金融科技時代下的金融監管挑戰：論虛擬通貨交易平台的監管架構

The Challenges to Financial Regulation in the FinTech Era: Envisaging the Regulatory Structure for Crypto-Asset Trading Platforms

本文以我國虛擬通貨交易平台（下稱「交易平台」）的監管作為研究對象，探討金融科技時代下金融主管機關應如何回應新興金融科技產業的監管問題。本文首先回顧全球以及我國交易平台的發展情形，並以IOSCO於2020年提示的交易平台風險與監管工具清單為基礎，思考我國既已發生的交易平台問題個案與我國目前的交易平台監管現狀；本文接著透過比較法研究方式，將比較法上的交易平台監管模式歸納為無為而治（以英國與加拿大為例）、特別支付監管（以美國紐約州與日本為例）以及特別證券監管（以泰國與馬來西亞為例）三種模式；本文最後針對我國交易平台的發展現況，由控管潛在消費者風險以促進交易平台產業發展的角度切入，建議金管會可考慮適度介入監管，並採取特別證券監管模式將交易平台理解為特別證券期貨服務事業納管，較能涵蓋交易平台涉及的不同面向風險；此外本文亦建議金管會初期的監管重心宜置於落實金融消費者保護法與使用者資產保護，待交易平台逐漸成長且監管資料相對累積後，再進一步加強交易平台的市場健全義務與價格發現機制，並考慮開放傳統金融機構如銀行辦理虛擬通貨業務，以達到傳統金融機構與新興金融科技事業間的平衡競爭。

This paper studies the regulation of crypto-asset trading platforms (hereinafter “trading platforms”) to explore how financial regulators should address the regulatory issues of emerging FinTech industries in a FinTech era. This paper firstly reviews the development of trading platforms in the world and Taiwan. It then, based on the risks and regulatory toolkits identified by IOSCO in 2020, reflects on the trading platform scandals and the regulatory status quo in Taiwan. Based thereon, this paper conducts comparative law studies which summarize the regulatory models for trading platforms around the world into three: the Zen approach (represented by the United Kingdom and Canada), the special payment regulation approach (represented by New York State and Japan), and the special securities regulation approach (represented by Thailand and Malaysia). Lastly, after considering the development status of Taiwan’s trading platforms, this paper proposes Taiwan’s Financial Supervisory Commission to take a moderate regulatory intervention to control the risks of potential consumers for promoting trading platform development. Specifically, it proposes the regulation to be based on the special securities regulation model and characterize trading platforms as special securities or futures businesses to cover various dimensions of risks associated with trading platforms. It further proposes Taiwan’s Financial Supervisory Commission to place the regulatory focus on financial consumer protection and user asset protection at the initial stage. After trading platforms gradually grow and the regulatory data is collected, the regulator can further introduce market integrity duties and price discovery mechanisms. The regulator should also permit traditional financial institutions such as banks to engage in crypto-asset businesses to balance the competition between traditional financial institutions and emerging FinTech businesses.