臺灣博碩士論文加值系統

加密貨幣（cryptocurrency），係指使用密碼學原理來確保交易安全及控制交易單位創造的交易媒介者。匿名駭客中本聰以及加密貨幣擁護者相信只有創造一個由大眾共同記錄的分散式帳簿（distributed ledger）方能杜絕金融中介機構中可能產生的貪腐。在中本聰反集權革命藍圖裡，加密貨幣最主要的武器有二：（一）去中心化，以及（二）匿名性。一體兩面的，正因擁有匿名性使得金流難以追查、去中心化使得受規範實體難以界定，加上網際網路無國界極易從事跨國洗錢以及新興科技各國皆尚無相對應之管制規範之獨特性格，加密貨幣淪為良好的洗錢管道。
然而，為防止洗錢前置犯罪所得流入國際金融市場影響金融秩序，或是資助恐怖主義組織及武器擴張，國際間反洗錢意識日漸高漲。1981年歐洲議會部長委員會首先提出銀行間合作之建議敲響了國際反洗錢合作的警鐘，1989年七大工業國組織成立防制洗錢金融行動工作組織 （Financial Action Task Force） ，並於1990年提出了最初版的四十項建議（FATF Forty Recommendations）。經歷三次修改後，如今2012年版本之反洗錢四十項建議已是國際間反洗錢法制之最高指導原則。為了達到使各國確實制訂與執行反洗錢相關措施制定之目標，FAFT與八個區域性組織密集合作，其中包含了台灣所屬之亞太防制洗錢組織(Asia/Pacific Group on Money Laundering)。台灣身為APG創始會員，卻在2007年第二輪相互評鑑時因法制缺失、執法不足以及金融機構防治措施不健全等諸多原因被列入一般追蹤名單，又於2011年落入加強追蹤名單 。有鑑於洗錢防制是否落實攸關台灣在國際金融體系中之地位，我國於2016年底大幅修正洗錢防制法並於2017年6月28日施行，並於同年7月成功脫離加強追蹤名單。FATF四十項建議中最重要的預防性措施（Preventive Measures）標準在這次我國新修洗錢防制法也得到落實。我國新洗錢防制法第7條明確要求受規範實體應盡確認客戶身分程序包括實質受益人、第8條要求留存交易紀錄、第9條及第10條則課予受規範實體可疑交易申報之義務。我們可以說，客戶審查與紀錄保存（Customer Due Diligence and Record Keeping）及申報可疑交易（Reporting of Suspicious Transactions）是預防洗錢行為之兩個最重要手段。
綜上，加密貨幣盛行且成為洗錢管道已是不爭之事實，各國政府應從打擊洗錢基礎出發，著手開始對利用加密貨幣洗錢之行為加以管制，實無疑義。我們應是對加密貨幣加以限制，抑或是在同意加密貨幣反極權思想前提下洗錢防制法應有所退讓？本文透過了解加密貨幣所應用之科技、釐清去中心化與匿名性特性、比較國際與國內洗錢防制相關規範、再比較國外現已存在針對加密貨幣洗錢防制制度，包括：瑞士FINMA報告、美國聯邦FinCEN、美國紐約州比特執照制度、歐盟第五洗錢防制令以及日本虛擬貨幣法，找出適合加密貨幣發展的洗錢防制手段。

“Cryptocurrency” is often defined as “distributed, open-source, mathe-based, peer-to-peer virtual currencies that have no central administrating authority, and no central monitoring or oversight”. In 2008, as a response to the subprime mortgage crisis, Satoshi Nakamoto created the first type of cryptocurrency, Bitcoin, to fight against the corruption of centralized financial institutions. In his roadmap, distributed ledger has the potential to replace the “easy to be manupilated” currencies and payment systems existing nowadays by its decentralized and anonymous characteristics. Like a double-edged sword, these two unique characteristics enable cryptocurrencies to be used as means of money-laundering.
On the other hand, the awareness of anti-money laundering (hereinafter “AML”) has arised among nations since the 1980s. In 1989, the inter-governmental body, the Financial Action Task Force (hereinafter “the FATF”), was officially established to “set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation and other related threats to the integrity of the international financial system”. 2012 FATF Recommendations is now the highest AML guiding principle internationally. In 2017, Taiwan Legislative Yuan has revised and promulgated the latest AML Act, in which the Preventive Measures were adopted to meet the FATF Standards.
However, the decentralized and anonymous characteristics of cryptocurrency might contradict with the most important preventive measures such as Customer Due Diligence, Record Keeping and Reporting of Suspicious Transactions. For instance, no centralized institution might result in no responsible entity for suspicious transaction reporting and record keeping, and anonymity will increase the difficulty of Customer Due Diligence.
Hence, this study will first briefly introduce the history of currencies and payments, conduct preliminary research with regard to the block chain technology and cryptocurrencies, and compare these two to depict the nature of cryptocurrencies. Then on the second half of this study, I will move on to understand the AML regulation of FATF and other governments including Swiss, US Federal regulations, New York BitLicense, EU, and Japan to find the best solution for Taiwan Cryptocurrency AML regulation.

簡目
簡目
詳目 II
圖目錄 VI
表目錄 VII
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究方法與範圍 4
第三節 本文架構 5
第二章 貨幣與支付工具 7
第一節 貨幣 8
第一項 貨幣之定義 8
第二項 貨幣之功能 8
第三項 貨幣之特性 10
第四項 貨幣之種類 11
第二節 支付工具 14
第一項 支付工具之定義 14
第二項 我國支付工具之種類與規範 14
第三項 結算與清算 26
第三章 區塊鏈技術與加密貨幣 29
第一節 區塊鏈技術 29
第一項 區塊鏈技術概說 29
第二項 區塊鏈技術特徵之釐清 34
第三項 區塊鏈技術之應用 39
第二節 加密貨幣 40
第一項 虛擬貨幣與加密貨幣 40
第二項 加密貨幣之定性 42
第三項 加密貨幣之發展現況 52
第四項 加密貨幣潛在風險 57
第三節 小結 62
第四章 洗錢防制法概說 63
第一節 國際洗錢防制趨勢 63
第一項 國際反洗錢組織概說 63
第二項 FATF四十項建議與預防性措施 66
第三項 FATF虛擬貨幣洗錢防制文件概說 71
第二節 我國洗錢防制規範體系 74
第一項 洗錢防制與資恐防制法 74
第二項 洗錢防制行政命令與自律規範 80
第三項 新興支付工具洗錢防制規範架構與預防性措施 85
第五章 各國加密貨幣洗錢防制立法趨勢 101
第一節 瑞士 102
第二節 美國 105
第一項 聯邦 105
第二項 紐約州金融服務廳「比特執照」制度 109
第三節 歐盟 112
第四節 日本 115
第五節 小結 118
第六章 結論 121
參考文獻 126

參考文獻
一、中文文獻
（一）書籍
王文宇、林育廷（2018），《票據法與支付工具規範》，初版，頁9-34，台北：元照。
王志誠（2004），《票據法》，初版，頁14，台北：元照。
李怡庭（2012），《貨幣銀行與金融市場》，第二版，頁61，台北。
保羅‧威格納、麥克‧凱西（著），林奕伶（譯）（2017），《虛擬貨幣革命》，頁7，台北：大牌。
柯宜汾（2017），〈國際反洗錢規範與我國對應之政策方向〉，王文杰（等著），《新洗錢防制法：法令遵循實務分析》，頁116-133，台北：元照。
蔡佩玲（2017），〈洗錢防制法新法修正重點解析〉，王文杰（等著），《新洗錢防制法：法令遵循實務分析》，頁6，台北：元照。

（二）期刊文獻
林育廷（2015），〈台灣第三方支付中介之管理與規範〉，《全國律師》，第 19 卷第 2 期，頁48-55。
鄭菀瓊（2009），〈簡評電子票證發行管理條例〉，《科技法律透析》，2009年第3期，頁2-7。
臧正運、曾宛如、方嘉麟（2018），〈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。
蔡佩玲，《洗錢防制法新法修正解析》，檢察新論，第21期，第46至59頁。

（三）政府出版品
《中華民國支付及清算系統》，中央銀行編制，民國98年9月，網址：https://www. cbc.gov.tw/p ublic/Attachment/9720 16463871.pdf。
FinCEN（2017）,《洗錢預防：金融服務商反洗錢指南》，頁37，網址：https://w ww.fincen.gov/sites/default/files/shared/ mlp_zh_prevention_guide.pdf。

（四）判決
最高法院89年台上字1628號判決
台北地方法院96年度易字第2685號刑事判決

（五）網路資源
李震華（2016），〈台灣區塊鏈技術應用3契機〉，財團法人資訊工業策進會網站，網址： https://www.iii.org.tw/Focus/FocusDtl.aspx?f_type=1&f_sqno=phCl AUU%2BR4fPRcnHwb7LxA__&fm_sqno=12。
金融監督管理委員會銀行局網站，網址：https://www.banking.gov.tw/ch/home.jsp? id=60&parentpath= 0,4&mcustomize=FscSearch_BankType.jsp&type=C。
金融監督管理委員會，銀行局，金融資訊，金融機構基本資料查詢，專營電子支付機構。網址：https://www.banking.gov.tw/ch/home.jsp?id=60&parentpath= 0,4&mcustomize=FscSearch_BankType.jsp&type=H1&display=false。
金融監督管理委員會，銀行局，金融資訊，金融機構基本資料查詢，兼營電子支付機構。網址：https://www.banking.gov.tw/ch/home.jsp?id=60&parentpath =0,4&mcustomize=FscSearch_BankType.jsp&type=H21&display=false。
政府資料開放平台，公司登記(依營業項目別)第三方支付服務業，網址：https://dat a.gov.tw/data set/22184。

（六）網路報章
自由時報（8/19/2016），〈兆豐金紐約分行出包被美重罰逾57億元〉，網址：http:// news.ltn.com.tw/news/business/ breakingn ews/1800878。

二、外文文獻
（一）書籍
Arvind Narayanan, Joseph Bonneau, Edward Felten, Andrew Miller, Steven Goldfeder, Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction, Princeton University Press, 2016. Print.
William Stanley Jevons, Money and the Mechanism of Echange, pp. 13-15, William Clowes and Sons, Limited, London & Beccles, 1875. Print.

（二）期刊文章
John M. Griffin & Amin Shams (2018), Is Bitcoin Really Un-Tethered?, available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id =3195066
R.A. Radford (1945), The Economic Organization of a P.O.W Camp, Economica 12, pp189-201
Sarah Jane Hughes; Stephen T. Middlebrook (2015), Advancing a Framework for Regulating Cryptocurrency Payments Intermediaries, 32 Yale J. on Reg. 495.
Stuart Haber & W. Scott Stornetta (1991), How to Time-Stamp a Digital Document, Journal of Cryptology Vol. 3, No. 2, pp. 99-111, available at: https://w ww.anf.es/pdf/Haber_Stornetta.pdf

（三）法院判決
SEC v. Edwards, 540 U.S. 389, 393 (2004).
SEC v. Howey Co., 328 U.S. 293, 301 (1946)
Skatteverket v. David Hedqvist, European Court of Justice (Oct 22nd, 2015), Case C‑264/14.
State of Florida v. Michel A. Espinoza, Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County (2016), Florida, Case no. F14-2923.

（四）政府文件與出版品
2017 Global Findex Report, World Bank, p.35, available at: http://globalfindex.world bank.org/
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on Preventing the Use of the Financial System From money laundering or terrorist financing amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (4th Anti-Money Laundering Directive), Official Journal of the European Union (EN), L 141/73 ~ L 141/117, May 6th, 2015, available at: https://publications.europa.eu/en/publication-detail/-/publication/0bff31ef-0b49-11e5-8817-01aa75ed71a1/language-en
EBA Opinion on ‘virtual currencies’, EBA (July 4th, 2014), available at: https://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
FINMA Guidance 04/2017: Regulatory Treatment of Initial Coin Offerings, FINMA (2017), available at: https://www.finma.ch/en/documentation/finma-guidance/#Order=4
Federal Act on Combating Money Laundering and Terrorist Financing: Anti-Money Laundering Act, The Federal Council of Swiss (Oct 10th, 1997), available at: https://www.admin.ch/opc/en/classified compilation/19970427/index.html
Guidance FIN-2013-G001, Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, March 18th, 2013.
Guidance for a risk-based approach: Virtual Currencies, FATF (June 2015), at p. 7.
Implications for Central Banks of the Development of Electronic Money, Bank for International Settlement (1996), available at https://www.bis.org/publ/bisp0 1.htm
Initial Coin Offerings (ICOs)- User and business operator warning about the risks of ICOs, FSA (Oct 27th, 2017), available at: https://www.fsa.go.jp/policy/virtual_ currency/07.pdf
International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation: The FATF Recommendations, FATF (Feb 2012), available at: http://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF_Recommendations.pdf
Morten Linnemann Bech & Rodney Garratt, BIS Quarterly Review (Sep 17th, 2017), pp55-70, available at: https://www.bis.org/pub l/qtrpdf/r_qt1709f.htm
Press Release, Illegal Network Used Cryptocurrencies and Credit Cards to Launder More Than EUR 8 Million from Drug Trafficking, Europol (Apr 9th, 2018), available at: https://www.europol.europa.eu/newsroom/news/illegal-network- used-cryptocurrencies-and-credit-cards-to-launder-more-eur-8-million-drug-trafficking
Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on Information Accompanying Transfers of Funds and Repealing Regulation (EC) No 1781/2006, Official Journal of the European Union, L 141/1 ~ L 141/18, May 6th 2015, available at: https://eur-lex.europa.eu/legal- conten t/EN/TXT/?uri=celex%3A32015R0847
Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, SEC (July 25th, 2017), available at: https://www.sec.gov/ litigation/investreport/34-81207.pdf
Umsatzsteuerliche Behandlung von Bitcoin und anderen sog. virtuellen Währungen, Bundesministerium der Finanzen (Februar 27, 2018), available at: https://www.bundesfinanzministerium.de/Content/DE/Downloads/BMF_Schreiben/Steuerarten/Umsatzsteuer/Umsatzsteuer-Anwendungserlass/2018-02-27-umsatzsteuerliche-behandlung-von-bitcoin-und-anderen-sog-virtuellen-waehrungen.pdf?__blob=publicationFile&v=1
Virtual Currency Schemes, European Central Bank (Oct, 2012), at p. 45, available at: http://www.ecb.euro pa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
Virtual Currencies: Key Definitions and Potential AML/CFT Risks, FATF (2014), available at: http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual- currency-key-definitions-and-potential-aml-cft-risks.pdf
William Hinman, Digital Asset Transactions: When Howey Met Gary (Plastic), SEC (June 14th, 2018), available at: https://www.sec.gov/news/speech/speech- hinman-061418

（五）網路報章
Berkeley Lovelace Jr., Buffett on cryptocurrencies: ''I can say almost with certainty that they will come to a bad ending'', CNBC (Jan 10th, 2018), available at: https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html
Bernard Marr, A Short History Of Bitcoin And Crypto Currency Everyone Should Read, Forbes (Dec 16th, 2017), available at: https://www.forbes.com/sites/ bernardmarr/2017/12/06/a-short-history-of-bitcoin-and-crypto-currency-everyone-should-read/#734b2d5f3f27
Conor sen, Cryptocurrencies Are Starting to Affect the Real Economy, Bloomberg (Dec 19th, 2017), available at: https://www.bloomberg.com/view/articles/2017 -12-18/cryptocurrencies-are-starting-to-affect-the-real-economy
French CEO of collapsed Mt.Gox bitcoin exchange arrested in Japan, Frence 24 (Aug 10th, 2015), available at: http://www.france24.com/en/20150801-japan- bitcoin-arrest-exchange-theft-allegations-karpeles- france
Helen Partz, Investors File Class Action Lawsuit Against Bitconnect Following Its Shutdown, Cointelegraph (Jan 25th, 2018), available at: https://cointelegraph. com/news/investors-file-class-action-lawsuit-against-bitconnect-following-its-shutdown
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Ken Martin, JPMorgan Chase CEO Jamie Dimon regrets saying Bitcoin is a ''fraud,'' but still isn''t interested in it, Fox Business (Jan 9th, 2018), available at: https:// www.foxbusiness.com/markets/jpmorgan-chase-ceo-jamie-dimon-regrets-saying-bitcoin-is-a-fraud-but-still-isnt-interested-in-it
Mt. Gox CEO Mark Karpeles braces for bitcoin trial in Japan, The Japan Times (July 10th, 2017), available at: https://www.japantimes.co.jp/news/2017/07/10/ national/crime-legal/mt-gox-ceo-mark-karpeles-braces-bitcoin-trial-japan/#.WuVmo4iFM2w
NPA cryptocurrency tips point to 669 suspected money-laundering cases from April to December, The Japan Times, available at: https://www.japantimes.co.jp/news/ 2018/02/22/business/npa-cryptocurrency-tips-point-669-suspected-money-laundering-cases-april-december/#.WrDbPuhuY2w
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Samburaj Das, Bitcoin Could Soon Be Accepted at 260,000 Stores in Japan, CCN (April 5th, 2017), available at https://www.ccn.com/bitcoin-accepted-260000-stores-japan/
SEC chairman: Cryptocurrencies like bitcoin are not securities, CNBC (June 6th, 2018), available at: https://www.cnbc.com/video/2018/06/06/sec-chairma n-cryptocurrencies-like-bitcoin--not-securities.html
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（六）其他資料
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