比特幣自2009年問世以來，逐漸由邊緣化的虛擬資產進入全球主流金融市場。其中，比特幣ETF之發展更是加速數位資產金融化與制度化的重要里程碑。由於比特幣交易市場具有去中心化、24小時跨境交易、流動性不均與高度操縱風險等特性，使其在監理制度上與傳統證券市場存在顯著差異。
在國際比較方面，研究美國、德國與香港三地的監理制度。美國將比特幣定性為數位商品（Digital commodities），就比特幣ETF之發行核准採漸進式從期貨型ETF到現貨型ETF。德國則將比特幣定性為「金融工具」，主要透過ETP結構發行，強調實物支持、資產分離保管與完全抵押設計，並與歐盟MiCAR規範接軌。香港證券及期貨事務監察委員會（SFC）要求ETF產品所涉及的比特幣交易必須在持牌虛擬資產服務提供者（VASP）的交易平台上執行，確保交易行為受到香港SFC的監管。
在法律問題分析方面，依照比特幣在我國屬虛擬資產，探討未來比特幣ETF發行法規開放依據，以及比特幣ETF面臨的高波動性風險、市場操縱、洗錢防制義務等挑戰。在對我國的建議方面，本研究主張應釐清比特幣ETF發行之法源基礎，並配合《虛擬資產服務法》立法建立特許監管的VASP體系。監管策略應採循序漸進，優先開放期貨型ETF，其次開放現貨型ETF但初期採現金申贖模式。同時，必須借鏡國際經驗強化投資人保護與市場監控機制，包括實施機構級保管、資產獨立保管、多重簽名技術、第三方資產驗證（Proof-of-Reserve），並採用國際主流綜合報價指數確保淨值計算透明與公正。最終目標為在促進數位資產金融發展之際，有效強化投資人保障與維護金融市場穩定。

Since its debut in 2009, Bitcoin has gradually transitioned from a marginalized virtual asset to a part of the global mainstream financial market. The development of Bitcoin ETFs, in particular, represents a significant milestone accelerating the financialization and institutionalization of digital assets. Due to the decentralized nature of the Bitcoin market, its 24-hour cross-border trading, uneven liquidity, and high risk of manipulation, its regulatory framework differs significantly from that of traditional securities markets.
In terms of international comparison, the study examines the regulatory systems of the United States, Germany, and Hong Kong. The U.S. classifies Bitcoin as a digital commodity and has adopted a gradual approach to approving Bitcoin ETFs, progressing from futures-based ETFs to spot ETFs. Germany defines Bitcoin as a "financial instrument" , with related products primarily issued through the ETP (Exchange Traded Product) structure, emphasizing physical backing , segregation of assets , and a fully collateralized design , while aligning with the EU's MiCAR framework. The Hong Kong Securities and Futures Commission (SFC) requires that Bitcoin transactions involved in ETF products must be executed on the trading platforms of licensed Virtual Asset Service Providers (VASPs) , ensuring that the trading activity is subject to the SFC's supervision.
Regarding the analysis of legal issues, Taiwan faces challenges arising from the regulation of Bitcoin, as a virtual asset, including the high volatility risk , market manipulation , and Anti-Money Laundering (AML) obligations inherent in Bitcoin ETFs. In terms of recommendations for Taiwan, this study advocates for clarifying the legal basis of Bitcoin ETF issuance and enforcing the "Virtual Asset Service Act" along with establishing its sub-laws to establish a licensed VASP regulatory system. The regulatory strategy should be gradual and phased: prioritizing the opening of futures-based ETFs, followed by spot ETFs, but adopting a Cash Creation and Redemption model in the initial stages. Concurrently, it's essential to borrow from international experience to strengthen investor protection and market surveillance mechanisms , including implementing institutional-grade custody , independent asset segregation , multi-signature technology, third-party Proof-of-Reserve verification, and adopting international mainstream composite indices to ensure transparent and fair NAV calculation. The ultimate goal is to effectively enhance investor protection and maintain financial market stability while promoting the development of digital asset finance.

一、中文資料
(一)法規命令及公函
1.中華民國金融監督管理委員會，金管證投字第1130386402號令（有關證券投資信託基金投資外國有價證券範圍之令），民國114年2月24日。
2.中華民國金融監督管理委員會，金管證發字第1080321164號令（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），民國108年7月3日。
3.證券交易法
4.期貨交易法
5.證券投資信託基金管理辦法
6.期貨信託基金管理辦法
7.金融監督管理委員會，期貨交易法第5條公告商品https://www.sfb.gov.tw/ch/home.jsp?id=613&parentpath=0,5
8.中華民國財政部證券管理委員會，（77）台財證（三）字第 09030 號公告，民國77年1月1日。
9.中華民國行政院金融監督管理委員會，金管證七字第 0960038704 號令，民國96年8月8日。
10.中華民國「提供虛擬資產服務之事業或人員防制洗錢及打擊資恐辦法」。
11.中華民國「金融監督管理委員會管理虛擬資產平台及交易業務事業（VASP）指導原則」。
12.中華民國「虛擬資產服務法」。
13.香港金融管理局與證券及期貨事務監察委員會（SFC），《打擊洗錢及恐怖分子資金籌集條例》，AMLO, Cap. 615。
14.香港金融管理局與證券及期貨事務監察委員會（SFC），《虛擬資產交易平台營運者指引》（Guidelines for Virtual Asset Trading Platform Operators），2023年。
15.香港金融管理局與證券及期貨事務監察委員會（SFC），《有關中介人從事虛擬資產相關活動的聯合通函》（Joint Circular on Intermediaries’ Virtual Asset-related Activities），2023年。https://apps.sfc.hk/edistributionWeb/gateway/TC/circular/doc?refNo=23EC67
16.香港金融管理局與證券及期貨事務監察委員會（SFC），監管虛擬資產交易平台-立場書
https://www.sfc.hk/-/media/TC/files/ER/PDF/20191106-Position-Paper-and-Appendix-1-to-Position-Paper-Chi.pdf?rev=67a61370e4a9459fa03a1757d53410ac
(二)中文期刊論文
1.吳許、黃捷，我國開放比特幣現貨ETF之可行性探討―參考美國、香港立法例，月旦法學，2024年12月，第139-190頁。
2.黃舒芃，比較法作為法學方法：以憲法領域之法比較為例，月旦法學雜誌，第120期，第183-198頁，2005年。
3.郭土木，對於我國虛擬資產現貨ETF監理之相關法律問題探討，於月旦法學雜誌第354期，2024年11月，第69-90頁。
4.郭大維，論美國SEC開放比特幣現貨ETF對我國之啟示，月旦知識庫。(原刊載於當代法律，29期，2024年5月，第74-80頁。本文經作者授權，由月旦知識庫重新編輯，以數位方式利用。)
5.楊岳平，比特幣ETF與虛擬資產投資基金法制，新學林法學，第2期，2024年4月，第197-201頁。
(三)網路資料
1.研究方法，國家通訊傳播委員會，第1頁www.ncc.gov.tw/chinese/files/08012/687_4951_080125_4.pdf
2.朱家榮，研究方法與步驟，國立成功大學圖書館(2005)，第39-48頁
https://nccur.lib.nccu.edu.tw/bitstream/140.119/33506/7/15500207.pdf
3.經濟日報。〈複委託買賣虛擬資產ETF將開放一般投資人？金管會這樣說〉。《新聞稿》。2026年4月23日。
https://money.udn.com/money/story/5613/9460756(最後造訪日：2026/7/12)
4.財經M平方，資料日期：2025/12/31
https://www.macromicro.me/series/8120/bitcoin-circulating-supply
5.金融監督管理委員會、中央銀行。〈比特幣並非貨幣，接受者務請注意風險承擔問題〉。《新聞稿》。2013年12月30日。
https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201312300002&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&toolsflag=Y&dtable=News
6.金色財經, 2022-12-13, 南方東英在香港推出比特幣期貨ETF和以太幣期貨ETF
https://news.cnyes.com/news/id/5035973
7.南方東英, 南方東英比特幣期貨ETF, 重要資訊 — 南方東英比特幣期貨ETF
https://www.csopasset.com/tc/products/hk-btcfut
8.香港證監會，蔡鳳儀女士，投資產品部執行董事，在首批比特幣及以太幣現貨 ETF上市儀式上的演說，2024年4月30日
https://www.sfc.hk/-/media/TC/files/COM/Speech/VA-spot-ETF-listing-ceremony-speech_20240430.pdf?rev=07568d87ad4d44e68c2547a319a9b94e&hash=464262A70102077F81ECF58E517271E3
9.全球首款「比特幣ETF」在歐洲！美國版為何最有影響力？一文看懂發展史
https://web3plus.bnext.com.tw/article/2247
10.Natalia Wu, 2023-12-13, 貝萊德端出「實物買回機制」，能成功說服SEC過關比特幣現貨ETF？
https://www.blocktempo.com/blackrock-revises-spot-bitcoin-etf-y-opening-the-door-to-banks/
11.鍊新聞，貝萊德比特幣ETF到底怎麼運作，一文帶你看懂
https://abmedia.io/how-does-blackrock-etf-work
12.分叉 (區塊鏈)。載於維基百科。https://zh.wikipedia.org/w/index.php?title=%E5%88%86%E5%8F%89_%28%E5%8D%80%E5%A1%8A%E9%8F%88%29&oldid=91302174 (最後造訪日：2026/5/9)
13.金融監督管理委員會新聞稿，2024-09-30，金管會開放專業投資人複委託投資外國虛擬資產ETF
https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202409300004&dtable=News
14.嘉實基金系列（香港）交易所買賣基金開放式基金型公司章程, 2025年9月30日,第二部分—有關各子基金的特定資料附錄1：嘉實比特幣現貨ETF指數計算及比特幣估值
https://www.hkexnews.hk/listedco/listconews/sehk/2025/0930/2025093000350_c.pdf
15.金融監督管理委員會新聞稿，2026-06-30，立法院院會三讀通過「虛擬資產服務法」
https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0&mcustomize=news_view.jsp&dataserno=202606300002&dtable=News
二、外文資料
(一)英文書籍
1.Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the Open Blockchain (2nd ed.). O'Reilly Media.
2.Lewis, Antony. (2021). The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them.
(二)Working Paper & Research Paper
1.Ben-David, I., Franzoni, F., & Moussawi, R. (2017). EXCHANGE TRADED FUNDS (ETFS) (NBER Working Paper 22829). National Bureau of Economic Research.
http://www.nber.org/papers/w22829
2.Krause, D. The Rise of Spot Cryptocurrency ETFs: Implications for Institutional Investors. Marquette University.
3.Martin Lettau and Ananth Madhavan, Exchange-Traded Funds 101 for Economists, Journal of Economic Perspectives—Volume 32, Number 1—Winter 2018—Pages 135–154
https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.32.1.135
4.Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
https://bitcoin.org/bitcoin.pdf
(三)訴訟判例與官方裁決
1.CFTC, In the Matter of Coinflip Inc., 2015, CFTC No. 15-29.
https://www.cftc.gov/sites/default/files/idc/groups/public/%40lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf
2.Grayscale Investments, LLC v. SEC (2023). United States Court of Appeals. Case No. 22-1142.
3.SEC v. W.J. Howey Co., 328 U.S. 293 (1946).
4.SEC; CFTC, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets, Release Nos. 33-11412; 34-105020, File No. S7-2026-09, 17 C.F.R. pts. 231, 241; 17 C.F.R. pt. 1 (Mar. 17, 2026).
https://www.sec.gov/files/rules/interp/2026/33-11412.pdf
5.U.S. SEC, Self-Regulatory Organizations; NYSE Arca, Inc.; The Nasdaq Stock Market LLC; Cboe BZX Exchange, Inc.; Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, to List and Trade Bitcoin-Based Commodity-Based Trust Shares and Trust Units, (Release No. 34-99306; File Nos. SR-NYSEARCA-2021-90; SR-NYSEARCA-2023-44; SRNYSEARCA-2023-58; SR-NASDAQ-2023-016; SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038; SR-CboeBZX-2023-040; SR-CboeBZX-2023-042; SRCboeBZX-2023-044; SR-CboeBZX-2023-072).
https://www.sec.gov/files/rules/sro/nysearca/2024/34-99306.pdf
(四)法規與國際組織文件
1.BaFin. (2024). DLT and crypto assets supervisory framework.
https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle/DLT_Blockchain_Krypto/Kryptotoken/Kryptotoken_node_en.html
2.BaFin. Services and activities in connection with crypto-assets in accordance with MiCAR.
https://www.bafin.de/EN/Aufsicht/MiCAR/MiCAR_artikel_en.html
3.German Banking Act (KWG)
4.BaFin Guidance Notice on Virtual Currencies（2013）
5.Directive 2009/65/EC (UCITS Directive)
6.Directive 2014/65/EU (MiFID II)
7.Regulation (EU) 2017/1129 (Prospectus Regulation)
8.Regulation (EU) 2023/1114 (MiCAR)
9.BaFin. Topic Fintechs, Crypto tokens
https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle/DLT_Blockchain_Krypto/Kryptotoken/Kryptotoken_node_en.html
10.European Banking Authority (EBA). (2023). EBA issues guidance to AML/CFT supervisors of CASPs.
https://www.eba.europa.eu/publications-and-media/press-releases/eba-issues-guidance-amlcft-supervisors-casps。
11.European Banking Authority (EBA). (2024). EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks, 16 January 2024.
https://www.eba.europa.eu/publications-and-media/press-releases/eba-issues-guidance-crypto-asset-service-providers
12.European Commission. Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).
13.European Fund and Asset Management Association. 《Demystifying ETPs: A simple guide for the European investor》。
14.European Union. (2023). Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets. Official Journal of the European Union, L 150, 40-205.
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114
15.FATA, Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-2021.html
16.Financial Action Task Force (FATF). (2020). Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing.
https://www.fatf-gafi.org/en/publications/Methodsandtrends/Virtual-assets-red-flag-indicators.html
17.Hong Kong. (2002). Securities and Futures Ordinance (Cap. 571) – Schedule 1: Interpretation and General Provisions.
https://www.elegislation.gov.hk/hk/cap571!en/sch1.pdf
18.Hong Kong — SFC Circular. Circular on SFC-authorised funds with exposure to virtual assets, Revised on 7 April 2025.
https://apps.sfc.hk/edistributionWeb/api/circular/openFile?lang=TC&refNo=25EC21
19.Joint Circular on intermediaries’ virtual asset-related activities, SFC VATP lists & guidance.
https://brdr.hkma.gov.hk/chi/doc-ldg/docId/getPdf/20231222-2-EN/20231222-2-EN.pdf
20.Nic Puckrin，How Spot Bitcoin ETFs Work: A Comprehensive Guide
https://coinbureau.com/education/how-bitcoin-etfs-work/#in-kind-versus-in-cash:-an-overview
21.Physical Bitcoin Exchange-Traded Products (ETPs): everything you need to know
https://coinshares.com/corp/insights/knowledge/physical-bitcoin-etps-everything-you-need-to-know/
22.SEC. (2021). (Release No.34-93559；File No. SR-CboeBZX-2021-019).
https://www.sec.gov/files/rules/sro/cboebzx/2021/34-93559.pdf
23.SEC. (2024) (Release No. 34-100219; File No. SR-CboeBZX-2023-087).
https://www.sec.gov/files/rules/sro/cboebzx/2024/34-100219.pdf
24.SEC,Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change to List and Trade Shares of the ARK 21Shares Bitcoin ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, Release No. 34-94982, 87 FR 33250, May 25, 2022.
https://www.sec.gov/files/rules/sro/cboebzx/2022/34-94982.pdf
25.SEC. SEC-Meeting with BlackRock, Inc. re: iShares Bitcoin Trust, November 28, 2023, MEMORANDUM.
https://www.sec.gov/comments/sr-nasdaq-2023-016/srnasdaq2023016-303319-781202.pdf
26.SFC, Circular on SFC-authorised funds with exposure to virtual assets, Revised on 7 April 2025
https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=25EC21
(五)網站/公司/新聞資料
1.CoinGecko, 2025 Annual Crypto Industry Report (2025).
https://www.coingecko.com/research/publications/2025-annual-crypto-report
2.https://www.coinglass.com/etf
3.Bitwise Investments. Bitwise Diaman Bitcoin & Gold ETP.
https://bitwiseinvestments.eu/products/bitwise-diaman-bitcoin-gold-etp/
4.Bitwise Investments. Bitwise Physical Bitcoin ETP.
https://bitwiseinvestments.eu/products/bitwise-physical-bitcoin-etp/
5.Bitwise Europe GmbH. Final Terms Bitwise Physical Bitcoin ETP (BTCE) issued pursuant to the Programme for the issuance of Bonds secured by Cryptocurrencies dated 30 October 2024, PART I.: TERMS AND CONDITIONS "Reference Price".
6.CFTC Approval (2017). Release Number 7654-17
CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange
https://www.cftc.gov/PressRoom/PressReleases/7654-17
7.CME Group
https://www.cmegroup.com/markets/products.html?redirect=/trading/products/index.html#search=bitcoin&sortDirection=desc&sortField=oi
https://www.coindesk.com/markets/2025/10/09/bitcoin-etf-inflows-poised-to-smash-records-in-q4-says-crypto-asset-manager-bitwise/
8.CME Group. Bitcoin Volatility Research and Market Data.
https://www.cmegroup.com
9.Congress.gov. (2024, January 19). SEC Approves Bitcoin Exchange-Traded Products (ETPs).
https://www.congress.gov/crs-product/IF12573
10.Deutsche Digital Assets. DDA Physical Bitcoin ETP (XBTI).
https://deutschedigitalassets.com/products/etp/xbti-dda-funds-physical-bitcoin-etp/
11.iShares® Bitcoin Trust ETF. Supplement No. 1 dated November 21, 2025 to the prospectus dated July 31, 2025, Net Asset Value Calculation and Index.
12.ProShares, BITO Bitcoin ETF Fund Fact Sheet, 09/ 30/ 2025
13.Reuters. (2020). ETC Group launches first Bitcoin ETF on Deutsche Boerse's Xetra.
https://www.reuters.com/article/business/healthcare-pharmaceuticals/etc-group-launches-first-bitcoin-etf-on-deutsche-boerses-xetra-idUSL8N2DM1MR/
14.Reuters. (2022, December 15). Amid crypto turmoil, Hong Kong debuts first crypto futures ETFs.
https://www.reuters.com/technology/amid-crypto-turmoil-hong-kong-debuts-first-crypto-futures-etfs-2022-12-15/
15.Reuters. (2024, April 15). Hong Kong gives initial approval to first bitcoin, ether spot ETFs.
https://www.reuters.com/markets/currencies/hong-kong-gives-initial-approval-first-bitcoin-ether-spot-etfs-say-funds-2024-04-15/
16.Reuters. (2024, April 30). Asia's first spot bitcoin and ether ETFs make lukewarm debut.
https://www.reuters.com/markets/currencies/asias-first-spot-bitcoin-ether-etfs-gain-hong-kong-debut-2024-04-30/
17.Reuters. (2024, July 22). Hong Kong to launch Asia's first inverse bitcoin ETF.
https://www.reuters.com/technology/hong-kong-launch-asias-first-inverse-bitcoin-etf-2024-07-22/
18.Reuters. (2025, February 19). Hong Kong expands virtual asset push with new licensing ,trading option.
https://www.reuters.com/technology/hong-kong-issues-nine-digital-asset-platform-licenses-plans-more-approvals-2025-02-19/
19.SEC. (2025, July 29). Permits in-kind creations and redemptions for crypto ETPs.
https://www.sec.gov/newsroom/press-releases/2025-101-sec-permits-kind-creations-redemptions-crypto-etps/
20.Statement Dissenting from Approval of Proposed Rule Changes to List and Trade Spot Bitcoin Exchange-Traded Products, (Jan. 10, 2024), Commissioner Caroline A. Crenshaw,
https://www.sec.gov/newsroom/speeches-statements/crenshaw-statement-spot-bitcoin-011023
21.The Block. (2025, September). BlackRock’s IBIT spot Bitcoin ETF exceeds 800,000 BTC in AUM.
https://www.theblock.co/post/373966/blackrock-bitcoin-etf-ibit-800000-btc-aum/