我國開放比特幣現貨ETF之可行性探討──參考美國、香港立法例

A Study on the Feasibility of Opening Bitcoin Spot Exchange Traded Fund in Taiwan Following the Legislative Examples of the United States and Hong Kong

美國SEC已核准比特幣現貨ETF上市。香港證監會也發布「有關證監會認可基金投資虛擬資產的通函」。我國金管會是否也要跟進核准比特幣現貨ETF？是當前重要的課題，這會涉及到比特幣現貨ETF相關問題的討論，若開放比特幣現貨ETF，相關法令可能也要進行增訂或修正。此等問題包括：比特幣的法律性質為何？比特幣現貨ETF是否屬於證券交易法的有價證券？比特幣相關市場能否向證券交易所提供監控的資訊及正確的數據，雙方是否要簽訂相關契約？目前我國證券投資信託事業是否具備專業人才以進行發行管理比特幣現貨ETF，相關的法令是否要增訂或修正？目前ETF的保管機構是否有能力安全地保管比特幣？銷售機構除了風險告知外，是否要評估投資人對比特幣的知識，以及評估客戶的風險承受能力等問題，都值得去探討。

The US Securities and Exchange Commission (SEC) has approved the listing of Bitcoin spot ETFs. Hong Kong’s SFC (Securities and Futures Commission) also published“Circular on SFC-authorized funds with exposure to virtual assets.”If Taiwan follows suit, various issues need to be resolved, including the legal nature of Bitcoin and whether Bitcoin spot ETFs are classified as securities under the Securities and Exchange Act, Bitcoin-related markets should provide monitored information and correct data to stock exchanges, both parties need to enter into contractual relationships, Taiwan’s securities investment trust companies have the ability to issue and manage Bitcoin spot ETFs, laws and regulations need to be revised, ETF custodians can safely keep Bitcoin, and sales institutions should assess investors’knowledge of Bitcoin and risk tolerance.