2020年10月13日,總部位於瑞士巴塞爾的金融穩定委員會(Financial Stability Board,FSB)發布了一份對「全球穩定幣」規則進行有效監理的安排(Regulation, Supervision and Oversight of “Global Stablecoin”Arrangements)的最終報告和高級別建議(下稱:「相關安排」)。本文有鑑於在當下全球化時代,資金跨國移動的情況相當普遍,其中尤以各國競相開始數位貨幣發行之調查和研究工作,因此在可預見的未來,一種新型態的跨國貨幣勢將出現在人們面前,基此,通過對「相關安排」的初步瞭解,期使吾人能近觀國際上規範數位貨幣之基本邏輯。
「穩定幣」通常係指基於維持穩定價值的加密資產(crypto-asset)而言;相對於指定資產(specific assets)或資產池(pool of assets)或一籃子資產(basket of assets);目前穩定幣的設計反映了兩種被廣泛使用的機制:(1)資產連接型(asset-linked stablecoin);(2)演算法(Algorithm-based stablecoins)型或者是(3)混合前兩種機制的型態;前者是指通過與資產掛鉤的穩定幣,目的在於將有爭議的穩定幣與實物或金融資產(包括加密資產)相鏈結以穩定其價值;至於後者,則係基於演算法,即透過供給反應實質需求的協議(protocols)來穩定其價值。[1]
See, Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements: Final Report and High Level Recommendations, 9-10 (Financial Stability Board, 13 October, 2020).
Ibid, 11-12.
It refers to an application or device for storing the private keys providing access to stablecoins. Hosted wallets are typically held by a third party provider, unhosted wallets by the user.
See “Regulation”, supra note 1, at, 23.
Ibid,13-14.
Ibid,14-15.
Ibid, 27-32.
SSBs that refer to Basel Committee on Banking Supervision (BCBS), Committee on the Global Financial System (CGFS), Committee on Payments and Market Infrastructures (CPMI), Financial Action Task Force on Money Laundering (FATF), Financial Stability Board (FSB), International Association of Deposit Insurers (IADI), International Association of Insurance Supervisors (IAIS), International Accounting Standards Board (IASB), International Auditing and Assurance Standards Board (IAASB), International Monetary Fund (IMF), International Organisation of Pension Supervisors (IOPS), International Organisation of Securities Commissions (IOSCO), Islamic Financial Services Board (IFSB), Joint Forum (JF), Organisation for Economic Cooperation and Development (OECD) and World Bank (WB).However, the arrangement mainly refer to CPMI, FATF, IOSCO, BCBS.