标题: 首次代币发行的美丽新世界?我国证券型代币之规范架构评释
A Brave New World for ICO? On Taiwan’s Regulatory Framework of STO
作者: 黄朝琮
Chao-Tsung Huang
关键字: 首次代币发行;证券型代币;Howey测试;区块链;金融监理沙盒;Initial Coin Offering;Securities Token;Howey Test;Blockchain;Financial Regulatory Sandbox
公开日期: 15-三月-2020
出版社: 交通大学科技法律学院(原名称:交通大学科技法律研究所)
NCTU School of Law
摘要: 首次代币发行(initial coin offering,以下简称“ICO”)乃近年来广受讨论之募资方式,其一方面使募资者得以迅速募集资金,但另一方面又因其涉及广泛大众,若有纠纷将有广泛影响,而为金融监理机关所瞩目。对此,我国金融监督管理委员会(以下简称“金管会”)藉由核定具证券性质之虚拟通货为有价证券的方式,将ICO中之证券型代币发行(security token offering)引入证券交易法的规范当中,并就证券型代币之发行与交易建置相关机制,料将对于ICO于我国发展产生深远影响。本文就金管会之规范框架进行,就ICO之分类、证券型代币之定义、申报豁免规定、资讯揭露内容及外国法规定适用等面向,若干观察与思考,期促进后续对话与规范之完善。
Initial Coin Offering (“ICO”) is a financing method that is widely discussed recently. On the one hand, ICO allows the issuer to quickly obtain the funding required, but on the other hand, it involves the general public and may have broad impact in the event of disputes. By including the virtual assets with the nature of securities as one of the securities to be regulated, the Financial Supervisory Commission (“FSC”) subjects one type of the ICO, the security token offering (“STO”), to the regulatory framework of Taiwan’s Securities and Exchange Act and establishes the mechanism for the issuance and trading of security tokens, which would bring significant implications to the development of ICO in Taiwan. This article observes and ponders on FSC’s regulatory framework of STO with respect to classification of ICO, definition of security token, exemption of application, information disclosure and application of foreign law, aiming to facilitate the conversations and to improve the regulatory framework in the future.
URI: http://dx.doi.org/10.3966/252302982020030006005
https://lawreview.nctu.edu.tw/issues/
http://hdl.handle.net/11536/154797
ISSN: 2523-0298
DOI: 10.3966/252302982020030006005
期刊: 交大法学评论(原名称:科技法学评论)
NCTU Law Review
Issue: 6
起始页: 151
结束页: 195
显示于类别:Technology Law Review


文件中的档案:

  1. NO.6-5.pdf

If it is a zip file, please download the file and unzip it, then open index.html in a browser to view the full text content.