가상자산 유통 시장의 공정성 제고 방안 - 상장과 거래를 중심으로 -

The recent ‘Gazua’ phenomenon has led to a surge in virtual asset transactions, attracting attention as an investment product on par with traditional stock trades. Despite the downturn in interest due to the Crypto Winter as of June 2023, virtual assets remain a significant investment market. Suspicions about the fairness of the virtual asset market, previously based on rumors, have surfaced following an investigation by the prosecution. The perceived unfairness in the virtual asset market, now recognized as an investment product, could be primarily attributed to the lack of regulations governing virtual asset exchanges. Certain operators have listed virtual assets based on questionable standards, while some executives and employees even listed virtual assets following improper solicitations. To inflate market prices, concerted parties have placed manipulative orders, such as wash sales and matched orders, to attract ordinary investors. Appropriate regulations are needed to promote fairness and stability in the virtual asset market and encourage growth. Although the virtual asset market may seem like the Wild West, corrupt practices can be partially controlled by interpreting the “Criminal Act” and the “Capital Market and Financial Investment Business Act” for security tokens. The forthcoming “Act on the Protection of Virtual Asset Users (draft)” alone will not suffice; a specific regulatory framework and legal interpretation that can punish actions occurring before its implementation are required. This study focuses on virtual asset exchanges’ listing and trading procedures, reviews issues in the virtual asset market, and proposes necessary regulatory measures.