탈중앙화금융의 불공정거래 양태 및 가상자산법 적용 검토

This study aims to provide an overview of recent trends in decentralized finance using virtual assets and examine the legal challenges the unfair trading regulations contained in the Law on the Protection of Users of Virtual Assets, which will take effect in July 2024, pose for the regulation of decentralized finance. The literature review shows that despite decentralized financeʼs advantages, traditional unfair trading behaviors such as the use of listing information, wash trading, Pump & Dump and different behaviors such as front running and oracle attacks have emerged. To regulate these unfair transactions, it is necessary to consider expanding the definition of decentralized finance, expanding the scope of insiders, and expanding the scope of non-public information use and market manipulation regulations, such as introducing linked market manipulation regulations. There is also a need to address conflict of interest issues, such as with auditors. Many countries like the United States and Japan and international organizations have already started regulatory discussions on decentralized finance. Considering the importance of global regulatory cooperation in the virtual asset market, Korea can no longer delay the discussion on the regulation of decentralized finance. Given that innovation in digital finance can only occur with high level of market integrity, it is important to focus on unfair trade in decentralized finance, which could become a major pillar of digital finance in the future.