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| Title: | 穩定幣的比較監理—以穩定機制為核心
A Comparative Study on Stablecoin Regulation: With a Focus on Stabilization Mechanism |
| Authors: | 鄭伊廷
Cheng, Yi-Ting |
| Contributors: | 楊光華
鄭伊廷
Cheng, Yi-Ting |
| Keywords: | 穩定幣
穩定機制
儲備資產
分離保管
投資限制
回贖權
擠兌風險
歐盟加密貨幣市場法案
Stablecoins
Stabilization mechanisms
Reserve assets
Asset segregation
Investment limits
Redemption rights
Run risk
MiCA |
| Date: | 2023 |
| Issue Date: | 2023-09-01 15:20:56 (UTC+8) |
| Abstract: | 穩定幣作為加密貨幣世界中少數具價格穩定性者，除被看好成為支付工具之潛力，其市值亦於近期突破1000億美元，突顯穩定幣在區塊鏈應用之重要地位。然而，去（2022）年美元穩定幣UST之價格崩跌，與知名加密貨幣交易所FTX倒閉引發之USDT脫鉤事件，皆再再顯示穩定機制並未如發行機構所宣稱之安全可靠。尤其市場上之主流穩定幣係藉由與法幣掛鉤來維持幣值，使持有人易對其產生類法幣般信賴，若未加以監管可能導致擠兌事件的發生。
對此，國際金融監理組織以金融穩定委員會為首，建議監管者從回贖權確保、儲備資產之保管與儲備資產適足性三項原則著手，處理穩定機制之風險。前述三項監理原則旨在確保發行機構具備充足與流動性佳之儲備資產，以於任何情境下支應持有人之回贖請求，從而鞏固持有人對發行機構的信心。本文以5個已針對穩定幣展開立法行動之區域—歐盟、英國、美國、新加坡與香港為觀察，發現此5區域之監理規劃均有反映前述三要素，只是在儲備資產的適足性要求上，主流監理趨勢與金融穩定委員會之建議存有部分歧見。具體而言，此5區域雖允許銀行兼營穩定幣發行業務，卻持有相對保守之監管態度，而限制銀行運用儲備資產為放款或進行高獲利導向之投資操作，與電子支付款項採取基調相似的監管措施。
Stablecoins pursue price stability by maintaining reserve assets as collateral or through algorithmic formulas that are supposed to control supply. With stabilization mechanisms, stablecoins provide an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin. Therefore, crypto supporters argue that stablecoins are the future of payments. Nonetheless, the collapse of TerraUSD (UST) has shed light on the effectiveness of stabilization mechanisms. Against this backdrop, authorities have called for the regulation of stablecoins to address the financial stability risks that they could potentially pose. Specifically, more major jurisdictions are giving priority to regulating those stablecoins that purport to reference fiat currencies as they are more likely to be used in payments and have linkages with the traditional financial system.
Financial Stability Board, one of the international regulatory bodies, advocated addressing the risks through three key aspects: clear redemption rights, requirements for the robust management and custody of reserve assets, and the adequacy of such reserves. The implementation of these principles serves to guarantee that the composition of reserve assets consists only of conservative, high quality and highly liquid assets, enabling issuers to meet redemption requests from users, and thereby maintaining confidence in the stablecoin and a stable value at all times.
This study examines five regions that have taken legislative actions regarding stablecoins, namely the European Union, the United Kingdom, the United States, Singapore, and Hong Kong. It reveals that the regulatory regimes within these regions align with the aforementioned three principles. However, some disparities exist between the mainstream approach and the regulatory recommendations put forth by the Financial Stability Board, particularly concerning the adequacy requirements of reserve assets. In essence, while these five regions allow banks to carry out stablecoin issuance activity, they adopt a relatively cautious regulatory approach. Even though subject to prudential regulations under Basel standards, banks still cannot grant credit from reserve assets received from the public nor use reserve assets to invest in high-profit but higher-risk assets. |
| Reference: | 中文文獻
(ㄧ)期刊論文
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林昆立和吳庭斌，新巴塞爾資本協定三大支柱與銀行風險的關係：全球實證，管理學報，29卷2期，頁121-153（2012年）。
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馮昌國與江欣玲，台灣第三方支付制度初探，全國律師，19卷2期，頁37-47（2015年）。
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楊岳平，論虛擬通貨之法律定性—以民事法與金融法為中心，月旦法學雜誌，301期，頁43-63（2020年）。
臧正運，論密碼資產的興起與金融監理機關之職能變革，月旦法學雜誌，301期，頁64-85（2020年）。
(二)學位論文
李旺達，試論加密貨幣首次公開發行之監管架構，國立政治大學國際經營與貿易研究所碩士論文（2018年）。
黃國偉，中、美存款保險法制之比較研究—緣起、發展、定型，國立政治大學法律研究所碩士論文（2009年）。
葉子沅，論我國電子支付法制--以新加坡與歐盟法制比較為中心，東吳大學法學院法律學系法律專業碩士班碩士論文（2021年）。
周映彤，建構金融監理國際協作框架—以現行架構再思考，國立政治大學法律學系碩士班碩士學位論文（2022年）。
廖文煜，論台灣法下穩定幣監理之模式，國立臺灣大學法律研究所碩士論文（2022年）。
劉予萱，論我國區塊鏈虛擬通貨之金融監理—以證券型虛擬通貨發行為中心，天主教輔仁大學法律研究所碩士論文（2022年）。
(三)報告及非期刊文件
謝明華、李宜熹、王友珊，穩定幣的發行原理與潛在影響（結案報告書），財團法人台北外匯市場發展基金會委託國立政治大學商學院風險與保險研究中心研究（2021年）。
央行理監事會後記者會參考資料，中央銀行，頁95，2023年3月23日，網址：https://www.cbc.gov.tw/tw/dl-195167-86efc746643248f79f7958ca62a8d194.html。
外文文獻
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
108351044 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108351044 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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