臺灣就具證券性質之虛擬通貨發行規範的經濟分析

The Economic Analysis of the Regulation of Securities Token Offering by Taiwan

隨著網路科技發展，數位金融交易管道與模式日趨多元，使得加密代幣成為近年來熱門的投資方式，但由於其具匿名性，加密代幣交易存有風險及洗錢弊端，導致各國紛紛立法予以管制，我國金管會除將加密代幣定性為投資性商品外，亦於2019年將加密代幣視為有價證券，列入證券交易法管理。本文目的係從法律經濟分析檢視加密代幣的法律定性，以及加密代幣的興起，為社會大眾所帶來的經濟效益為何，以討論具證券性質之虛擬通貨（STO）作為我國證券交易法制下規範客體的妥適性，並藉由與美日新加坡等國STO政策相較，得出我國具證券性質之虛擬通貨最適立法，以實現社會淨福祉極大化的目標。

With the development of Internet technology, digital financial transaction ways and modles are becoming more diversified. This development makes cryptocurrency becomes a popular investment method in recent years, however, the anonymity of the Internet and cryptocurrency trading has drawbacks of money laundering. As a result, various countries have legislated to strengthen control. In addition to classifying cryptocurrency as investment commodities, the Financial Supervisory Commission also recognized these as securities in 2019 and included them in the management of the Securities and Exchange Act. The purpose of this article is to analyze the legal characterization of cryptocurrency from economic analysis andwhich is the economic benefits of cryptocurrency for the general public, and to discuss the appropriateness of Securities Token Offering (STO) under Taiwan’s securities legal system. In addition, the most suitable legislation for STO is to achieve the goal of maximizing the net benefits by comparing with the STO of the United States Japanand Singapore.