學術產出-Theses
Article View/Open
Publication Export
-
題名 穩定幣的比較監理—以穩定機制為核心
A Comparative Study on Stablecoin Regulation: With a Focus on Stabilization Mechanism作者 鄭伊廷
Cheng, Yi-Ting貢獻者 楊光華
鄭伊廷
Cheng, Yi-Ting關鍵詞 穩定幣
穩定機制
儲備資產
分離保管
投資限制
回贖權
擠兌風險
歐盟加密貨幣市場法案
Stablecoins
Stabilization mechanisms
Reserve assets
Asset segregation
Investment limits
Redemption rights
Run risk
MiCA日期 2023 上傳時間 1-Sep-2023 15:20:56 (UTC+8) 摘要 穩定幣作為加密貨幣世界中少數具價格穩定性者，除被看好成為支付工具之潛力，其市值亦於近期突破1000億美元，突顯穩定幣在區塊鏈應用之重要地位。然而，去（2022）年美元穩定幣UST之價格崩跌，與知名加密貨幣交易所FTX倒閉引發之USDT脫鉤事件，皆再再顯示穩定機制並未如發行機構所宣稱之安全可靠。尤其市場上之主流穩定幣係藉由與法幣掛鉤來維持幣值，使持有人易對其產生類法幣般信賴，若未加以監管可能導致擠兌事件的發生。對此，國際金融監理組織以金融穩定委員會為首，建議監管者從回贖權確保、儲備資產之保管與儲備資產適足性三項原則著手，處理穩定機制之風險。前述三項監理原則旨在確保發行機構具備充足與流動性佳之儲備資產，以於任何情境下支應持有人之回贖請求，從而鞏固持有人對發行機構的信心。本文以5個已針對穩定幣展開立法行動之區域—歐盟、英國、美國、新加坡與香港為觀察，發現此5區域之監理規劃均有反映前述三要素，只是在儲備資產的適足性要求上，主流監理趨勢與金融穩定委員會之建議存有部分歧見。具體而言，此5區域雖允許銀行兼營穩定幣發行業務，卻持有相對保守之監管態度，而限制銀行運用儲備資產為放款或進行高獲利導向之投資操作，與電子支付款項採取基調相似的監管措施。
Stablecoins pursue price stability by maintaining reserve assets as collateral or through algorithmic formulas that are supposed to control supply. With stabilization mechanisms, stablecoins provide an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin. Therefore, crypto supporters argue that stablecoins are the future of payments. Nonetheless, the collapse of TerraUSD (UST) has shed light on the effectiveness of stabilization mechanisms. Against this backdrop, authorities have called for the regulation of stablecoins to address the financial stability risks that they could potentially pose. Specifically, more major jurisdictions are giving priority to regulating those stablecoins that purport to reference fiat currencies as they are more likely to be used in payments and have linkages with the traditional financial system.Financial Stability Board, one of the international regulatory bodies, advocated addressing the risks through three key aspects: clear redemption rights, requirements for the robust management and custody of reserve assets, and the adequacy of such reserves. The implementation of these principles serves to guarantee that the composition of reserve assets consists only of conservative, high quality and highly liquid assets, enabling issuers to meet redemption requests from users, and thereby maintaining confidence in the stablecoin and a stable value at all times.This study examines five regions that have taken legislative actions regarding stablecoins, namely the European Union, the United Kingdom, the United States, Singapore, and Hong Kong. It reveals that the regulatory regimes within these regions align with the aforementioned three principles. However, some disparities exist between the mainstream approach and the regulatory recommendations put forth by the Financial Stability Board, particularly concerning the adequacy requirements of reserve assets. In essence, while these five regions allow banks to carry out stablecoin issuance activity, they adopt a relatively cautious regulatory approach. Even though subject to prudential regulations under Basel standards, banks still cannot grant credit from reserve assets received from the public nor use reserve assets to invest in high-profit but higher-risk assets.參考文獻 中文文獻(ㄧ)期刊論文吳懿娟，我國貨幣政策傳遞機制之實證分析，中央銀行季刊，二十六卷四期，頁33-68（2004年）。林昆立和吳庭斌，新巴塞爾資本協定三大支柱與銀行風險的關係：全球實證，管理學報，29卷2期，頁121-153（2012年）。林姿妤，Basel III流動性新規範對我國銀行業之影響：動態隨機一般均衡（DSGE）模型之應用，中央銀行季刊，41卷4期，頁29-66（2019年）。陳恭，智能合約的發展與應用，財金資訊季刊，90期，頁33-39（2017年）。馮昌國與江欣玲，台灣第三方支付制度初探，全國律師，19卷2期，頁37-47（2015年）。楊岳平，金融科技時代下的金融監管挑戰：論虛擬通貨交易平台的監管架構，臺大法學論叢，49卷特刊，頁1309-1396（2019年）。楊岳平，論虛擬通貨之法律定性—以民事法與金融法為中心，月旦法學雜誌，301期，頁43-63（2020年）。臧正運，論密碼資產的興起與金融監理機關之職能變革，月旦法學雜誌，301期，頁64-85（2020年）。(二)學位論文李旺達，試論加密貨幣首次公開發行之監管架構，國立政治大學國際經營與貿易研究所碩士論文（2018年）。黃國偉，中、美存款保險法制之比較研究—緣起、發展、定型，國立政治大學法律研究所碩士論文（2009年）。葉子沅，論我國電子支付法制--以新加坡與歐盟法制比較為中心，東吳大學法學院法律學系法律專業碩士班碩士論文（2021年）。周映彤，建構金融監理國際協作框架—以現行架構再思考，國立政治大學法律學系碩士班碩士學位論文（2022年）。廖文煜，論台灣法下穩定幣監理之模式，國立臺灣大學法律研究所碩士論文（2022年）。劉予萱，論我國區塊鏈虛擬通貨之金融監理—以證券型虛擬通貨發行為中心，天主教輔仁大學法律研究所碩士論文（2022年）。(三)報告及非期刊文件謝明華、李宜熹、王友珊，穩定幣的發行原理與潛在影響（結案報告書），財團法人台北外匯市場發展基金會委託國立政治大學商學院風險與保險研究中心研究（2021年）。央行理監事會後記者會參考資料，中央銀行，頁95，2023年3月23日，網址：https://www.cbc.gov.tw/tw/dl-195167-86efc746643248f79f7958ca62a8d194.html。外文文獻(一)書籍DANIEL T. STABILE, KIMBERLY A. PRIOR & ANDREW M. HINKES, DIGITAL ASSETS AND BLOCKCHAIN TECHNOLOGY: U.S. LAW AND REGULATION (2020).DANIEL K. TARULLO, BAKING ON BASEL: THE FUTURE OF INTERNATIONAL FINANCIAL REGULATION (2008).HAL S. SCOTT & ANNA GELPERN, INTERNATIONAL FINANCE, TRANSACTIONS, POLICY, AND REGULATION (19th ed. 2012).(二)政府及國際組織文件BASEL COMMITTEE ON BANKING SUPERVISION [BCBS], PRINCIPLES FOR THE MANAGEMENT OF CREDIT RISK (2000), https://www.bis.org/publ/bcbs75.pdf.BASEL COMMITTEE ON BANKING SUPERVISION [BCBS], A REVISED FRAMEWORK COMPREHENSIVE VERSION: INTERNATIONAL CONVERGENCE OF CAPITAL MEASUREMENT AND CAPITAL STANDARDS (2006), https://www.bis.org/publ/bcbs107.pdf.BASEL COMMITTEE ON BANKING SUPERVISION & INTERNATIONAL ASSOCIATION OF DEPOSIT INSURERS, CONSULTATIVE DOCUMENT: CORE PRINCIPLES FOR EFFECTIVE DEPOSIT INSURANCE SYSTEMS (2009), https://www.bis.org/publ/bcbs151.pdf.BANK FOR INTERNATIONAL SETTLEMENTS [BIS], STABLECOINS: RISKS, POTENTIAL AND REGULATION (2020), https://www.bis.org/publ/work905.pdf.BANK OF ENGLAND, DISCUSSION PAPER: NEW FORMS OF DIGITAL MONEY (2021).DEPARTMENT OF THE TREASURY FINANCIAL CRIMES ENFORCEMENT NETWORK, GUIDANCE FIN-2013-G001, APPLICATION OF FINCEN’S REGULATIONS TO PERSONS ADMINISTERING, EXCHANGING, OR USING VIRTUAL CURRENCIES (2013).EVA SU, CONG. RESEARCH SERV., R46208, DIGITAL ASSETS AND SEC REGULATION (2021).FINANCIAL STABILITY BOARD [FSB], CRYPTO-ASSET MARKETS: POTENTIAL CHANNELS FOR FUTURE FINANCIAL STABILITY IMPLICATIONS (2018), https://www.fsb.org/wp-content/uploads/P101018.pdf.FINANCIAL STABILITY BOARD [FSB], CONSULTATIVE DOCUMENT: ADDRESSING THE REGULATORY, SUPERVISORY AND OVERSIGHT CHALLENGES RAISED BY “GLOBAL STABLECOIN” ARRANGEMENTS (2020), https://www.fsb.org/wp-content/uploads/P140420-1.pdf.FINANCIAL STABILITY BOARD [FSB], FINAL REPORT AND HIGH-LEVEL RECOMMENDATIONS: REGULATION, SUPERVISION AND OVERSIGHT OF “GLOBAL STABLECOIN” ARRANGEMENTS (2020), https://www.fsb.org/wp-content/uploads/P131020-3.pdfFINANCIAL STABILITY BOARD [FSB], REVIEW OF THE FSB HIGH-LEVEL RECOMMENDATIONS OF THE REGULATION, SUPERVISION AND OVERSIGHT OF “GLOBAL STABLECOIN” ARRANGEMENTS: CONSULTATIVE REPORT (2022), https://www.fsb.org/2022/10/review-of-the-fsb-high-level-recommendations-of-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-consultative-report/.FINANCIAL STABILITY BOARD [FSB], HIGH-LEVEL RECOMMENDATIONS OF THE REGULATION, SUPERVISION AND OVERSIGHT OF “GLOBAL STABLECOIN” ARRANGEMENTS: FINAL REPORT (2023), https://www.fsb.org/wp-content/uploads/P170723-3.pdf.FINANCIAL SERVICES AGENCY, REGULATORY FRAMEWORK FOR CRYPTO-ASSETS AND STABLECOINS (2022).FINANCIAL ACTION TASK FORCE [FATF], VIRTUAL CURRENCIES KEY DEFINITIONS AND POTENTIAL AML/CFT RISKS (2014), https://www.fatf-gafi.org/media/fatf/documents/reports/virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf.FINANCIAL ACTION TASK FORCE [FATF], GUIDANCE FOR A RISK-BASED APPROACH TO VIRTUAL CURRENCIES (2015), https://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf.FINANCIAL ACTION TASK FORCE [FATF], GUIDANCE FOR A RISK-BASED APPROACH: VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS (2019), https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf.G7 WORKING GROUP ON STABLECOIN, INVESTIGATING THE IMPACT OF GLOBAL STABLECOINS (2019), https://www.bis.org/cpmi/publ/d187.pdf.HM TREASURY, UK REGULATORY APPROACH TO CRYPTOASSETS AND STABLECOINS: CONSULTATION AND CALL FOR EVIDENCE (2021).HM TREASURY, UK REGULATORY APPROACH TO CRYPTOASSETS, STABLECOINS, AND DISTRIBUTED LEDGER TECHNOLOGY IN FINANCIAL MARKETS: RESPONSE TO THE CONSULTATION AND CALL FOR EVIDENCE (2022).HM TREASURY, FUTURE FINANCIAL SERVICES REGULATORY REGIME FOR CRYPTOASSETS: CONSULTATION AND CALL FOR EVIDENCE (2023).HONG KONG MONETARY AUTHORITY, AN ASSESSMENT OF THE VOLATILITY SPILLOVER FROM CRYPTO TO TRADITIONAL FINANCIAL ASSETS: THE ROLE OF ASSET-BACKED STABLECOINS (2022).International Organization of Securities Commissions [IOSCO], Final Report of Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms, IOSCO Doc. FR02/2020 (Feb. 2020).International Organization of Securities Commissions [IOSCO], Public Report: Global Stablecoin Initiatives, IOSCO Doc. OR01/2020 (Mar. 2020).International Money Fund [IMF], E-Money Prudential Supervision, Oversight, and User Protection, DP/2021/027 (Dec. 2021).International Money Fund [IMF], Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements, NOTE/2022/008 (Sept. 26, 2022).MONETARY AUTHORITY OF SINGAPORE, PROPOSED REGULATORY APPROACH FOR STABLECOIN-RELATED ACTIVITIES (2022).PRESIDENT’S WORKING GROUP ON FINANCIAL MARKETS & FEDERAL DEPOSIT INSURANCE CORPORATION & COMMODITY FUTURES TRADING COMMISSION, REPORT ON STABLECOINS (2021).(三)美國法院判決CFTC v. McDonnell, et al, 287 F.Supp.3d 213 (E.D.N.Y. 2018).Coinflip, Inc., d/b/a Derivabit, and Francisco Riordan, CFTC No. 15-29, 2015 WL 5535736 (Sept. 17, 2015).(四)專書論文Hubert de Vauplane, Cryptocurrencies and Central Banks, in FINTECH LAW AND REGULATION 121 (Jelena Madir eds., 2nd ed. 2021).(五)研討會論文Todd Phillips, Tokenized Deposits: How I Learned to Stop Worrying and Love Stablecoins, 2022 AALS Financial Regulation Conference (Nov. 12, 2022), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4152735.(六)期刊論文Agata Ferreira, The Curious Case of Stablecoins-Balancing Risks and Rewards, 24(4) J. INT’L. ECO. L. 755-778 (2021).Arthur E. Wilmarth, It`s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks, 41(2) BANKING & FINANCIAL SERVICES POLICY REPORT 1-20 (2022).Makiko Mita et al., What Is Stablecoin?: A Survey on Its Mechanism and Potential as Decentralized Payment Systems, 4(2) INT’L J. SERV. & KNOWLEDGE MGMT. 71-86 (2020).Phoebus L. Athanassiou, Squaring the Circle? Stablecoins, Deposit Guarantee Protection and Substitutability of Stablecoins for Bank Deposits, 36(5) J. INT’L BANKING L. & REG. 210-214 (2021).(七)非期刊文獻Cameron Dark et al., Stablecoins: Market Developments, Risks and Regulation, BULL. RES. BANK AUSTL., Dec. 8, 2022, at 47.Dirk Bullmann, Jonas Klemm & Andrea Pinna, In Search for Stability in Crypto-Assets: Are Stablecoins the Solution?, EUROPEAN CENTRAL BANK OCCASIONAL PAPER SERIES No. 230 (Aug. 2019).ECB Crypto-Assets Task Force, Stablecoins: Implications for Monetary Policy, Financial Stability, Market Infrastructure and Payments, and Banking Supervision in the Euro Area 20 (ECB Occasional Paper Series No. 247, 2020).Howell E. Jackson et al., How We Can Regulate Stablecoins Now—Without Congressional Action (Hutchins Center Working Paper No.76, 2022).Mitsutoshi Adachi et al., A Regulatory and Financial Stability Perspective on Global Stablecoins, 10 MACROPRUDENTIAL BULL. EUROPEAN CENT. BANK, 2020.Mitsu Adachi et al., Stablecoins’ Role in Crypto and Beyond: Functions, Risks and Policy, 18 MACROPRUDENTIAL BULL. EUROPEAN CENT. BANK, 2022.Norbert J. Michel & Jennifer J. Schulp, A Simple Proposal for Regulating Stablecoins, CATO BRIEFING PAPER 128 (Nov. 5, 2021).Prof. Dr. Houben, R., Snyers, A., Crypto-Assets– Key Developments, Regulatory Concerns and Responses, PARL. EUR. DOC. PE 648.779 (Apr. 2020). 描述 碩士
國立政治大學
國際經營與貿易學系
108351044資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108351044 資料類型 thesis dc.contributor.advisor 楊光華 zh_TW dc.contributor.author (Authors) 鄭伊廷 zh_TW dc.contributor.author (Authors) Cheng, Yi-Ting en_US dc.creator (作者) 鄭伊廷 zh_TW dc.creator (作者) Cheng, Yi-Ting en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 15:20:56 (UTC+8) - dc.date.available 1-Sep-2023 15:20:56 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 15:20:56 (UTC+8) - dc.identifier (Other Identifiers) G0108351044 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147017 - 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) 108351044 zh_TW dc.description.abstract (摘要) 穩定幣作為加密貨幣世界中少數具價格穩定性者，除被看好成為支付工具之潛力，其市值亦於近期突破1000億美元，突顯穩定幣在區塊鏈應用之重要地位。然而，去（2022）年美元穩定幣UST之價格崩跌，與知名加密貨幣交易所FTX倒閉引發之USDT脫鉤事件，皆再再顯示穩定機制並未如發行機構所宣稱之安全可靠。尤其市場上之主流穩定幣係藉由與法幣掛鉤來維持幣值，使持有人易對其產生類法幣般信賴，若未加以監管可能導致擠兌事件的發生。對此，國際金融監理組織以金融穩定委員會為首，建議監管者從回贖權確保、儲備資產之保管與儲備資產適足性三項原則著手，處理穩定機制之風險。前述三項監理原則旨在確保發行機構具備充足與流動性佳之儲備資產，以於任何情境下支應持有人之回贖請求，從而鞏固持有人對發行機構的信心。本文以5個已針對穩定幣展開立法行動之區域—歐盟、英國、美國、新加坡與香港為觀察，發現此5區域之監理規劃均有反映前述三要素，只是在儲備資產的適足性要求上，主流監理趨勢與金融穩定委員會之建議存有部分歧見。具體而言，此5區域雖允許銀行兼營穩定幣發行業務，卻持有相對保守之監管態度，而限制銀行運用儲備資產為放款或進行高獲利導向之投資操作，與電子支付款項採取基調相似的監管措施。 zh_TW dc.description.abstract (摘要) Stablecoins pursue price stability by maintaining reserve assets as collateral or through algorithmic formulas that are supposed to control supply. With stabilization mechanisms, stablecoins provide an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin. Therefore, crypto supporters argue that stablecoins are the future of payments. Nonetheless, the collapse of TerraUSD (UST) has shed light on the effectiveness of stabilization mechanisms. Against this backdrop, authorities have called for the regulation of stablecoins to address the financial stability risks that they could potentially pose. Specifically, more major jurisdictions are giving priority to regulating those stablecoins that purport to reference fiat currencies as they are more likely to be used in payments and have linkages with the traditional financial system.Financial Stability Board, one of the international regulatory bodies, advocated addressing the risks through three key aspects: clear redemption rights, requirements for the robust management and custody of reserve assets, and the adequacy of such reserves. The implementation of these principles serves to guarantee that the composition of reserve assets consists only of conservative, high quality and highly liquid assets, enabling issuers to meet redemption requests from users, and thereby maintaining confidence in the stablecoin and a stable value at all times.This study examines five regions that have taken legislative actions regarding stablecoins, namely the European Union, the United Kingdom, the United States, Singapore, and Hong Kong. It reveals that the regulatory regimes within these regions align with the aforementioned three principles. However, some disparities exist between the mainstream approach and the regulatory recommendations put forth by the Financial Stability Board, particularly concerning the adequacy requirements of reserve assets. In essence, while these five regions allow banks to carry out stablecoin issuance activity, they adopt a relatively cautious regulatory approach. Even though subject to prudential regulations under Basel standards, banks still cannot grant credit from reserve assets received from the public nor use reserve assets to invest in high-profit but higher-risk assets. en_US dc.description.tableofcontents 第一章、緒論 1第一節、研究動機與目的 2第二節、研究方法 5第三節、研究架構 6第二章、加密貨幣市場與監管現況 7第一節、加密貨幣之功能與發展 7第二節、加密貨幣之現行監管框架 9第三節、小結 13第三章、穩定幣之穩定機制與風險 15第一節、穩定機制之分類與介紹 15第二節、穩定機制之衍生風險 21第四章、各國確保穩定機制有效之手段 26第一節、回贖權要求 29第二節、儲備資產保管要求 33第三節、儲備資產之適足性要求 34第五章、結論 50參考文獻 52 zh_TW dc.format.extent 1821436 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108351044 en_US dc.subject (關鍵詞) 穩定幣 zh_TW dc.subject (關鍵詞) 穩定機制 zh_TW dc.subject (關鍵詞) 儲備資產 zh_TW dc.subject (關鍵詞) 分離保管 zh_TW dc.subject (關鍵詞) 投資限制 zh_TW dc.subject (關鍵詞) 回贖權 zh_TW dc.subject (關鍵詞) 擠兌風險 zh_TW dc.subject (關鍵詞) 歐盟加密貨幣市場法案 zh_TW dc.subject (關鍵詞) Stablecoins en_US dc.subject (關鍵詞) Stabilization mechanisms en_US dc.subject (關鍵詞) Reserve assets en_US dc.subject (關鍵詞) Asset segregation en_US dc.subject (關鍵詞) Investment limits en_US dc.subject (關鍵詞) Redemption rights en_US dc.subject (關鍵詞) Run risk en_US dc.subject (關鍵詞) MiCA en_US dc.title (題名) 穩定幣的比較監理—以穩定機制為核心 zh_TW dc.title (題名) A Comparative Study on Stablecoin Regulation: With a Focus on Stabilization Mechanism en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻(ㄧ)期刊論文吳懿娟，我國貨幣政策傳遞機制之實證分析，中央銀行季刊，二十六卷四期，頁33-68（2004年）。林昆立和吳庭斌，新巴塞爾資本協定三大支柱與銀行風險的關係：全球實證，管理學報，29卷2期，頁121-153（2012年）。林姿妤，Basel III流動性新規範對我國銀行業之影響：動態隨機一般均衡（DSGE）模型之應用，中央銀行季刊，41卷4期，頁29-66（2019年）。陳恭，智能合約的發展與應用，財金資訊季刊，90期，頁33-39（2017年）。馮昌國與江欣玲，台灣第三方支付制度初探，全國律師，19卷2期，頁37-47（2015年）。楊岳平，金融科技時代下的金融監管挑戰：論虛擬通貨交易平台的監管架構，臺大法學論叢，49卷特刊，頁1309-1396（2019年）。楊岳平，論虛擬通貨之法律定性—以民事法與金融法為中心，月旦法學雜誌，301期，頁43-63（2020年）。臧正運，論密碼資產的興起與金融監理機關之職能變革，月旦法學雜誌，301期，頁64-85（2020年）。(二)學位論文李旺達，試論加密貨幣首次公開發行之監管架構，國立政治大學國際經營與貿易研究所碩士論文（2018年）。黃國偉，中、美存款保險法制之比較研究—緣起、發展、定型，國立政治大學法律研究所碩士論文（2009年）。葉子沅，論我國電子支付法制--以新加坡與歐盟法制比較為中心，東吳大學法學院法律學系法律專業碩士班碩士論文（2021年）。周映彤，建構金融監理國際協作框架—以現行架構再思考，國立政治大學法律學系碩士班碩士學位論文（2022年）。廖文煜，論台灣法下穩定幣監理之模式，國立臺灣大學法律研究所碩士論文（2022年）。劉予萱，論我國區塊鏈虛擬通貨之金融監理—以證券型虛擬通貨發行為中心，天主教輔仁大學法律研究所碩士論文（2022年）。(三)報告及非期刊文件謝明華、李宜熹、王友珊，穩定幣的發行原理與潛在影響（結案報告書），財團法人台北外匯市場發展基金會委託國立政治大學商學院風險與保險研究中心研究（2021年）。央行理監事會後記者會參考資料，中央銀行，頁95，2023年3月23日，網址：https://www.cbc.gov.tw/tw/dl-195167-86efc746643248f79f7958ca62a8d194.html。外文文獻(一)書籍DANIEL T. STABILE, KIMBERLY A. PRIOR & ANDREW M. HINKES, DIGITAL ASSETS AND BLOCKCHAIN TECHNOLOGY: U.S. LAW AND REGULATION (2020).DANIEL K. TARULLO, BAKING ON BASEL: THE FUTURE OF INTERNATIONAL FINANCIAL REGULATION (2008).HAL S. SCOTT & ANNA GELPERN, INTERNATIONAL FINANCE, TRANSACTIONS, POLICY, AND REGULATION (19th ed. 2012).(二)政府及國際組織文件BASEL COMMITTEE ON BANKING SUPERVISION [BCBS], PRINCIPLES FOR THE MANAGEMENT OF CREDIT RISK (2000), https://www.bis.org/publ/bcbs75.pdf.BASEL COMMITTEE ON BANKING SUPERVISION [BCBS], A REVISED FRAMEWORK COMPREHENSIVE VERSION: INTERNATIONAL CONVERGENCE OF CAPITAL MEASUREMENT AND CAPITAL STANDARDS (2006), https://www.bis.org/publ/bcbs107.pdf.BASEL COMMITTEE ON BANKING SUPERVISION & INTERNATIONAL ASSOCIATION OF DEPOSIT INSURERS, CONSULTATIVE DOCUMENT: CORE PRINCIPLES FOR EFFECTIVE DEPOSIT INSURANCE SYSTEMS (2009), https://www.bis.org/publ/bcbs151.pdf.BANK FOR INTERNATIONAL SETTLEMENTS [BIS], STABLECOINS: RISKS, POTENTIAL AND REGULATION (2020), https://www.bis.org/publ/work905.pdf.BANK OF ENGLAND, DISCUSSION PAPER: NEW FORMS OF DIGITAL MONEY (2021).DEPARTMENT OF THE TREASURY FINANCIAL CRIMES ENFORCEMENT NETWORK, GUIDANCE FIN-2013-G001, APPLICATION OF FINCEN’S REGULATIONS TO PERSONS ADMINISTERING, EXCHANGING, OR USING VIRTUAL CURRENCIES (2013).EVA SU, CONG. RESEARCH SERV., R46208, DIGITAL ASSETS AND SEC REGULATION (2021).FINANCIAL STABILITY BOARD [FSB], CRYPTO-ASSET MARKETS: POTENTIAL CHANNELS FOR FUTURE FINANCIAL STABILITY IMPLICATIONS (2018), https://www.fsb.org/wp-content/uploads/P101018.pdf.FINANCIAL STABILITY BOARD [FSB], CONSULTATIVE DOCUMENT: ADDRESSING THE REGULATORY, SUPERVISORY AND OVERSIGHT CHALLENGES RAISED BY “GLOBAL STABLECOIN” ARRANGEMENTS (2020), https://www.fsb.org/wp-content/uploads/P140420-1.pdf.FINANCIAL STABILITY BOARD [FSB], FINAL REPORT AND HIGH-LEVEL RECOMMENDATIONS: REGULATION, SUPERVISION AND OVERSIGHT OF “GLOBAL STABLECOIN” ARRANGEMENTS (2020), https://www.fsb.org/wp-content/uploads/P131020-3.pdfFINANCIAL STABILITY BOARD [FSB], REVIEW OF THE FSB HIGH-LEVEL RECOMMENDATIONS OF THE REGULATION, SUPERVISION AND OVERSIGHT OF “GLOBAL STABLECOIN” ARRANGEMENTS: CONSULTATIVE REPORT (2022), https://www.fsb.org/2022/10/review-of-the-fsb-high-level-recommendations-of-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-consultative-report/.FINANCIAL STABILITY BOARD [FSB], HIGH-LEVEL RECOMMENDATIONS OF THE REGULATION, SUPERVISION AND OVERSIGHT OF “GLOBAL STABLECOIN” ARRANGEMENTS: FINAL REPORT (2023), https://www.fsb.org/wp-content/uploads/P170723-3.pdf.FINANCIAL SERVICES AGENCY, REGULATORY FRAMEWORK FOR CRYPTO-ASSETS AND STABLECOINS (2022).FINANCIAL ACTION TASK FORCE [FATF], VIRTUAL CURRENCIES KEY DEFINITIONS AND POTENTIAL AML/CFT RISKS (2014), https://www.fatf-gafi.org/media/fatf/documents/reports/virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf.FINANCIAL ACTION TASK FORCE [FATF], GUIDANCE FOR A RISK-BASED APPROACH TO VIRTUAL CURRENCIES (2015), https://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf.FINANCIAL ACTION TASK FORCE [FATF], GUIDANCE FOR A RISK-BASED APPROACH: VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS (2019), https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf.G7 WORKING GROUP ON STABLECOIN, INVESTIGATING THE IMPACT OF GLOBAL STABLECOINS (2019), https://www.bis.org/cpmi/publ/d187.pdf.HM TREASURY, UK REGULATORY APPROACH TO CRYPTOASSETS AND STABLECOINS: CONSULTATION AND CALL FOR EVIDENCE (2021).HM TREASURY, UK REGULATORY APPROACH TO CRYPTOASSETS, STABLECOINS, AND DISTRIBUTED LEDGER TECHNOLOGY IN FINANCIAL MARKETS: RESPONSE TO THE CONSULTATION AND CALL FOR EVIDENCE (2022).HM TREASURY, FUTURE FINANCIAL SERVICES REGULATORY REGIME FOR CRYPTOASSETS: CONSULTATION AND CALL FOR EVIDENCE (2023).HONG KONG MONETARY AUTHORITY, AN ASSESSMENT OF THE VOLATILITY SPILLOVER FROM CRYPTO TO TRADITIONAL FINANCIAL ASSETS: THE ROLE OF ASSET-BACKED STABLECOINS (2022).International Organization of Securities Commissions [IOSCO], Final Report of Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms, IOSCO Doc. FR02/2020 (Feb. 2020).International Organization of Securities Commissions [IOSCO], Public Report: Global Stablecoin Initiatives, IOSCO Doc. OR01/2020 (Mar. 2020).International Money Fund [IMF], E-Money Prudential Supervision, Oversight, and User Protection, DP/2021/027 (Dec. 2021).International Money Fund [IMF], Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements, NOTE/2022/008 (Sept. 26, 2022).MONETARY AUTHORITY OF SINGAPORE, PROPOSED REGULATORY APPROACH FOR STABLECOIN-RELATED ACTIVITIES (2022).PRESIDENT’S WORKING GROUP ON FINANCIAL MARKETS & FEDERAL DEPOSIT INSURANCE CORPORATION & COMMODITY FUTURES TRADING COMMISSION, REPORT ON STABLECOINS (2021).(三)美國法院判決CFTC v. McDonnell, et al, 287 F.Supp.3d 213 (E.D.N.Y. 2018).Coinflip, Inc., d/b/a Derivabit, and Francisco Riordan, CFTC No. 15-29, 2015 WL 5535736 (Sept. 17, 2015).(四)專書論文Hubert de Vauplane, Cryptocurrencies and Central Banks, in FINTECH LAW AND REGULATION 121 (Jelena Madir eds., 2nd ed. 2021).(五)研討會論文Todd Phillips, Tokenized Deposits: How I Learned to Stop Worrying and Love Stablecoins, 2022 AALS Financial Regulation Conference (Nov. 12, 2022), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4152735.(六)期刊論文Agata Ferreira, The Curious Case of Stablecoins-Balancing Risks and Rewards, 24(4) J. INT’L. ECO. L. 755-778 (2021).Arthur E. Wilmarth, It`s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks, 41(2) BANKING & FINANCIAL SERVICES POLICY REPORT 1-20 (2022).Makiko Mita et al., What Is Stablecoin?: A Survey on Its Mechanism and Potential as Decentralized Payment Systems, 4(2) INT’L J. SERV. & KNOWLEDGE MGMT. 71-86 (2020).Phoebus L. Athanassiou, Squaring the Circle? Stablecoins, Deposit Guarantee Protection and Substitutability of Stablecoins for Bank Deposits, 36(5) J. INT’L BANKING L. & REG. 210-214 (2021).(七)非期刊文獻Cameron Dark et al., Stablecoins: Market Developments, Risks and Regulation, BULL. RES. BANK AUSTL., Dec. 8, 2022, at 47.Dirk Bullmann, Jonas Klemm & Andrea Pinna, In Search for Stability in Crypto-Assets: Are Stablecoins the Solution?, EUROPEAN CENTRAL BANK OCCASIONAL PAPER SERIES No. 230 (Aug. 2019).ECB Crypto-Assets Task Force, Stablecoins: Implications for Monetary Policy, Financial Stability, Market Infrastructure and Payments, and Banking Supervision in the Euro Area 20 (ECB Occasional Paper Series No. 247, 2020).Howell E. Jackson et al., How We Can Regulate Stablecoins Now—Without Congressional Action (Hutchins Center Working Paper No.76, 2022).Mitsutoshi Adachi et al., A Regulatory and Financial Stability Perspective on Global Stablecoins, 10 MACROPRUDENTIAL BULL. EUROPEAN CENT. BANK, 2020.Mitsu Adachi et al., Stablecoins’ Role in Crypto and Beyond: Functions, Risks and Policy, 18 MACROPRUDENTIAL BULL. EUROPEAN CENT. BANK, 2022.Norbert J. Michel & Jennifer J. Schulp, A Simple Proposal for Regulating Stablecoins, CATO BRIEFING PAPER 128 (Nov. 5, 2021).Prof. Dr. Houben, R., Snyers, A., Crypto-Assets– Key Developments, Regulatory Concerns and Responses, PARL. EUR. DOC. PE 648.779 (Apr. 2020). zh_TW
