| 英文摘要 |
With the rise of crypto asset, a special financial instrument, the Financial Supervisory Commission issued a regulatory blueprint for securities token offerings in June 2019 which set out many rules for the issuance and trading of securities tokens. Related rules have also taken effect since January 2010. The current clearing rules for uncertificated securities, however, might fundamentally hinder the initiation of security token offering because they require issuers to connect to Taiwan Depository & Clearing Corporation for registering the securities for clearing purposes. Such centralized clearing system, however, contradicts with crypto asset which features the use of distributed ledger technology. To clarify the clearing laws for securities tokens, I firstly review the technological features of crypto asset and the current clearing rules for uncertificated securities. I then apply the comparative institutional method to compare the clearing relationship of traditional uncertificated securities vis-à-vis crypto asset. On these bases, I identify that the distributed ledger of securities tokens replaces the central deposit ledger under the current uncertificated securities while the trading platform for securities tokens play a role similar to that of conventional securities firms. I further propose Taiwan to cancel the central deposit registration requirement for securities tokens or, at least, expand the definition of clearing enterprises, as well as adopt a technology-centered instead of institution-centered model for regulating the clearing of securities tokens. |
