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題名 論以國際投資法保障虛擬資產之可行性
The Possibility of Safeguarding Cryptoassets Through International Investment Law作者 王郁婷
Wang, Yu-Ting貢獻者 薛景文
Hsueh, Ching-Wen
王郁婷
Wang, Yu-Ting關鍵詞 國際投資法
虛擬資產
區塊鏈
涵蓋投資
投資地主國
International Investment Law
Cryptoassets
Blockchain
Covered Investment
Host State日期 2022 上傳時間 5-Jan-2023 15:15:37 (UTC+8) 摘要 虛擬資產於2008年中本聰發表區塊鏈論文後開始蓬勃發展，目前可被大致區分為支付型代幣、功能型代幣、證券型代幣及NFT，各型態具有其各自之特性。虛擬資產的蓬勃發展，加上其存在於無遠弗屆之網路上，進行投資相對容易，因此虛擬資產的跨國投資相繼出現。另一方面，虛擬資產的蓬勃發展也引起各國之關注，各國之監理機關近年來逐步對虛擬資產進行監管，雖監管規範尚在演進中，各國之監管力度及方式亦有所差異，然仍不排除對進行虛擬資產的投資人產生不利影響，造成其損害之可能性。此時對於進行跨國虛擬資產投資之投資人，即產生是否得以國際投資法主張相關保障之問題。惟虛擬資產係奠基於區塊鏈技術上，而區塊鏈技術之使用使虛擬資產產生不同於傳統投資資產，具備不具實體性、匿名性等特性，可能造成認定上的困難，且身為新型態之資產是否能被國際投資法下各國間所簽訂的投資保障協定所涵蓋亦產生疑問。一般而言，投資人若欲主張透過投資保障協定保障其投資，該投資必須是投資保障協定中所欲保障之涵蓋投資，且投資人必須證明其為該投資之投資人，及該投資發生於投資人所欲主張之投資地主國。然而，投資保障協定之涵蓋投資多未直接載明包含虛擬資產，且匿名並存在於網路上不具實體之虛擬資產，該如何認定投資人，及如何認定發生於何國境內皆產生疑問。本文認為，透過投資協定中對於涵蓋投資定義的用語，及仲裁庭過往對於投資之認定標準，虛擬資產可能被認為屬於投資類型之一。另一方面，投資人之身分則可透過所持有的公私鑰被清楚的判定。而在投資發生地認定上，雖虛擬資產不具實體性，但根據過往仲裁庭之認定，基於投資的不同類型，即使投資完全未發生實體於地主國內，仍可能透過投資資金之流向以認定投資發生國。本文透過採用資本最終用途之判斷標準，認為無實體呈現之虛擬資產應以其投資人所投資資本的最終用途認定投資發生地。最後本文根據通篇之論述，認為虛擬資產是可能落入投資協定之保障範圍內，投資人也可能主張透過投資協定各類的實體規範，尋求投資協定所給予之權益。惟僅限於功能型及證券型代幣類型之虛擬資產，支付型與NFT類型者則由於投資發生地的認定困難，投資人將較難以主張投資協定之保護。
Cryptoassets began to flourish after Satoshi Nakamoto published a blockchain paper in 2008. At present, they can be roughly divided into four categories, payment tokens, utility tokens, security tokens, and NFTs, each of which has their own characteristics. With the vigorous development of cryptoassets, coupled with their existence on the far-reaching network, it is relatively easy to invest, so cross-border investment in cryptoassets has emerged one after another. On the other hand, the vigorous development of cryptoassets has also attracted the attention of various countries. In recent years, supervisory agencies in various countries have gradually supervised cryptoassets. The development of all may have an adverse impact on investors who conduct cryptoassets and cause their damage. At this time, for investors who invest in cross-border cryptoassets, the question of whether they can claim relevant protection under international investment laws arises. However, cryptoassets are based on blockchain technology, and the use of blockchain technology makes cryptoassets different from traditional investment assets, with characteristics such as non-physical and anonymous, which may cause difficulties in identification, and as a new it is also questionable whether certain types of assets can be covered by investment agreements signed between countries under international investment law.Generally speaking, if an investor wants to claim protection of his investment through an investment protection agreement, the investment must be covered by the investment agreement, and the investor must prove that he is the investor of the investment, furthermore, the investment must take place in a host country that the investor wants to claim. In fact, most of the investments covered by the investment agreement do not directly specify that they include cryptoassets, and on the other hand that cryptoassets are anonymous and exist on the Internet without physical assets. As a result, how to identify the investor and the country in which it occurred are questions.This article believes that cryptoassets may be considered as one of the types of investment through the terms of the definition of investment in the investment agreement, and the arbitral tribunal’s past identification criteria for investment. On the other hand, the identity of investors can be clearly determined through the public and private keys they hold. In terms of the identification of the place where the investment occurred, although cryptoassets are non-physicial, according to previous arbitral tribunals’ determination, even if the investment has not occurred in the landlord of the country, it is still possible to identify that there is an investment occurring in the country through the flow of investment funds. By adopting the criteria for judging the end use of capital, this paper argues that the place of investment should be determined based on the end use of the capital invested by investors for cryptoassets.Finally, based on the discussion throughout the article, this article believes that cryptoassets may fall within the protection scope of international investment law, and investors may also advocate seeking the rights and interests granted by investment agreements through various substantive regulations in investment agreements. 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國立政治大學
國際經營與貿易學系
109351041資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109351041 資料類型 thesis dc.contributor.advisor 薛景文 zh_TW dc.contributor.advisor Hsueh, Ching-Wen en_US dc.contributor.author (Authors) 王郁婷 zh_TW dc.contributor.author (Authors) Wang, Yu-Ting en_US dc.creator (作者) 王郁婷 zh_TW dc.creator (作者) Wang, Yu-Ting en_US dc.date (日期) 2022 en_US dc.date.accessioned 5-Jan-2023 15:15:37 (UTC+8) - dc.date.available 5-Jan-2023 15:15:37 (UTC+8) - dc.date.issued (上傳時間) 5-Jan-2023 15:15:37 (UTC+8) - dc.identifier (Other Identifiers) G0109351041 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/142880 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 109351041 zh_TW dc.description.abstract (摘要) 虛擬資產於2008年中本聰發表區塊鏈論文後開始蓬勃發展，目前可被大致區分為支付型代幣、功能型代幣、證券型代幣及NFT，各型態具有其各自之特性。虛擬資產的蓬勃發展，加上其存在於無遠弗屆之網路上，進行投資相對容易，因此虛擬資產的跨國投資相繼出現。另一方面，虛擬資產的蓬勃發展也引起各國之關注，各國之監理機關近年來逐步對虛擬資產進行監管，雖監管規範尚在演進中，各國之監管力度及方式亦有所差異，然仍不排除對進行虛擬資產的投資人產生不利影響，造成其損害之可能性。此時對於進行跨國虛擬資產投資之投資人，即產生是否得以國際投資法主張相關保障之問題。惟虛擬資產係奠基於區塊鏈技術上，而區塊鏈技術之使用使虛擬資產產生不同於傳統投資資產，具備不具實體性、匿名性等特性，可能造成認定上的困難，且身為新型態之資產是否能被國際投資法下各國間所簽訂的投資保障協定所涵蓋亦產生疑問。一般而言，投資人若欲主張透過投資保障協定保障其投資，該投資必須是投資保障協定中所欲保障之涵蓋投資，且投資人必須證明其為該投資之投資人，及該投資發生於投資人所欲主張之投資地主國。然而，投資保障協定之涵蓋投資多未直接載明包含虛擬資產，且匿名並存在於網路上不具實體之虛擬資產，該如何認定投資人，及如何認定發生於何國境內皆產生疑問。本文認為，透過投資協定中對於涵蓋投資定義的用語，及仲裁庭過往對於投資之認定標準，虛擬資產可能被認為屬於投資類型之一。另一方面，投資人之身分則可透過所持有的公私鑰被清楚的判定。而在投資發生地認定上，雖虛擬資產不具實體性，但根據過往仲裁庭之認定，基於投資的不同類型，即使投資完全未發生實體於地主國內，仍可能透過投資資金之流向以認定投資發生國。本文透過採用資本最終用途之判斷標準，認為無實體呈現之虛擬資產應以其投資人所投資資本的最終用途認定投資發生地。最後本文根據通篇之論述，認為虛擬資產是可能落入投資協定之保障範圍內，投資人也可能主張透過投資協定各類的實體規範，尋求投資協定所給予之權益。惟僅限於功能型及證券型代幣類型之虛擬資產，支付型與NFT類型者則由於投資發生地的認定困難，投資人將較難以主張投資協定之保護。 zh_TW dc.description.abstract (摘要) Cryptoassets began to flourish after Satoshi Nakamoto published a blockchain paper in 2008. At present, they can be roughly divided into four categories, payment tokens, utility tokens, security tokens, and NFTs, each of which has their own characteristics. With the vigorous development of cryptoassets, coupled with their existence on the far-reaching network, it is relatively easy to invest, so cross-border investment in cryptoassets has emerged one after another. On the other hand, the vigorous development of cryptoassets has also attracted the attention of various countries. In recent years, supervisory agencies in various countries have gradually supervised cryptoassets. The development of all may have an adverse impact on investors who conduct cryptoassets and cause their damage. At this time, for investors who invest in cross-border cryptoassets, the question of whether they can claim relevant protection under international investment laws arises. However, cryptoassets are based on blockchain technology, and the use of blockchain technology makes cryptoassets different from traditional investment assets, with characteristics such as non-physical and anonymous, which may cause difficulties in identification, and as a new it is also questionable whether certain types of assets can be covered by investment agreements signed between countries under international investment law.Generally speaking, if an investor wants to claim protection of his investment through an investment protection agreement, the investment must be covered by the investment agreement, and the investor must prove that he is the investor of the investment, furthermore, the investment must take place in a host country that the investor wants to claim. In fact, most of the investments covered by the investment agreement do not directly specify that they include cryptoassets, and on the other hand that cryptoassets are anonymous and exist on the Internet without physical assets. As a result, how to identify the investor and the country in which it occurred are questions.This article believes that cryptoassets may be considered as one of the types of investment through the terms of the definition of investment in the investment agreement, and the arbitral tribunal’s past identification criteria for investment. On the other hand, the identity of investors can be clearly determined through the public and private keys they hold. In terms of the identification of the place where the investment occurred, although cryptoassets are non-physicial, according to previous arbitral tribunals’ determination, even if the investment has not occurred in the landlord of the country, it is still possible to identify that there is an investment occurring in the country through the flow of investment funds. By adopting the criteria for judging the end use of capital, this paper argues that the place of investment should be determined based on the end use of the capital invested by investors for cryptoassets.Finally, based on the discussion throughout the article, this article believes that cryptoassets may fall within the protection scope of international investment law, and investors may also advocate seeking the rights and interests granted by investment agreements through various substantive regulations in investment agreements. However, it is limited to cryptoassets of utility and security token types, and for payment and NFT types, they will be more difficult for investors to claim the protection of investment agreements due to the difficulty in identifying the place where the investment takes place. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機及目的 1第二節 研究方法與架構 2第三節 研究限制 3第二章 虛擬資產概論 4第一節 簡介虛擬資產區塊鏈技術 6第一項 雜湊函數 7第二項 數位簽章 7第三項 時間戳記伺服器 10第四項 分散式帳本技術 10第五項 小結 13第二節 虛擬資產之種類及運用 14第一項 支付型代幣 14第二項 功能型代幣 18第三項 證券型代幣 19第四項 NFT 20第三節 小結 22第三章 虛擬資產監管與對投資人潛在的不利影響 24第一節 美國 26第二節 歐盟 32第三節 中國 37第四節 我國 38第五節 小結 42第四章 虛擬資產投資是否受國際投資法保障 45第一節 虛擬資產是否構成投資 46第一項 虛擬資產是否為資產 47第二項 是否構成投資協定條文下之涵蓋投資 49第三項 仲裁庭投資認定標準 66第四項 小結 72第二節 投資人主張權利之潛在疑難 73第一項 投資人認定 73第二項 投資所在地認定 74第三節 小結 98第五章 結論 100參考文獻 103 zh_TW dc.format.extent 3281288 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109351041 en_US dc.subject (關鍵詞) 國際投資法 zh_TW dc.subject (關鍵詞) 虛擬資產 zh_TW dc.subject (關鍵詞) 區塊鏈 zh_TW dc.subject (關鍵詞) 涵蓋投資 zh_TW dc.subject (關鍵詞) 投資地主國 zh_TW dc.subject (關鍵詞) International Investment Law en_US dc.subject (關鍵詞) Cryptoassets en_US dc.subject (關鍵詞) Blockchain en_US dc.subject (關鍵詞) Covered Investment en_US dc.subject (關鍵詞) Host State en_US dc.title (題名) 論以國際投資法保障虛擬資產之可行性 zh_TW dc.title (題名) The Possibility of Safeguarding Cryptoassets Through International Investment Law en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文參考文獻書籍丘宏達，現代國際法，修訂三版，陳純一修訂，2012年9月。劉鐵錚、陳榮傳，國際私法論，修訂五版，2010年9月。期刊呂嘉穎，初探區塊鏈之不可竄改特性、匿名性所衍生的法律問題，交大法學評論，弟6期，頁41（2020）。李宜雯、黃曉瑩、周玉娟，我國對證券行代幣發行、交易即平台監理之規劃方向，證券暨期貨月刊，第37卷第11期（2019年11月6日）。李顯儀，探究虛擬貨幣即去中心化金融的發展演變，貨幣觀測與信用評等（2021年5月）。郭戎晉，從NFT藝術品探討非同質化代幣於著作權法之適用，科技法學論叢，第17期，2021年12月，頁126-127。黃齡玉，NFT 之著作權相關問題初探（上），司法周刊，第2079期，2021年。黃齡玉，NFT 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