가상자산 이용자 보호 등에 관한 법률상 이용자 보호 규정의 검토

With the increasing trading volume of cryptographic assets through exchanges, the frequent occurrence of exchange bankruptcies has highlighted the necessity for the protection of cryptographic asset exchange users. Accordingly, the government enacted the Cryptographic Asset User Protection Act on July 18, 2023, instead of preparing a fundamental law on cryptographic assets. This paper analyzes cases of user losses resulting from the bankruptcy of cryptographic asset exchanges and examines how these losses are regulated under the Cryptographic Asset User Protection Act, categorizing them into deposits and cryptographic assets. In particular, it focuses on issues arising from the ambiguity of legal relationships regarding the management agencies of cryptographic asset exchanges in relation to deposit protection, the exclusion of user protection grounds in the initiation of rehabilitation proceedings for exchanges, and specific issues related to priority payment procedures. Furthermore, the paper analyzes how the current regulations are insufficient to protect users from both the risks of embezzlement and bankruptcy of cryptographic asset exchanges. Additionally, it compares the relevant legislative frameworks of Japan, UNIDROIT, and the European Union to assess the practical adequacy of Korea’s Cryptographic Asset User Protection Act. Through this paper, we aim to propose directions for the future improvement of the Cryptographic Asset User Protection Act and contribute to establishing a foundation for the stability of the cryptographic asset market and the protection of its users.