產概論與區塊鏈技術 13第一節 密碼資產之起源與定義 13第一項 密碼資產之起源 13第二項 密碼資產之定義與統一產業術語 15第二節 密碼資產與區塊鏈技術 18第一項 分散式帳本技術與共識機制 18第二項 以太坊與智能合約 20第三項 密碼資產之交易流程與錢包業者 23第三節 密碼資產之分類與市場 24第一項 密碼資產的分類 24第二項 密碼資產之發行與市場發展 28第四節 本章小結 32第參章 密碼資產交易平台概論與風險分析 33第一節 交易平台之發展與運作架構 33第一項 交易平台之定義與角色 33第二項 對於交易平台的業務分類 34第三項 交易平台之分類 38第四項 交易平台之市場發展 43第二節 交易平台之監管挑戰與風險： 55第一項 檢驗交易平台現存風險的標準與說明 55第二項 尚不具系統性風險 56第三項 具有法律風險 61第四項 具有信用風險 63第五項 具有流動性風險 66第六項 具有一般營業風險 68第七項 具有保管和投資風險 70第八項 具有作業風險 71第九項 具有洗錢及資恐風險 77第三節 本章小結 78第肆章 密碼資產及交易平台之國際監理趨勢-以SSBs、美國、加拿大、香港、新加坡為中心 80第一節 國際準則制定組織（SSBs）的監理趨勢 80第一項 巴塞爾銀行監理委員會（BCBS） 80第二項 支付與市場基礎設施委員會（CPMI） 81第三項 金融穩定委員會（FSB） 82第四項 經濟合作暨發展組織（OECD） 83第五項 國際證券委員會組織（ IOSCO） 84第六項 防制洗錢金融行動工作組織（FATF） 85第一節 美國之監理趨勢 86第一項 前言 86第二項 針對密碼資產及交易平台所涉之證券監理規範 88第三項 針對密碼資產及交易平台所涉之洗錢防制-美國財政部金融犯罪防制署（FinCEN） 102第四項 針對密碼資產及交易平台所涉之商品說明不實-美國商品期貨交易委員會（CFTC） 105第五項 美國各州對於密碼資產交易平台之監理趨勢 108第二節 加拿大之監理趨勢 123第一項 前言 123第二項 針對密碼資產及交易平台所涉之證券監理規範 125第三項 密碼資產交易平台與監理沙盒 130第四項 針對密碼資產及交易平台所涉之洗錢防制-加拿大金融交易和報告分析中心（FINTRAC） 131第三節 香港之監理趨勢 132第一項 前言 132第二項 針對密碼資產及交易平台所涉之證券監理規範 134第三項 針對密碼資產所涉之商品說明不實-香港海關之消費者保護 140第四項 針對密碼資產所涉之洗錢防制-香港海關與金管局（HKMA） 141第五項 密碼資產交易平台與監理沙盒 142第四節 新加坡之監理趨勢 144第一項 前言 144第二項 針對密碼資產及交易平台所涉之證券監理規範 145第三項 密碼資產交易平台與監理沙盒- Sandbox Express 155第四項 針對密碼資產所涉之洗錢防制與支付服務法 156第五節 本章小結 158第伍章 我國密碼資產交易平台之監理趨勢 162第一節 密碼資產於我國法制之定性 162第一項 密碼資產並非貨幣，而屬虛擬商品 162第二項 具證券性質之密碼資產有價證券 167第二節 密碼資產交易平台於我國法之監理框架 171第一項 前言 171第二項 非證券型代幣之交易平台之監理 172第三項 針對證券型代幣及交易平台之監理 176第四項 密碼資產交易平台之洗錢防制 183第五項 自律組織之角色 185第六項 監理沙盒 190第三節 本章小結 192第陸章 本文建議與結論 194第一節 資訊揭露與智能合約 194第二節 密碼資產託管風險與投資人保護之健全 195第三節 交易平台的分級執照設立與內控機制強化 196第四節 結論 197參考文獻 199 zh_TW dc.format.extent 2321403 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1056510081 en_US dc.subject (關鍵詞) 虛擬通貨 zh_TW dc.subject (關鍵詞) 加密資產 zh_TW dc.subject (關鍵詞) 數位資產 zh_TW dc.subject (關鍵詞) 證券型代幣 zh_TW dc.subject (關鍵詞) 虛擬貨幣 zh_TW dc.subject (關鍵詞) 交易所 zh_TW dc.subject (關鍵詞) STO en_US dc.subject (關鍵詞) IEO en_US dc.subject (關鍵詞) ICO en_US dc.title (題名) 我國密碼資產交易平台之監理研究 zh_TW dc.title (題名) A Study on the Supervision of Crypto-assets Trading Platforms in Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 參考文獻一、 中文書籍1. 王志誠，(2017)。現代金融法(三版)，台北：新學林。2. 李榮謙，(2012)。貨幣銀行學(十版)，台北：智勝文化。3. 楊東，(2017)。鍊金有法-區塊鏈商業實踐與法律指南，北京：北京航空航天大學出版社。4. 邱聰智，(2002)。新訂債法各論（中），台北：元照。5. 張冠群，(2015)，危機後系統性重要銀行及金融機構監理法規之變革兼評我國現行銀行監理制度-財經法新課題與新趨勢（二），台北：元照。6. 劉連煜，(2016)。證券交易法實例研習(十四版)，台北：元照。二、 中文期刊論文1. 王儷玲，(2019)。從ICO衍生問題談區塊鏈創新之挑戰，遠見雜誌，第393期。2. 王志誠，(2016)。股權群眾募資之新里程-兼論證券商經營股權性質群眾募資平臺業務之法制發展及課題， 華岡法粹，第 61 期，頁1-58。3. 王詠心，(2014)。後金融海嘯時代-證券期貨市場監理之國際趨勢，財團法人孫運璿學術基金會，頁56-58。4. 李姿瑩，(2018)。美國ULC公布統一虛擬貨幣事業監管規範建議，科技法律透析，30:5期，頁15-21。5. 李英正，(2007)。網路交易適用消保法郵購買賣規範之探討，消費者保護研究，第 10 輯，137 頁。6. 陳恭，(2018)。運用區塊鏈打造公共治理新局面，國土與公共治理季刊，第6卷第4期，頁50-61。7. 羅鈺珊，（2017），分散式帳本與區塊鏈的應用現況與挑戰，經濟前瞻，169期，頁79 - 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