전자금융업종 관련 최근 전자금융거래법 개정 동향과 향후 개편 과제

Abstract

The current electronic financial business entity’s classification under the electronic financial transaction act(EFTA) is 16 years old, outdated, overly fragmented and rigid, and unable to flexibly and elastically reflect the realities of today's e-finance market and industry. The overly detailed categorization of industries has resulted in different regulations being applied to different industries for the same function. In terms of offshore application, it is also difficult to apply to overseas companies. The regulatory system does not support the emergence of innovative fintech services, leading to the prevalence of circumventive business practices. The classification of electronic financial business entity is the core regulatory framework of the EFTA. It is urgent to establish principles and standards that meet global standards and to integrate and reorganize the e-finance industry according to the market. First of all, it is desirable to design the definition of electronic payment means that is the basis for designing the classification of electronic financial business entity to be comprehensive (negative) and flexible, like advanced foreign legal systems. We believe that electronic payment means should be consolidated into similar types with the same functions and roles, and that stablecoins should be included as prepaid electronic payment means. For the e-finance industry, it seems desirable to have a comprehensive design centered on principles and functions like the EU and Japan. The scope of innovative companies such as fintechs should also be clarified in the EFTA. It is also necessary to introduce a sliding scale system or a small license to facilitate the entry of new innovative companies and promote competition. The introduction of an comprehensive payment business entity should also be actively considered. This is because it enables the independent acquisition and utilization of various data related to customer payments linked to dedicated accounts, enabling various additional businesses to be launched and the advancement of MyData. In the era of open finance, it is also urgent to legislate open banking and MyPayment. The current regulation of prepaid companies also needs to resolve the problem of overlapping regulations with the Fair Trade Commission's standard terms and conditions for new types of gift certificates and the equity problem of excluding large department stores, retailers, airlines, etc. that are self-operated issuers. As micro-postpaid payments are not focused on credit provision, but on inclusive finance, alternative finance, and financial data business, it is desirable to set up new detailed behavioral regulations within the framework of the EFTA, focusing on the innovation of micro-postpaid payments and the promotion of user welfare. It is necessary to clearly disclose subsidiary electronic financial business entity to the market, ensure the contract and indirect supervision of subsidiary electronic financial business entity by financial companies and electronic financial business entities, and clarify the scope of work and responsibility of subsidiary electronic financial business entities. It would also be desirable to reflect the provisions of such laws in the EFTA to institutionalize payment settlement clearing, as in the European PSD2, PSD3, and the Japanese Fund Settlement Act. In addition, in light of the strengthening of the offshore application of the EFTA, conduct regulations for consumer protection, entry regulations, etc. should be applied as mandatory regulations regardless of the country where the acting entity is located in order to ensure equity with domestic operators and protection of their own citizens (companies).