去中心化金融之法律規範研究─以Defi借貸為核心


徐珮菱、高培勛

中文摘要

Defi(去中心化金融)與區塊鏈技術及加密數位通貨之演 進,密不可分。區塊鏈發展之去中心化借貸交易模式多元,2019 年DeFi 用戶數量增加30 倍,在以太坊進行「去中心化借貸」 (Decentralized Lending and Borrowing)交易量佔總體約80%, 廣受歡迎。本文以Defi 中關於借貸之應用為研究核心,去中心 化技術破除銀行核貸限制,提供全然開放、去中介機構之借貸平 台。透過區塊鏈技術,建立更公平、自由且開放治理權予全數參 與者之借貸機制,對傳統中央銀行清算及政府監管所形成之堅實 金融信任體系與監理方式產生挑戰,加密數位資產之財產價值、 智慧合約之交易規範及數位資產之法律定位保護亦尚待明確。 Defi Lending 係一自主生態圈,以去中心化網絡為運作基礎,由 非許可制區塊鏈及P2P 點對點協議建構成之應用程式組成,利 用智慧合約之建置與執行,促進借貸或與其他金融工具及商品進 行交易。去中心化借貸之自主生態圈與對外抗審查抵禦政府中心 管制之特徵,形成內部治理與外部監管之問題,交易者希望節省 交易成本,因其所利用智慧合約之運行模式,對參與者,包括開 發商及使用者之定位以及因交易產生相關法律風險、政府監管之 問題, 為值得研究之重心本文以MakerDAO、Compound 及 Dharma 之借貸運作模式為研究個案,探討在台灣法制環境下, 去中心化借貸與智慧合約等涉及之法制問題及未來可能之發展方 向。

 

Research on the Legal Regulations of Decentralized Finance -Taking Decentralized Lending and Borrowing as the Core Element

Pei-Lin Hsu / Pei-Hsin Kao

abstract

The development of Defi is closely related to the development of Blockchain technology and crypto digital currency. The decentralized lending transaction model developed by the blockchain is complicated. In 2019, the number of DeFi users increased by 30 times, and the volume of decentralized lending and borrowing transactions conducted on Ethereum accounted for about 80% of the total transaction volume. It can be seen that decentralized lending is widely welcomed by the public. This article focuses on the application of lending in Defi as the core of this research, because decentralized technology breaks the strict review and restriction of bank approved loans, and provides an open, intermediary lending platform. Through Blockchain technology, more fair, free and open governance authority is established to all participants. At the same time, it also challenges the liquidation structure constructed by traditional central banks and the solid financial trust system and supervision method formed by government supervision The property value of digital assets, the trading specifications of smart contracts and the legal positioning and protection of digital assets need to be clarified. Defi lending is an autonomous ecosystem, based on a decentralized network, which is composed of unlicensed Blockchain and applications built with P2P protocols. Decentralized lending also involves the use of smart contract operations to achieve the function of facilitating transactions between lending and other financial instruments. decentralized lending's autonomous ecosystem and the features of external anti-censorship and resistance to government centralized control form unique internal governance and external supervision issues. Traders hope to save transaction costs, but the smart contract operation mode they use, for the participants, including the positioning of developers and users, as well as related legal risks arising from transactions and government regulatory issues, it is worth researching. This article takes the loan operation modes of MakerDAO, Compound and Dharma as research cases to discuss the legal issues and possible future development directions of decentralized loans and smart contracts under the legal environment of Taiwan.