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    題名: 論以國際投資法保障虛擬資產之可行性
    The Possibility of Safeguarding Cryptoassets Through International Investment Law
    作者: 王郁婷
    Wang, Yu-Ting
    貢獻者: 薛景文
    Hsueh, Ching-Wen
    王郁婷
    Wang, Yu-Ting
    關鍵詞: 國際投資法
    虛擬資產
    區塊鏈
    涵蓋投資
    投資地主國
    International Investment Law
    Cryptoassets
    Blockchain
    Covered Investment
    Host State
    日期: 2022
    上傳時間: 2023-01-05 15:15:37 (UTC+8)
    摘要: 虛擬資產於2008年中本聰發表區塊鏈論文後開始蓬勃發展，目前可被大致區分為支付型代幣、功能型代幣、證券型代幣及NFT，各型態具有其各自之特性。虛擬資產的蓬勃發展，加上其存在於無遠弗屆之網路上，進行投資相對容易，因此虛擬資產的跨國投資相繼出現。另一方面，虛擬資產的蓬勃發展也引起各國之關注，各國之監理機關近年來逐步對虛擬資產進行監管，雖監管規範尚在演進中，各國之監管力度及方式亦有所差異，然仍不排除對進行虛擬資產的投資人產生不利影響，造成其損害之可能性。此時對於進行跨國虛擬資產投資之投資人，即產生是否得以國際投資法主張相關保障之問題。惟虛擬資產係奠基於區塊鏈技術上，而區塊鏈技術之使用使虛擬資產產生不同於傳統投資資產，具備不具實體性、匿名性等特性，可能造成認定上的困難，且身為新型態之資產是否能被國際投資法下各國間所簽訂的投資保障協定所涵蓋亦產生疑問。
    一般而言，投資人若欲主張透過投資保障協定保障其投資，該投資必須是投資保障協定中所欲保障之涵蓋投資，且投資人必須證明其為該投資之投資人，及該投資發生於投資人所欲主張之投資地主國。然而，投資保障協定之涵蓋投資多未直接載明包含虛擬資產，且匿名並存在於網路上不具實體之虛擬資產，該如何認定投資人，及如何認定發生於何國境內皆產生疑問。
    本文認為，透過投資協定中對於涵蓋投資定義的用語，及仲裁庭過往對於投資之認定標準，虛擬資產可能被認為屬於投資類型之一。另一方面，投資人之身分則可透過所持有的公私鑰被清楚的判定。而在投資發生地認定上，雖虛擬資產不具實體性，但根據過往仲裁庭之認定，基於投資的不同類型，即使投資完全未發生實體於地主國內，仍可能透過投資資金之流向以認定投資發生國。本文透過採用資本最終用途之判斷標準，認為無實體呈現之虛擬資產應以其投資人所投資資本的最終用途認定投資發生地。
    最後本文根據通篇之論述，認為虛擬資產是可能落入投資協定之保障範圍內，投資人也可能主張透過投資協定各類的實體規範，尋求投資協定所給予之權益。惟僅限於功能型及證券型代幣類型之虛擬資產，支付型與NFT類型者則由於投資發生地的認定困難，投資人將較難以主張投資協定之保護。
    Cryptoassets began to flourish after Satoshi Nakamoto published a blockchain paper in 2008. At present, they can be roughly divided into four categories, payment tokens, utility tokens, security tokens, and NFTs, each of which has their own characteristics. With the vigorous development of cryptoassets, coupled with their existence on the far-reaching network, it is relatively easy to invest, so cross-border investment in cryptoassets has emerged one after another. On the other hand, the vigorous development of cryptoassets has also attracted the attention of various countries. In recent years, supervisory agencies in various countries have gradually supervised cryptoassets. The development of all may have an adverse impact on investors who conduct cryptoassets and cause their damage. At this time, for investors who invest in cross-border cryptoassets, the question of whether they can claim relevant protection under international investment laws arises. However, cryptoassets are based on blockchain technology, and the use of blockchain technology makes cryptoassets different from traditional investment assets, with characteristics such as non-physical and anonymous, which may cause difficulties in identification, and as a new it is also questionable whether certain types of assets can be covered by investment agreements signed between countries under international investment law.
    Generally speaking, if an investor wants to claim protection of his investment through an investment protection agreement, the investment must be covered by the investment agreement, and the investor must prove that he is the investor of the investment, furthermore, the investment must take place in a host country that the investor wants to claim. In fact, most of the investments covered by the investment agreement do not directly specify that they include cryptoassets, and on the other hand that cryptoassets are anonymous and exist on the Internet without physical assets. As a result, how to identify the investor and the country in which it occurred are questions.
    This article believes that cryptoassets may be considered as one of the types of investment through the terms of the definition of investment in the investment agreement, and the arbitral tribunal’s past identification criteria for investment. On the other hand, the identity of investors can be clearly determined through the public and private keys they hold. In terms of the identification of the place where the investment occurred, although cryptoassets are non-physicial, according to previous arbitral tribunals’ determination, even if the investment has not occurred in the landlord of the country, it is still possible to identify that there is an investment occurring in the country through the flow of investment funds. By adopting the criteria for judging the end use of capital, this paper argues that the place of investment should be determined based on the end use of the capital invested by investors for cryptoassets.
    Finally, based on the discussion throughout the article, this article believes that cryptoassets may fall within the protection scope of international investment law, and investors may also advocate seeking the rights and interests granted by investment agreements through various substantive regulations in investment agreements. However, it is limited to cryptoassets of utility and security token types, and for payment and NFT types, they will be more difficult for investors to claim the protection of investment agreements due to the difficulty in identifying the place where the investment takes place.
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    World Investment Report 2022, UNCTAD Doc. UNCTAD/WIR/2022.
    論文
    Aljasim, Hesham Ali, Cryptocurrencies as Protected Investments under Bilateral Investment Treaties: Is There A BIT of Coin Protection?, Master Programme in Investment Treaty Arbitration Master’s Thesis 15 ECT, Spring 2021.
    Carter, Nic, A Cross-Sectional Overview of Cryptoasset Governance and Implications for Investors (2017) (unpulished MSc Thesis, University of Edinburch).
    Matsuura, Soma, Territorial Limitations of Investment-- What are the Relevant Considerations Involved in Setting out the Territorial Limitations to Investment in Investment Treaties?, Master Programme in Investment Treaty Arbitration Master’s Thesis 15 ECTS (2017).
    判決文件
    Abaclat and Others v. Argentine Republic, ICSID Case No. ARB/07/5 (formerly Giovanna a Beccara and Others v. The Argentine Republic), Decision on Jurisdiction and Admissibility.
    AES Corporation v. The Argentine Republic, ICSID Case No. ARB/02/17, Decision on Jurisdiction, Apr. 26, 2005.
    Bayindir Insaat Turizm Ticaret Ve Sanayi A.S. v. Islamic Republic of Pakistan, ICSID Case No. ARB/03/29.
    Biwater Gauff (Tanzania) Ltd. v. United Republic of Tanzania, ICSID Case No. ARB/05/22, Award, 24 July 2008.
    Ceskoslovenska Obchodni Banka, A.S. v. The Slovak Republic, ICSID Case No. ARB/97/4, Decision of the Tribunal on Objections to Jurisdiction, May 24, 1999.
    CFTC v. McDonnell and Cabbagetech, Corp., Memorandum & Order https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoindroporder030618.pdf (Mar. 6, 2018).
    Coinflip, Inc., d/b/a Derivabit, and Francisco Riordan, Order Instituting Proceedings Pursuant to Sections 6(C) And 6(D) of the Commodity Exchange Act, Making Findings and Imposing Remedial Sanctions, CFTC Docket No. 15-29, https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf.
    Consortium Groupement L.E.S.I.- DIPENTA v. République Algérienne Démocratique et Populaire, ICSID Case No. ARB/03/08, Award, Jan. 10, 2005.
    Fedax N.V. v. The Republic of Venezuela, ICSID Case No. ARB/96/3, 11, July, 37 ILM, Decision on Jurisdiction, (1998).
    In the Matter of Coburn, Order Instituting Cease-and0Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act, Making Findings, and Imposing a Cease-and-Desist Order, https://www.sec.gov/litigation/admin/2018/34-84553.pdf (Nov. 8, 2018).
    In the Matter of TokenLot LLC, Kugel & LeWitt, Order Instituting Administrative Cease and Desist Proceedings, https://www.sec.gov/litigation/admin/2018/33-10543.pdf (Sept. 11, 2018).
    Jan de Nul N.V. and Dredging International N.V. v. Arab Republic of Egypt, ICSID Case No. ARB/04/13, Decision on Jurisdiction, June 16, 2006.
    Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, No. 81207 July 25, 2017.
    Saba Fakes v. The Republic of Turkey; Victor Pey Casado and President Allan Fosk Kaplun v. The Public of Chile, ICSID Case No. ARB/98/2, Award, May 8, 2008.
    Salini Costruttori S.p.A. and Italstrade S.p.A. v. Kingdom of Morocco, ICSID Case No. ARB/00/4.
    Securities and Exchange Commission v. W. J. Howey Co.,328 U.S. 293 [1946].
    SGS Société Générale de Surveillance S.A. v. Islamic Republic of Pakistan, ICSID Case No. ARB/01/13, Decision on Jurisdiction, Aug. 6, 2003.
    SGS Société Générale de Surveillance S.A. v. Republic of the Philippines, ICSID Case No. ARB/02/6, Decision on Jurisdiction, para. 102 (Jan. 29, 2004).
    網路資料
    Belsie, Laurent, El Salvador’s Experiment with Bitcoin as Legal Tender, NATIONAL BUREAU OF ECONOMIC REASEARCH, https://www.nber.org/digest/202207/el-salvadors-experiment-bitcoin-legal-tender (July 2022).
    Brush, Kate, Rosencrance, Linda & Cobb, Michael, Asymmetric Cryptography (Public Key Cryptography), SEARCHSECURITY, https://www.techtarget.com/searchsecurity/definition/asymmetric-cryptography (Sept., 2021).
    Chakravarty, Aveek, Challenges to the Assessment of Damages Claims Involving Crypto-Assets in Investment Arbitration, GLOBAL JURIST, https://www.degruyter.com/document/doi/10.1515/gj-2019-0044/html (July 2020).
    Chojecki, Sarah, Lindmark, Fredrik, Rivas, Jose Antonio & Alonso, Munia El Harti, Washington Arbitration Week: Using BITs to Protect Cryptocurrency Investments?, KLUWER ARBITRATION BLOG, (Mar. 3, 2022) http://arbitrationblog.kluwerarbitration.com/2022/03/03/washington-arbitration-week-using-bits-to-protect-cryptocurrency-investments/.
    Cryptocurrencies: Tracing the Evolution of Criminal Finances, EUROPOL, https://www.europol.europa.eu/publications-events/publications/cryptocurrencies-tracing-evolution-of-criminal-finances (Jan. 27, 2022).
    Duffy, Clare, Facebook`s Dream of Creating Its Own Global Cryptocurrency Officially Comes to an End, CNN, https://edition.cnn.com/2022/02/01/tech/facebook-diem-association-dissolving/index.html (Feb. 1, 2022).
    EU Opens Door for Cryptocurrency Exchanges to Apply AML Rules, LINKLATERS, https://www.linklaters.com/en/insights/blogs/fintechlinks/2018/june/eu-opens-door-for-cryptocurrency-exchanges-to-apply-aml-rules
    EU Parliament Drops Crypto Mining Ban from MiCA Draft, SYGNA, https://www.sygna.io/blog/eu-parliament-drops-mica-bitcoin-mining-ban/.
    EU’s Transfer of Funds Regulation (TFR) Brings Crypto Travel Rule for All CASP Transactions, https://www.sygna.io/zh-hant/blog/eu-transfer-of-funds-regulation-tfr-crypto-travel-rule/.
    FinTech Action Plan: For a More Competitive and Innovative European Financial Sector, European Commission, https://finance.ec.europa.eu/publications/fintech-action-plan-more-competitive-and-innovative-european-financial-sector_en (Mar. 8, 2018).
    Fyock, Claiton, Certain Duration, JUS MUNDI, https://jusmundi.com/en/document/publication/en-certain-duration (June 2, 2022).
    Hajjar, Alamira Jouman, Guide to MiCA & TFR: How Crypto Regulations Affect Businesses, MEDIUM, https://medium.com/frctls/guide-to-mica-tfr-how-crypto-regulations-affect-businesses-f5ca050f266 (Oct. 3, 2022).
    Hayes, Adam, Who Is Satoshi Nakamoto?, INVESTOPEDIA, https://www.investopedia.com/terms/s/satoshi-nakamoto.asp (Sept. 25, 2022).
    Hofmarcher, Dominik, Tokenized Copyrights: Linking an NFT to a Copyright Licence, SCHÖNHERR, https://www.schoenherr.eu/content/tokenizedcopyrights-linking-an-nft-to-a-copyright-licence/ (May 26, 2021).
    How to Work Out and Report CGT on Crypto, AUSTRALIA TAXATION OFFICE, https://www.ato.gov.au/individuals/Investments-and-assets/crypto-asset-investments/how-to-work-out-and-report-cgt-on-crypto/ (last visited Nov. 3, 2022).
    Kaur, Japsimran, Understanding the Pros and Cons of Crypto Mining, TECHGIG, https://content.techgig.com/technology-unplugged/understanding-the-pros-and-cons-of-crypto-mining/articleshow/89497097.cms (Feb. 12, 2022).
    Matt Robinson, SEC Scrutinizes NFT Market Over Illegal Crypto Token Offerings, BLOOMBERG, https://www.bloomberg.com/news/articles/2022-03-02/sec-scrutinizes-nft-market-over-illegal-crypto-token-offerings (Mar. 3, 2022).
    McCarthy, Sean & Nappert, Sophie, The Impending Binance Arbitration: a Primer on the World of Cryptocurrencies, Derivatives Trading and Decentralised Finance on the Blockchain, KLUWER ARBITRATION BLOG, http://arbitrationblog.kluwerarbitration.com/2021/10/13/the-impending-binance-arbitration-a-primer-on-the-world-of-cryptocurrencies-derivatives-trading-and-decentralised-finance-on-the-blockchain/.
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    描述: 碩士
    國立政治大學
    國際經營與貿易學系
    109351041
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0109351041
    資料類型: thesis
    DOI: 10.6814/NCCU202201752
    顯示於類別:[國際經營與貿易學系 ] 學位論文

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