從國際虛擬資產監管趨勢論我國法制架構發展方向

Discussing the Development Direction of Taiwan’s Legal Framework from the Perspective of International Virtual Asset Regulatory Trends

2022年穩定幣崩跌與虛擬資產交易所破產接連發生，在全球第二大虛擬資產交易所FTX破產事件中，國人損失鉅大，使得虛擬資產監管議題受到國內產官學高度關注。行政院指示金融監督管理委員會擔任虛擬資產平台的主管機關，強調平台客戶的權益保護。惟因虛擬資產的創設技術特殊性與樣態多元化，如何監管是一大挑戰。觀察國際間對虛擬資產監管方式與法規適用，各有民生、社會、經濟政策等不同考量。因此，本文先釐清我國虛擬資產監管現況的法律疑義，再梳理國際間主要司法管轄領域對虛擬資產的定義與範圍、法制規範方式、監管與政策方向等。文末建議適合我國虛擬資產法制的選擇與可行之作法，期待本文可提供未來研擬虛擬資產法制架構的初步發展方向。

In 2022, stablecoin prices fluctuated drastically, and several cryptocurrency exchanges ultimately went bankrupt. Most notably, the collapse of FTX resulted in significant financial losses for many Taiwanese investors, drawing heightened attention from the government, industry, and academia to the regulation of virtual assets. According to a ruling by Taiwan’s Executive Yuan, the Financial Supervisory Commission (FSC) has been designated as the competent authority overseeing the business operations of virtual asset service providers. The FSC is expected to strengthen investor protection; however, the diverse designs and functionalities of various virtual assets present significant challenges to effective and efficient regulation.
This article aims to clarify key legal issues within Taiwan’s current regulatory framework by conducting a comparative study of regulatory and supervisory approaches in different jurisdictions. Based on this analysis, it proposes a staged implementation of a regulatory framework for virtual assets in Taiwan.