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研究生:謝依紋
研究生(外文):Hsieh, Yi-Wen
論文名稱:證券型代幣(STO)之監管研究
論文名稱(外文):A Study on Regulatory Framework of Security Token Offering
指導教授:林國全林國全引用關係
指導教授(外文):Lin, Kuo-Chuan
口試委員:臧正運鄭婷嫻
口試委員(外文):Tsang, Cheng-YunCheng, Ting-Hsien
口試日期:2019-01-30
學位類別:碩士
校院名稱:國立政治大學
系所名稱:法學院碩士在職專班
學門:法律學門
學類:其他法律學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:中文
論文頁數:131
中文關鍵詞:首次代幣發行區塊鏈虛擬貨幣首次公開發行股票證券型代幣眾籌平台智慧合約智慧監理
外文關鍵詞:Iniital coin offeringBlockchainVirtual currencyInitial public offeringsSecurities token offeringCrowdfunding platformSmart contractSmart supervision
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近年來區塊鏈的興起,造就了金融科技的浪潮,金融市場因區塊鏈技術的應用,不斷推陳出新金融商品,又隨著虛擬貨幣的不斷水漲船高,運用區塊鏈與虛擬貨幣開啟籌資大門的首次代幣發行(Initial Coin Offering,簡稱ICO)成為新創事業募集資金的新寵兒。ICO之所以受到新創事業之青睞在於各國監理機關在ICO問市時對於其性質及定性仍未有準繩,而成為金融監管的模糊地帶,新創業者遂一擁而上的透過ICO向大眾募集資金。隨著市場充斥著詐騙及虛擬貨幣炒作之投機風氣,主管機關意識到必須有所作為,而開始向投資者提醒ICO之風險。惟單純的警告似乎不足以扼止投資者投資之意願,ICO市場依舊十分火熱。
ICO類似於首次公開發行股票 ( Initial Public Offerings,簡稱 IPO )在於其皆係向不特定之投資大眾募集資金,惟取得的係發行公司發行的代幣而非股票,然而其卻未受到主管機關監管,造成監理漏洞,部分監理機關開始表態,屬於證券性質之ICO應受該國證券法規之監管,此種應受證券法規管制下發行的代幣即稱為證券型代幣(Securities Token Offering,簡稱 STO)。惟ICO商品的特性與IPO不同,且其複雜不易瞭解,實難與傳統證券相比擬,傳統證券法規恐無法一體適用在STO上。是以,如何量身訂作此種特殊型態的金融工具正考驗著主管機關的智慧。
ICO缺乏透明度、評價困難且價格波動性高及市場操控風險高等特性,其監理強度仍應高於傳統IPO商品,惟ICO背後的基礎設施-區塊鏈因具有不可修改、交易同步及分布式信任架構,用以作為金融領域之用,可降低成本,結合科技發展提供創新產品,仍不應過度禁止,以避免抑止金融市場發展,是以,採差異化管理,允許發行公司可利用區塊鏈技術發行證券型代幣,而新創業者,因其公司尚值草創階段,風險屬性較高,於現行眾籌平台募集資金,對投資人屬性作適度之限制,以保護投資人權益及維持金融市場穩定,另外眾籌平台同步採用區塊鏈技術,以降低市場參與者法遵成本及主管機關監理成本。
鑑於證券型代幣與傳統IPO商品仍有不同,在資訊揭露方面,除了在現行法規框架要求下,仍應考量證券型代幣之特殊性,在技術層面如智慧合約及基礎技術部分充分說明,並就代幣價格之決定、可接受之代幣類型、相關風險及其有關之會計處理及評價作揭露,如果是上市櫃公司應另揭露代幣發行對發行人財務可能的影響及對現存之公司股東的影響。至於對證券型代幣之報告要求,原則上與現行IPO類似,定期須揭露年報、季報及遇有特殊情形發生時之臨時報告事項,另外就智慧合約及應用於STO相關程序提出審計報告。
最後,基於區塊鏈的技術運用,可減化證券之交易及結算流程,主管機關應積極思考如何利用區塊鏈的技術重新塑造市場參與者角色,並利用區塊鏈的技術達成智慧監理的目標,區塊鏈雖帶給監理機關一個挑戰,但也是一個機會,主管機關應樂觀面對,為打造我國成一個數位科技的金融市場帶來新契機。
In recent years, the rise of the blockchain has created a wave of financial technology. With the blockchain technology, new financial products have continuously introduced to the financial market. As the price of virtual currency increase, initial Coin Offering (ICO) has become the new fundraising method. The reason why ICO is favored by new ventures is that the supervisory had no guidelines ICO when it came to the market. New entrepreneurs are rushing to raise funds through the ICO to the public. As the market is full of frauds and speculation, the authorities started to aware that they need to do more. The authorities alerted investors the risks of ICO. However, the warning seemed to be insufficient to stop investors' willingness to invest. The ICO market is still very hot.
ICO is similar to Initial Public Offerings (IPOs) in raising funds from public. The different is that investors get tokens instead of stocks in ICO. However, ICO is not regulated that cause supervision loopholes. Some supervision announced that ICO has securities nature should be regulated under the country's securities regulations. Such token issued under the securities laws is called Securities Token Offering (STO). However, the characteristics of ICO are different from IPO, and ICO is complexity and difficult to understand. Traditional securities regulations may not be suitable for STO. Therefore, how to regulate this type of financial instrument is testing the wisdom of the authority.
ICO lack transparency, evaluation difficulty, high price volatility and easily manipulation. Its supervision intensity should be higher than traditional IPO. The infrastructure of ICO is blockchain, which is unmodifiable, transactional synchronization and distributed trust. Blockchain used as a financial field, can reduce costs and provide innovative products. It should not be excessively banned to use it. Therefore, suggesting differentiated management allows the issuing company to use the blockchain. Technology issues securities-type tokens, while new entrepreneurs, because of their company's value-added stage, have higher risk attributes, raise funds on the current crowdfunding platform, and impose appropriate restrictions on investor attributes to protect investor rights and maintain finance.
In terms of information disclosure, additional requirements, including smart contract, basic technology, token price, acceptable token type, risks, accounting treatments and evaluations are necessary. If the listed company issuing the STO, it should disclose the possible impact on the token issue and influence on the company's shareholders. As for the reporting requirements on STO, are similar to the current IPO, annual reports, quarterly reports and interim reports in the event of special circumstances are needed. Moreover, audit reports on smart contracts and applications related to STO are suggested.
Finally, using of blockchain technology can simplize the transaction and settlement process of securities. The authorities should actively consider how to use the technology of blockchain to reshape the role of market participants and achieve smart supervision. The blockchain brings a challenge to the supervision, but it also provides an opportunity. Authorities should be optimistic to build a digital financial market in the future.
第一章 緒論 1
第一節 研究動機與目的 1
第一項 研究動機 1
第二項 研究目的 4
第二節 研究範圍及方法 5
第一項 研究範圍 5
第二項 研究方法 6
第二章 ICO:區塊鏈的新商業模式 7
第一節、區塊鏈於金融領域之發展 7
第二節、ICO運作模式 9
第一項、ICO定義 9
第二項、ICO運作模式 10
第三項、ICO分類 11
第三節、ICO籌資之風險 13
第四節、ICO籌資與IPO及群眾募資之異同 15
第一項、ICO與IPO之異同 15
第二項、ICO與群眾募資(Crowdfunding)的異同 16
第三章 各國對證券型代幣監理措施 18
第一節 美國 19
第一項、美國法之有價證券定義 19
第二項、美國證券監督委員會對ICO之定性: 20
第三項、美國SEC對STO之態度 24
第二節 加拿大 26
第一項、2017年加拿大證券管理局發布之員工通知(Staff Notice 46-307) 26
第二項、2018年加拿大證券管理局發布之員工通知(Staff Notice 46-308) 29
第三項、加拿大政府對證券型代幣之態度 33
第三節 新加坡 34
第一項、新加坡數位代幣發行監管指引(A Guide to Digital Token Offerings) 34
第二項、新加坡金融管理局對證券型代幣之態度 39
第三項、新加坡證券交易所對擬募集發行ICO之上市業者的要求 40
第四節 瑞士 41
第一項、瑞士金融市場監理局之ICO監管指引 41
第二項、瑞士日內瓦發布ICO指引 43
第三項、瑞士對證券型代幣之態度 47
第五節 澳洲 48
第一項、澳洲證券投資委員會發布之ICO指導文件 48
第二項、與澳洲競爭及消費者委員會共同合作加強監理 49
第三項、澳洲證券投資委員會對證券型代幣之態度 50
第六節 歐盟 51
第一項、納入群眾募資規範 51
第二項、歐盟證券和市場利益相關團體建議報告 51
第七節、泰國 53
第八節、菲律賓 59
第九節、小結 70
第四章 證券型代幣在台灣證券法規之適用 73
第一節 證券型代幣是否屬現行法或實務解釋下之證券 73
第一項、證券交易法第6條規範之有價證券 73
第二項、其他法律或條例規定 81
第三項、司法補充解釋 83
第二節 證券型代幣在台灣證券法規適用之法律分析 84
第一項、現行法直接適用是否符合法律明確性要求 84
第二項、主管機關透過核定將證券型代幣核定為證券之可行性 87
第三項、訂立證券型代幣專法 88
第五章、證券型代幣於我國金融監理之建議 92
第一節 證券市場發行面 92
第一項、我國證券發行市場 92
第二項、STO法規架構下發行市場如何管理 93
第二節 證券市場交易面 95
第一項、證券交易市場現行制度 95
第三項、STO下交易市場管理之問題探討 100
第三節、資訊公開揭露探討 103
第一項、資訊公開揭露在現行證交法規之實踐 103
第二項、參考各國建議我國白皮書應記載項 106
第三項、參考各國建議我繼續及臨時公開事項 107
第四節 結合群眾募資發展之可行性 109
第一項、我國群眾募資之規範 109
第二項、STO於眾籌平台之發展 114
第六章 結論與建議 118
第一節 結論 118
第二節 建議 119
第一項、在監理沙盒試行 119
第二項、成立金融區塊鏈應用及監理平台 120
參考文獻 121
一、英文文獻:
(一)期刊論文:
1. Steven C. Bradford, The New Federal Crowdfunding Exemption: Promise Unfulfilled, 40 Securities Regulation Law Journal (May. 2012).
2. The Market in Initial Coin Offerings Risks Becoming a Bubble, The Economist; Dearing, Rule of Thumb for ICO Investor: Explore Risks Involved (June. 9 ,2017).

(二)研究報告
1. European Securities and Markets Authority, The Distributed Ledge Technology Applied to Securities Markets, Discuss Paper (Jun. 2016).
2. Securities and Markets Stakeholder Group, Own Initiative Report on Initial Coin Offerings and Crypto-Assets (Oct. 19, 2018).
3. World Economic Forum, The Future of Financial Infrastructure- An Ambitious Look at How Blockchain Can Reshape Financial Services (Aug. 2016).
4. Wulf A. Kaal & Marco Dell’Erba, Initial Coin Offerings: Emerging Practices, Risk Factors, and Red Flags, U of St. Thomas (Minnesota) Legal Studies Research Paper (Nov. 14, 2017).
(三)網路資料
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2. Alex Sunnarborg, ICO Investments Pass VC Funding in Blockchain Market First (update: Jun. 11, 2017), available at: https://www.coindesk.com/ico-investments-pass-vc-funding-in-blockchain-market-first.
3. Amelia Tomasicchio, Europe, ICO regulation to arrive in 2019(Oct. 9, 2018), available at: https://cryptonomist.ch/en/2018/10/09/europe-ico-regulation/.
4. Australian Securities & Investments Commission, 18-122MR ASIC takes action on misleading or deceptive conduct in ICOs (May. 1, 2018), https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-122mr-asic-takes-action-on-misleading-or-deceptive-conduct-in-icos/.
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7. Blockgeeks, What are Security Tokens?, available at: https://blockgeeks.com/guides/security-tokens/.
8. Canadian Securities Administration, The Canadian Securities Administrators Launches a Regulatory Sandbox Initiative (Feb. 23, 2017), available at: https://www.securities-administrators.ca/aboutcsa.aspx?id=1555.
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23. Jerry Yu, Differences Between a White Paper, Yellow Paper, and Beige Paper, available at: https://medium.com/@hello_38248/differences-between-a-white-paper-yellow-paper-and-beige-paper-ad173f982237.
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31. Nikhilesh De, EU Lawmaker Wants to Include ICOs in New Crowdfunding Rules (Aug. 13,2018), available at: https://www.coindesk.com/european-parliament-proposes-ico-regulations-for-crowdfunding-efforts/.
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33. Peter Reeves, Georgina Willcock & Marcus Wong, ASIC releases updated guidance on initial coin offerings and cryptocurrency (May. 2, 2018), available at: https://www.lexology.com/library/detail.aspx?g=55c053b6-0a3e-4a05-8f81-920ffcc702e8.
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44. Stan Higgins, Australia's Securities Watchdog Has Halted 5 ICOs Since April (Sep. 24, 2018), https://www.coindesk.com/australias-securities-watchdog-has-halted-5-icos-since-april/.
45. Swiss Financial Market Supervisory Authority, FINMA publishes ICO guidelines, Press Release (Feb. 16,2018), available at: https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/.
46. Swiss Financial Market Supervisory Authority, Guidelines-for enquiries regarding the regulatory framework for initial coin offerings (Feb.16, 2018), available at: https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/.
47. The Directorate General for Economic Development, Research, and Innovation of the State of Geneva, Guide: Initial Coin Offerings (ICOs) in the Canton of Geneva (Oct. 17, 2018), available at: https://www.ge.ch/document/guide-initial-coin-offerings-icos-canton-geneva/telecharger.
48. The Financial Conduct Authority, The FCA’s regulatory approach to crowdfunding and similar activities, at 10(Oct. 24, 2013), available at: https://www.fca.org.uk/publication/consultation/cp13-13.pdf.
49. The Securities and Exchange Commission, Thailand, Decree on the Digital Asset Businesses B.E. 2561(2018), available at: https://www.sec.or.th/EN/SECInfo/LawsRegulation/Documents/actandroyal/digitalasset_decree_2561_EN.pdf.
二、中文文獻
(一)中文專書
1. 王志誠,現代金融法,新學林,2017年10月。
2. 王志誠、邵慶平、洪秀芬、陳俊仁,實用證券交易法,新學林,五版,2018年2月。
3. 王聖雯,ICO市場的法律問題與監管研究,初版,2018年9月。
4. 余雪明,證券交易法-比較證交法,2016年9月。
5. 谷湘儀、臧正運,金融科技發展與法律,五南圖書出版股份有限公司,2017年05月。
6. 曾宛如,證券交易法原理,元照,六版,2012年8月。
7. 曾宛如,證券交易法原理,元照出版社,2005年3月,頁265。。
8. 楊東,練金有法-區塊鍵商業實踐與法律指南,北京航空航天大學出版社,2017年6月1日。
9. 劉連煜,新證券交易法實例研習,元照,十四版,2016年9月。
10. 賴英照,股市遊戲規則-最新證券交易法解析,2017年9月。
(二)期刊論文
1. 王志誠,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, 2016年12月。
2. 何寯銘,ICO商業模式的法律性質分析及監管模式優化--基於九國ICO監管現狀,上海金融,2018年第2期。
3. 徐坊寧,淺析首次公開募幣ICO的發展與監管,科技經濟導刊,第17期,2018年 6月。
4. 高啟仁,我國推動「創櫃板」與「群眾募資」之情形,證券暨期貨月刊,第32卷第4期, 2014年4月16日。
5. 許宗力,論法律明確性之審查:從司法院大法官相關解釋談起,國立臺灣大學法學論叢,第41卷第4期,2012年12月。
6. 郭戎晉、李震華、吳李祺,接軌國際-從監理與法制環境談我國區 塊鏈生態體系的建構,財金資訊季刊,第 90 期,2017年10月。
7. 陳恭,智能合約的發展與應用,財金資訊90期,2017年10月。
8. 楊英伸,區塊鏈發展趨勢,證期月刊,第34卷第10期,2016年10月。
9. 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,2018年2月。
10. 劉連煜,論票券是否可能成為證券法上所規範之證券-美國聯邦最高法院Reves v. Ernst & Young乙案之檢討,公司法理論與判決研究(一),自版,1995年1月。
11. 蔡昌憲,我國股權性質群眾募資之管制發展:從創櫃版到民間募資平台,臺大法學論叢,第45卷第1期,2016年3月。
12. 戴銘昇,論證券交易法上之「有價證券」,華岡法粹,第38期,2007年7月。
(三)研究報告
1. 金融研究發展基金管理委員會,金融區塊鏈國際發展趨勢與監理,107年10月。
2. 臺灣證券交易所,從數位科技環境看證券商經營策略的發展,105 年 12 月 15 日。
3. 林瑛珪,淺談群眾募資及台灣群眾募資發展現況,2016年1月。
(四)網路資料
1. Ennio Y. Lu,澳洲證交所應用分散式帳本技術將節省「230億美元」營運成本,2018年8月17日,網頁:https://www.blocktempo.com/asx-blockchain-application-reduce-cost/。
2. 中國網信網,國家互聯網資訊辦公室關於《區塊鏈資訊服務管理規定(徵求意見稿)》公開徵求意見的通知,2018年10月19日,網址:http://www.cac.gov.cn/2018-10/19/c_1123585598.htm。
3. 立法院第9屆第6會期財政委員會第 6 次全體委員會議,「虛擬通貨發展現況及主要國家監 管措施」暨「如何避免泛公股行庫藉 著防制洗錢所需,針對香港澳門大陸地區金流進行嚴審現象」專題報告。
4. 吳筱涵,區塊鏈與虛擬貨幣法律專題(十一) 針對虛擬貨幣交易所兼營虛擬代幣ICO一條龍服務之法律觀察,網頁: http://zhongyinlawyer.com.tw/%E5%8D%80%E5%A1%8A%E9%8F%88%E8%88%87%E8%99%9B%E6%93%AC%E8%B2%A8%E5%B9%A3%E6%B3%95%E5%BE%8B%E5%B0%88%E9%A1%8C%E5%8D%81%E4%B8%80-%E9%87%9D%E5%B0%8D%E8%99%9B%E6%93%AC%E8%B2%A8%E5%B9%A3%E4%BA%A4/。
5. 金管會新聞稿,依證券交易法第十五條第三款規定,核准證券經紀商得建置網路平台經營股權性質群眾募資業務,https://www.fsc.gov.tw/ch/home.jsp?id=128&parentpath=0,3&mcustomize=lawnew_view.jsp&dataserno=201505010002&toolsflag=Y&dtable=NewsLaw。
6. 金管會新聞稿,金管會對「開放股權性質群眾募資業務」之說明,2015年04月23日,https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201504230002&toolsflag=Y&dtable=News。
7. 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,2018年06月22日,https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201712190002&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。
8. 金融監督管理委員會,金管會提醒社會大眾有關ICO的風險,2018年06月22日,https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201806220002&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。
9. 胡雅筑(天遠律師事務所),美國證管會SEC出手嚴打ICO,2018年11月12日,網址: https://www.ecounsel.net/zh/2018/11/12/sec-ico/。
10. 區塊客,新加坡證交所、金管局攜手將利用區塊鏈加速證券交割結算,2018年8月25日,網址: https://blockcast.it/2018/08/25/singapore-stock-exchange-taps-blockchain-for-faster-settlement/。
11. 黃有容,中時電子報,虛擬貨幣交易平台處境難 僅1家交易帳戶在台灣,2018年5月29日,網址: https://www.chinatimes.com/realtimenews/20180529004460-260410。
12. 經濟日報,涉有價證券的ICO 金管會要管了,2018年10月22日,https://money.udn.com/money/story/5648/3435380?from=popinpc2。
13. 關春修、張純怡,工商時報,安侯建業專欄-迎接代幣經濟新時代泰國頒布數位資產法案,2018年06月27日,網址: https://www.chinatimes.com/newspapers/20180627000350-260205。
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