隨著區塊鏈與分散式帳本技術（DLT）之發展，現實世界資產代幣化（Real-World Asset Tokenization, RWA）已逐步成為金融市場結構轉型之重要趨勢。RWA不僅提升資產交易效率與流動性，亦涉及資產法律性質認定、權利記錄方式轉變及金融市場基礎設施重構等核心法律議題。本研究旨在從法律定性與監理架構之觀點，分析RWA於我國法制下之定位，並提出相應之法規調適方向。
本研究採文獻分析、比較法及深度訪談方法，分析美國、歐盟、瑞士、德國、香港及新加坡之制度發展，並結合我國實證架構進行評估。研究結果顯示，國際監理並未採取單一專法，而係以「代幣化不改變資產本質」為前提，採功能監理與分層監理架構，即先依資產性質定性，再依發行、交易、保管及結算等層次配置監理要求。
就我國法律定性而言，RWA代幣應回歸其所表彰之原始權利本質。以債券與基金代幣為例，其代幣化後仍屬證券交易法上之有價證券，而非虛擬資產。在監理架構上，本研究主張以既有證券法制為基礎，並與現行STO制度進行整合或區分。於市場架構方面，RWA交易平台應區分由集保結算所、證交所及櫃買中心主導之模式，與開放民間業者經營之模式：前者屬既有市場基礎設施之延伸，原則上無須另創牌照；後者則應取得相應許可，並可透過監理沙盒進行試驗。就權利認定而言，在現行法制下，鏈下帳簿仍為最終法律權利依據，鏈上紀錄主要具技術功能；若兩者不一致，應以帳簿劃撥與集中保管體系為準。未來如欲承認鏈上帳本效力，須同步調整相關制度。在基礎設施與技術監理層面，區塊鏈類型之差異，其法律關鍵在於監理控制點與責任主體，而非技術分類本身；結算資產方面，存款代幣較易銜接既有體系，CBDC涉及貨幣政策議題，穩定幣則仍存信用與監理不確定性。於資產保管方面，代幣化未消除中介機構，而係形成「技術去中心化、法律責任再中心化」之結構。最後，在投資人保護方面，現行內線交易、操縱及證券詐欺規範原則上仍適用於有價證券代幣，投保法與金融消費者保護法之保障亦不應排除；惟若未來開放非證券商平台，仍應納入監理架構，以避免保護落差。
綜合而言，RWA代幣化係既有證券法制下之制度延伸與技術重構，我國可採漸進式法規調適策略，在維持法律安定性與金融穩定之前提下推動其發展。

With the development of blockchain and distributed ledger technology (DLT), real-world asset tokenization (RWA tokenization) has become an important trend in the transformation of financial markets. While it may enhance trading efficiency and asset liquidity, it also raises fundamental legal issues concerning asset characterization, rights-recording mechanisms, financial market infrastructures, custody, settlement, and investor protection. This study examines the legal characterization and regulatory framework of RWA tokenization under Taiwan’s legal system and proposes directions for regulatory adaptation.
This study adopts doctrinal analysis, comparative legal research, and in-depth interviews. It analyzes regulatory developments in the United States, the European Union, Switzerland, Germany, Hong Kong, and Singapore, and further evaluates Taiwan’s emerging proof-of-concept practices. The findings show that major jurisdictions generally do not treat RWA tokenization as requiring a single special statute. Instead, they proceed on the premise that tokenization does not alter the legal nature of the underlying asset, and apply a functional and layered regulatory approach across issuance, trading, custody, and settlement.
Under Taiwan’s legal framework, RWA tokens should be characterized according to the underlying rights they represent. Tokenized bonds and tokenized funds, for example, should remain securities under the Securities and Exchange Act rather than be classified as virtual assets. Accordingly, Taiwan should use the existing securities regulatory framework as the regulatory foundation, while clarifying its relationship with the current security token offering regime.
In terms of market structure, platforms operated by existing financial market infrastructures may be treated as extensions of existing systems, whereas privately operated platforms should obtain appropriate regulatory approval and may be tested through a regulatory sandbox. Under the current legal framework, off-chain book-entry and central depository records should remain the final legal basis for determining rights, while on-chain records mainly serve technical and operational functions. Future recognition of on-chain ledgers would require corresponding legal amendments.
In addition, the legal significance of blockchain design lies in regulatory control points and identifiable responsible parties rather than in technical labels alone. For settlement assets, deposit tokens may be more compatible with the existing financial system, while central bank digital currencies and stablecoins involve broader policy or regulatory uncertainties. Tokenization also does not eliminate intermediaries, but instead creates a structure of technological decentralization and legal recentralization. Existing rules on insider trading, market manipulation, securities fraud, and investor protection should continue to apply to tokenized securities. Overall, RWA tokenization should be understood as a technological reconstruction within the existing securities law framework, and Taiwan should adopt a gradual regulatory adaptation strategy that balances innovation, legal certainty, and financial stability.

一、 中文文獻
（一）期刊及研究文獻
1.王士維（2025）。〈現實世界資產下數位轉型——RWA代幣化之法律適用與監理框架〉，《當代法律》，第39期，頁33–44。
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（二）政府機關及產業資料
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4.台灣金融服務業聯合總會（2025年10月）。《114年金融建言白皮書》。
5.行政院（2026年4月2日）。〈行政院通過「虛擬資產服務法」草案，健全虛擬資產業務經營與發展、保障交易人權益〉新聞稿。
6.金融監督管理委員會（2019年6月27日）。〈金管會對「證券型代幣發行（Security Token Offering, STO）相關規範」之說明〉新聞稿。
7.金融監督管理委員會（2022年1月20日）。〈金管會進一步放寬證券型虛擬通貨發行（Security Token Offering, STO）相關規範〉新聞稿。
8.金融監督管理委員會（2025年11月4日）。〈「RWA代幣化小組」完成驗證技術的可行性，下階段重點在法規調適〉新聞稿。
9.金融監督管理委員會（2026年6月30日）。〈立法院院會三讀通過「虛擬資產服務法」〉新聞稿。
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