比特幣之特性與金融監管定性問題

Abstract

比特幣旋風自2008年問世後迅速席捲全球，有人將它用作如同紙鈔般之支付工具來購買物品及日常所需；有人則將它作為投資工具，希望在虛擬通貨市場上有所獲益；甚至有人看中其避險性質，運用多樣化投資組合來做資產配置。這些比特幣之實際應用即為貼近人們的日常生活，也確實創造出更多的選擇及便利。然而虛擬通貨世界終究有其神秘的一面，從背後的技術再到發明者之思維，某些特性著實吸引了犯罪者的注意也悄悄成為犯罪工具並提高不法誘因。 本文將從虛擬通貨之技術及實際應用進行分析，並將焦點集中在比特幣於現實世界中所扮演之角色，以及現今社會中人們如何利用及濫用它，透過我國及外國法上目前遇到之案例進行介紹，從投資人保護之視角出發探討如何解釋現行法規，以有效規制相關不正行為。本文將重點置於金融法規定性問題之討論，期望可以針對以下三個問題進行回應：第一，比特幣是否為「有價證券」；第二，比特幣是否為「商品」；第三，比特幣是否為「款項、資金」；再者，除了將比特幣透過現行法規做出定性外，更會深入分析各種定性後之實際意義及可能受到之管制措施，如此或許可減少我國主管機關及法院於認事用法時之疑惑及障礙。 最後，為力求定性分析之完整性，本文也將介紹外國法制對此問題之看法，事實上比特幣的特性已造成各國監管上之困擾，各國監管單位紛紛表態比特幣之定性及監管立場，除了作為有價證券、商品、款項及資金之探討外，是否能從外國法之定性上提供我國不同面向之思維，以作為日後立法論之素材。

The bitcoin has become a sensation since its introduction in 2008, receiving much attention worldwide. Some people use it as a payment tool like money to buy items and daily needs; some people use it as an investment tool, hoping to benefit from the virtual currency market; Some people even take a fancy to its hedging capabilities and diversify investment portfolios for asset allocation. The practical application of the bitcoin is to be close to people's daily life, and indeed to bring us more choices and convenience. However, the world of virtual currency has its mysterious side after all. From the technology behind to the intention of the inventor, some features really at-tract the attention of criminals and quietly become criminal tools and increase illegal incentives. This thesis analyzes the technology and practical application of the virtual cur-rency, focusing on the role of Bitcoin in the real world, and how people use and abuse it in the society, by introducing some current cases in Taiwan and other countries. From the perspective of investor protection, discusses how to interpret regulations to effectively regulate related misconduct and abusive market practice. This thesis aims to situate bitcoin within existing laws and regulations, focusing on the discussion of financial law regulatory issues, and eventually hoping to respond to the following three questions: first, whether bitcoin is a "security"; second, whether bitcoin is a "commodity"; third, whether bitcoin is a "deposit or fund" under The Banking Act of The Republic of China. Moreover, in addition to making the issue much clearer, this thesis will also conduct an in-depth analysis of the actual significance of various characterizations and possible measures for regulations, so that it may be possible to reduce confusions and obstacles. Finally, in order to strive for the integrity of the bitcoin’s legal status, this thesis will also introduce the views of foreign legal doctrines on this issue. In fact, the char-acteristics of Bitcoin have caused regulatory issues in other countries. In addition to discussing whether the bitcoin is a security, a commodity, or a deposit/ fund, whether it can also situate within different regulations and definitions. It is anticipated that we can gain some different aspects and insights by learning comparative law, and clarify the direction for future regulations.