隨著加密資產市場蓬勃發展，由於其規模漸大、結構脆弱以及與傳統金融體系日益增強的互聯性，可能會對全球金融穩定構成威脅。而市場的快速演變和國際性也增加了監管缺口、分散或套利的可能性。儘管加密資產的普及程度和性質在不同司法管轄區有所不同，但金融穩定風險可能會迅速升級。因此，需要對可行的政策、應對措施進行及時的評估。 本文先回顧加密資產及其市場的特性及潛在風險，了解現階段多個國家的加密資產監管機制，探討現行加密資產領域的法律議題。最後，針對主管機關、加密資產的服務供應商及加密資產使用者等方面提出加密資產監管暨保障機制的建議，以便設計能因應加密資產領域特性，並妥善控管風險以達成監管目的，同時，有利於產業發展的環境及保障投資人和消費者的制度。 ;The market for crypto assets is growing rapidly and could pose a threat to global financial stability due to its growing size, structural fragility and increasing interconnectedness with the traditional financial system. Rapid market evolution and international nature also increase the potential for regulatory gaps, fragmentation or arbitrage. While the extent and nature of crypto assets use varies across jurisdictions, financial stability risks can escalate quickly. Therefore, a timely assessment of possible policy responses is needed. The paper first reviews the characteristics and potential risks of crypto assets to understand the current regulatory mechanisms for crypto assets in many countries, and discusses the current legal issues in the field of crypto assets. Finally, suggestions on the supervision and protection mechanism of crypto assets are put forward for the competent authorities, crypto asset service providers and crypto asset users in order to design a regulatory approach that can adapt to the characteristics of the crypto asset market, properly control risks, and achieve regulatory objectives. At the same time, an environment conducive to industrial development and protection of investors and consumers.
