가상자산의 불공정거래행위에 관한 소고 - 유럽 MiCA의 시사점을 중심으로 -

The global market for virtual assets is growing significantly every year. As a result, the number of virtual assets transactions has increased, and the damage caused by unfair trade practices has also increased significantly. In Europe, the Regulation on Markets in Crypto Assets (MiCA) was enacted with the purpose of protecting the expanding virtual asset market and virtual asset investors, and in Korea, The Act on the Protection of Virtual Asset Users (hereinafter referred to as the "Virtual Asset Act") was enacted and took effect on July 19, 2024. Part 6 of the MiCA regulates unfair trade behavior in the virtual asset market through the prohibition of market abuse behavior. In this article, I will look at the specific contents of the MiCA, which prohibits unfair trade behavior in virtual assets, and how it can complement domestic virtual asset user protection laws in terms of sanctions, obligations, and scope of discipline. Unlike domestic laws, the MiCA strictly regulates market manipulation in relation to virtual assets through the 'deeming regulation' for market manipulation, while also affirming a broader scope of market manipulation. In the absence of a centralized virtual asset exchange, the MiCA imposes strong obligations on 'Virtual Asset Service Provider(VASP)' to prevent market manipulation in advance rather than after the fact, which is appropriate considering the damage caused by market manipulation of virtual assets, which is difficult to remedy after the fact. Finally, while domestic laws use strong criminal sanctions for unfair trade practices, the MiCA regulates market manipulation through administrative sanctions that impose high fines, and considering that market manipulation is an economic crime, I believe that sanctions that impose high fines rather than imprisonment like the MiCA are more effective.