越境하는 화폐, 분열되는 제국- 滿洲國幣의 조선 유입 실태를 중심으로 -

조명근 동북아역사재단 2013 東北亞歷史論叢 Vol.- No.42

The essence of modern nation-states is exclusive management of aspecific area and external autonomy. To achieve these purposes,monetary sovereignty is one of the most important requisites. Anational currency was established to control and manage a nation’seconomy for internal purposes, and to indicate an independentsovereignty and give a national identity for external relations. In thisway, the territorial exclusivity of the modern nation-state is stronglyrelated to territorial currencies. Thus, the circulation of currenciesacross borders is fundamentally impossible when considering monetarysovereignty as an essential right of a modern nation-state. Yet, national currencies of the Bank of Chōsen and of Manzhouguo(滿洲國) were being circulated in Joseon and Manzhouguo during theJapanese colonial period. This phenomenon was connected with basicprinciples of financial policies in the Japanese colonies. Japanestablished banks of issue in every colony and occupied territory. Ineach area its then government issued a local currency, not a Japanesenote. These local currencies had equal values and were closely linked tothe Japanese currency, forming a Yen Currency Region (円係通貨圈). This region was constructed under the ideal of unifying the currenciesof the Japanese colonies into the Japanese note. Therefore, the expansion of Japan with its mainland as a concentric circle is in linewith the expansion of the Yen Currency Region. This study examines the circulation of currencies between Joseonand Manzhouguo, and the internal breakdown of Japanese imperialismduring the process of colonial expansion. The Manzhouguo state usedcurrencies issued by the Manzhouguo Central Bank in 1932, which hadan equal value to notes issued by the Bank of Chōsen. After its defeat ina “currency war” against the Chinese legal currency during the Sino-Japanese War, the Japanese yen currency brought about severeinflation. The inflation, which started in central China, spread to otherregions which were directly connected through the yen region, such asnorthern China, Manzhouguo, and Joseon. As a result, the real value ofthe Manzhouguo state’s currency depreciated to around one-halfagainst the Bank of Chōsen’s currency by 1939. The Japanese government-general in Joseon, which had theresponsibility to guard against an inevitable inflation, tried to denyequivalent exchange of the currencies, but the Bank of Chōsen andJapanese military authorities maintained their views to keep the policy. Japanese military authorities could not accept the abolishment of theequivalent exchange of currencies policy, as abolishment could causethe collapse of the entire Yen Currency Region. However, due to severeinflation from the excessive issuance of notes from the Bank of Chōsenin exchange for the national currency of Manzhouguo, the circulation ofManzhouguo’s currency was banned in July, 1944. The border between Joseon and Manzhouguo was a currency defenseline to protect Japan in the course of the conception and realization ofGreater East Asia based on the Yen Currency Region. The problemscaused by this course were shifted directly to the Japanese colony of Joseon. The inflow of Manzhouguo currency into Joseon clearly showedthe result of the policy that the Bank of Chōsen enacted as a substitutefor the Japanese central bank. In other words, it indicated the truereason why the Bank of Chōsen, instead of the Japanese central bank,carried out the national policies, which were destined to be risky and ofuncertain outcome on the continent.

가상화폐 과세제도에 대한 연구

조근형 한국조세법학회 2018 조세논총 Vol.3 No.4

우리나라에서 비트코인을 포함한 가상화폐의 거래규모와 투자자가 최근 들어 폭발적으로 증가하였다. 하지만 현재까지 정부와 과세당국은 가상화폐에 대한 명확한 입장과 구체적인 과세방안을 제시하지 못하고 있다. 이러한 시점에 본 연구는 가상화폐에 대한 과세 대응을 제시하였다. 이를 위해 우선 가상화폐를 포함한 디지털통화에 대해 개념적인 접근을 한 후 가상화폐를 중심으로 구체적인 개별 세법상 개선방법을 다음과 같이 제시하였다. 첫째, 현재 디지털통화에 대한 많은 용어가 존재하고 혼용되어 사용되고 있어 혼란을 초래하고 있다. 본 연구에서는 과세 측면에서 논의를 진행하기 위해 핵심적인 특징을 선정하여 가상화폐를 포함한 디지털통화를 분류하고 6가지 유형으로 구분하였다. 우선 취득경로로는 법화로 인한 취득, 법화를 동반한 거래와 연관된 취득, 법화거래와 무관하게 취득한 경우로 구분하여 각각 직접, 간접, 독립 취득이라고 하였다. 그리고 사용범위로는 특정범위에서만 사용가능한 경우, 그 외 복수이상의 거래처에서 사용가능한 경우로 구분하였다. 이러한 구분에 따라 충전형 디지털통화, 할인형 디지털통화, 사이버머니, 법정 전자화폐, 지불형 디지털통화, 가상화폐로 구분하였다. 충전형 디지털통화는 법화로 적립을 하고 사용 시 적립된 금액을 차감하는 것이므로 기본적으로 상품권과 동일하게 보았다. 이 경우 충전형 디지털통화와 법정화폐 간의 교환은 실질적인 재화와 용역이 제공이 완료되었다고 보기 어렵기 때문에 그 실현시기를 실제 충전형 디지털통화를 사용하여 재화나 용역을 제공받는 시기까지 이연시켜야 한다. 할인형 디지털통화와 사이버머니는 대가를 지불하고 구입한 것도 아니며 일반화폐와 같이 범용적으로 지불의 수단을 사용할 수 없는 것이다. 따라서 화폐라기보다는 에누리해주겠다는 증표 정도로 취급하면 될 것이다. 법정 전자화폐, 지불형 디지털통화, 가상화폐는 엄격한 법적 성격으로는 화폐는 아닐지라도 지급수단으로 사용되는 것이기 때문에 세법상으로 화폐와 동일하게 접근하는 방법을 제시했다. 둘째, 가상화폐는 다른 디지털통화와 달리 성격도 특이하고 거래규모가 갑자기 증가하여 실무적인 과세대응이 매우 어렵다. 따라서 가상화폐를 중심으로 현행법을 근거로 구체적인 과세방법을 제시하였다. 우선, 부가가치세 측면에서는 현재 전 세계적으로 과세하지 않는 추세이므로 국제적인 균형을 고려해 과세에서 제외시킬 것을 제안하였다. 법인세, 소득세, 상속세 및 증여세 측면에서는 가상화폐의 거래로 인한 수익이나 이익에 대하여 과세하는 것이 다른 거래의 형평성 측면에서 바람직하고 현행 세법의 입법해석으로도 과세 가능할 것으로 보인다. 다만, 구체적으로 가상화폐를 명시해서 과세 대상임을 명확히 하는 방법으로 세법을 개정할 것을 제안하였다. 또한, 가상화폐의 급격한 가격변동성으로 과세재산가액의 평가가 어려운 점을 고려하여 상속세 및 증여세에서 상장주식과 유사한 평가방법을 제시하되 최신 시세의 가중치를 두어 최근 추세를 반영하는 방법을 제안하였다. Scale of transaction with virtual currency including Bitcoin and the number of its investors has recently exploded in Korea. Korean government and taxation authorities, however, cannot have suggested a clear stance or concrete taxation plan on virtual currency so far. In this context, this study suggests taxing actions to the virtual currency. To do this, the study makes a conceptual approach to digital currency including virtual currency and then suggests concrete improvement plans for different tax laws centering around the virtual currency as follows. First, there currently are a host of terms regarding digital currency and they are mixedly used, which incurs much confusion. In order to proceed with discussion on taxation aspects, this study classifies digital currency including virtual currency by selecting key features and categorizes them into six types. As to acquisition path, it has three types of acquisition with legal tender, acquisition related to transaction accompanied by legal tender and acquisition irrelevant to legal tender transaction, which are respectively referred to as direct, indirect and independent acquisition. Scope of use is divided into cases that currency can be used within a particular scope and others that currency can be used at multiple accounts. This categorization yields; rechargeable digital currency, discounted digital currency, cybermoney, legal electronic money, payment digital currency and virtual currency. As rechargeable digital currency is to accumulate with legal tender and then deduct value used from accumulated amount, it basically equates to gift certificate. Since exchange between rechargeable digital currency and legal tender can hardly be seen as complete provision of actual goods or services in that case, time of its realization should be postponed until goods or services are actually provided using rechargeable digital currency. Either discounted digital currency or cybermoney is not purchased with direct payment or they cannot be used as common means of payment like general currency either. Thus, they can be regarded as a token for discount. Though legal electronic money, payment digital currency and virtual currency are not currency in a strict legal nature, they are used as means of payment and consequently, this study suggests an approach that they should be equally treated with general currency in terms of tax law. Second, it is very challenging to take practical taxing actions to virtual currency as its features are distinctive from those of other types of digital currency and its transaction scale has abruptly increased. Thus, this study suggests specific taxation plans centering around virtual currency based on current law. First of all, the study suggests that VAT should be excluded from taxation considering international balance since it is not currently imposed globally. As to corporate tax, income tax, inheritance tax and gift tax, earnings or benefits from transaction of virtual currency should be taxed to desirably seek equity with other types of transaction and it is feasible to impose tax on them based on legislative interpretation of existing tax law as well. The study, however, suggests revising the tax law by clearly stipulating virtual currency on provisions as a taxation target. In addition, the study also proposes a method to evaluate taxable property value analogous to listed stocks in case of inheritance tax and gift tax considering it is hard to evaluate taxable property value of virtual currency due to its rapid price fluctuations with stress on weighting with recent market value in order to reflect recent trend.

지역화폐의 의의 및 그 활성화 방안에 관한 연구 -국내외 지역화폐 사례를 중심으로-

이점순,양준호 한국동북아경제학회 2020 동북아경제연구 Vol.32 No.2

This study focuses on the local currency, which has recently attracted attention as an alternative for the regional economy and community regeneration, identifies the type of operation of the world's local currency, types it, and identifies the characteristics of each type to make policy proposals for vitalizing the local currency. As a result of the analysis, the following points became clear. First, local currency is emerging as a defensive action campaign in various fields. It is being used in a variety of ways, from eco-friendly as well as environmentally friendly living practices, to social capital formation in the community. Second, the need to expand the scope of use of local currency has increased. Until now, local currency has been mainly used for individual consumption activities and mutual aid, but it seems necessary to actively use such as giving preferential tax treatment when dealing with businesses, workers' wages, and taxes in local currency. Furthermore, it is necessary to examine the role of regional financial institutions. As in the case of Bristol Pound in the UK, corporate loans have been generalized, led by the local bank Credit Union, and it is necessary to recall that it has strengthened the authority of local currency by actively using local currency in lending or repaying local companies. Third, it is necessary to provide various incentives to promote the use of local currency. As we saw in the case of Incheon-E-um, the introduction of a cashback service that returns 6% of the amount used as cash is typical. Fourth, the government driven approach to local currency management is limited in its activation and sustainability. so it is not a local government-led initiative, but rather a structure of cooperation that citizens who actually use and benefit from participate in and plan. making it seems important.

일본의 자금결제법에 의한 가상통화규제와 시사점

김윤정(Kim, Yun Jeong),이태주(Lee, Tae Ju) 충북대학교 법학연구소 2017 과학기술과 법 Vol.8 No.2

Recently, Interest in virtual currency such as Bitcoin, ethereum etc. is increasing. Trading with virtual currency is also increasing. Virtual currencies are fluctuating in price, tax evasion, multistage sale fraud and cyber crime. Virtual currency is called various terms such as Digital Currency, Crypto Currency and Virtual Currency etc. Especially, the term “Currency” can be mistaken for legal currency. Also there is not legal provision for virtual currency in Korean law. Therefore, it is necessary to review regulations for securing transparency and supervision of virtual currency transactions. Japan has implement the revised Fund Settlement Act for virtual currency from April 1, 2017. Due to this amendment, the virtual currency was first accepted into law. Also the operator of the virtual currency exchange is subject to Fund Settlement Act as a Virtual currency exchange business. The concept of virtual currencies became clear with the revised Fund Settlement Act. And regulations on Virtual currency exchange business have been improved. This paper examines the major contents of revised Fund Settlement Act in japan. Then I would like to suggest some implications by comparing the trend of the virtual currency law in Korea and revised Fund Settlement Act in Japan.

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

맹수석,이형욱 사법발전재단 2017 사법 Vol.1 No.42

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. 최근 기존의 중앙집중형 발행 방식이 아닌 채굴(mining)과 블록체인(Blockchain)이라는 IT기술을 접목시킨 가상통화는 지급결제의 수단으로써의 기능 가능성과 안정성의 측면에서 큰 각광을 받고 있다. 그러나 가상통화에 대한 인식이 지급결제 수단에서 투자의 대상으로 확대됨에 따라 국제적으로 이에 대한 명확한 개념 정의와 이용자 보호를 위한 규제마련이 시급한 상황이다. 특히, 자금세탁, 테러자금제공, 조세포탈 등의 수단으로의 악용 가능성에 따라 공공적 측면에서의 규제 필요성과 높은 가격변동성에 따른 소비자 피해보호 방안 마련이 절실하다 할 것이다. 세계의 주요 각국 역시 가상통화의 정의를 바탕으로 하여 각종 규제 또는 규제의 필요성에 주목하고 있다. 미국과 일본의 경우 가상통화 및 가상통화거래소 등에 대한 정의를 통하여 규제의 대상을 정하고, 가상통화취급업자에게 최저자본규제, 설명의무 및 정보공개 의무, 기록 및 보관의무 등의 건전성 확보를 위한 각종 의무를 부과하며, 금융당국의 적극적 감독권한의 규정을 통하여 지속적으로 관리·감독토록 함으로써 가상통화 거래에 수반한 위험으로부터 이용자들을 보호할 수 있는 법적 방안을 마련하였다. 한편 우리나라의 경우 가상통화는 현실적으로 아직 규제의 사각지대에 있다고 할 수 있는데, 이러한 상황에서 정부는 금융위원회를 중심으로 관계부처 합동 태스크포스를 구성하여 가상통화의 규제를 통한 법적 안정성 확보에 나서고 있고, 국회에도 전자금융거래법 일부 개정법률안이 발의되는 등 가상통화의 법적 규제를 통한 이용자 보호를 위한 다각적 노력이 이루어지고 있다. 본 연구에서는 가상통화와 관련하여 각국의 규제동향을 먼저 살핀 후, 정부안과 국회의원 발의안과의 비교·검토를 통하여 우리 법제에의 시사점을 도출하여 보고자 하였다. 특히, 가상통화의 법적 정의에서부터 가상통화취급업자의 각종 의무 및 금융당국의 권한에 이르기까지 전반적으로 검토함으로써 향후 가상통화이용자 보호를 위한 법적 규제의 완성도를 제고하고자 하였다. 가상통화에 관한 전 세계적 관심에 부응하는 지속적 논의를 통하여 기술발전의 측면과 이용자 보호의 측면 모두에 합리적이고 타당한 규범이 조속히 마련되기를 기대한다.

제3국통화표시 수출입가격 결정과 환율의 영향

장봉규 한국무역연구원 2022 무역연구 Vol.18 No.5

Purpose – Since most of Korea's import/export transactions are made using US dollars as the invoicing currency, it is necessary to consider not only the won/dollar exchange rate but also the exchange rate between the dollar and the import/export currency when examining the effect of exchange rates on import/export prices. Design/Methodology/Approach – This essay theoretically examined that in the vehicle currency trades, the prices in vehicle currency are affected not only by the exchange rate between the exporting country currency and the vehicle currency but also by the exchange rate between the vehicle currency and the importing country currency. This was confirmed by empirical analysis in Korea's imports and exports. Findings – In exports by country, the coefficient of the won/dollar exchange rate showed a significant value in 11 out of 21 countries, and the effect of the dollar/importing country currency exchange rate was significant in 13 out of 21 countries. In imports by country, the dollar/exporting currency exchange rates showed significant effects in 10 out of 21 countries, and the effect of the won/dollar exchange rate was significant in 8 countries. Research Implications – When studying the effect of exchange rates on import/export prices in the case of vehicle currency pricing, not only the effects of the exchange rate between the importing/exporting country currencies but also the effects of various exchange rates should be considered according to the invoicing currency.

가상통화 생성방식에 따른 유형별 법적 규제방안 연구-발행주체의 존재여부를 중심으로-

이형욱 충북대학교 법학연구소 2017 法學硏究 Vol.28 No.2

In recent years, virtual currencies, which combine IT technology, such as mining and blockchain, rather than the existing centralized issuance method, are attracting great attention in terms of functionality and stability as means of payment settlement. However, as recognition of virtual currencies has expanded from payment instruments to investment targets, there is an urgent need to establish a clear definition of these concepts and regulations for user protection. Especially, due to the possibility of abuse by means of money laundering, terrorist financing, tax portal, etc., it is urgent to prepare measures to protect the consumers from the necessity of public regulation and high price volatility. Major countries around the world are also paying attention to the need for various regulations or regulations based on the definition of virtual currencies. In the case of the United States and Japan, the regulations are defined through definition of virtual currencies and virtual currency exchanges, and various obligations are imposed on virtual currency traders to ensure soundness such as minimum capital regulation, explanation obligation, disclosure requirement, And provided legal measures to protect users against the risks associated with virtual currency transactions by constantly managing and monitoring the virtual money market through provision of active supervision authority of financial authorities. In the meantime, in Korea, virtual currencies are still in the blind spot of regulation. In this situation, the government is establishing a joint task force for the related ministries centered on the financial committee to secure legal stability through regulation of virtual currencies, Various legislative efforts have been made to protect users through the legal regulation of virtual currencies, such as the legislative initiative of the Electronic Financial Transactions Act. In this study, virtual currency is classified into issuing method and mining method in order to establish legal concept of virtual currency. Based on this distinction, we tried to contribute to the legal definition of virtual currency by examining applicable law of each type. In this way, we tried to find the stability of the virtual currency market and protect the virtual currency users through a new approach to the legal regulation of virtual currency. The development of new financial technologies, such as blockchains and virtual currency, increases the convenience of users, while the absence of regulations can cause users to suffer unintended consequences. Therefore, it is urgent to prepare regulations to regulate the overall virtual currency.

블록체인방식의 가상화폐에 대한 합리적 규제 방안-비트코인을 중심으로-

맹수석 한국상사법학회 2017 商事法硏究 Vol.35 No.4

With the recent development of information communication technologies (ICT), the use of virtual currency increased, which resulted in various legal disputes. Examples of this include virtual currency being used for illegal money laundering, hacking of systems, and financial fraud cases have also been occurring frequently regarding investments in virtual currency. In particular, there were foreign cases in which virtual currency exchanges went bankrupt, thereby creating huge losses for users. Therefore, countries around the world have been assertively regulating virtual currency in a wide range of methods. In contrast, Korea has almost no regulations against virtual currency. Unlike legal currency or e-currency that have been used as payment methods, virtual currency is managed by a joint distribution ledger method based on a block chain system, and therefore, users incur huge losses in the event that a virtual currency exchange goes bankrupt. While legal currency, etc. normally places utmost importance on procuring reliability and safety, virtual currency not only does not guarantee payment, but is also excluded from relevant laws and regulations such as the Bank Act and Act on Electronic Financial Transactions, and is thus placed in a legal blind spot in the event that there are legal issues. In the current situation where an increase in use of virtual currency and various legal disputes are expected, it is necessary to examine the regulation trends of different countries on virtual currency and deduce implications to refer to in improving Korea's legislations. This study aims at establishing the concept of virtual currency and to propose methods to efficiently regulate legal disputes. It is necessary to implement registration principles together with financial regulations such as applying minimal capital systems in the entry phases of the virtual currency industry to establish precise regulation conditions, as well as detailed regulation plans on virtual currency such as duty of explanations and discernment management duties to protect uses in the operational stage. 최근 정보통신기술(ICT)의 발달에 힘입어 가상화폐의 이용이 증가하면서 다양한 법적 분쟁이 발생하고 있다. 가상화폐를 불법적인 자금세탁의 방법으로 이용하거나 이를 투자의 대상으로 한 금융사기 사건이 빈발하는 한편, 시스템에 대한 해킹까지도 발생하는 등 가상화폐 이용자가 매우 불안정한 지위에 놓여있는 것이다. 특히 외국의 경우 가상화폐교환소가 파산하여 이용자들이 큰 피해를 본 사건도 있었는데, 각국은 이러한 문제에 대응하기 위해 다각적인 방법으로 가상화폐에 대해 적극적으로 규제하고 있다. 이에 비해 우리나라의 경우 가상화폐에 대한 규제가 거의 이루어지지 않고 있는 실정이다. 가상화폐는 종래 지급결제수단으로 이용되던 법정화폐나 전자화폐와 달리, 블록체인 시스템에 기반한 공동분산장부방식에 의해 관리되고 있어 가상화폐교환소가 파산하는 경우 등에는 이용자들이 막대한 피해를 입게 된다. 법정화폐 등은 일반적으로 신뢰성과 안정성의 확보를 매우 중시함에 비해, 가상화폐는 그 지급이 담보되지 않을 뿐만 아니라 은행법이나 전자금융거래법 등 종래 관련 법규의 적용대상에서 제외되기 때문에 법적 문제가 있어도 규제의 사각지대에 놓여 있다. 가상화폐의 이용 증가와 함께 다양한 법적 분쟁의 발생이 예상되는 상황에서, 가상화폐에 대한 각국의 규제 동향을 살피고 그 시사점을 도출하여 우리 법제의 개선에 참고할 필요가 있다. 이 연구에서는 가상화폐의 개념 정립을 시도해 본 후, 법정 분쟁을 효율적으로 규제하기 위한 방안의 제시를 목표로 하고 있다. 가상화폐업의 진입단계에서는 최저자본금제의 적용 등 재무규제와 함께 등록주의를 도입해 적합한 규제 여건을 조성하고, 운용단계에서는 이용자 보호를 위한 설명의무 및 분별관리의무의 부과 등 가상화폐에 대한 구체적인 규제 방안이 마련되어야 할 것이다.

가상자산 거래의 법적 쟁점과 규제 방안 - 시장의 신뢰성 확보를 위한 방안을 중심으로 -

기노성 한국금융법학회 2020 金融法硏究 Vol.17 No.1

Through 2017 and 2018, there was a worldwide speculation craze for virtual currencies or virtual assets. Since then, Many countries have devised and implemented regulatory measures for virtual currencies or virtual currency exchanges. Recently, Korea's Financial authorities implemented a regulation to prevent money laundering using virtual currencies, but failed to develop regulatory measures for market integrity or soundness. This paper discusses how to institutionalize the virtual currency trading market. First, we take close look at the legal issues of virtual currency. The most important issue in this part is that virtual currencies are property rights or assets, not just digital information or coupons. Next, the structure and characteristics of the currency exchange were discussed. Virtual currencies, being mass traded through online exchanges, are similar to financial assets, especially securities. For that reason, it is a effective way to compare the features of virtual currency exchanges with the stock exchanges'. conclusively, detailed regulatory measures include licensing of virtual currency exchange, duty of customer property separation and disclosure of internal regulations, etc. 가상자산 내지 가상화폐에 대한 전 세계적인 투기 열풍이 분 이후 세계 각국은 가상자산거래소에 대한 규제 방안을 마련해 시행하고 있다. 그러나 우리나라의 경우 최근 가상자산을 이용한 자금세탁 방지를 위한 규제를 마련한 반면 거래시장의 건전성을 확보하기 위한규제 방안이나 법규를 마련하지 못하고 있다. 이 글은 가상자산 거래 시장의 제도화를 가로막고 있는 몇 가지 장애물을 검토하는 내용이다. 우선 가상자산의 법적 성격을 살펴보았다. 가상자산이 단순한 디지털 정보가 아닌 ‘재산권’ 내지 ‘자산’으로 이해될 수 있는지가 가장 중요한 쟁점이다. 이어 가상자산 거래소의거래 구조와 특성을 살펴보았다. 현재 가상자산은 기존 금융투자상품, 특히 유가증권과 유사하게 온라인 거래소를 통해 대량 거래가 이뤄지고 있다. 때문에 가상자산 거래소 역시 유가증권 거래소와 비교함으로써 그 특징을 비교적 손쉽게 파악할 수 있다. 이와 같은 비교를바탕으로 가상자산 거래시장의 신뢰성 확보와 투자자 보호를 위한 세부 방안으로 가상자산거래소의 등록제 내지 인가제 실시, 고유자산과 고객자산에 대한 분리 의무, 중요한 내부규약의 외부 공개 등 세부 규제방안을 검토할 수 있다.

Policy of Korean Government for Virtual Currency and Block Chains: from Absurd to Chaos

( Lyou Byung Woon ) 홍익대학교 법학연구소 2017 동북아법 Vol.11 No.-

Virtual currency is one of the seriously controversial issues in Korea. Until now Korean government does not clarify the direction for virtual currency policy. So, this article tries to explore a proper way of Korean government for virtual currency. Upon the absence of any legal framework, at first, Korea should legally define what virtual currency is. It is necessary to distinguish virtual currency with blockchain technology which serves a platform for virtual currency. Second, based on the legal definition, the Korean government will try to find out real risks and anticipated potential risks of virtual currency transactions and the related financial services. This article recommends the government an objective and scientific risk assessment process for the better recognition. Particularly, the government should disregard certain abstract concepts describing virtual currencies. Third, the Korean government will design a system and instrument to eliminate, to avoid, to reduce, or to control the risks, particularly the serious ones. Above all things, the government should prevent virtual currency from funding criminal activities and from using for fraudulent scheme and money laundering. Young Koreans who are dreaming of getting rich overnight through virtual currency should be saved from their addictive speculation. Such a dream is likely to turn into a nightmare soon. Also, international cooperation is required to adopt minimum standards for virtual currency transactions and to make those standards enforceable. If the Korean government would assure that it could eliminate or control the risks of virtual currency transactions and related services, it could legitimize the transactions step-by-step.