去中心化金融之法律規範研究──以Defi借貸為核心

Research on the Legal Regulations of Decentralized Finance-Taking Decentralized Lending and Borrowing as the Core Element

Defi（去中心化金融）與區塊鏈技術及加密數位通貨之演進，密不可分。區塊鏈發展之去中心化借貸交易模式多元，2019年DeFi用戶數量增加30倍，在以太坊進行「去中心化借貸」（Decentralized Lending and Borrowing）交易量佔總體約80%，廣受歡迎。本文以Defi中關於借貸之應用為研究核心，去中心化技術破除銀行核貸限制，提供全然開放、去中介機構之借貸平台。透過區塊鏈技術，建立更公平、自由且開放治理權予全數參與者之借貸機制，對傳統中央銀行清算及政府監管所形成之堅實金融信任體系與監理方式產生挑戰，加密數位資產之財產價值、智慧合約之交易規範及數位資產之法律定位保護亦尚待明確。Defi Lending係一自主生態圈，以去中心化網絡為運作基礎，由非許可制區塊鏈及P2P點對點協議建構成之應用程式組成，利用智慧合約之建置與執行，促進借貸或與其他金融工具及商品進行交易。去中心化借貸之自主生態圈與對外抗審查抵禦政府中心管制之特徵，形成內部治理與外部監管之問題，交易者希望節省交易成本，因其所利用智慧合約之運行模式，對參與者，包括開發商及使用者之定位以及因交易產生相關法律風險、政府監管之問題，為值得研究之重心本文以MakerDAO、Compound及Dharma之借貸運作模式為研究個案，探討在台灣法制環境下，去中心化借貸與智慧合約等涉及之法制問題及未來可能之發展方向。

The development of Defi is closely related to the developmentof Blockchain technology and crypto digital currency. Thedecentralized lending transaction model developed by the blockchainis complicated. In 2019, the number of DeFi users increased by 30times, and the volume of decentralized lending and borrowingtransactions conducted on Ethereum accounted for about 80% of thetotal transaction volume. It can be seen that decentralized lending iswidely welcomed by the public. This article focuses on theapplication of lending in Defi as the core of this research, becausedecentralized technology breaks the strict review and restriction ofbank approved loans, and provides an open, intermediary lendingplatform. Through Blockchain technology, more fair, free and open governance authority is established to all participants. At the sametime, it also challenges the liquidation structure constructed bytraditional central banks and the solid financial trust system andsupervision method formed by government supervision The propertyvalue of digital assets, the trading specifications of smart contractsand the legal positioning and protection of digital assets need to beclarified. Defi lending is an autonomous ecosystem, based on adecentralized network, which is composed of unlicensed Blockchainand applications built with P2P protocols. Decentralized lending alsoinvolves the use of smart contract operations to achieve the functionof facilitating transactions between lending and other financialinstruments. decentralized lending’s autonomous ecosystem and thefeatures of external anti-censorship and resistance to governmentcentralized control form unique internal governance and externalsupervision issues. Traders hope to save transaction costs, but thesmart contract operation mode they use, for the participants,including the positioning of developers and users, as well as relatedlegal risks arising from transactions and government regulatoryissues, it is worth researching. This article takes the loan operationmodes of MakerDAO, Compound and Dharma as research cases todiscuss the legal issues and possible future development directions ofdecentralized loans and smart contracts under the legal environmentof Taiwan.