從歐日星經驗探討架構於支付法制的穩定幣監管模式

A Payment Law-Based Framework for Stablecoin Regulation: Lessons from the EU, Japan, and Singapore for Taiwan

區塊鏈是本世紀重要發明之一，特別是去中心化金融（DeFi）架構在其上的應用。穩定幣乃是近幾年新興的加密貨幣種類，其發軔乃是因應Web3交易對於價值穩定之支付工具的需求。價值連結法幣或其他資產的穩定幣，具有極小的價值波動，除了在Web3環境被廣泛運用，由於其快速與較低成本的優點，也逐步落實於實體的交易與傳統金融系統。然而，穩定幣可能有儲備不足、洗錢風險等問題，近期重大事件更逐步凸顯穩定幣監管之需求。本文介紹並分析歐盟以及日本、新加坡對於穩定幣監管法制，說明以支付法制為架構的穩定幣監管手段，期作為我國打造穩定幣監管制度的借鏡。
行政院於2023年3月底指定金融監督管理委員會（金管會）擔任具金融投資或支付性質虛擬資產平台之主管機關，並表示監管將逐步推進。然而2023年9月公告的「金融監督管理委員會管理虛擬資產平台及交易業務事業（VASP）指導原則」明文排除穩定幣，僅於立法說明中解釋，將再適時研議對境內穩定幣之管理。因此目前穩定幣之管理法制，仍處於模糊狀態。在目前法制狀況不明的情形下，發行穩定幣除了有觸法疑慮，欠缺明確法制也成為消費者保護的隱憂。
以世界其他對於數位市場較為開放的國家觀之，亞洲地區的日本率先於2022修正了其電子支付系統法規「資金結算法」（資金決済に関する法律），將穩定幣納入支付法制體系規範；新加坡也於2023年底發布穩定幣的法制框架；然則近期最受矚目的莫過於2024年6月正式施行的歐盟MiCA。從上述歐盟與日本的立法，吾人可以發現，穩定幣與電子支付法制有著微妙的互動關係。
我國在數位支付法制的進展上，始於第三方支付的討論，進而在2015年制定電子支付機構管理條例。過程雖然艱辛，然現已享有豐碩成果，目前電子支付已經成為民眾日常生活不可或缺的一部分。法制應與時俱進，我國也不應漠視穩定幣的興起與發展。本文建議，有鑑於穩定幣之特殊性質，我國應參考歐日星之作法，將穩定幣排除於一般加密資產的監管法制，打造接軌現有支付法制的穩定幣法制。完善的穩定幣法制，將有助於我國發展區塊鏈產業，帶動產業創新。

Blockchain technology represents one of the most significant innovations of the 21st century. Amid the development of Web3, stablecoins have been introduced as a new category of cryptocurrency, primarily aimed at fulfilling the need for a reliable medium of exchange in decentralized payment systems. Pegged to fiat or other assets, stablecoins minimize volatility and are widely used in Web3 as well as traditional financial systems due to their speed and low cost. As stablecoins gain prominence, concerns over consumer protections and financial stabilities have underscored the urgent need for regulatory oversight. This paper examines stablecoin regulations in the EU, Japan, and Singapore, and focuses on payment system laws to serve as a reference for Taiwan.
In March 2023, Taiwan’s Executive Yuan designated the Financial Supervisory Commission (FSC) as the regulator for virtual asset platforms. However, the FSC’s September 2023 VASP guidelines excluded stablecoins, leaving their legal status uncertain. In other words, concurrently, the clear regulations for the stablecoin issuance remain absent in Taiwan.
Compared with countries with more advanced attitudes towards the digital market, Japan amended its Payment Services Act in 2022 to regulate stablecoins, while Singapore introduced a framework in late 2023. The EU’s MiCA, effective June 2024, further integrates stablecoins into financial laws. The Japan, Singapore and EU models illustrate stablecoins’close relationship with electronic payment laws. Taiwan’s digital payment laws began with the third-party payments, leading to the Act Governing Electronic Payment Institutions in 2015, and nowadays digital payment is a daily necessity in Taiwan society. Given the distinctive features of stablecoins, it may be worth considering whether Taiwan should regulate them independently of other crypto assets, and whether such regulation could be more appropriately situated within the framework of payment law, as illustrated by the regulatory models of the EU, Japan, and Singapore.