區塊鏈技術的發展對傳統金融生態系產生重大衝擊，基於其獨特的「去中心化」、「高安全性」與「可追蹤性」等特徵，區塊鏈技術被廣泛運用於各領域。就金融領域而言，以發行虛擬代幣形式向大眾募集資金之 ICO 最為重要，然其法規監理的不明確性雖為發行者帶來發行成本低的好處，但投資人無法獲得法律保障，導致 ICO 詐騙案興起，各國逐漸加強管制力道，使 ICO 熱潮消退。取而代之的是結合 ICO 發行成本低與籌資快速等優點，並克服 ICO 法律監管不明確缺點之 STO 快速興起。我國亦搭上這股熱潮，櫃買中心於 2020 年 1月 20 日釋出 STO 管理辦法，作為我國 STO 監管架構。然該管理辦法未解決小額籌資最顧慮的高發行成本問題，且過度限制投資人參與STO，甚至可能形成無證券商願興辦 STO 業務，導致我國 STO 無從發行的窘境。對此本文提出短期與長期建議供各界參考，期望對我國發展區塊鏈新興科技有所助益。

The development of blockchain technology has had a significant impact on the traditional financial ecosystem. Based on its unique characteristics of "decentralization", "high security" and "traceability", blockchain technology is widely used in various fields.As far as the financial field is concerned, ICO, which issues virtual tokens to raise funds from the public, is the most important.
However, the uncertainty of its regulatory supervision has brought benefits to issuers with low issuing costs, but investors can not obtain legal protection, which leads to the rise of ICO fraud cases. Countries gradually strengthen their supervision, so that the boom of ICO fades.Instead, STO, which combines the advantages of low issuance cost and rapid financing of ICO, and overcomes the shortcomings of unclear legal supervision of ICO, is rising rapidly.
Taiwan has also caught up with this upsurge. Taipei Exchange(TPEx) released the STO management measures as the regulatory framework on January 20, 2020.However, this management method doesn’t solve the problem of high issuance cost which is the most concerned about small
offering, and excessively limits investors' participation in STO, which may even lead to the dilemma that no securities are willing to set up STO business, leading to the dilemma that Taiwan’s STO can’t be issued.

中文資料
書籍
1. 王聖雯，ICO 市場的法律問題與監管研究，元照，2018 年 9 月。
2. 劉連煜，現代證券交易法實例研習，元照，2019 年 9 月，16 版。

期刊論文
1. 吳孟道，代幣經濟 ICO 是機會還是危機，會計研究月刊，第 398期，頁 46-51，2019 年 1 月。
2. 林玟君，區塊鏈智能合約的契約法問題，國立中正大學法學集刊，第 63 集，頁 127-183，2019 年 4 月。
3. 陳恭，智能合約的發展與應用，財金資訊季刊，第 90 期，頁 33-39，2017 年 10 月。
4. 郭大維，聚沙成塔─論我國對股權群眾募資之規範，當前公司與證券法制新趨勢─賴英照講座教授七秩華誕祝賀論文集，頁 747-770，2016 年 8 月。
5. 黃海寧、鍾典宴，我國證券型代幣發行監理新頁ᅳ募資、平台與監管，會計研究月刊，第 412 期，頁 103-107，2020 年 3 月。
6. 黃曉盈，協助微型企業發展－我國推動股權群眾募資之成果檢討，證券暨期貨月刊，第三十四卷第十一期，頁 5-12，2016 年 11 月。
7. 楊雅婷、張瑞星，淺談證券型代幣(STO)法規監管趨勢，財金法學研究，第 2 卷第 2 期，頁 293-311，2019 年 6 月。
8. 楊智翔，「創意櫃檯—創櫃板」專題介紹，證券暨期貨月刊，第三十二卷第四期，頁 15-24，2014 年 4 月。
9. 楊岳平，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，台大法學論叢，第 48 卷，頁 1279-1374，2019年 11 月。
10. 臧正運、曾宛如、方嘉麟，從區塊鏈融資論眾募規範趨勢，月旦法學雜誌，第 273 期，頁 72-105，2018 年 2 月。
11. 羅鈺珊，分散式帳本與區塊鏈的應用現況與挑戰，經濟前瞻，第 173 期，頁 79-84，2017 年 9 月。

主管機關報告
1. 金融監督管理委員會，金管會再次提醒社會大眾投資比特幣等虛擬商品的風險。
2. 金融監督管理委員會，金管會提醒社會大眾有關 ICO 的風險。
3. 金融監督管理委員會，金管會對「證券型代幣發行(Security Token Offering,STO) 相關規範」之說明。

主管機關函示
1. 金管會金管證發字第 1050008370 號函。
2. 金管會金管證發字第 10400140147 號函。
3. 財政部(76)臺財證(二)字第 6934 號函。

外國主管機關報告
1. 中國證券監督管理委員會，關於防範代幣發行融資風險的公告。
2. 香港證券及期貨事務監察委員會，有關首次代幣發行的聲明。
3. 香港證券及期貨事務監察委員會，有關證券型代幣發行的聲明。
4. 香港證券及期貨事務監察委員會，監管虛擬資產交易平台立場書。

其他資料
1. 黃 彥 棻 ， 臺 灣 司 法 證 據 保 全 引 進 區 塊 鏈 技 術 ， 網 址 ：https://www.ithome.com.tw/news/130738。
2. Yahsin Huang ， 不 可 不 知 淺 談 ERC721 與 ERC20 ，網址 : https://blockcast.it/2018/04/07/erc721-erc20-ethereum-token-standard/。
3. 風傳媒，臧正運觀點:金融科技創新監理芻議-監理沙盒在台灣， 網址:https://www.storm.mg/article/160609。
4. 洪雅筠，韓國財政部正考慮對加密貨幣、ICO 進行徵稅，2018 年12 月 4 日，網址: https://cnews.com.tw/005181204a04/。
5. KTrade，金管會將比特幣視為「虛擬商品」？顧立雄：持續觀察，網址: https://www.ktrade-official.com/post/2017/10/24/%E9%87%91%E7%AE%A1%E6%9C%83%E5%B0%87%E6%AF%94%E7%89%B9%E5%B9%A3%E8%A6%96%E7%82%BA%E3%80%8C%E8%99%9B%E6%93%AC%E5%95%86%E5%93%81%E3%80%8D%EF%BC%9F-%E9%A1%A7%E7%AB%8B%E9%9B%84%EF%BC%9A%E6%8C%81%E7%BA%8C%E8%A7%80%E5%AF%9F 。
6. 證券櫃檯買賣中心，創櫃板公司市場現況，網址:https://www.tpex.org.tw/web/gisa/announce/GisaHighlight.php?l=zh-tw。
7. 證券櫃檯買賣中心，股權性質群眾募資設立目的，網址:https://www.tpex.org.tw/web/option/index.php?l=zh-tw。

英文資料
期刊文章
1. Jonathan Rohr & Aron Wright, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of PublicCapital Markets, 70 Hastings L.J. 463-524(2019).
2. Vesna Harasic, It’s not just about the Money: A Comparative Analysis of the Regulatory Status of Bitcion under Various Domestic Securities Laws, 3 AM.U.BUS.L.REV. 483-496(2014).

外國主管機關報告
1. Australian Securities & Investments Commission, Initial coin offerings.
2. Australian Securities & Investments Commission, Initial coin offerings and crypto-assets.
3. Canadian Securities Administrators, CSA Staff Notice 46-307-Cryptocurrency Offerings.
4. Canadian Securities Administrators, CSA Staff Notice 46-308-Securities Law Implications for Offerings of Tokens.
5. Financial Conduct Authority, Guidance on Cryptoassets.
6. Financial Conduct Authority, Guidance on Cryptoassets-Feedback and Final Guidance to CP 19/3.
7. Monetary Authority of Singapore, A Guide to Digital Token Offerings.
8. Securities and Exchange Commission, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO.
9. Securities and Exchange Commission, Rule 504 of Regulation D: A Small Entity Compliance Guide for Issuers.
10. Securities and Exchange Commission, Rule 506 of Regulation D.
11. Securities and Exchange Commission, Amendments to Regulation A: A Small Entity Compliance Guide.
12. Securities and Exchange Commission, Regulation Crowdfunding: A Small Entity Compliance Guide for Issuers.
13. Strategic Hub for Innovation and Financial Technology of the Securities and Exchange Commission, Framework for “Investment Contract” Analysis of Digital Assets.
14. SEC, In re Munchee, Inc., Release No. 10445.
15. Swiss Financial Supervisory Authority, Guidelines for enquiries regarding the regulatory framework for initial coin offerings.
16. TurnKey Jet, Inc., SEC No-Action Letter .

法院判決
1. Reves v. Ernst & Young, 494 U.S. 56, 110 S. Ct. 945, 108 L. Ed. 2d 47 (1990).
2. SEC v. W.J. Howey Co.,328U.S.293(1946).
3. SEC v. Cont'l Commodities Corp., 497 F,2d 516, 522 (5th Cir. 1974).
4. Sec. & Exch. Comm'n v. Glenn W. Turner Enterprises, Inc., 474 F.2d 476 (9th Cir. 1973)
5. S.E.C. v. Edwards, 540 U.S. 389, 124 S. Ct. 892, 157 L. Ed. 2d 813 (2004).
6. SEC v. Ralston Purina Co., 346 U.S. 119, 125 (1953).
7. Steed Fin. LDC v. Nomura Sec. Int'l, Inc., No. 00 CIV. 8058 (NRB), 2001 WL 1111508 (S.D.N.Y. Sept. 20, 2001)
8. SEC v. Cont’l Tobacco Co. of S.C., 463 F.2d 137, 158 (1972).
9. United Hous. Found., Inc. v. Forman, 421 U.S. 837, 95 S. Ct. 2051, 44 L. Ed. 2d 621 (1975).
10. Uselton v. Commercial Lovelace Motor Freight, Inc., 940 F.2d 564 (10th Cir. 1991).
11. Wals v. Fox Hills Dev. Corp., 24 F.3d 1016 (7th Cir. 1994).

其他資料
1. Ethereum, What is Ethereum, available at: https://ethereum.org/what-is-ethereum/.
2. Cointime, J.R.Willett, The Man Who Created ICO: There Is Only One Use Case of Blockchain, available at: http://www.cointime.com/blockchain/11251.html.
3. ICODATA.IO, Funds Raised, available at: https://www.icodata.io/stats/2018.
4. Napoleon Group, What are the differences between an IPO and an ICO, available at: https://medium.com/napoleonx-ai/what-are-thedifferences-between-an-ipo-and-an-ico-4bd5ca89215a.
5. William Hinman, Digital Asset Transactions: When Howey Met Gary, available at: https://www.sec.gov/news/speech/speech-hinman061418.
6. Rakesh Sharma, SEC Chair Says Bitcoin Is Not A Security, available at: https://www.investopedia.com/news/sec-chair-says-bitcoin-notsecurity/.
7. Daniel Roberts, SEC tightens the noose on ICO-funded startups, available at: https://decrypt.co/3622/sec-tightens-the-noose-on-icofunded-startups.
8. Syed Shoeb, What Makes Singapore the Blockchain and Crypto Haven? available at: https://www.tokens24.com/exclusive/what-makessingapore-the-blockchain-and-crypto-haven (last visited: Apr.15, 2020).
9. Robert Hackett, 7 Reasons Why China Banned ICOs, available at: https://fortune.com/2017/09/05/china-bitcoin-blockchain-ico-ban/.
10. Hailey Jo, In a country known for its “bitcoin zombies,” one-third of workers are crypto investors(Dec. 28, 2017), available at: https://qz.com/1166103/a-third-of-south-korean-workers-have-investedin-cryptocurrencies-like-bitcoin/.
11. Jung Min Lee、Samuel Yim、Joon Young Kim，Blockchain &
Cryptocurrency Regulation 2020 Korea (Oct.23, 2019), available at: https://www.globallegalinsights.com/practice-areas/blockchain-laws-andregulations/korea.
12. Kevin Helms, South Korea Updates ICO Stance After 3-Month Investigation (Feb.1, 2019)，available at: https://news.bitcoin.com/southkorea-updates-ico-policy/.