| 英文摘要 |
This paper explores the interpretative and normative problems of initial coin offerings (“ICO”) under Taiwan’s securities laws. It firstly briefs ICOs’ recent developments and reviews the current positions of many countries, including Switzerland, Singapore, the United States, Canada, Mainland China, and South Korea. It then discusses whether tokens are securities in Taiwan and finds a negative conclusion. It then, from the perspective of smart regulations, proposes Taiwan’s Financial Supervisory Commission to designate investment contracts as securities but designate tokens that constitute investment contracts as exempt securities. In this way, Taiwan can apply securities fraud rules to discipline ICO frauds on the one hand and postpone the application of issuance and disclosure rules on the other, which balances the regulatory and development needs. |
