論虛擬資產交易平台與平台幣之監管

Abstract

2022年是虛擬資產蓬勃發展以來命運多舛的一年。當年11月全球第二大中心化交易平台FTX破產事件，在國際間引發加強監管的聲浪。FTX 破產事件之導火線肇因於創辦人旗下公司之資產負債表充斥 FTX 發行之平台幣 FTT，以及該平台幣作為抵押品借出之資產，故本文將自FTX破產事件出發，研究平台幣發行應有之管理。 我國金管會於2023年9月底公布虛擬資產平台及交易業務事業(VASP)指導原則，此外亦於2024年7月修正洗錢防制法，並公布VASP登記辦法草案，規範虛擬資產服務商之業務類別及分業登記制度。然而針對平台幣之發行與後續監管，我國尚缺乏完整體系。本文參考歐盟MiCA及日本與平台幣相關的監管制度後，試圖依我國既有之體制，提出適用於我國之平台幣監管架構與具體之監管建議。

The year 2022 marked an unprecedented crisis in the virtual assets industry, characterized by significant market disruptions and regulatory failures. The November collapse of FTX, the second-largest centralized cryptocurrency exchange globally, exposed critical vulnerabilities in the virtual asset ecosystem and catalyzed urgent calls for enhanced regulatory oversight across jurisdictions. The FTX collapse, precipitated by its founder's improper utilization of FTT tokens—both as balance sheet assets and collateral instruments—exemplifies the systemic risks inherent in inadequately regulated exchange token operations. Therefore, drawing reference from the FTX collapse, this thesis studies the regulatory framework for exchange tokens. Taiwan's Financial Supervisory Commission (FSC) implemented the Virtual Asset Service Provider (VASP) Guidelines in September 2023. Subsequently, the July 2024 amendment to the Money Laundering Control Act further represented a significant step toward enhanced investor protection. Notwithstanding these regulatory developments, a comprehensive framework governing exchange tokens remains conspicuously absent in Taiwan. This thesis undertakes a comparative analysis of regulatory frameworks governing exchange tokens issued by centralized virtual asset platforms. Through examining the European Union's Markets in Crypto-Assets (MiCA) Regulation and pertinent Japan regulatory approaches, this thesis, accounting for Taiwan's distinct institutional characteristics, proposes a tailored regulatory framework and specific recommendations designed to enhance oversight of exchange tokens in Taiwan.