가상자산 거래시장에서의 유동성 공급활동의 한계 －유동성 공급활동의 투명성－

Unlike the Korea Exchange stock market, the Centralized Exchange (CEX) virtual asset market operates like a simulated stock market or game that is far from the real world. All tasks such as submission of sell or buy orders, transaction conclusion, clearing, liquidation, and deposit of trading assets are processed only within the system linked to the virtual asset trading market, and related information is also maintained and monitored within the system. Several legal issues have arisen in relation to liquidity provision activities based on the closed operating structure of the CEX, and controversies have arisen mainly from a criminal law perspective due to the lack of clear regulatory laws governing the virtual asset trading market. In this article, we examine how liquidity provision activities in CEX can be regulated from the current financial regulatory law perspective, and identify the minimum prerequisites to justify liquidity provision activities in CEX market which is related to the limits of liquidity provision activities. One of the reasons why liquidity supply activities have been controversial in the virtual asset trading market so far is non-transparency of information on liquidity supply activities. It is difficult for users to predict when and how liquidity supply activities are carried out. Such non-transparent liquidity supply activities can be evaluated as abnormal behavior, and as a result, there is a possibility that it can be deemed as an unfair transaction. Therefore, in order for liquidity supply activities to be justified, the trading market operator needs to transparently disclose information about how liquidity supply activities are carried out and the details of the activities. Transparency of information regarding such liquidity supply activities will be the cornerstone for creating a sound and fair trading market.