論虛擬貨幣之法制監管挑戰-以比特幣為中心

Abstract

隨著科技發展網際網路普及，促成電子商務如雨後春筍般的崛起，帶動了以客戶為中心的服務理念，為使用者提供生活、消費和金融方面的便利性服務，也產生了支付機制的變革。近年來網路上更興起以虛擬貨幣為支付工具，引發了金融創新科技的熱烈討論。因此本研究將探討虛擬貨幣的意義與類型，對「法定貨幣」、「電子貨幣」及「虛擬貨幣」作比較分析，並探索其所衍生的經濟面、社會面、風險面等相關議題，分析對現有的貨幣體系是否會產生本質上的變化。 自 2009年比特幣等虛擬貨幣問市以來，已對金融體系及支付機制產生一定程度的衝擊。因此本研究將藉由探討比特幣的系統及特性，以了解其市場運作及交易的情形及優缺點。同時藉由探討比特幣之基礎技術「區塊鏈」的原理、運用及目前獲投資的領域分析，闡述區塊鏈未來在金融創新的發展前景及可能面臨的挑戰。和比特幣不一樣的是，區塊鏈的應用會深刻改變未來的商業模式，但是比特幣則為影響範圍較小的數位貨幣。 此外，本研究也將介紹各國對虛擬貨幣之監管態度與相關監管機制，透過各國立法例的比較分析，闡述目前主要國家對比特幣等虛擬貨幣相關的監管規範，並提出政府未來監管的因應策略建議。期許在合理的規範及風險管控下，推動金融科技之創新及發展。 由於比特幣等虛擬貨幣之法治監理需多方整合協調，本研究發現儘管各國監理方向不同，但基本上規範重點大多在洗錢防制、消費者權益保護、網路技術安全、及公司內部管理等面向。對虛擬貨幣交易所等服務提供者之監管規範與對傳統金融機構的規範並無太大區別，明顯是沿襲對金融業務和金融機構的監管要求。

Technological advancements and the popularization of the internet have spurred the rapid growth of an e-commerce market that is not only customer-centric by providing convenient access to products and services for every aspect of daily life, but has also introduced dramatic changes in payment and financing mechanisms. Over the last few years, the use of virtual currency as a payment method accessible on the internet has triggered heated discussions on the topic of innovative financial technology. Hence, this article aims to survey the meaning and characteristics of virtual currency comparatively analyze distinctions among ”legal”, “digital” and “virtual” currencies, and explore some of the potential economic, social, and risk implications and possible effects on the fundaments of the existing monetary system. Since its launch in 2009, the Bitcoin system has had a significant impact on e-finance system and payment mechanism. This article attempts to discuss the characteristics and systems of Bitcoin, in order to provide a better understanding of the advantages, disadvantages and nature of Bitcoin trading and operating. The article then hopes to explore the principle and application of Blockchain as the basic technology supporting the Bitcoin, analyze the current industries that have manifested Blockchain investments, and extrapolate the prospects of utilizing Blockchain in the field of financial innovation and possible future challenges. Unlike the Bitcoin, which may have a lesser effect as a means of digital currency, the Blockchain technology and its applications could greatly influence the fundamentals of future business models. The article also surveys the supervisory attitudes and relative standards toward virtual currency of some of the major nations. Through a comparison of selected national legislation, this article will then elaborate on the related regulatory supervision of certain major nations on Bitcoin and other virtual currencies and propose recommendations on adaptive strategy for government supervision, which it is hoped will promote the innovation and development of financial technology under reasonable regulatory and risk control standards. Lastly, the regulatory supervision and controls of Bitcoin and other virtual currencies are still being integrated and coordinated. This study proposes that despite the discrepancies in supervisory priorities among different nations, the primary focus remains to be on money laundering, protection of consumer rights, requiring technological security, and corporate governance. These principles of supervision and regulation of service providers of virtual currency and virtual currency exchanges do not appear to differ greatly from those applicable to traditional financial institutions and their business and corporate activities.