論虛擬資產中心化交易所的監管之光—— 以期貨監管為切入點

Abstract

虛擬資產的蓬勃發展以及監管需求已經是各國主管機關的討論要點之一。本文試圖從期貨監管作為切入點，參酌美國法目前對虛擬資產的監管模式，希望以此討論我國虛擬資產期貨商品是否納入監管。本文首先分析常見的虛擬資產期貨商品，並以此討論傳統期貨商品與虛擬資產期貨商品的差異，以及中心化交易所在其中的義務。其次，本文將說明我國期貨監管的架構，並探討虛擬資產期貨商品可能涉及的監管議題。 其三， 本文以美國商品期貨交易委員會（Commodity FuturesTrading Commission, CFTC）對虛擬資產中心化交易所的起訴與監管實例，來討論商品定義如何擴及至虛擬資產， 從而導入期貨監管。最後則是提供我國修法上的方向建議，並且說明美國比較法適用的問題，以及本文對美國法制上目前問題的解方，讓我國得以監管虛擬資產期貨商品的同時，又可以不過多影響創新。

The flourishing development of virtual assets and the demand for regulation have become one of the key discussion points for regulatory authorities across nations. This thesis attempts to use futures regulation as an entry point, drawing upon the current regulatory model for virtual assets under U.S. law, with the hope that this model can serve as a reasonable reference for regulation in Taiwan. First, the thesis analyzes common virtual assets futures products and discusses the differences between traditional futures products and virtual assets futures products, as well as the obligations of centralized exchanges therein, leading into the subsequent discussion. Secondly, the thesis describes Taiwan's regulatory framework for futures and explore the potential regulatory issues for virtual assets futures products in Taiwan. Thirdly, the thesis examines the lawsuits and regulatory enforcement brought by the U.S. Commodity Futures Trading Commission (CFTC) against centralized virtual assets exchanges to illustrate how the definition of commodities has been expanded to include virtual assets, thus forming the current regulatory model in the U.S. Finally, the thesis offers recommendations for legislative amendments in Taiwan, elucidates issues concerning the application of comparative law with the United States, and proposes solutions to current problems in the U.S. legal system. These insights aim to allow Taiwan to more effectively regulate virtual assets without unduly hindering innovation.