가상자산 시장의 자율규제 활성화를 위한 법적 연구―불공정거래 규제를 중심으로―

Unlike stock markets, virtual asset markets do not have a concrete regulatory framework and arbitrage trading is simple, making unfair trading occur easily. Public regulations on unfair trade have not yet been introduced, so investors are expected to suffer damages. This paper presents a legal framework to activate self-regulation. First, it is necessary to establish a legal association as well as a regulatory basis for unfair trade in order to ultimately activate self-regulation. However, the introduction of public regulations takes time due to various procedures. Therefore, it is necessary not only to wait for public regulation to be introduced, but to create conditions so that self-regulation can be activated. For unified and efficient regulation, one self-regulatory organization should be selected. A self-regulatory association must enact rules related to unfair trade so that each exchange can conduct market surveillance and investigations. In addition, it is necessary to standardize and disclose these standards for market surveillance so that each exchange can play the role of gatekeeper in relation to unfair transactions. In order to secure the effectiveness of self-regulation, it is possible to design incentive systems and use disclosure strategies as well as cooperating with public regulations, such as including the evaluations of each exchange's unfair trade monitoring system as one of the exchange accreditation conditions.