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題名 重省我國區塊鏈融資架構
A Study On Rethinking Taiwan’s Blockchain Financing System作者 林淇羨
Lin, Chi-Sian貢獻者 劉連煜
Liu, Len-Yu
林淇羨
Lin, Chi-Sian關鍵詞 區塊鏈融資
ICOs
STOs
Blockchain日期 2020 上傳時間 2-Sep-2020 12:21:52 (UTC+8) 摘要 區塊鏈技術的發展對傳統金融生態系產生重大衝擊,基於其獨特的「去中心化」、「高安全性」與「可追蹤性」等特徵,區塊鏈技術被廣泛運用於各領域。就金融領域而言,以發行虛擬代幣形式向大眾募集資金之 ICO 最為重要,然其法規監理的不明確性雖為發行者帶來發行成本低的好處,但投資人無法獲得法律保障,導致 ICO 詐騙案興起,各國逐漸加強管制力道,使 ICO 熱潮消退。取而代之的是結合 ICO 發行成本低與籌資快速等優點,並克服 ICO 法律監管不明確缺點之 STO 快速興起。我國亦搭上這股熱潮,櫃買中心於 2020 年 1月 20 日釋出 STO 管理辦法,作為我國 STO 監管架構。然該管理辦法未解決小額籌資最顧慮的高發行成本問題,且過度限制投資人參與STO,甚至可能形成無證券商願興辦 STO 業務,導致我國 STO 無從發行的窘境。對此本文提出短期與長期建議供各界參考,期望對我國發展區塊鏈新興科技有所助益。
The development of blockchain technology has had a significant impact on the traditional financial ecosystem. Based on its unique characteristics of "decentralization", "high security" and "traceability", blockchain technology is widely used in various fields.As far as the financial field is concerned, ICO, which issues virtual tokens to raise funds from the public, is the most important.However, the uncertainty of its regulatory supervision has brought benefits to issuers with low issuing costs, but investors can not obtain legal protection, which leads to the rise of ICO fraud cases. Countries gradually strengthen their supervision, so that the boom of ICO fades.Instead, STO, which combines the advantages of low issuance cost and rapid financing of ICO, and overcomes the shortcomings of unclear legal supervision of ICO, is rising rapidly.Taiwan has also caught up with this upsurge. Taipei Exchange(TPEx) released the STO management measures as the regulatory framework on January 20, 2020.However, this management method doesn’t solve the problem of high issuance cost which is the most concerned about smalloffering, and excessively limits investors` participation in STO, which may even lead to the dilemma that no securities are willing to set up STO business, leading to the dilemma that Taiwan’s STO can’t be issued.參考文獻 中文資料書籍1. 王聖雯,ICO 市場的法律問題與監管研究,元照,2018 年 9 月。2. 劉連煜,現代證券交易法實例研習,元照,2019 年 9 月,16 版。期刊論文1. 吳孟道,代幣經濟 ICO 是機會還是危機,會計研究月刊,第 398期,頁 46-51,2019 年 1 月。2. 林玟君,區塊鏈智能合約的契約法問題,國立中正大學法學集刊,第 63 集,頁 127-183,2019 年 4 月。3. 陳恭,智能合約的發展與應用,財金資訊季刊,第 90 期,頁 33-39,2017 年 10 月。4. 郭大維,聚沙成塔─論我國對股權群眾募資之規範,當前公司與證券法制新趨勢─賴英照講座教授七秩華誕祝賀論文集,頁 747-770,2016 年 8 月。5. 黃海寧、鍾典宴,我國證券型代幣發行監理新頁ᅳ募資、平台與監管,會計研究月刊,第 412 期,頁 103-107,2020 年 3 月。6. 黃曉盈,協助微型企業發展-我國推動股權群眾募資之成果檢討,證券暨期貨月刊,第三十四卷第十一期,頁 5-12,2016 年 11 月。7. 楊雅婷、張瑞星,淺談證券型代幣(STO)法規監管趨勢,財金法學研究,第 2 卷第 2 期,頁 293-311,2019 年 6 月。8. 楊智翔,「創意櫃檯—創櫃板」專題介紹,證券暨期貨月刊,第三十二卷第四期,頁 15-24,2014 年 4 月。9. 楊岳平,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,台大法學論叢,第 48 卷,頁 1279-1374,2019年 11 月。10. 臧正運、曾宛如、方嘉麟,從區塊鏈融資論眾募規範趨勢,月旦法學雜誌,第 273 期,頁 72-105,2018 年 2 月。11. 羅鈺珊,分散式帳本與區塊鏈的應用現況與挑戰,經濟前瞻,第 173 期,頁 79-84,2017 年 9 月。主管機關報告1. 金融監督管理委員會,金管會再次提醒社會大眾投資比特幣等虛擬商品的風險。2. 金融監督管理委員會,金管會提醒社會大眾有關 ICO 的風險。3. 金融監督管理委員會,金管會對「證券型代幣發行(SecurityToken Offering,STO) 相關規範」之說明。主管機關函示1. 金管會金管證發字第 1050008370 號函。2. 金管會金管證發字第 10400140147 號函。3. 財政部(76)臺財證(二)字第 6934 號函。外國主管機關報告1. 中國證券監督管理委員會,關於防範代幣發行融資風險的公告。2. 香港證券及期貨事務監察委員會,有關首次代幣發行的聲明。3. 香港證券及期貨事務監察委員會,有關證券型代幣發行的聲明。4. 香港證券及期貨事務監察委員會,監管虛擬資產交易平台立場書。其他資料1. 黃 彥 棻 , 臺 灣 司 法 證 據 保 全 引 進 區 塊 鏈 技 術 , 網 址 :https://www.ithome.com.tw/news/130738。2. Yahsin Huang , 不 可 不 知 淺 談 ERC721 與 ERC20 ,網址 :https://blockcast.it/2018/04/07/erc721-erc20-ethereum-token-standard/。3. 風傳媒,臧正運觀點:金融科技創新監理芻議-監理沙盒在台灣,網址:https://www.storm.mg/article/160609。4. 洪雅筠,韓國財政部正考慮對加密貨幣、ICO 進行徵稅,2018 年12 月 4 日,網址: https://cnews.com.tw/005181204a04/。5. KTrade,金管會將比特幣視為「虛擬商品」?顧立雄:持續觀察,網址: https://www.ktrade-official.com/post/2017/10/24/%E9%87%91%E7%AE%A1%E6%9C%83%E5%B0%87%E6%AF%94%E7%89%B9%E5%B9%A3%E8%A6%96%E7%82%BA%E3%80%8C%E8%99%9B%E6%93%AC%E5%95%86%E5%93%81%E3%80%8D%EF%BC%9F-%E9%A1%A7%E7%AB%8B%E9%9B%84%EF%BC%9A%E6%8C%81%E7%BA%8C%E8%A7%80%E5%AF%9F 。6. 證券櫃檯買賣中心,創櫃板公司市場現況,網址:https://www.tpex.org.tw/web/gisa/announce/GisaHighlight.php?l=zh-tw。7. 證券櫃檯買賣中心,股權性質群眾募資設立目的,網址:https://www.tpex.org.tw/web/option/index.php?l=zh-tw。英文資料期刊文章1. Jonathan Rohr & Aron Wright, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of PublicCapital Markets, 70 Hastings L.J. 463-524(2019).2. Vesna Harasic, It’s not just about the Money: A Comparative Analysis of the Regulatory Status of Bitcion under Various Domestic Securities Laws, 3 AM.U.BUS.L.REV. 483-496(2014).外國主管機關報告1. Australian Securities & Investments Commission, Initial coin offerings.2. Australian Securities & Investments Commission, Initial coin offerings and crypto-assets.3. Canadian Securities Administrators, CSA Staff Notice 46-307-Cryptocurrency Offerings.4. Canadian Securities Administrators, CSA Staff Notice 46-308-Securities Law Implications for Offerings of Tokens.5. Financial Conduct Authority, Guidance on Cryptoassets.6. Financial Conduct Authority, Guidance on Cryptoassets-Feedback and Final Guidance to CP 19/3.7. Monetary Authority of Singapore, A Guide to Digital TokenOfferings.8. Securities and Exchange Commission, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO.9. Securities and Exchange Commission, Rule 504 of Regulation D: A Small Entity Compliance Guide for Issuers.10. Securities and Exchange Commission, Rule 506 of Regulation D.11. Securities and Exchange Commission, Amendments to Regulation A: A Small Entity Compliance Guide.12. Securities and Exchange Commission, Regulation Crowdfunding: A Small Entity Compliance Guide for Issuers.13. Strategic Hub for Innovation and Financial Technology of the Securities and Exchange Commission, Framework for “Investment Contract” Analysis of Digital Assets.14. SEC, In re Munchee, Inc., Release No. 10445.15. Swiss Financial Supervisory Authority, Guidelines for enquiries regarding the regulatory framework for initial coin offerings.16. TurnKey Jet, Inc., SEC No-Action Letter .法院判決1. Reves v. Ernst & Young, 494 U.S. 56, 110 S. Ct. 945, 108 L. Ed. 2d 47 (1990).2. SEC v. W.J. Howey Co.,328U.S.293(1946).3. SEC v. Cont`l Commodities Corp., 497 F,2d 516, 522 (5th Cir. 1974).4. Sec. & Exch. Comm`n v. Glenn W. Turner Enterprises, Inc., 474 F.2d 476 (9th Cir. 1973)5. S.E.C. v. Edwards, 540 U.S. 389, 124 S. Ct. 892, 157 L. Ed. 2d 813 (2004).6. SEC v. Ralston Purina Co., 346 U.S. 119, 125 (1953).7. Steed Fin. LDC v. Nomura Sec. Int`l, Inc., No. 00 CIV. 8058 (NRB), 2001 WL 1111508 (S.D.N.Y. Sept. 20, 2001)8. SEC v. Cont’l Tobacco Co. of S.C., 463 F.2d 137, 158 (1972).9. United Hous. Found., Inc. v. Forman, 421 U.S. 837, 95 S. Ct. 2051, 44 L. Ed. 2d 621 (1975).10. Uselton v. Commercial Lovelace Motor Freight, Inc., 940 F.2d 564 (10th Cir. 1991).11. Wals v. Fox Hills Dev. Corp., 24 F.3d 1016 (7th Cir. 1994).其他資料1. Ethereum, What is Ethereum, available at: https://ethereum.org/what-is-ethereum/.2. Cointime, J.R.Willett, The Man Who Created ICO: There Is Only One Use Case of Blockchain, available at: http://www.cointime.com/blockchain/11251.html.3. ICODATA.IO, Funds Raised, available at: https://www.icodata.io/stats/2018.4. Napoleon Group, What are the differences between an IPO and an ICO, available at: https://medium.com/napoleonx-ai/what-are-thedifferences-between-an-ipo-and-an-ico-4bd5ca89215a.5. William Hinman, Digital Asset Transactions: When Howey Met Gary, available at: https://www.sec.gov/news/speech/speech-hinman061418.6. Rakesh Sharma, SEC Chair Says Bitcoin Is Not A Security, available at: https://www.investopedia.com/news/sec-chair-says-bitcoin-notsecurity/.7. Daniel Roberts, SEC tightens the noose on ICO-funded startups, available at: https://decrypt.co/3622/sec-tightens-the-noose-on-icofunded-startups.8. Syed Shoeb, What Makes Singapore the Blockchain and Crypto Haven? available at: https://www.tokens24.com/exclusive/what-makessingapore-the-blockchain-and-crypto-haven (last visited: Apr.15, 2020).9. Robert Hackett, 7 Reasons Why China Banned ICOs, available at: https://fortune.com/2017/09/05/china-bitcoin-blockchain-ico-ban/.10. Hailey Jo, In a country known for its “bitcoin zombies,” one-third of workers are crypto investors(Dec. 28, 2017), available at:https://qz.com/1166103/a-third-of-south-korean-workers-have-investedin-cryptocurrencies-like-bitcoin/.11. Jung Min Lee、Samuel Yim、Joon Young Kim,Blockchain &Cryptocurrency Regulation 2020 Korea (Oct.23, 2019), available at:https://www.globallegalinsights.com/practice-areas/blockchain-laws-andregulations/korea.12. Kevin Helms, South Korea Updates ICO Stance After 3-Month Investigation (Feb.1, 2019),available at: https://news.bitcoin.com/southkorea-updates-ico-policy/. 描述 碩士
國立政治大學
法律學系
106651036資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106651036 資料類型 thesis dc.contributor.advisor 劉連煜 zh_TW dc.contributor.advisor Liu, Len-Yu en_US dc.contributor.author (Authors) 林淇羨 zh_TW dc.contributor.author (Authors) Lin, Chi-Sian en_US dc.creator (作者) 林淇羨 zh_TW dc.creator (作者) Lin, Chi-Sian en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 12:21:52 (UTC+8) - dc.date.available 2-Sep-2020 12:21:52 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 12:21:52 (UTC+8) - dc.identifier (Other Identifiers) G0106651036 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131662 - 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) 106651036 zh_TW dc.description.abstract (摘要) 區塊鏈技術的發展對傳統金融生態系產生重大衝擊,基於其獨特的「去中心化」、「高安全性」與「可追蹤性」等特徵,區塊鏈技術被廣泛運用於各領域。就金融領域而言,以發行虛擬代幣形式向大眾募集資金之 ICO 最為重要,然其法規監理的不明確性雖為發行者帶來發行成本低的好處,但投資人無法獲得法律保障,導致 ICO 詐騙案興起,各國逐漸加強管制力道,使 ICO 熱潮消退。取而代之的是結合 ICO 發行成本低與籌資快速等優點,並克服 ICO 法律監管不明確缺點之 STO 快速興起。我國亦搭上這股熱潮,櫃買中心於 2020 年 1月 20 日釋出 STO 管理辦法,作為我國 STO 監管架構。然該管理辦法未解決小額籌資最顧慮的高發行成本問題,且過度限制投資人參與STO,甚至可能形成無證券商願興辦 STO 業務,導致我國 STO 無從發行的窘境。對此本文提出短期與長期建議供各界參考,期望對我國發展區塊鏈新興科技有所助益。 zh_TW dc.description.abstract (摘要) The development of blockchain technology has had a significant impact on the traditional financial ecosystem. Based on its unique characteristics of "decentralization", "high security" and "traceability", blockchain technology is widely used in various fields.As far as the financial field is concerned, ICO, which issues virtual tokens to raise funds from the public, is the most important.However, the uncertainty of its regulatory supervision has brought benefits to issuers with low issuing costs, but investors can not obtain legal protection, which leads to the rise of ICO fraud cases. Countries gradually strengthen their supervision, so that the boom of ICO fades.Instead, STO, which combines the advantages of low issuance cost and rapid financing of ICO, and overcomes the shortcomings of unclear legal supervision of ICO, is rising rapidly.Taiwan has also caught up with this upsurge. Taipei Exchange(TPEx) released the STO management measures as the regulatory framework on January 20, 2020.However, this management method doesn’t solve the problem of high issuance cost which is the most concerned about smalloffering, and excessively limits investors` participation in STO, which may even lead to the dilemma that no securities are willing to set up STO business, leading to the dilemma that Taiwan’s STO can’t be issued. en_US dc.description.tableofcontents 第一章 緒論 第1頁第一節 研究動機與目的 第1頁第二節 研究範圍與方法 第2頁第三節 研究架構 第2頁第二章 區塊鏈生態圈 第4頁第一節 區塊鏈技術簡介 第4頁第二節 智能合約 第6頁第三節 以太坊 第8頁第四節 小結 第9頁第三章 ICO運作模式 第10頁第一節 ICO的定義與簡介 第10頁第二節 ICO的種類 第10頁第三節 ICO的操作模式 第11頁第四節 ICO與IPO的異同 第13頁第四章 各國ICO的監管模式 第17頁第一節 ICO監管模式種類 第17頁第二節 各國對ICO的監管方式 第18頁第三節 STO的興起 第75頁第五章 我國代幣發行現狀 第77頁第一節 證券交易法規定 第77頁第二節 金管會立場演進 第77頁第三節 評析 第78頁第四節 函令的具體適用 第79頁第五節 STO管理辦法說明 第82頁第六節 評析 第88頁第七節 借鏡香港STO規範 第90頁第六章 小額籌資管道 第95頁第一節 美國多元籌資管道 第95頁第二節 我國的多元發行管道 第103頁第七章 結論 第115頁參考文獻 第119頁 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106651036 en_US dc.subject (關鍵詞) 區塊鏈融資 zh_TW dc.subject (關鍵詞) ICOs en_US dc.subject (關鍵詞) STOs en_US dc.subject (關鍵詞) Blockchain en_US dc.title (題名) 重省我國區塊鏈融資架構 zh_TW dc.title (題名) A Study On Rethinking Taiwan’s Blockchain Financing System en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文資料書籍1. 王聖雯,ICO 市場的法律問題與監管研究,元照,2018 年 9 月。2. 劉連煜,現代證券交易法實例研習,元照,2019 年 9 月,16 版。期刊論文1. 吳孟道,代幣經濟 ICO 是機會還是危機,會計研究月刊,第 398期,頁 46-51,2019 年 1 月。2. 林玟君,區塊鏈智能合約的契約法問題,國立中正大學法學集刊,第 63 集,頁 127-183,2019 年 4 月。3. 陳恭,智能合約的發展與應用,財金資訊季刊,第 90 期,頁 33-39,2017 年 10 月。4. 郭大維,聚沙成塔─論我國對股權群眾募資之規範,當前公司與證券法制新趨勢─賴英照講座教授七秩華誕祝賀論文集,頁 747-770,2016 年 8 月。5. 黃海寧、鍾典宴,我國證券型代幣發行監理新頁ᅳ募資、平台與監管,會計研究月刊,第 412 期,頁 103-107,2020 年 3 月。6. 黃曉盈,協助微型企業發展-我國推動股權群眾募資之成果檢討,證券暨期貨月刊,第三十四卷第十一期,頁 5-12,2016 年 11 月。7. 楊雅婷、張瑞星,淺談證券型代幣(STO)法規監管趨勢,財金法學研究,第 2 卷第 2 期,頁 293-311,2019 年 6 月。8. 楊智翔,「創意櫃檯—創櫃板」專題介紹,證券暨期貨月刊,第三十二卷第四期,頁 15-24,2014 年 4 月。9. 楊岳平,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,台大法學論叢,第 48 卷,頁 1279-1374,2019年 11 月。10. 臧正運、曾宛如、方嘉麟,從區塊鏈融資論眾募規範趨勢,月旦法學雜誌,第 273 期,頁 72-105,2018 年 2 月。11. 羅鈺珊,分散式帳本與區塊鏈的應用現況與挑戰,經濟前瞻,第 173 期,頁 79-84,2017 年 9 月。主管機關報告1. 金融監督管理委員會,金管會再次提醒社會大眾投資比特幣等虛擬商品的風險。2. 金融監督管理委員會,金管會提醒社會大眾有關 ICO 的風險。3. 金融監督管理委員會,金管會對「證券型代幣發行(SecurityToken Offering,STO) 相關規範」之說明。主管機關函示1. 金管會金管證發字第 1050008370 號函。2. 金管會金管證發字第 10400140147 號函。3. 財政部(76)臺財證(二)字第 6934 號函。外國主管機關報告1. 中國證券監督管理委員會,關於防範代幣發行融資風險的公告。2. 香港證券及期貨事務監察委員會,有關首次代幣發行的聲明。3. 香港證券及期貨事務監察委員會,有關證券型代幣發行的聲明。4. 香港證券及期貨事務監察委員會,監管虛擬資產交易平台立場書。其他資料1. 黃 彥 棻 , 臺 灣 司 法 證 據 保 全 引 進 區 塊 鏈 技 術 , 網 址 :https://www.ithome.com.tw/news/130738。2. 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