虛擬通貨交易民事法律關係之研究——以虛擬通貨交易平台為中心

The Study of the Private Laws of Trade in Crypto Asset: Focusing on Crypto Asset Trading Platforms

系所名稱：法律學院法律學系
學位別：碩士
畢業學年：108年
指導教授：楊岳平
本文自技術面與商業面深入探討虛擬通貨之私法議題。首先，本文說明了在台灣民法體系上虛擬通貨之「財產權」性質，並指出分散式帳本系統上虛擬通貨之地址如何表彰虛擬通貨之「占有」，亦即個人財產之重要公示機制。同時，本文亦指出分散式帳本技術所採取之共識機制可能弱化上述公示機制，因此，部分傳統財產權規則將無法適用於分散式帳本系統，此種扞格特別體現在意思表示之規則上。其次，為了分析虛擬通貨交易平台與交易市場，本文將其與傳統無實體有價證券交易體制進行比較，並自全球角度討論了各國關於無實體有價證券之法律體制。本文指出了在不同體制之下因多層中介機構所致之公司治理與投資人保護之問題。基於本文上述之研究，本文比較並分析了虛擬通貨交易平台上不同虛擬通貨交易模式與各國無實體證券持有鏈以及台灣證券交易體制之異同。在此過程中，本文也解釋了各種以智能合約為交易基礎建設之去中心化交易平台之法律地位，以及此等智能合約內所儲備之虛擬通貨歸屬問題。

This thesis discusses the private law issues of crypto asset from both technical and commercial perspectives. The author first explains the nature of crypto asset as a "property" under Taiwan’s Civil Code and points out how the address of crypto asset on the distributed ledger system facilitates the determination of the "possession" of crypto asset, which is a crucial mechanism to keep the public informed of the status of personal property. It also points out that the consensus mechanism adopted by the distributed ledger technology might weaken the above mechanism; therefore, some traditional property law rules might not be able to be applied to distributed ledger system, especially the manifestation of intent rule. Secondly, to analyze the trading platform and trading market of crypto assets, this thesis compares it with the traditional trading system for uncertificated securities and discusses the various legal systems related to uncertificated securities with a global view. It points out the issues of corporate governance and investor protection between securities investors and issuers arisen from multiple intermediaries under different systems. Based on these findings, the thesis compares and analyzes the difference among different modes of crypto asset trading on trading platforms, the possession chain of traditional uncertificated securities, and the securities trading system in Taiwan. In this process, the thesis also explains the legal status of various decentralized trading platforms built on smart contracts as their trading infrastructure and the attribution of crypto asset reserves under these smart contracts.