自2008年第一枚比特幣誕生以來虛擬資產市場蓬勃發展，無論是資產規模、種類、交易平台數均不斷擴大，近年來國際間更有開放虛擬資產現貨ETF發行之趨勢，我國亦有呼籲主管機關開放一般投資人購買海外虛擬資產現貨ETF的聲音。然而虛擬資產性質複雜，其波動度相較於傳統金融投資工具更劇烈，尤其2022年發生FTX破產與Terra-LUNA崩盤等重大風險事件，更揭露虛擬資產監理法制之不足。是以，我國是否適合開放虛擬資產ETF實有研究其法制之必要。 虛擬資產的監管最先係從洗錢防制開始，而近年來國際間對於虛擬資產的監管愈加重視，然各國均有不同的措施。歐盟實施專法來監理虛擬資產；美國透過Howey測試來判斷虛擬資產之主管機關；新加坡由金融管理局擔任虛擬資產之主管機關。 在我國現行法規下，目前僅開放專業投資人購買海外虛擬資產ETF，且係透過複委託的方式，然適逢我國主管機關研擬虛擬資產專法之際，開放虛擬資產ETF仍面臨現行標的基礎市場價格形成與透明度不足等問題，因此本文希冀透過分析市場風險事件與國際監理趨勢，為我國未來若開放虛擬資產ETF建立兼顧創新與安全的法制建議。;Since the inception of Bitcoin in 2008， the virtual asset market has flourished rapidly， characterized by the continuous expansion of asset scale， variety， and the number of trading platforms. In recent years， there has been a global trend toward permitting the issuance of virtual asset spot ETFs， accompanied by growing calls in Taiwan for regulatory authorities to allow retail investors to purchase overseas virtual asset spot ETFs. However， the nature of virtual assets is highly complex， and their volatility is significantly more severe compared to traditional financial investment tools. In particular， major risk events in 2022， such as the bankruptcy of FTX and the collapse of Terra-LUNA， have further exposed the inadequacies of the existing virtual asset regulatory framework. Therefore， whether Taiwan is suited to open up to virtual asset ETFs necessitates a thorough study of its legal and regulatory framework. The regulation of virtual assets initially began with anti-money laundering (AML) measures. In recent years， international attention toward virtual asset regulation has intensified， though different jurisdictions have adopted distinct approaches. The European Union has implemented specialized legislation to regulate virtual assets; the United States utilizes the Howey Test to determine the competent regulatory authority; and Singapore designates the Monetary Authority of Singapore (MAS) as the primary regulator for virtual assets. Under Taiwan′s current regulations， only professional investors are permitted to purchase overseas virtual asset ETFs through sub-brokerage. However， as Taiwan′s competent authorities are currently drafting specialized laws for virtual assets， opening up to virtual asset ETFs still faces challenges， such as the unclear legal characterization of underlying assets， as well as insufficient price discovery and transparency in the underlying markets. Therefore， by analyzing market risk events and international regulatory trends， this study aims to provide legal and regulatory recommendations that balance innovation and security for Taiwan′s potential future opening to virtual asset ETFs.
