우리나라의 스테이블코인 규제 방안에 관한 연구 - 주요국 규제제도의 시사점을 중심으로 -

The potential that stablecoins currently as instruments to exchange Bitcoin, Ethereum, etc. in the virtual asset market could be used as a means of payment for goods or services in real life has been highlighted. International organizations related to financial regulation have discussed regulatory frameworks to ensure that stablecoins are safe as a payment method and comply with anti-money laundering regulations, and have proposed international standards for the regulation of stablecoins. Key governments are reflecting this and enacting laws to regulate stablecoins in their respective countries. In order for stablecoins to be allowed as a payment instrument, it is necessary to establish a regulatory system that citizens can use them with confidence like money and deposits to prevent financial consumer damage. If stablecoins perform the same functions as e-money and prepaid electronic payment instruments under the existing Electronic Financial Transactions Act, they should be subject to the same regulations under the corresponding stipulations of Electronic Financial Transactions Act. Stablecoins should also be prevented from evading anti-money laundering regulations when they are transferred from one holder to another as a means of payment or fund transfer. Regulation of stablecoins also should be designed to contribute to the stability of internet and mobile banking systems and the financial market infrastructure that supports them. The European Union and the United Kingdom have enacted and implemented legislation to regulate stablecoins, and the United States and Australia have bills under discussion in Congress and government. The regulatory proposals for stablecoins in key countries have five commonalities. First, they recognize single-currency-backed virtual assets as stablecoins and require them to have a 1:1 exchange value with the national currency. Second, they allow stablecoins to be issued only by entities that meet certain financial prudential requirements and are authorized by the government. Third, it requires stablecoin issuers to hold safe assets such as government bonds and deposits as reserve assets. Fourth, to protect stablecoin users, stablecoin users have the right to claim redemption against the issuer. Fifth, they require stablecoin issuers to comply with prudential regulations and to be supervised by financial supervisory agencies. As the digital economy evolves, governments and central banks continue to research and develop central bank digital currencies (CBDCs). The relationship between stablecoins and CBDCs will depend on the policy direction of governments and central banks on the use of both payment instruments. The relationship between stablecoins and CBDCs will be determined as governments and central banks set policy directions on stablecoin regulation and CBDC adoption, taking into account the usefulness of stablecoins and CBDCs as payment instruments, the need to foster related IT technologies, and the impact of the proliferation of both on the economy and the financial system. Considering the standards of international organizations and the legislation of key countries, the authors of this paper suggest a stablecoin regulation in Korea as follows. Stablecoins that can be accepted as a means of payment should be Korean won-based electronic currency tokens and asset-based tokens. For these, it is necessary to apply the regulations on electronic currency and electronic prepayment means in the existing Electronic Financial Transactions Act to maintain regulatory consistency between those electronic payment instruments. Issuers of stablecoins should be limited to financial companies such as banks and companies licensed and registered by the Financial Services Commission under the Electronic Financial Services Transactions Act. Issuers must comply with prudential regulations and reserve asset regulations to ensure safety as a means of payment, and anti-money laundering and combating terrorist financing regulations must be applied to stablecoins. In addition, the Financial Services Commission, the Financial Supervisory Service, and the Bank of Korea should establish and carry out a supervision and monitoring system. When introducing regulations for stablecoins, the policy direction for the function of CBDCs and stablecoins should also be considered.