論現行穩定幣法規及台灣制度之推動：以美國、香港、日本、歐盟為參考

Abstract

中文摘要 隨著區塊鏈技術蓬勃發展，穩定幣（Stablecoin）為解決比特幣等加密貨幣價格高波動性而生，並逐漸成為去中心化金融（DeFi）與跨境支付的關鍵工具 。然而，2022 年韓國區塊鏈公司開發的公鏈專案Terra生態系中的Luna代幣(以下簡稱Terr-Luna)崩盤與 FTX 公司之交易所破產事件，暴露了現行監管真空所潛藏的系統性風險。全球主要經濟體如美國、香港、日本與歐盟，其監管制度與進程存在顯著差異，而台灣相關法規尚處於起步階段。本研究旨在探討穩定幣的發展與國際監管模式，並結合問卷分析了解台灣民眾的接受度與疑慮，最終針對台灣《虛擬資產服務法》草案提出具體建議。 本研究方法採用混合方法。首先，透過「文獻分析法」，釐清穩定幣的運作機制與監管理論基礎。其次，採用「比較研究法」，深入分析美國（如《天才法案》）、香港、日本及歐盟（如《MiCA法案》）等四地，在穩定幣發行、儲備管理與消費者保護方面的制度異同。最後，執行「問卷分析法」，蒐集 234 份有效樣本，探討台灣民眾對穩定幣的認知、信任來源與持有意願。 研究發現，國際監管趨勢在歷經市場衝擊後，普遍強化了「資產隔離」與「定期審計揭露」的要求。制度比較顯示，台灣《虛擬資產服務法》草案雖已跟進，但在四大面向仍有不足： 1. 「足額準備」的用語相較美、港的明確數字規範(1:1)，力度上較概括。 2. 未如美國強調「銀行級監管」標準。 3. 缺乏如歐盟或美國對 DeFi 的明確豁免機制。 4. 未如日、歐對穩定幣進行詳細分類。 問卷分析則指出，台灣民眾對加密資產的實際接觸極少（91% 無經驗），不願持有的主因為「擔心安全性」（40%）與「不容易上手」（26%）。民眾的信任高度集中於「銀行」（49%）與「政府」（42%）。 綜合分析，本研究認為「安全保障」、「使用便利性」與「法規明確度」為影響台灣民眾採用穩定幣的三大關鍵因素，並提出四項政策建議： 1. 強化金融科技教育與反詐風險識讀，以提升民眾對新興金融的認識及降低資訊不對稱。 2. 建構以「政府監管與銀行主導」為核心的信任機制，並提升儲備透明度及審計制度。 3. 完善監管架構，明確規範儲備比率、分類標準與 DeFi 適用範圍。 4. 運用金融沙盒試點推動低風險應用情境，以逐步累積實務經驗與社會信任。 期望上述建議能協助台灣建構穩健且具可操作性的穩定幣監管框架，並提升民眾對相關金融科技之接受度與使用意願。

Abstract Following the proliferation of blockchain technology, stablecoins emerged to address the high price volatility of cryptocurrencies like Bitcoin, becoming key instruments in Decentralized Finance (DeFi) and cross-border payments. However, in 2022, the Luna token (hereinafter referred to as Terra-Luna) in the Terra ecosystem collapsed and the FTX cryptocurrency exchange bankruptcy exposed significant systemic risks within a regulatory vacuum. As major economies like the United States, Hong Kong, Japan, and the European Union adopt divergent regulatory approaches, Taiwan's framework remains in its nascent stages. This study aims to explore stablecoin development, compare international regulatory models, analyze Taiwanese public acceptance via a questionnaire, and propose specific recommendations for Taiwan’s draft "Virtual Asset Service Provider (VASP) Act." This study employs a mixed-methods approach. First, a literature review clarifies the operational mechanisms and theoretical foundations of stablecoin regulation. Second, a comparative analysis examines the regulatory frameworks of the US (e.g., GENIUS Act), Hong Kong, Japan, and the EU (e.g., MiCA), focusing on differences in issuance, reserve management, and consumer protection. Finally, a questionnaire analysis (N=234) was conducted to assess the Taiwanese public's perception, trust, and willingness to hold stablecoins. The research finds that the international regulatory trend, post-market shocks, has universally strengthened requirements for "asset segregation" and "periodic audit disclosure." A comparison reveals that while Taiwan’s draft VASP Act follows this trend, it remains insufficient in four aspects: 1. The term “full reserve” is more general in scope compared with the explicit numerical standards (1:1) adopted in the U.S. and Hong Kong. 2. It lacks an emphasis on "bank-grade supervision" standards as seen in the US. 3. It lacks clear exemption mechanisms for DeFi, unlike the EU or US . 4. It does not provide detailed classification of stablecoins, unlike Japan and the EU. The questionnaire analysis indicates that the Taiwanese public has minimal exposure to crypto assets (91% no experience), with primary deterrents being "security concerns" (40%) and "difficulty of use" (26%). Public trust is highly concentrated in "banks" (49%) and the "government" (42%). In summary, this study identifies security assurance, ease of use, and regulatory clarity as the three key determinants influencing public adoption of stablecoins in Taiwan. Based on these findings, four policy recommendations are proposed: 1. Strengthening fintech literacy and anti-fraud risk awareness to enhance public understanding of emerging financial instruments and reduce information asymmetry; 2. Establishing a trust framework centered on government oversight and bank-led implementation, supplemented by enhanced reserve transparency and audit mechanisms; 3. Improving the regulatory architecture by specifying reserve ratios, classification standards, and the applicable scope of DeFi; and 4. Utilizing financial sandbox programs to pilot low-risk application scenarios, thereby gradually building practical experience and social trust. These recommendations aim to support Taiwan in developing a robust and operational stablecoin regulatory framework, while increasing public acceptance and willingness to adopt related financial technologies.