| 摘要: | 2008年，中本聰帶著區塊鏈技術的出現，帶動了虛擬資產產業的發展，為人們的支付與金融服務帶來新的選擇。近年來，虛擬資產市場蓬勃發展，成為未來不可忽視的趨勢。虛擬資產是建立在區塊鏈和分散式帳本技術上的新興金融工具，具有去中心化的特性，但實際運作中，仍然高度依賴中介機構，其中交易平台是至關重要的一環。但隨著虛擬資產交易平台的出現，相應的監管問題也浮現出來。從2022年FTX破產事件中可以知道，虛擬資產交易平台可以造成的損害與金融影響不容小覷，乘載著大量資本卻缺乏相應的監管措施，可能會造成整個金融市場的不穩定風險。觀察國際潮流，世界各國都已經開始正式的對於虛擬資產市場進行監管，劃分出各自的監管方向、監管的主體範圍與活動範圍。我國於2021年6月公布「虛擬通貨平台及交易業務事業防制洗錢及打擊資恐辦法」，希望能以此處理在虛擬資產市場層出不窮的犯罪事件。但虛擬資產的市場監管議題絕不止於洗錢防制，因此金管會於2023年9月金管會推出「管理虛擬資產平台及交易業務事業(VASP)指導原則」，希望能透過業者自律的方式對VASP進行規範同時管理虛擬資產市場。
虛擬資產市場千變萬化，交易平台除了一般常見的中心化交易所以外，已經衍生出不同的託管業者、去中心化交易所與個人幣商。且提供的服務已經跳脫單純的代幣交換，發展出許多不同的商品、服務型態，尤其在去中心化金融有許多的突破。然而，我國目前的規範是否能妥善的劃分監管範圍，能否有效的監管虛擬資產市場同時不扼殺產業發展成為疑問。據此，本研究旨在探討我國虛擬資產平台及交易業務事業的監管議題，特別是VASP監管主體與活動範圍的釐清問題以及登記制度的設立可能性是我國目前應該重視的議題，才能為整個虛擬資產市場的監管制度打下良好的根基。本研究將從法制和實務層面出發，探討現行監管範圍劃分的問題，並參考國際上其他國家的監管方式，提出相應的建議，以促進虛擬資產市場的健康發展，期能尋找產業發展與法治安定的平衡。
;In 2008, Satoshi Nakamoto introduced blockchain technology, sparking the growth of the virtual asset industry. Virtual assets, founded on blockchain and distributed ledger technology, boast decentralized attributes. However, practical operations still heavily lean on intermediaries, with trading platforms holding pivotal roles. As virtual asset trading platforms increase, so do regulatory challenges. The 2022 FTX bankruptcy highlighted instability risks due to inadequate regulation despite significant capital. In June 2021, Taiwan unveiled the "Prevention of Money Laundering and Counter-Terrorist Financing Measures for Virtual Currency Platforms and Trading Businesses," aiming to address the surge in criminal activities within the virtual asset market. However, the regulatory discourse extends beyond mere anti-money laundering efforts. Consequently, in September 2023, the Financial Supervisory Commission (FSC) introduced the "Guiding Directions for the Administration of Virtual Asset Platform or Transaction Service Providers (VASP)," aiming to regulate VASPs through industry self-regulation while effectively overseeing the virtual asset market.
The virtual asset landscape evolves, expanding beyond centralized exchanges to include custodians, decentralized exchanges, and individual merchants. Additionally, services extend beyond token exchanges, fostering diverse goods and service models, especially in decentralized finance (DeFi). However, questions loom over whether Taiwan′s existing regulations can accurately delineate regulatory parameters and supervise the virtual asset market without stifling industry innovation. Therefore, this study endeavors to explore the regulatory landscape concerning VASPs in Taiwan, with a particular focus on clarifying VASP regulatory frameworks and establishing registration mechanisms—an imperative concern to lay a robust groundwork for the virtual asset market′s regulatory infrastructure. By examining current regulatory delineation challenges from both legal and practical standpoints and drawing upon regulatory approaches from international counterparts, this research aims to propose corresponding recommendations to foster the healthy growth of the virtual asset market and strike a harmonious balance between industry progression and legal stability. |
