論我國虛擬資產發行之監管法制

Abstract

虛擬資產發行為一新型態之募集資本方式，發行人透過虛擬資產之發行向投資人籌措資金，投資人於支付對價後可取得相應之虛擬資產。我國對於虛擬資產發行係採取適用既有有價證券規範之監管模式，將經具證券性質之虛擬資產核定為有價證券，並對其發行課予有價證券發行規範。然而鑑於虛擬資產可能同時擁有多種發行目的及表彰權利，在概念上已不易理解，亦難以將之明確定性，加上虛擬資產若被廣泛應用，可能影響金融秩序，故對於虛擬資產發行之監管是否仍僅以有價證券監管為限，應有討論空間。本文即從此出發，討論我國對虛擬資產發行之監管法制是否需要加以調整。 本文以比較法對於虛擬資產發行之監管法制為觀察重點，於分別探討美國、歐盟、泰國、馬爾他對於虛擬資產發行之監管規範後，認為我國應制定全面特別法規範，具體作法可透過虛擬資產服務法草案進行規範，以明確區分對有價證券及虛擬資產發行之監管法制。至於虛擬資產發行監管之具體內容，本文分為對發行行為之監管及豁免規定此二個方向，其中將發行行為之監管進一步細分為：發行人資格限制、發行前是否須向主管機關申報生效、對於白皮書之規範、對於行銷資料之規範、發行人之持續資訊揭露義務、非法發行虛擬資產之刑事責任等部分逐一討論，嘗試建立我國對於虛擬資產發行可採取之特別法規範內容。

Virtual Asset Offerings (VAOs) constitute a new form of capital-raising, whereby issuers raise funds from investors through the offerings of virtual assets. Investors, after paying the consideration, may obtain the corresponding virtual assets. In Taiwan, the regulatory model for VAOs adopts the principle of "applying existing securities regulations," under which virtual assets that have the nature of securities are classified as securities and subject to securities offerings regulations. However, because virtual assets may simultaneously serve multiple issuance purposes and represent different rights, it is difficult to define their conceptual framework clearly. In addition, if virtual assets are widely adopted, they may impact financial stability. Therefore, whether the regulation of VAOs should be limited to the existing securities regulations deserves further discussion. This thesis thus focuses on whether Taiwan’s regulatory framework for VAOs requires adjustment. This thesis adopts a comparative law approach to examine the regulatory frameworks governing VAOs, focusing on the regulatory models adopted in the United States, the European Union, Thailand, and Malta. Based on these analyses, it proposes that Taiwan should establish a comprehensive special legal framework that clearly distinguishes between the regulation of securities and that of virtual assets, and it recommends implementing such measures through the Draft Virtual Asset Service Act. Furthermore, the regulatory framework for VAOs can be divided into two main aspects: (1) the regulation of issuance activities, and (2) exemptions. Among these, the regulation of issuance activities may be further divided into: qualification requirements for issuers, prior filing-and-effectiveness requirements, white papers regulations, marketing materials regulations, issuers’ continued disclosure obligations, as well as legal liabilities for illegal VAOs. Each of these aspects will be discussed in detail to establish a comprehensive special legal framework for regulating VAOs in Taiwan.