現實世界資產（Real World Assets, RWA）代幣化，是指運用分散式帳本技術，將鏈下既有金融或實體資產之權利，以代幣形式記錄並表徵於可程式化平台之安排。近年此一發展已由加密資產市場的小眾應用，逐步轉變為大型金融機構積極布局的領域，並與穩定幣、存款代幣等代幣化結算資產的成長相互帶動。本研究以我國為核心研究對象，並以國際經驗作為借鑑，採用文獻分析、比較分析與案例分析等方法，先以市場功能與運作邏輯之角度，分析代幣化資產、代幣化結算資產、應用場景與市場基礎設施之發展，隨後再比較美國、歐盟、新加坡與香港之監理發展並且檢視我國之發展脈絡與監理法制。最後就市場發展階段、監理架構與結算資產安排等面向，比較國際與我國之發展，檢視我國市場應用之發展條件，並提出短期、中期與長期之發展路徑。
研究發現，國際監理已由依既有法律定性適用，逐步走向專法與監理試驗併行，並且日益重視代幣化結算資產之建置；我國雖已有代幣化證券規範，並由金融監督管理委員會偕同臺灣集中保管結算所與中央銀行完成多項代幣化概念驗證，完成《虛擬資產服務法》之立法，但是要將其轉化為常態市場應用，仍須依靠法制基礎之生效、合規結算資產之常態化、確立驗證銜接試辦之制度路徑，以及完備市場基礎設施等條件。基於上述，本研究建議我國宜善用監理試驗推動具有真實客戶之業務試辦，優先建置機構間之代幣化結算基礎，並以分階段方式擴大代幣化資產之種類與投資人範圍。

Real World Asset (RWA) tokenization refers to using distributed ledger technology to record and represent, in token form on programmable platforms, the rights to off-chain financial or physical assets. In recent years it has shifted from a niche use within crypto markets to an arena actively developed by large financial institutions, advancing in tandem with the growth of settlement assets such as stablecoins and tokenized deposits. Taking Taiwan as its core subject and international experience as a reference, this study employs documentary, comparative and case-based analysis. It first reviews, from the perspective of market function and operating logic, the development of tokenized assets, tokenized settlement assets and the market ecosystem; it then compares regulatory developments in the United States, the European Union, Singapore and Hong Kong; it examines Taiwan's developmental trajectory and regulatory framework; and finally, along the three dimensions of market development, regulatory architecture and settlement-asset arrangements, it contrasts the international and Taiwanese experiences to identify Taiwan's needs and propose a phased development path.
The study finds that international regulation has moved from applying existing law by characterization toward combining dedicated legislation with regulatory sandboxes, with growing emphasis on compliant settlement assets. Although Taiwan has rules for security token offerings, has completed several tokenization proofs of concept led by the Financial Supervisory Commission together with the Taiwan Depository and Clearing Corporation and the central bank, and has enacted the Virtual Asset Service Act, translating these achievements into regular market applications still depends on the entry into force of the legal framework, the normalization of compliant settlement assets, an institutional pathway linking proofs of concept to business trials, and the completion of market infrastructure. Accordingly, this study recommends that Taiwan use the regulatory sandbox for real-customer business trials, prioritize building a wholesale-level tokenized settlement foundation, and gradually expand both the range of tokenized assets and the scope of eligible investors.

一、中文部分
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王儷玲、謝明華、李宜熹（2026）。現實世界資產（RWA）代幣化發展趨勢暨集保結算所角色定位及轉型之探討〔研究報告〕。臺灣集中保管結算所委託，國立政治大學商學院金融科技研究中心。
立法院（2026年7月13日）。虛擬資產服務法—完成三讀。《立法院公報》，第115卷第52期（第5451號，第3冊）。https://ppg.ly.gov.tw/ppg/publications/official-gazettes/115/52/03/details
行政院（2026）。政院通過「虛擬資產服務法」草案。https://www.ey.gov.tw/Page/9277F759E41CCD91/bfd446a7-ce23-4308-9347-9ce6e6c44196
金融監督管理委員會（2019）。金管會對「證券型代幣發行（STO）相關規範」之說明。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201906270004&dtable=News
金融監督管理委員會（2025）。「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〕。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0%2C2&mcustomize=news_view.jsp&dataserno=202511040002&dtable=News
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臺灣銀行（2025）。臺灣銀行偕同八家金融機構完成「貴金屬業務運用 RWA 代幣化技術跨行應用聯合實證」〔新聞稿〕。https://wwwap.bot.com.tw/ESG/news/20251230.html
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