區塊鏈時代下的證券監管思維挑戰：評金管會最新證券型虛擬通貨監管方案

The Challenges to Securities Regulatory Thinking in the Blockchain Era: Comments on the Latest Regulatory Guidelines for Securities Token Offerings Issued by Taiwan's Financial Supervisory Commission

區塊鏈技術應用於虛擬通貨之發行，創造了新興的籌資工具與資本市場生態圈，同時也對證券監管法制帶來全新的衝擊。金管會於2019年6月核定證券型虛擬通貨為有價證券，並針對小額證券型虛擬通貨發行與交易平台業者制訂初步監管方針，開啟了我國對虛擬通貨的證券監管，但諸多規範內容例如引入美國法投資契約概念定義證券型虛擬通貨、小額發行限專業投資人認購、交易平台限採議價交易、單一平台交易及專業投資人交易等，均有待商榷之處。本文以金管會的監管方案為評析對象，分別就證券型虛擬通貨的定義、小額發行及交易平台監管，透過與美國、英國、瑞士、新加坡等國之比較法研究，探討我國現行證券法制在有價證券定義、多元證券發行管道及證券交易場所監管上的諸多不足，並提出全盤修正與局部調整之建議，並且指出我國證券法制另應考量區塊鏈技術的去中心化特性，針對證券型虛擬通貨轉讓的公示要件與集中保管事業的規範另設特別規定。

The blockchain technology as applied to the offering of crypto assets has created new fund-raising vehicles and capital market eco-systems. At the same time, it also brings new impacts on securities regulations. In June 2019, Taiwan's Financial Supervisory Commission (“FSC”) designated securities tokens as securities and enacted preliminary regulatory guidelines for small-sum securities token offerings and trading platforms, which commenced Taiwan's securities regulation of crypto assets. That said, many regulations, such as introducing the concept of investment contracts from U.S. laws to define securities tokens, restricting the small-sum offerings to the subscription by accredited investors, restricting trading platforms to bilateral trading, single platform trading, and accredited investor trading, require further contemplation. In this paper, I provide comments on FSC's regulatory guidelines and focus on the definition of securities tokens and the regulations of small-sum offerings as well as trading platforms. By conducting comparative legal studies with U.S., U.K., Switzerland, and Singapore, etc., I explore the inadequacy of Taiwan's securities regulations on the definition of securities, multiple securities offering channels, and regulations of securities trading venues and propose on wholesale amendments as well as partial adjustments. I also propose that Taiwan's securities regulations shall consider blockchain's characteristic of decentralization and stipulate special rules for the public notice requirement for the transfer of securities tokens and the regulation of central clearing businesses.