맑고 투명한 디지털자산 시장 조성에 관한 연구

This article explores how to make digital assets markets clear and transparent. Among criminal cases related with digital assets, fraud, violation of the Act On The Regulation Of Conducting Fund-raising Business Without Permission, violation of the Act on Door-to-Door Sales, and listing-related deception are often related to fake digital assets that are not likely to be listed on digital assets exchanges. These crimes have been punished under the existing Korean criminal law system. In South Korea, qualifications of the digital assets exchange is regulated under the Act On Reporting And Using Specified Financial Transaction Information. Still, duty to compensate customer’s damages due to hacking should be enacted, and isolation of customer’s deposited money and assets from the money and assets of the exchange should be enacted. In order to make digital assets markets transparent, duty of information disclosure should be enacted. When listing a digital asset in the exchange, material information of the digital asset should be published and disclosed, even though the items that should be disclosed with respect to the digital asset would differ from those of securities in the stock exchange. In order to make digital assets markets clear, insider trading and market manipulation should be regulated. Since there are no regulatory devices for insider trading and market manipulation in digital assets markets in South Korea, sanctions and penalties have not been implemented. If a digital asset can be regarded as a financial investment product under the Financial Investment Services and Capital Markets Act, it could be regulated by the Act to prevent insider trading and market manipulation. In order to make digital assets markets clear, this article argues that Part 4 of the Financial Investment Services and Capital Markets Act should be applied to digital assets. If such regulations are clearly legislated, predictability would be increased.