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    政大機構典藏 > 法學院 > 法律學系 > 學位論文 >  Item 140.119/125678
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/125678


    Title: 我國密碼資產交易平台之監理研究
    A Study on the Supervision of Crypto-assets Trading Platforms in Taiwan
    Authors: 楊承璇
    Yang, Chen-Hsuan
    Contributors: 王文杰
    臧正運

    Wang, Wen-Chieh
    Tsang, Cheng-Yun

    楊承璇
    Yang, Chen-Hsuan
    Keywords: 虛擬通貨
    加密資產
    數位資產
    證券型代幣
    虛擬貨幣
    交易所
    STO
    IEO
    ICO
    Date: 2019
    Issue Date: 2019-09-05 16:23:57 (UTC+8)
    Abstract: 在比特幣推波助瀾下,全球掀起一波密碼資產(Crypto Asset)投 資熱潮,而本文研究之「密碼資產交易平台(Crypto-asset Trading Platform)」身為密碼資產市場中重要的流通市場,除卻扮演交易撮 合角色外,亦兼具清算結算、資產託管、自營商等等複合型角色,其 利益衝突的風險不言而喻,故近年亦頻傳「交易量造假」、「挪用或侵 吞用戶資產」、「平台被駭客入侵」等問題,因此喚起國際各金融主管 機關對交易平台的監理意識,故本文希望藉由分析密碼資產及交易平 台的本質與市場發展,並進一步分析交易平台之金融市場的潛在風險, 並參考國際準則制訂組織(SSBs)與美國、加拿大、香港、新加坡之 監理方針,並以此反思我國針對交易平台之法制健全性是否已足,並 評析金管會近期推出的「證券型代幣發行(Security Token Offering, STO) 相關規範」法案,最後本文將綜合風險評估與現況監管不足之 處提出總體性的立法建議
    Reference: 參考文獻
    一、 中文書籍
    1. 王志誠,(2017)。現代金融法(三版),台北:新學林。
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    6. 劉連煜,(2016)。證券交易法實例研習(十四版),台北:元照。

    二、 中文期刊論文
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    三、 中文網站
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    2. 王可言,經濟日報-區塊鏈、代幣經濟和產業創新,瀏覽日期2019年7月10日,檢自: https://money.udn.com/money/story/5629/3682103
    3. 以太坊(Ethereum)是什麼?首次代幣眾籌(ICO)如何讓以太幣超越比特幣?,瀏覽日期2019年7月10日,檢自:https://www.bnext.com.tw/article/44959/what-is-ethereum-and-how-ico-become-the-reason-that-ether-exceeds-bitcoin
    4. 區塊鏈運作原理大剖析,瀏覽日期2019年7月10日,檢自:
    https://www.ithome.com.tw/news/105374
    5. 為你解說區塊鏈應用:以太坊、以太幣、智能合約,瀏覽日期2019年7月10日,檢自:https://medium.com/@astromnhsu/%E7%82%BA%E4%BD%A0%E8%A7%A3%E8%AA%AA%E5%8D%80%E5%A1%8A%E9%8F%88%E6%87%89%E7%94%A8-%E4%BB%A5%E5%A4%AA%E5%9D%8A-%E4%BB%A5%E5%A4%AA%E5%B9%A3-%E6%99%BA%E6%85%A7%E5%90%88%E7%B4%84-a134c118b8dd
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    https://www.fisc.com.tw/Upload/b0499306-1905-4531-888a.../TC/9005.pdf
    8. 報告:ICO專案平均有5項漏洞,約7成智能合約有安全風險,瀏覽日期2019年7月10日,檢自:https://www.ithome.com.tw/news/124138
    9. 運行在區塊鏈上的交易所 ,瀏覽日期2019年7月10日,檢自:
    https://medium.com/taipei-ethereum-meetup/%E9%81%8B%E8%A1%8C%E5%9C%A8%E5%8D%80%E5%A1%8A%E9%8F%88%E4%B8%8A%E7%9A%84%E4%BA%A4%E6%98%93%E6%89%80-%E4%B8%8B-a5d8fe139616
    10. 如何用比特幣私鑰創建以太坊地,瀏覽日期2019年7月10日,檢自:https//medium.com/cryptocow/%E5%A6%82%E4%BD%95%E7%94%A8%E6%AF%94%E7%89%B9%E5%B9%A3%E7%A7%81%E9%91%B0%E5%89%B5%E5%BB%BA%E4%BB%A5%E5%A4%AA%E5%9D%8A%E5%9C%B0%E5%9D%80-f500d7429b75
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    12. 臺灣首例公開ICO,募資平臺自行開發!沃田咖啡用以太坊推出2100萬個咖啡幣,瀏覽日期2019年7月10日,檢自:https://www.ithome.com.tw/news/119629
    13. 月旦會計網,證券型代幣公開發行(Security Token Offering, STO)於我國與國外之發展,瀏覽日期2019年7月10日,檢自:
    http://www.angle.com.tw/accounting/current/post.aspx?ipost=3718
    14. ICO 已死:九成新幣瀕臨倒閉,散戶、發行公司都死無全屍 ,瀏覽日期2019年7月10日,檢自:https://buzzorange.com/techorange/2018/03/13/ico-already-dead/
    15. 應用場景的ICO顯得愈發彌足珍貴,瀏覽日期2019年7月10日,檢自:
    https://www.wanlianzhijia.com/News/show/id/3205.html
    16. 工商時報,投資人被騙怕了 全球ICO急凍,瀏覽日期2019年7月10日,檢自:https://www.chinatimes.com/newspapers/20180730000214-260205?chdtv
    17. 數位時代,解密ICO:華麗的詐術還是區塊鏈落地的破壞式創新, 瀏覽日期2019年7月10日,檢自:https://www.bnext.com.tw/article/50798/ico-top-8
    18. 許崇恩,經濟日報-區塊鏈趨勢/IEO 風潮席捲而來 什麼魔力讓萬人響應, 瀏覽日期2019年7月10日,檢自:https//money.udn.com/money/story/5597/3814358
    19. 交易所拿自己的信譽背書IEO 能重建市場信心,瀏覽日期2019年7月10日,檢自:https://www.blocktempo.com/can-ieo-help-market-regain-confidence/
    23. 託管及非託管交易所資訊需知,瀏覽日期2019年7月10日,檢自:https//medium.com/%E5%AF%B6%E5%B3%B6%E9%87%91%E8%9E%8Dformosafinancial/%E8%A8%97%E7%AE%A1%E5%8F%8A%E9%9D%9E%E8%A8%97%E7%AE%A1%E4%BA%A4%E6%98%93%E6%89%80%E8%B3%87%E8%A8%8A%E9%9C%80%E7%9F%A5-b63637ffd39c
    24. TokenInsight ,2019年5月之去中心化交易所研究报告, 瀏覽日期2019年7月10日,檢自:https://www.jinse.com/blockchain/381887.html
    26. 2019區塊鏈產業地圖 , 瀏覽日期2019年7月10日,檢自:https://tw-blockchain-industry.blocktempo.com/?utm_source=Facebook_PicSee&fbclid=IwAR2x7m2uCbbC4DH7D3o4ZJr9T0UKdvp4m9OsW3QgT9GSWHLRmEuY583PjlI
    27. coingecko,2019/6/20之交易平台排名為準,瀏覽日期2019年7月10日,檢自:https://www.coingecko.com/en/exchanges/max_maicoin
    28. COBINHOOD 現在只剩陳泰元一人,用戶資金提領問題依舊,瀏覽日期2019年7月10日,檢自:
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    32. 臺灣證券交易所,美國證券市場相關制度,瀏覽日期2019年7月10日,檢自: https//www.twse.com.tw/ch/products/publication/download/0003000161.pdf
    33. 陳德霖 ,金管局總裁2018年9月21日於財資市場高峰會的發言,瀏覽日期2019年7月10日,檢自:https://www.hkma.gov.hk/chi/key-information/insight/20180921.shtml
    34. 香港金管局,有關首次代幣發行的聲明,瀏覽日期2019年7月10日,檢自:https://www.sfc.hk/web/TC/news-and-announcements/policy-statements-and-announcements/statement-on-initial-coin-offerings.html
    35. 何謂集合投資計劃 ,瀏覽日期2019年7月10日,檢自:
    https://www.consumer.org.hk/ws_chi/choice/445_06
    36. 證監會訂立守則或指引,瀏覽日期2019年7月10日,檢自:
    https://www.elegislation.gov.hk/hk/cap571!zh-Hant-HK
    37. 香港金管局,網上分銷及投資諮詢平台指引,瀏覽日期2019年7月10日,檢自: https://www.sfc.hk/web/TC/assets/components/codes/files-current/zh-hant/guidelines/guidelines-on-online-distribution-and-advisory-platforms/guidelines-on-online-distribution-and-advisory-platforms.pdf
    38. 香港金管局,非複雜及複雜產品 ,瀏覽日期2019年7月10日,檢自:
    https://www.sfc.hk/web/TC/rules-and-standards/suitability-requirement/non-complex-and-complex-products/
    39. 香港證監會, 持牌人或註冊人操守準則, 瀏覽日期2019年7月10日,檢自: https://www.sfc.hk/web/TC/assets/components/codes/files-current/zh-hant/codes/%E8%AD%89%E5%88%B8%E5%8F%8A%E6%9C%9F%E8%B2%A8%E4%BA%8B%E5%8B%99%E7%9B%A3%E5%AF%9F%E5%A7%94%E5%93%A1%E6%9C%83%E6%8C%81%E7%89%8C%E4%BA%BA%E6%88%96%E8%A8%BB%E5%86%8A%E4%BA%BA%E6%93%8D%E5%AE%88%E6%BA%96%E5%89%87/%E8%AD%89%E5%88%B8%E5%8F%8A%E6%9C%9F%E8%B2%A8%E4%BA%8B%E5%8B%99%E7%9B%A3%E5%AF%9F%E5%A7%94%E5%93%A1%E6%9C%83%E6%8C%81%E7%89%8C%E4%BA%BA%E6%88%96%E8%A8%BB%E5%86%8A%E4%BA%BA%E6%93%8D%E5%AE%88%E6%BA%96%E5%89%87.pdf
    40. 香港立法會,對虛擬資產投資活動的監管( 在立法會會議上胡志偉議員的提問和財經事務及庫務局局長劉怡翔的書面答覆),瀏覽日期2019年7月10日,檢自:https://www.info.gov.hk/gia/general/201904/03/P2019040300268.htm
    42. 香港證監會,可能規管虛擬資產交易平台營運者的概念性框架,瀏覽日期2019年7月10日,檢自: https//www.sfc.hk/web/TC/files/ER/PDF/App%202%20%20Conceptual%20framework%20for%20VA%20trading%20platform%20(final)_chi.pdf
    43. Bitcoin監管真空恐成洗黑錢工具,瀏覽日期2019年7月10日,檢自:https://hk.on.cc/hk/bkn/cnt/news/20140821/bkn-20140821202231084-0821_00822_001.html
    44. 香港證監會,推出監管沙盒,瀏覽日期2019年7月10日,檢自:
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    46. 虛擬貨幣ICO 顧立雄: 依應用、證券、支付3大類採個案管理,瀏覽日期2019年7月10日,檢自:https://ec.ltn.com.tw/article/breakingnews/2442076
    47. 金管會公開示警 銀行不得買賣比特幣,瀏覽日期2019年7月10日,檢自:https://ec.ltn.com.tw/article/paper/1161740
    48. 簡維克、施宇軒 , 證券型代幣募資(STO)規範的簡評與反思,瀏覽日期2019年7月10日,檢自:
    https//tw.news.yahoo.com/%E8%AD%89%E5%88%B8%E5%9E%8B%E4%BB%A3%E5%B9%A3%E5%8B%9F%E8%B3%87-sto-%E8%A6%8F%E7%AF%84%E7%9A%84%E7%B0%A1%E8%A9%95%E8%88%87%E5%8F%8D%E6%80%9D-174800254.html
    49. 彭惠筠、許苑,淺談虛擬貨幣之法律地位 ,瀏覽日期2019年7月10日,檢自:http://www.liang-law.com.tw/tc/research_detail.php?cid2=2&nid=113&Page=0
    50. 「功能型代幣(Utility Token)的權益在哪裡?」——COBINHOOD 事件的三個啟示,瀏覽日期2019年7月10日,檢自:https://www.blocktempo.com/utility-token-holder-vs-cobinhood-what-we-learn/
    51. 金融支付多元 經部新增禮券履約保證方式,瀏覽日期2019年7月10日,檢自:https://www.cna.com.tw/news/afe/201712280356.aspx
    52. 發布核定具證券性質之虛擬通貨為證券交易法所稱之有價證券之令,瀏覽日期2019年7月10日,檢自:https://www.sfb.gov.tw/ch/home.jsp?id=88&parentpath=0,3&mcustomize=lawnews_view.jsp&dataserno=201907030002
    53. 金管會對「證券型代幣發行(Security Token Offering, STO) 相關規範」之新聞稿說明,瀏覽日期2019年7月10日,檢自:
    https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201906270004&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News
    54. 金管會 STO 初步規範出爐-證券型代幣(Security Token)分為「分潤型」與「債務型」,瀏覽日期2019年7月10日,檢自:
    https://www.blocktempo.com/fsc-sto-regulation-define-two-type-of-st/
    55. 楊岳平,評金管會最新 STO 規範——百廢待興下的小步舞曲,瀏覽日期2019年7月10日,檢自:https://www.blocktempo.com/fsc-sto-regulation-review-a-little-step-by-step/
    56. 股權群募門檻高無人成功 ,瀏覽日期2019年7月10日,檢自:
    https://ec.ltn.com.tw/article/paper/1145494
    57. 創櫃板效益差 顧立雄:考慮設特殊版,瀏覽日期2019年7月10日,檢自:https://www.chinatimes.com/newspapers/20171006000050-260202?chdtv
    58. 許毓仁,STO豁免值得讚許但起步過於保守,瀏覽日期2019年7月10日,檢自:https://www.facebook.com/congress.jason/posts/2345781915633772/
    59. 金融消費者保護法與證券投資人及期貨交易人保護法兩者差異之研究,瀏覽日期2019年7月10日,檢自:
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    Description: 碩士
    國立政治大學
    法律學系
    1056510081
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1056510081
    Data Type: thesis
    DOI: 10.6814/NCCU201900993
    Appears in Collections:[法律學系] 學位論文

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