초록 ▼

Ⅲ. 결론 및 시사점
▶ 블록체인 기술의 확산과 가상화폐의 거래규모 확대 그리고 가상화폐 거래에 대한 금융규제체계를 감안할 때, 가상화폐 투자에 대한 금지보다는 가상화폐의 거래시장 구축 및 시장의 신뢰성 확보,정보공시와 투자자 보호 등을 통해 가상화폐 거래 활성화를 도모할 필요가 있음

▶ 장기적으로는 가상화폐에 특화된 법제개선이 필요하며, 단기적으로 가상화폐 공모 등 가상화폐를 이용한 금융조달의 경우에는 투자자보호와 시장의 건전한 형성을 위하여, 가상화폐를 활용한 금융거래의 경우에는 자본시장법의 적용필요성에 대하여

Ⅲ. 결론 및 시사점
▶ 블록체인 기술의 확산과 가상화폐의 거래규모 확대 그리고 가상화폐 거래에 대한 금융규제체계를 감안할 때, 가상화폐 투자에 대한 금지보다는 가상화폐의 거래시장 구축 및 시장의 신뢰성 확보,정보공시와 투자자 보호 등을 통해 가상화폐 거래 활성화를 도모할 필요가 있음

▶ 장기적으로는 가상화폐에 특화된 법제개선이 필요하며, 단기적으로 가상화폐 공모 등 가상화폐를 이용한 금융조달의 경우에는 투자자보호와 시장의 건전한 형성을 위하여, 가상화폐를 활용한 금융거래의 경우에는 자본시장법의 적용필요성에 대하여 검토함

(출처 : 요약문 12p)

Abstract ▼

Ⅰ. Backgrounds and Purposes
▶ Recently block chains technology has been in the spotlight, the virtual currency investment has expanded globally based on this technology. At the same time, the virtual currency, the regulation of the virtual currency exchange, etc. are emerging as major policy issu

Ⅰ. Backgrounds and Purposes
▶ Recently block chains technology has been in the spotlight, the virtual currency investment has expanded globally based on this technology. At the same time, the virtual currency, the regulation of the virtual currency exchange, etc. are emerging as major policy issues of the financial supervisory authorities.
○ In addition to investing in virtual currency, recent companies began to utilize ICO in the form of raising funds via virtual currency in the same way as IPO procedures. Recently, the Financial Supervisory Authority has adopted a strongregulatory attitude regarding the ICO procedure including the US SEC.

▶ In South Korea, despite announcing strong bans of the Financial Supervisory Service and the Ministry of Justice, investment in virtual currency like bit coin shows overheating. Also, based on the fact that there is no clear provision regulating ICO, actions in a form similar to IPO are tried using virtual currency and coins.
○ The current law does not have the definition of virtual currency, exchange establishment, regulatory system such as ICO. As a result, compared with the transaction size of the virtual currency, the system does not regulate the establishment of virtual currency exchanges and business execution, the exchange disclosure and the investor protection system etc. are not established properly. As a result, there is a danger that the investment of virtual currency will be transformed into speculative transactions, the scope of investment in virtual currency and the spaceto be activated for trading becomes narrower, and at the same time investment of illegal illegal virtual currency There is a limit that it can not be properly regulated.

▶ Therefore, in this research, in the level of transaction activation of virtual currency, the recent world related to virtual currency transaction recently, such as virtual currency definition, virtual currency exchange regulation, fund procurement via virtual currency such as ICO etc. By grasping the trends and prospects of the legal system, we intend to present the direction of virtual currency regulation in the future.

Ⅱ. Major Content
▶ In April 2018, the researcher attended the Blockchain Global Expo (London, UK) and analyzed the global trends in the impacts and future prospects of the financial industry changes on the utilization of blockchain technology and the expansion of virtual currency.
○ At the conference, various discussions were presented as follows. : The use of blockchain technology and the necessity of selecting social agenda for public interest, the present and the future of the financial industry based on the use ofvirtual currency and blockchain technology.

▶ In June 2018, the Bank for International Settlement published an annual report on the status of virtual currency transactions, the economic limitations of virtual money, and policy implications.
○ In the report, the BIS analyzed that the economic limit of virtual money, the enormous power consumption for virtual money mining, limitations on scalability unlike sovereign money, rapid changes in market value due to changes in market demand.
○ In addition, BIS proposed the most important policy implications of money laundering regulation and investor protection for for the settlement of virtual currency transactions.

▶ Global legal system trend on the definition of virtual currency
○ In major countries such as the US, Europe, and Japan, ‘Virtual Currency’ is used as a legal term.
○ EU Amendment of the Fourth Anti-money Laundering Directive, New York State Act (NYCRR, Tit. 23, sec. 200.4-200.20; 37 NYReg. 2015, Bitlicense), and Japan'sPayment Services Act, the term “virtual currency” is used consistently in majoroverseas countries and institutions. In this study, the term “virtual currency”

▶ Financial supervision trend of major countries on ICO
○ In September 2017, Korea decided to prohibit ICO using virtual money, but procedures for attracting investment using virtual money were frequently used, mainly for companies utilizing block-chain technology. It is argued that there is a need to fully accept ICOs or establish guidelines.
○ Although the US does not prohibit ICOs from all over the world, it appears that they are aware of the conflict with existing securities trading regulations. In July 2017, the US SEC analyzed the DAO case and announced the applicability of securities regulation to ICO. The SEC is continuing to provide investors with warning messages about ICO investments.
○ On October 27, 2017, the Japanese Financial Services Agency issued a warning about the risks of ICO. It emphasizes the concept and risk of ICO, and stipulates that, under the Act on Money Billing, virtual currency regulation and securities regulation under the Financial Instruments Transaction Act may be applied depending on the type of investment.

▶ Global regulatory trends related to the establishment of virtual currency exchanges and business regulations
○ In Korea, it was reported as a telecommunications distributor under the Electronic Commerce Act, but it was unclear whether the virtual currency exchange had the status of a telecommunications distributor or a telecommunications sales agent under the Electronic Commerce Act. Recently, the Fair Trade Commission proposed a volatility interpretation that the virtual currency exchange is not a telecommunication dealer or a mail order broker. However, no legislation has yet been enacted to systematically regulate the establishment and operation of themonetary exchange.
○ The United States has established a statutory system for establishing and regulating business of virtual money exchange, disclosure, property division management, and dispute settlement centering on New York State law. (NY Bitlicense)
○ Japan revised Payment Services Act, including the regulation on virtual currency exchange business. In this law, the legal regulation system for the virtual currencyexchange was established by defining the contents of the virtual currency exchangebusiness and the establishment and regulation of the exchanges` business.

▶ Problems of virtual currency trading in Korea and institutional improvement for virtual currency trading activation
○ The problems that arise in relation to the current virtual money investment arise from the fact that there is no clear law concerning the investment of virtual money. In order to activate the transaction of virtual money, it is necessary to establish the necessary monitoring system for the financial market such as definition of virtual currency, virtual currency exchange, and virtual money investment related disclosure.
○ For this purpose, preemptive solution to the following issues is needed: securing the transaction stability of the virtual money market, financing effect of virtual money, information disclosure and investor protection, regulation of unfair trade related to virtual money, money laundering using virtual money Participation in global regulation.

Ⅲ. Expected Effects
○ Given the proliferation of blockchain technology and the possibility of using virtual money, it is necessary to promote the transaction of virtual money rather than banning virtual money investment. For this purpose, it is necessary to solve the problems of establishing a virtual currency trading market, securing market reliability, information disclosure and protecting investors.
○ In the long run, new legislation is needed for virtual currency regulation. At the transition stage, however, it is necessary to examine the possibility of applying the Capital Market Law to ICO in order to activate the virtual money market and protect investors.
- In case of ICO, it is anticipated that it will be able to secure the integrity of the virtual currency trading market and activate the transaction by applying theFinancial Investment Services and Capital Markets Act on investor protection, information disclosure, and unfair trade regulation.

(출처 : Abstract 13p)

목차 Contents

• 표지 ... 1
• 요 약 문 ... 7
• Abstract ... 13
• 목차 ... 19
• 제1장 연구의 필요성 및 목적 ... 21
• 제1절 연구의 배경 ... 23
• 제2절 연구의 필요성 및 목적 ... 26
• 1. 연구의 필요성 ... 26
• 2. 연구의 목적 ... 28
• 제3절 연구의 범위와 방법 ... 29
• 제2장 가상화폐 및 블록체인 기술 활용에 대한 글로벌 동향 소개 ... 31
• 제1절 Blockchain Global Expo 회의 개요 및 주요 의제 분석 ... 33
• 1. Blockchain Global Expe 회의 일정 및 개요 ... 33
• 2. 주요 의제 분석 및 시사점 ... 35
• 3. 시사점 ... 37
• 제2절 BIS 가상화폐 규제 관련 보고서의 주요내용 ... 38
• 1. 가상화폐의 경제적 한계 ... 38
• 2. 정책적 시사점 ... 41
• 제3장 가상화폐 공모와 가상화폐 거래소에 대한 글로벌 규제 동향 ... 43
• 제1절 가상화폐의 특성 및 정의 ... 45
• 1. 가상화폐의 특성과 용어 정의 ... 45
• 2. 가상화폐의 특성 및 용어에 대한 해외 입법례의 분석 ... 47
• 제2절 가상화폐 공모(ICO)에 대한 글로벌 규제 동향 ... 50
• 1. ICO를 활용한 가상화폐의 금융조달효과와 규제 필요성 ... 50
• 2. 미 국 ... 52
• 3. E U ... 53
• 4. 일 본 ... 54
• 제3절 가상화폐 거래소 설립 및 거래에 대한 글로벌 규제 동향 ... 56
• 1. 미 국 : 뉴욕주 BitLicense를 중심으로 ... 56
• 2. 일 본 : 자금결제법을 중심으로 ... 67
• 제4장 우리나라 가상화폐 거래구조의 문제점과 개선과제 ... 71
• 제1절 우리나라 가상화폐 거래구조의 문제점 ... 73
• 제2절 가상화폐의 거래활성화를 위한 제도개선과제 ... 77
• 제5장 결론 및 시사점 ... 81
• 참고문헌 ... 87
• 부록 ... 95
• 끝페이지 ... 138