反詐欺條款與財報不實責任於加密代幣之應用與分析

The Application and Analysis of Antifraud Provision and Financial Statement Fraud on Cryptocurrencies

鑒於新興金融科技快速發展，企業募資型態也隨之產生大幅變革。部分透過加密代幣發行（例如：ICO、STO、IEO、IFO、IAO等）進行募資的行為，由於當前並未設定具體監管機制，故對投資人保護之漏洞與日俱增。然發行與揭露程序之訂定需要考量的範圍較為複雜，並非一蹴可幾。故本文從證券詐欺角度出發，對AriseBank進行個案檢討，測試我國證券交易法上證券詐欺在加密代幣發行的場景下，能否有效應用。美國法上，針對證券型代幣發行如何適用有價證券之定義，已在HoweyTest中發展出合宜之判斷基準，本文立基於此標準上，對AriseBank案件事實進行分析，進一步論證AriseBank是否構成我國證券交易法上之反詐欺條款與財報不實責任，並提出加密代幣發行適用我國證券詐欺規範之困難點。

In light of the rapid development of financial technology, the method of corporate fundraising has significant changes. Some of the companies have already undergone several methods of cryptocurrency offering (including ICO, STO, IEO, IFO, and IAO) to raise funds. Due to the uncertain regulation mechanism at present, the investors are exposed to the risk of fraud. Considering the scope of enactment for offering and disclosure procedures are complicated in its nature, this study has conducted case analysis on AriseBank from the perspective of securities fraud, in order to test whether the securities fraud of Taiwan Securities Exchange Act can be effectively applied in the realm of cryptocurrency offering. Since the U.S. legal system has developed a solid practice based on Howey Test, therefore based on this ground, this study has analyzed the fact of AriseBank to prove whether the AriseBank constituted the antifraud provisions and financial statement fraud of Taiwan Securities Exchange Act and raise the difficulties that cryptocurrencies might face in Taiwan.