簡論虛擬貨幣交易平台的管制手段──兼評管理虛擬資產平台及交易業務事業（VASP）指導原則

Rethinking Regulatory Measures for Crypto-exchanges and the VASP Guiding Principles

本文主張，考量到虛擬資產交易平台所提供的服務的多元性，可能可涵蓋發行、上架、交易、投資理財服務、支付與錢包、保管以及甚至衍生性金融商品交易等，對虛擬資產交易平台的規範，應由行為或服務為基礎來出發，分析相關服務是否有存在必須被規範的風險，始能針對性地制定有效的規範手段。目前金融主管機關似傾向採取原則性規範再搭配以自律規範為主的監理方式，雖可提供市場發展一定的彈性，但仍未明確試圖以法律明確界定應規範的範圍，並揚棄以透過市場准入作為導入其他規範手段的基礎，未來恐會衍生規範機制有效性及適法性的問題，單純仰賴以自律規範為主的規範方式，是否可有效保護投資人與交易人與減少詐騙的機會，以及虛擬資產交易規範如何與現行法制調合，應值主管機關重新思考。

This article proposes a more activity-based approach to the regulation of crypto-exchanges. There is a variety of services provided by crypto-exchanges, ranging from offering and trading to investment and derivatives. Hence, the demand for regulation may vary greatly. This article argues that the regulation of crypto-exchanges must start from an analysis of the underlying services and activities of an operator. The Financial Supervisory Commission currently seems to adapt a combination of principle-based regulations and self-regulations in 2023 through the so-called VASP Guiding Principles. While the current approach is more flexible, this article argues that the current approach will not be effective to protect end users of the crypto market against wrongdoings and fraud. The regulator should reconsider defining the scope of regulation with clear legal rules through licensing requirements and adjust the regulatory approach to be in line with the activities of and services offered by crypto-exchanges.