基於分散式帳本技術與密碼學技術之各類密碼學資產因其技術及經濟上獨有之特性帶來諸多新興之風險，其中又以消費者與投資人保護之風險與洗錢及資恐之風險為最。本文自比特幣之技術特性與共識機制出發，研究其係如何創造出「無須信任的信任架構」並將其應用於社會各處既有之「中介者信任架構」中，亦討論以太坊區塊鏈之智能合約功能如何打造出各項嶄新之去中心化應用。而各類密碼學資產搭配性質各異之發行、託管移轉與資產管理以及交易活動等亦衍生不同程度之監管挑戰。本文研究美國、英國及日本等主要國家之監管框架如何回應前揭挑戰，並評價各國監管框架之優缺點及討論不同國家在政策選擇上之光譜定位，此外亦統整我國當前之監管概況並討論我國當前潛在之監管問題，進而綜合分析不同國家之監管措施是否得以作為我國建立監管框架上之借鏡。最終提出本文之建議，即建構一個分階段與分層級之新監管框架。

Cryptographic assets based on distributed ledger technologies and cryptographic technologies have brought many emerging risks due to their unique technical and economic characteristics, among which, the risk of consumer and investor protection, the risk of money laundering and financial terrorism are the most important. This paper examines how Bitcoin creates a “trustless trust” architecture and applies it to existing “intermediary trust” architectures in various parts of society, and discusses how the Ethereum blockchain creates new decentralized applications by its smart contract feature. Various crypto-assets activities such as issuance, custody, transfer, asset management and trading also create different levels of regulatory challenges. This paper also conducts analysis on how the regulatory frameworks of major countries such as the United States, the United Kingdom and Japan have tackled the aforementioned challenges, evaluates the strengths and weaknesses of their regulatory frameworks, as well as discusses the positioning of the spectrum of policy choices in different countries. In addition, this paper also reflects a comprehensive overview on the current regulatory landscape in Taiwan with the angle on the potential regulatory issues and further identifies which the regulatory approaches can best serve as a good reference for establishing a new framework with different stages and levels of controls.

第一章 緒論 1
第一節、研究動機與目的 1
第二節、具體研究問題與研究架構 10
第三節、文獻回顧 11
第四節、研究範圍與限制 27
第二章 理論建構 31
第一節、貨幣制度之演進及社會意涵 31
第二節、信任之價值及社會意涵 33
第三節、無須信任的信任架構—比特幣系統概述 37
第四節、蓬勃發展的密碼學資產 41
第五節、密碼學資產主要風險與相關活動 51
第六節、各類活動中應優先監管之特定類型 63
第三章 外國相關法規範與監管措施比較分析 69
第ㄧ節、美國之監管框架 69
第二節、英國之監管框架 85
第三節、日本之監管框架 97
第四節、類型化各國之監管框架 108
第四章 我國現行法規範與監管措施分析 113
第一節、我國之監管概況 113
第二節、我國對密碼學資產相關活動之監管措施 119
第三節、我國之監管如何處理各類活動中應優先監管之特定類型 121
第四節、我國現行監管措施潛在之問題 123
第五章 建構我國密碼學資產之監管框架 128
第一節、類型化我國現行之監管框架 128
第二節、外國之監管框架能否作為借鏡 132
第三節、建構分階段與分層級之新監管框架 137
第六章 結論 147
參考文獻 150

一、中文文獻
1. 專書
王旭正（2015），《認識密碼學的第一本書》，初版。
結城浩著，吳嘉芳譯（2016），《圖解密碼學與比特幣原理》，初版。
法蘭西斯・福山（Francis Fukuyama）著，李宛蓉譯（2014），《信任—社會德性與經濟繁榮》，二版。
Frederic S. Mishkin著，陳思寬審校（2017），《貨幣銀行學》，十一版。
Kabir Sehgal著，林添貴譯（2016），《錢的歷史》，初版。
Paul Vigna及Michael J. Casey著，林奕伶譯（2016），《虛擬貨幣革命》，初版，頁57-76。
Primavera De Filippi及 Aaron Wright著，王延川譯，徐珮菱校訂（2019），《區塊鏈與法律—程式碼之治》，初版。
Rachel Botsman著，林添貴譯（2018），《信任革命》，初版。

2. 文章
王文宇（2018），〈虛擬貨幣與智能合約的應用與法律問題〉，《會計研究月刊》，397期，頁95。
徐珮菱（2019），〈洗錢防制法制之研究──以區塊鏈及加密數位貨幣為中心〉，《月旦法學雜誌》，頁73。
徐珮菱、高培勛（2020），〈去中心化金融之法律規範研究—以 Defi 借貸為核心〉，《高大法學論叢》，16卷1期，頁185。
楊岳平（2018），〈首次代幣發行與證券監理法制：以臺灣證券交易法下『證券』的定義為中心〉，《月旦財經法雜誌》，43期，頁135。
楊岳平（2019），〈區塊鏈時代下的證券監管思維挑戰：評金管會最新證券型虛擬通貨監管方案〉，《臺大法學論叢》，48卷特刊，頁1279。。
楊岳平（2020），〈論虛擬通貨之法律定性──以民事法與金融法為中心〉，《月旦法學雜誌》，301期，頁43。
楊岳平（2020），〈建構證券型虛擬通貨的交割法制──以無實體證券的集中保管要求為中心〉，《財產法暨經濟法》，59期，頁43。
楊岳平（2020），〈金融科技時代下的金融監管挑戰：論虛擬通貨交易平台的監管架構〉，《臺大法學論叢》，49卷特刊，頁1309。
楊岳平（2021），〈論去中心化金融與智慧合約的金融監理─以去中心化借貸為中心〉，《月旦法學雜誌》，136期，頁53。
蔡英欣（2018），〈試論虛擬貨幣之監理與法律定位──以日本法為中心〉，《管理評論》，37卷4期，頁53。
臧正運（2017），〈區塊鏈運用對金融監理之啟示與挑戰〉，《月旦法學雜誌》，267 期，頁142。
臧正運（2018），〈試論金融監理科技的分析框架與發展圖像〉，《管理評論》，37卷4期，頁19。
臧正運（2019），〈台灣發展監理科技之芻議〉，《存款保險資訊季刊》，32卷4期，頁50。
臧正運（2020），〈論密碼資產的興起與金融監理機關之職能變革〉，《月旦法學雜誌》，301期，頁64。
臧正運（2020），〈論金融科技發展的監理難題與法制策略──以我國的規範與實踐為核心〉，《政大法學評論》，163期，頁139。
黃朝琮（2020），〈首次代幣發行的美麗新世界？我國證券型代幣之規範架構評釋〉，《交大法學評論》，6期，頁151。。
宋皇志（2017），〈方興未艾之區塊鏈專利〉，《月旦法學雜誌》，266期，頁52。
李宜雯、黃曉盈、周玉娟（2019），〈我國對證券型代幣發行、交易及平台監理之規劃方向〉，《證券暨期貨月刊》，37卷，頁5-15。
彭金隆、臧正運（2017），〈我國金融科技創新實驗落地機制之檢視與構建〉，《月旦法學雜誌》，266期，頁35。

3. 網路資源
立法院公報（2017），106卷92期，頁210。
立法院公報（2018），107卷47期，頁314。
立法院公報（2018），107卷77期，頁189。
立法院公報（2018），107卷86期，頁300。
立法院公報（2018），107卷93期，頁163-164。
立法院公報（2018），行政院院臺專字第1070129897號函，107卷109期，頁170。
立法院公報（2019），108卷19期，頁410-411。
立法院公報（2019），行政院院臺專字第 1080090559 號函，108卷66期，頁199-200。
立法院公報（2019），108卷41期，頁167-169。
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二、英文文獻
1. Books
KEVIN WERBACH, THE BLOCKCHAIN AND THE NEW ARCHITECTURE OF TRUST (2018).

2. Articles
Arvind Narayanan & Jeremy Clark, Bitcoin’s Academic Pedigree, 60 COMMUN. ACM 36–45 (2017).
C. Alden Pelker, Christopher B. Brown & Richard M. Tucker, Using Blockchain Analysis from Investigation to Trial, 69 DOJ J. FED. L. & PRAC. 59 (2021).
Gabrielle Chasin Velkes, International Anti-Money Laundering Regulation of Virtual Currencies and Assets, 52 N.Y.U. J. INT’L L. & POL. 875 (2020).
Huang-Chih Sung, When Open Source Software Encounters Patents: Blockchain as an Example to Explore the Dilemma and Solutions, 18 J. Marshall Rev. Intell. Prop. L. 55 (2018).
I. Kiviat Trevor, Beyond Bitcoin: Issues in Regulating Blockchain Tranactions, Vol. 65 DUKE L.J. 569–608 (2015), at 582-585.
Joshua A.T. Fairfield, Bitproperty, 88 S. CAL. L. REV. 805 (2015).
Katsuhiko Fujihira & Seth Graham, Japanese FinTech Regulations Set for Further Changes in 2020, 23 FINTECH L. REP. NL 1 (2020).
Rainer Böhme et al., Bitcoin: Economics, Technology, and Governance, 29 J ECON PERSPECT, 213–38 (2015).
Tara Mandjee, Bitcoin, its Legal Classification and its Regulatory Framework, 15 J. BUS. & SEC. L. 157 (2016)

3. Cases
SEC v. W.J. Howey Co., 328 U.S. 293 298–99 (1946).

4. Websites
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三、日文文獻
1. 網路資源
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