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研究生:魏禮
研究生(外文):Wei, Li
論文名稱:密碼資產的發展與監理
論文名稱(外文):Development and Regulations of Cryptoassets
指導教授:顏雅倫顏雅倫引用關係
指導教授(外文):Yen, Ya-Lun
口試委員:陳俊仁楊岳平
口試委員(外文):Chen, Chun-JenYang, Yueh-Ping
口試日期:2021-07-23
學位類別:碩士
校院名稱:國立成功大學
系所名稱:法律學系
學門:法律學門
學類:一般法律學類
論文種類:學術論文
論文出版年:2021
畢業學年度:109
語文別:中文
論文頁數:168
中文關鍵詞:區塊鏈密碼資產密碼資產交易平台虛擬通貨證券型代幣
外文關鍵詞:blockchaincryptoassetscryptoasset trading platformvirtual currencysecurities token
相關次數:
  • 被引用被引用:2
  • 點閱點閱:286
  • 評分評分:
  • 下載下載:58
  • 收藏至我的研究室書目清單書目收藏:0
本文以密碼資產作為研究對象,探討其發展及我國對於此一特殊金融工具之監管問題。本文首先回顧密碼資產的發展歷史,並介紹國內外學說實務上對於密碼資產的不同分類及法律定性,以及藉由密碼資產發行之募資模式與傳統募資模式之不同。接著透過比較法之研究,探討密碼資產及密碼資產交易所在美國法下之適用,包括美國證券交易委員會之相關行動及美國判決實務。再者針對密碼資產在我國之發展現況,探討我國學說及實務上對於密碼資產的定性及監管方式,以及不同類型之密碼資產是否可能及如何在我國法下發行。最後針對目前我國法下對於密碼資產監管及發展問題,建議可藉由密碼資產的出現所凸顯我國法制的不足之處,對相關之法規範進行通盤的檢討及或修訂。

關鍵字:區塊鏈、密碼資產、密碼資產交易平台、虛擬通貨、證券型代幣
Development and Regulations of Cryptoassets
Author: Li Wei
Advisor: Dr. Ya-Lun Yen
Department of Law
National Cheng Kung University

SUMMARY
1)This article aims to discuss the development and regulation of cryptoassets in Taiwan. 2)The article reviews the history of cryptoassets by introducing domestic and global theories on its classification, qualitative nature of law, and the differences between traditional and crypto-based fundraising models. 3)Through comparative approaches, the article explores the application of cryptoassets and cryptoasset trading platform under U.S. law, including and judicial practices and enforcement actions by United States Securities and Exchange Commission (SEC).4) Furthermore, it evaluates cryptoassets applications and supervision with research theories and actual practices, and the possibilities of different cryptoassets variants to initiate offering under current Taiwanese law. 5) Finally, this article provides suggestions regarding the shortcomings of Taiwan’s legal system in light of Taiwan’s emerging cryptoassets market.

Keywords: blockchain, cryptoassets, cryptoasset trading platform, virtual currency, securities token
第一章、緒論 1
第一節、研究動機 1
第二節、研究目的 6
第三節、研究方法及範圍 6
第四節、研究限制 7
第五節、本文章節 7
第二章、密碼資產之發展、類型與性質 11
第一節、密碼資產之發展:從比特幣、ICO、STO至IEO 11
第一項、從比特幣到區塊鏈之應用 11
第二項、ICO的興起─以太坊及智慧合約的出現 13
第三項、從ICO退潮到STO及IEO出現 16
第二節、密碼資產之類型及法律性質 19
第一項、封閉型數位貨幣、單向流通型數位貨幣以及雙向流通型數位貨幣 21
第二項、支付型代幣、功能型代幣及資產型代幣 25
第三項、證券型代幣及電子錢幣型代幣及不受監管代幣 28
第四項、從五個維度來類型化密碼資產 30
第五項、功能型代幣、股利代幣及去中心化合夥代幣 33
第六項、其他分類方式 36
第七項、本文見解 37
第三節、ICO、STO及IEO運作模式以及與傳統募資模式之比較 42
第一項、ICO、STO及IEO之運作模式 42
第二項、ICO、STO及IEO與傳統募資模式 47
第三章、密碼資產及密碼資產交易平台之規範方式、政策與國際法治發展—以美國法為核心 53
第一節、美國證券交易委員會 53
第一項、2017年以前SEC之相關行動 53
第二項、2017年SEC之相關行動及DAO報告 54
第三項、2018年SEC之相關行動 61
第四項、2019年至今SEC之相關行動 66
第五項、針對ICO之不執法意見函 77
第六項、SEC目前執法行動整理 81
第二節、美國法院見解 86
第一項、投資型代幣 87
第二項、支付型代幣 89
第三項、功能型代幣 91
第四項、綜合比較 100
第三節、如何在美國發行合規之密碼資產 102
第一項、Regulation A 102
第二項、Regulation D 105
第三項、Regulation Crowdfunding 107
第四項、Regulation S 108
第四章、論我國法制下密碼資產發行之合法性與監管建議 111
第一節、我國對虛擬通貨之定性 111
第一項、屬於物權、債權還是無體財產 111
第二項、是否屬於我國證券交易法下之有價證券 121
第三項、虛擬通貨在相關金融法之定性 131
第二節、虛擬通貨如何在我國法下發行 135
第一項、我國證券型虛擬通貨相關規範 135
第二項、金融科技發展與創新實驗條例 147
第三項、其他類型之虛擬通貨 150
第五章、結論 155
參考文獻 158
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[判決]
1.Balestra v. ATBCOIN LLC, 380 F. Supp. 3d 340, 2019 U.S. Dist. LEXIS 55972, Fed. Sec. L. Rep. (CCH) P100,396, 2019 WL 1437160.
2.Beranger v. Harris, 2019 U.S. Dist. LEXIS 195107, 2019 WL 5485128.
3.Hodges v. Monkey Capital, LLC, 2018 U.S. Dist. LEXIS 229669, 2018 WL 9686569.
4.Hunichen v. Atonomi LLC, 2019 U.S. Dist. LEXIS 226147, 2019 WL 7758597.
5.Rensel v. Centra Tech, Inc., 2018 U.S. Dist. LEXIS 106642.
6.SEC v. Blockvest, LLC, 2019 U.S. Dist. LEXIS 24446, Fed. Sec. L. Rep. (CCH) P100,351.
7.SEC v. NAC Found., LLC, 2021 U.S. Dist. LEXIS 4079, 2021 WL 76736.
8.SEC v. Shavers, No. 4:13-CV-416, 2014 WL 4652121, at *1 (E.D. Tex. Sept. 18, 2014).
9.SEC v. Telegram Grp. Inc., 448 F. Supp. 3d 352, 2020 U.S. Dist. LEXIS 53846, 2020 WL 1430035.
10.Solis v. Latium Network, Inc., 2018 U.S. Dist. LEXIS 207781, 2018 WL 6445543
11.United Hous. Found., Inc. v. Forman, 421 U.S. 837, 852, 95 S. Ct. 2051, 44 L. Ed. 2d 621 (1975).
12.United States v. Zaslavskiy, No. 17 CR 647 (RJD), 2018 WL 4346339 (E.D.N.Y. Sept. 11, 2018).
13.Uselton v. Comm. Lovelace Motor Freight, Inc., 940 F.2d 564, 574 (10th Cir. 1991).
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