가상자산 온체인 데이터 분석을 통한내부자 거래 규제 가능성에 대한 연구

While there is a need to regulate insider trading activities in the virtual asset market, effective regulation is highly challenging due to the difficulty of identifying insiders. Despite the necessity for prohibiting insider trading and disclosing related information in the virtual asset market, it is fundamentally different from the capital market, making it impossible to implement a regulatory framework that identifies issuers and punishes or restricts their actions. Nevertheless, given that transactions by individuals holding a large amount of virtual assets can impact the market and that users are exposed to unlimited price volatility without access to pertinent information, there is a need for a regulatory framework akin to that of insider trading laws or one that can achieve similar effects. However, due to the aforementioned practical difficulties, it is crucial to discuss what kind of regulatory framework can effectively protect users and, if identifying insiders is impossible, what criteria should be used for regulation. Additionally, if post hoc punishment or corrective actions are difficult, there is a need to consider what preventive measures can be taken to protect users. This study acknowledges the current situation where it is difficult to identify insiders and proposes an alternative user protection approach that can replace the actor-centered regulatory framework. Specifically, the proposed alternative in this study involves utilizing on-chain data that can be verified during virtual asset transactions. Therefore, this study hypothesizes that ʻʻwalletsʼʼ and the ʻʻinformation generated from walletsʼʼ can serve as key subjects for observation and sources of information, and seeks to determine whether monitoring wallet fund flows and providing this information to users can serve as an effective means of user protection. If the impact on the market can be understood through the flow of funds in wallets, it would be possible to observe the patterns of such wallets, provide users with information, and give warnings about market shocks. Specifically, this study identifies transaction patterns that influence the virtual asset market and hypothesizes that ongoing monitoring of wallets exhibiting these patterns can achieve the same effect as insider trading regulations. To do so, the study introduces the concept of centrality through network analysis. It further verifies that when a large number of virtual assets are transferred from highly central nodes, there is an impact on market prices. Based on these findings, the study concludes that continuously monitoring the transactions of wallets with high centrality, providing information to the market, and mitigating shocks can achieve the purpose of user protection. Since this effect is identical to that of the pre-disclosure system for insider trading, the study proposes this as a normative system that could replace the insider trading pre-disclosure system.