알고리듬 스테이블코인 가격 안정화 구조와 규제 가능성

Abstract

Algorithmic stablecoins are digital assets that are not backed by underlying assets and seek to maintain par value with pegged currency by adjusting circulation volume of the digital assets. Recently, there has been a lot of controversy over vulnerability of their price stabilization mechanism. It seems that there are negative and suspicious views about algorithmic stablecoins. Under this circumstance, necessity to regulate algorithmic stablecoins has been emerged. In order to set up a regulatory framework for algorithmic stablecoins, it is necessary to look at how their price stabilization mechanism works. As algorithmic stablecoins use two-digital-asset issuing and burning mechanism for pegging, It is argued that their stabilization mechanism is unstable compared to other stablecoins that are guaranteed to be exchanged by their underlying assets. As a result, it is difficult to consider that algorithmic stablecoins should be regulated in the same legal framework as underlying assets backed stablecoins. Therefore, it would be not appropriate to regulate algorithmic stablecoins with the stablecoin regulations currently being prepared. In addition, it is necessary to review whether the issuance of algorithmic stablecoins fall under the regulatory framework of existing financial regulations, especially including the issuance of electronic payment means under the Electronic Financial Transactions Act as well as investment contract under the Financial Investment Services And Capital Markets Act. However, as their price stabilization mechanism is unstable and thus it seems difficult for them to perform payment function, it seems difficult to regulate algorithmic stablecoins as electronic payment methods under the Electronic Financial Transactions Act. As a result, for now, there would be no choice but to consider regulating them as investment contract securities under the Capital Market Act as what the US SEC does about digital assets. If new regulatory measures to regulate the issuance of algorithmic stablecoins need to be prepared, it is considerable to refer the regulations under the EU's MiCA proposal which are applicable to algorithmic stablecoins. It is hoped that effective regulations will be made in the future so that the blockchain industry can develop soundly with various institutional protections.