가상통화의 법적 규제방안 마련을 위한 종합적 검토- 각국의 동향, 정부안 및 국회의원 발의안을 중심으로

Abstract

In recent years, great attention has been drawn to virtual currencies combining such information technology (IT) as mining and blockchain, rather than based on the existing centralized issuance method, in terms of their stability and their functional possibility as a means of settling payments. However, as virtual currencies are perceived not just as payment instruments but also as investment targets, there is an urgent need for its clear definition and regulations geared toward user protection. In particular, given the possibility of abusing virtual currencies as a means of money laundering, terrorist financing, tax portal, etc., it is imperative to regulate the field from a public policy perspective, and to formulate measures to protect consumers from high price volatility. Based on the definition of virtual currency, major countries around the world have either instituted regulations already or are paying a close attention to the need for regulations. The United States and Japan, for instance, have put legal measures in place to protect users against the risks associated with virtual currency transactions by: (a) identifying the parties to be regulated based on the definition of virtual currency and virtual currency exchanges; (b) imposing a set of prudential obligations on virtual currency traders to ensure soundness, such as minimum capital requirement, duty of explanation, disclosure requirement, and duty to document and preserve records; and (c) mandating financial authorities to constantly manage and monitor the virtual money market by providing for active supervisory power. Meanwhile, in Korea, virtual currencies are still in a regulatory blind spot. Against this backdrop, the government has established a joint task force consisting of relevant government departments centering on the Financial Services Commission (FSC) to secure legal stability through regulation of virtual currencies. At the same time, various legislative efforts have been made to protect users through the statutory regulation of virtual currencies, such as the proposal of the legislative bill on partial amendment of the Electronic Financial Transactions Act at the National Assembly. This article first examines the regulatory trends of each country in relation to virtual currencies, and then draws the implications for Korean legal system by comparatively analyzing the government bill and the bill sponsored by lawmakers. In particular, by conducting an overview of the topic, ranging from the legal definition of virtual currency, to the duties of virtual currency traders, and to the powers of financial authorities, this article seeks to improve the completeness of statutory regulations for the protection of prospective virtual currency users. It is the authors’ hope that, through continuous discussion on a par with the global interest in virtual currency, a reasonable and well-grounded set of norms from the perspective of both technological advancement and user protection will be developed in a timely manner.