建構證券型虛擬通貨的交割法制──以無實體證券的集中保管要求為中心

Design the Clearing Laws for Securities Tokens-Focusing on the Central Deposit Requirements for Uncertificated Securities

隨著虛擬通貨此一特殊金融工具之興起，金管會於2019年6月發布證券型虛擬通貨之規範藍圖，針對證券型虛擬通貨的發行與交易均設有若干規範，並自2020年1月起正式上路。然而，現行的無實體證券交割法制設計卻可能根本性阻礙證券型虛擬通貨的上路，蓋其要求無實體有價證券之發行須洽臺灣集中保管公司辦理登錄以辦理交割，而如此的中心化交割制度卻與虛擬通貨之使用分散式帳本技術的特性直接違背。為釐清證券型虛擬通貨所需的交割法制，本文於回顧證券型虛擬通貨的技術特性與我國現行無實體有價證券的交割規範後，利用比較制度研究法比較傳統無實體有價證券與證券型虛擬通貨的交割法律關係，指出證券型虛擬通貨的分散式帳本係替代現行無實體有價證券下的集保帳本、證券型虛擬通貨交易平臺所扮演者係類似傳統證券商的角色，進而建議我國應為證券型虛擬通貨取消集保登錄的要求、或至少放寬對集保事業的定義，並採取以技術監管而非機構監管為中心的交割監管模式。

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.