| 摘要: | 穩定幣作為與法定貨幣、商品或其他資產掛鉤的虛擬資產，因其價值穩定性與高效支付能力，有望在未來成為支付市場的重要工具。然而，近年來虛擬資產市場的風險事件，尤其是FTX交易所破產及Terra-Luna崩盤，暴露出穩定幣在資產儲備透明度、法律定性及使用者保護等方面的重大法律問題，亦突顯其對金融系統穩定性之潛在威脅。國際間對穩定幣的監管普遍強調法律地位的明確性、儲備資產的規範化，以及對使用者權益的保護機制。
日本、歐盟及新加坡等司法管轄區在監管穩定幣方面採取了不同策略。日本透過修訂國內支付服務法，針對穩定幣發行者設置了嚴格的資本與儲備要求；歐盟藉由虛擬資產市場監管法規制定了全球首個全面監管框架，強化對虛擬資產及其服務提供者的規範；新加坡則以國內支付服務法納管穩定幣支付，並針對價值穩定、資本要求、贖回以及資訊披露等四大面向進行了嚴格設計。
在台灣現行法規下，穩定幣未納入電子支付機構管理條例的適用範圍，可能僅在洗錢防制相關規範中有所涉及。由於穩定幣兼具支付工具之功能，其應用可能涉及金融消費者保護、儲備資產管理及金融穩定等多方面議題，對於電子支付監管框架形成挑戰。透過適度修訂現行法規，例如明確穩定幣之法律地位、引入分級管理制度及強化儲備資產透明度，將有助於平衡金融創新與系統穩定，並加強對穩定幣使用者的法律保障。
本論文旨在通過分析國內外穩定幣監管法規之現狀，探索適合我國的穩定幣監管模式，並提出修訂電子支付機構管理條例的建議，以期促進我國數位金融創新發展之同時，完善對穩定幣使用者之法律保護。
;Stablecoins, as virtual assets pegged to fiat currencies, commodities, or other assets, have become key instruments in the payment market due to their value stability and efficiency. However, recent incidents, such as the FTX bankruptcy and the Terra-Luna collapse, have exposed significant legal challenges, including reserve transparency, legal definitions, and user protection. These events highlight the potential risks stablecoins pose to financial stability, emphasizing the need for clear legal frameworks, standardized reserve requirements, and robust consumer protections.
Countries like Japan, the European Union, and Singapore have adopted distinct regulatory approaches. Japan amended its Payment Services Act to enforce strict capital and reserve requirements on stablecoin issuers. The EU introduced the Markets in Crypto-Assets Regulation (MiCA), creating a comprehensive regulatory framework for virtual assets. Singapore incorporated stablecoins into its Payment Services Act, focusing on value stability, capital requirements, redemption, and disclosure.
In Taiwan, stablecoins are not yet covered under the Electronic Payment Institutions Act and are only partially addressed by anti-money laundering laws. Their dual role as payment instruments raises challenges related to consumer protection, reserve management, and financial stability. To address these issues, regulatory amendments are needed to clarify the legal status of stablecoins, implement tiered oversight, and enhance reserve transparency, ensuring a balance between financial innovation and regulatory stability.
This thesis examines stablecoin regulations domestically and internationally, proposing amendments to Taiwan’s Electronic Payment Institutions Act to support digital financial innovation while strengthening user protections. |
