| 英文摘要 |
The invention of blockchain and cryptocurrency prospers the development of financial technology while at the same time it has also been used as an instrument for crime by a minority. Hence how to regulate cryptocurrency and strike a balance between crime prevention and profits cultivation has become an important issue. This article analyzes the stances of various countries on the nature of cryptocurrency from a comparative aspect, concluding three major theories: ＂Valid Currency Theory＂, the ＂Virtual Commodity Theory＂, the ＂Securities Theory＂, and the ＂Financial Tool Theory＂, and elaborates in favor of the ＂Financial Tool Theory＂. This article further analyzes the supervision taken by different countries on the trade of cryptocurrency and summarizes three major types: supervision with the registration requirement, no supervision but warning risks, and complete prohibition. This article believes the regulations should be clearly stipulated to allow the industry to comply with it. As for an innovative funding method of blockchain and cryptocurrency - Initial Coin Offering (the ＂ICO＂), this article classifies the regulations among different countries into four types: complete approval requirement, segment approval requirement, no prohibition but warnings risks, and strict prohibition. This article proposes to apply the approval-required type to the country and to distinguish the cases by examining whether the natures of the ICO are similar to securities. Furthermore, this article introduces the newest developed Security Token Offering (the ＂STO＂), a digital certificate that uses actual assets for support and meets the requirements of regulations. This article believes that STO is a worth developing area for the regulation of cryptocurrency. |
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