NFT 규제에 대한 비교법적 고찰―증권형 및 가상자산형 NFT를 중심으로―

Non-Fungible Token(NFT) is a token that cannot be replaced with other tokens because each token is unique and cannot be replaced with other tokens. The rapid growth of the NFT market in 2021 drew the attention of regulators around the world, but there are few countries that have introduced NFT-specific regulations, so it is necessary to discuss the regulatory system. Most of countries are regulating NFTs by interpreting the existing regulations such as securities regulations. Among the US, EU, and Japan investigated in this paper, the US SEC seems to be most actively reviewing regulations. In Japan, although it is not a statutory self-regulatory organization, two private associations have prepared and implemented guidelines for NFT's judgment of securities properties. If an NFT project has the characteristics of securities, such as raising funds and distributing the profits of the management to investors, it needs to be classified as a security-type NFT and securities regulations should be applied. As suggested in the revised FATF guidelines, when NFTs become a means of payment and settlement or investment, they should be classified as virtual assets. In the secondary market, unlike the stock market, the NFT market is a decentralized way of trading between buyers and sellers, and it develops through word of mouth in the community. Wash sale may occur because the larger the trading volume of NFTs, the more effective it attracts investors, and the rewards are received according to the trading volume. In addition, price manipulation through the spread of rumors may occur, and there may also be acts of using undisclosed information, so regulations for such behaviors are necessary.