從區塊鏈融資論眾募規範趨勢

Trends in Crowdfunding Regulation － From the Perspective of Blockchain Financing

隨著金融科技的迅速發展，企業向大眾籌資的管道與模式日趨多元與創新，其中以運用區塊鏈技術與加密貨幣作為籌資模式的ICO（Initial Coin Offering，「首次代幣發行」）等區塊鏈融資活動最值得吾人關注。本文探討股權籌資的法規範發展，從籌資方式的演變出發，檢討我國股權眾籌的現況與問題，並梳理區塊鏈股權融資的特性、類型與風險，分析不同的監管模式以及將區塊鏈股權融資導入我國市場所可能帶來的機會。

With the rapid development of fintech, the channels and models used by enterprises to access public capital have been various and innovative. Blockchain financing activities such as ICO (Initial Coin Offering) are among the most noteworthy developments. This article discusses developments and problems of equity crowdfunding regulation in Taiwan, and analyses features, types and risks of novel forms of equity crowdfunding using blockchain technology (hereafter, “blockchain financing”). It then offers an in-depth analysis of different regulatory models and opportunities that may arise with the introduction of blockchain financing in Taiwan.