EU의 암호자산시장규정(MiCA)과 우리나라 디지털자산법의 제정방안

This article introduces the crypto asset regulatory system and contents of MiCA, and discusses the regulation of the Korean digital asset market, especially the enactment of the Digital Asset Act. The Digital Asset Act does not exist alone, but is a part of the existing financial regulatory system, including the Capital Market Act in S. Korea. The policy needs for utility tokens, security/investment tokens, and payment tokens are completely different. As the function of the token is important regardless of the name, the securities law applies to security/investment tokens. An efficient payment and settlement system is the core of all financial systems, so asset-based tokens with a payment function should be strongly regulated from the viewpoint of financial stability. If such a token is widely used with a strong customer base, it will be further regulated by classifying it as a significant asset-based token (SART). Due to the nature of digital asset transactions based on DLT, the level of regulation in other countries and international consistency are very important. Excessive regulation can undermine the foundation for digital financial industry, but excessively relaxed regulation can cause damage to investors. Therefore, legislative practices and regulatory trends in other countries should be frequently checked and reflected in legislation and supervision. Cooperation between supervisory authorities for global stablecoins, which are widely accepted around the world, is also required. It is also necessary to stipulate international cooperation provisions for the supervision of digital assets.