201901.23
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區塊鏈與虛擬貨幣法律專題 (十八)

馬來西亞2019區塊鏈與數位代幣最新法規發展

中銀律師事務所 吳筱涵合夥律師、陳雅萍顧問

charlotte.wu@zhongyinlawyer.com.tw

一、前言

依馬來西亞財政部(Ministry of Finance Malaysia, MoF)於2019年1月15日生效之《2019年資本市場與服務(證券法令)(數位貨幣與數位代幣)命令[1]》(下稱,「資本市場與服務命令」),對於加密資產(crypto-assets),包括數位貨幣(digital currencies)及數位代幣(digital token)等數位資產(digital assets)之發行與交易活動,將納為.證券監管,並適用《2007年資本市場與服務法(the Capital Markets and Services Act 2007)》有關證券之規定[2]

()ICO之發行人及交易所須事先取得監管機構核准

隨著這項命令的生效實施,此後在馬來西亞從事數位資產之發行與相關活動,包括加密代幣之ICO及從事代幣交易之營運商,也都需要事前獲得馬來西亞證券委員會(Securities Commission Malaysia, SC)之核准,並須符合馬國相關證券法令規定[3]

此外,馬來西亞國家銀行(Bank Negara Malaysia, BNM) (即,馬國中央銀行),公告在馬國境內從事交易平台及電子錢包的加密資產業者名單,並且BNM也澄清並未核發或許可這些業者繼續營運加密資產業務[4]

()違反之相關罰則

若未經SC之核准而從事ICO或經營數位資產交易所之人,據媒體引述馬來西亞財政部長Lim Guan Eng表示,最重可處以10年以下有期徒刑,或最高1,000萬令吉(Ringgit)(約244萬美元,約新台幣7,564萬元)之罰金[5]

 ()預計20193月底推出監管框架規範

此外,馬來西亞證券委員會將依該命令之授權訂定數位資產發行與交易之監管準則(guidelines),包括:確立發行人與交易所營運業者之合適性與妥當性之認定準則、價格、交易規則與客戶資產保護之揭露標準與最佳實踐守則等事項。而所有從事數位資產交易活動者,也將會被要求落實有關洗錢防制、反恐融資(AML/CFT),網路安全及業務持續性措施(business continuity measures)。

為落實數位資產監管框架,馬來西亞證委會(SC)將與國家銀行( BNM)簽訂合作安排,以便研擬訂定符合這兩個監管機構法規之監管框架。預計於2019年第一季末(約3月底左右)推出。

二、數位資產適用證券法規之要件

以下簡要介紹《資本市場與服務命令》之主要規定:

(一) 數位貨幣及數位代幣之定義及性質

依《資本市場與服務命令》之規定,將數位資產區分為數位貨幣及數位代幣,其主要區別為是否具有作為交換媒介以及貨幣互換之功能。數位貨幣係指,以數位方式表示價值而紀錄於分散式數位賬本,無論其以加密保護(cryptographically-secured)或其他方法,而可作為交易之媒介(medium of exchange),以及與任何貨幣互換之功能,包括透過賬戶貸記或借記方式( crediting or debiting of an account);數位代幣則是指,以數位方式表示其價值,而記錄於分散式數位賬本,無論其以加密或其他方式保護,皆屬之[6]

此外,《資本市場與服務命令》第5條強調,本命令所指之數位資產,包括數位貨幣及數位代幣,但不具備下列性質,包括:(1)公司或非法人組織之股份或債權憑證(debenture);或(2)單位信託計畫(unit trust scheme)或投資計畫(prescribed investment scheme)之個別單位[7]而言。

(二) 數位資產構成證券之情形

至於數位資產在什麼情形下會被認為是證券?《資本市場與服務命令》分別規定數位貨幣及數位代幣構成證券之情形:

  1. 數位貨幣:

如數位貨幣符合下列三項要件,即屬證券[8]

(1) 具有可交易性:該數位貨幣可在通常提供數位貨幣之買賣或交易要約之處所或設施進行交易;

(2) 具有獲利期待:個人期望透過交易、轉換或贖回該數位貨幣,或增值之增加,以獲得任何形式之回報

(3) 發行主體:該數位貨幣並非由任何政府組織或中央銀行,或者由SC認定之組織或機構所發行或擔保者。

  1. 數位代幣:

如數位代幣符合下列六項要件,即屬證券:

基於任何安排(arrangement)或約定之目的,數位代幣具有代表個人權利或利益,或具有此類效力,或為個人提供該等用途,而為:

(1) 具有對價性:個人收受數位代幣以作為交換之對價;

(2) 匯集池:匯集(pooled)個人之對價或貢獻以及收益或回報;

(3) 獲利來源:該安排之收入或回報係來自於收購(acquisition)、持有(holding)、管理或處置任何財產或資產或業務活動而來;

(4) 具有獲利期待:個人對於透過該數位代幣之交易、轉換(conversion)或贖回(redemption),或增值,以獲得任何形式之回報之期待;

(5) 無日常控制權限:個人對於該安排之財產、資產或業務之管理並沒有日常(day-to-day)控制權限;

(6) 發行主體:該數位貨幣並非由任何政府組織或中央銀行,或者由SC認定之組織或機構所發行或擔保者。

(三) 數位資產所適用及排除之證券法規

如數位貨幣及數位代幣符合前述的證券要件,則依本命令之規定而適用證券法及相關規定,但不包括《2007年資本市場暨服務法(Capital Markets and Services 2007)》第6篇(證券發行與併購(Issues of Securities and Take-Overs and Mergers))第3章有關募股說明書(prospectus)之規定[9]。(第4條[10])


【本文僅供參考,不構成任何投資建議,如需法律諮詢,歡迎與本所洽詢】

*請尊重智慧財產權,如需引用,請標註作者姓名及網址,或email來信告知。


本文為筆者個人意見,不代表事務所之立場。如有任何疑問或者指教,歡迎聯繫

Charlotte S.H. Wu 吳筱涵律師

charlotte.wu@zhongyinlawyer.com.tw

TEL +886 2 2377 1858 EXT 8888


[1] The Attorney General’s Chambers of Malaysia, The Capital Markets and Services(Prescription of Securities)(Digital Currency and Digital TokenOrder 2019, http://www.federalgazette.agc.gov.my/outputp/pua_20190114_PUA12.pdf?fbclid=IwAR3RG1vaiM3MSd_lONZl4jyuVeAUt_anYTJmI08GhVB0kb8IAWKhhTaV1rQ (last visited on Jan.16, 2019)

[2] Securities Commission of Malaysia, Capital Markets and Services 2007, https://www.sc.com.my/api/documentms/download.ashx?id=2093f82c-7929-47e8-9279-f88e3b85dbbf (last visited: Jan.15, 2019)

[3] Securities Commission of Malaysia, SC to Regulate Offering and Trading of Digital Assets, https://www.sc.com.my/news/media-releases-and-announcements/sc-to-regulate-offering-and-trading-of-digital-assets (last visited: Jan.15, 2019)

[4] Davit Babayan, Malaysia to Jail Illegal ICO and Crypto Exchanges Operators for 10 Years, 16 Jan.,2019, https://www.newsbtc.com/2019/01/16/malaysia-to-jail-illegal-ico-and-crypto-exchanges-operators-for-10-years/ (last visited on Jan.17,2019);詳細名單,參,BNM, Digital Currency Exchangers, http://www.bnm.gov.my/index.php?rp=digital-currency-list (last visited on Jan.17,2019)

[5] Law on digital currency effective Tuesday says Guan Eng, the Star, 14 Jan.,2019, https://www.thestar.com.my/business/business-news/2019/01/14/law-on-digital-currency-effective-tuesday-says-guan-eng/ (last visited on Jan.16,2019)。此為媒體報導引述馬來西亞財政部長發言,並未具體指明涉犯法規;惟經本文查詢《2007年資本市場與服務法》規定,第7(1)條(未得許可而設置、維持、營運股票市場或衍生性金融商品市場)、第58(1)(未得許可創設、營運私人退休金計畫之管理人)、第139P條(未得許可創設、招攬或提供私人退休金計畫)、第232條(與證券發行有關之募股說明書未申請登記)惟此一規定為本命令所排除、第256K條(商業信託經理人違反商業信託之登記或許可規定)、第256P條(商業信託受託經理人之責任)、第256Q條(商業信託經理人之代理人或職員違反商業信託之登記或許可規定)、第317A條(上市公司董事或主管之行為對於公司造成實質損失之責任)、第320A條(上市公司財務報表不實之責任)之法律責任皆為10年以下有期徒刑或1,000萬令吉罰金,提供給讀者參考。

[6] Capital Markets and Services (Prescription of Securities)(Digital Currency and Digital Token) Order 2019, “2. In this Order-

“digital currency” means a digital representation of value which is recorded on a distributed digital ledger whether cryptographically-secured or otherwise, that functions as a medium of exchange and is interchangeable with any money, including through the crediting or debiting of an account; and

“digital token” means a digital representation which is recorded on a distributed digital ledger whether cryptographically-secured or otherwise.”

[7] Id. no.6, “5.For the purpose of securities laws, a digital currency and digital token that are prescribed as securities under this Order that is offered or traded on or through a recognized market is not-(a) a share in debenture of, a body corporate or an unincorporated body; or (b) a unit in a unit trust scheme or prescribed investment scheme.”

[8] Id. no.6, “3.

(1) A digital currency which-

(a) is traded in a place or on a facility where offers to sell, purchase, or exchange of , the digital currency are regularly made or accepted;

(b) a person expects a return in any form from the trading, conversion or redemption of the digital currency or the appreciation in the value of the digital currency; and

(c) is not issued or guaranteed by any government body or central banks as many be specified by the Commission,Is prescribed as securities for the purposes of the securities law.

(2) A digital token which represents a right or interests of a person in any arrangement made for the purpose of, or having the effect of, providing facilities for the person, where-

(a) the person receives the digital token in exchange of a consideration;

(b) the consideration or contribution from the person, and the income or returns, are pooled;

(c) the income or returns of the arrangement are generated from the acquisition, holding, management or disposal of any property or assets or business activities;

(d) the person expects a return in any form from the trading, conversion or redemption of the digital token or the appreciation in the value of the digital token;

(e) the person does not have day-to-day control over the management of the property, assets or business of the arrangement; and

(f) the digital token is not issued or guaranteed by any government body or central banks as may be specified by the Commission,

Is prescribed as securities for the purposes of the securities laws. ”

[9] Securities Commission of Malaysia, Capital Markets and Services 2007, https://www.sc.com.my/api/documentms/download.ashx?id=2093f82c-7929-47e8-9279-f88e3b85dbbf (last visited: Jan/15/2018)

[10] Id. no.6, “4. The provisions of securities laws shall apply to a digital currency and digital token that are prescribed as securities under this Order except for Division 3 of Part VI of the Act.”