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Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/122404
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| Title: | 證券型代幣(STO)之監管研究
A Study on Regulatory Framework of Security Token Offering |
| Authors: | 謝依紋
Hsieh, Yi-Wen |
| Contributors: | 林國全
Lin, Kuo-Chuan
謝依紋
Hsieh, Yi-Wen |
| Keywords: | 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
Iniital coin offering
Blockchain
Virtual currency
Initial public offerings
Securities token offering
Crowdfunding platform
Smart contract
Smart supervision |
| Date: | 2019 |
| Issue Date: | 2019-03-04 22:27:10 (UTC+8) |
| Abstract: | 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. |
| Reference: | 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
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二、中文文獻
(一)中文專書
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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。
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(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。
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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。
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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。
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(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/。
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| Description: | 碩士
國立政治大學
法學院碩士在職專班
105961037 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105961037 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.LLME.003.2019.F10 |
| Appears in Collections: | [法學院碩士在職專班] 學位論文
|
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| 103701.pdf | 2698Kb | Adobe PDF2 | 6 | View/Open |
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