가상자산 외부 보관과 이용자 보호에 관한 연구

This paper analyzes the feasibility of functional separation of cryptocurrency exchanges to prevent conflicts of interest, which has been actively discussed following the enactment of the Virtual Asset User Protection Act in July 2024. Recently, the Korean National Assembly suggested separating trade execution and custody functions to address conflicts of interest, a concept originating from traditional capital market structures. However, given the differences in capital market structures across countries and the intrinsic characteristics of virtual assets differing significantly from securities, it is not necessary for the virtual asset market to mirror traditional capital market structures. This study reviews regulatory approaches and trading structures of major jurisdictions, including the United States, EU, Japan, and Singapore. It finds that these jurisdictions primarily manage conflicts of interest through enhanced internal controls and transparency measures rather than enforcing physical separation of functions. Analyzing the recent Bybit hacking incident, the paper further highlights that physical separation between exchange and custody functions could ironically increase security risks. Additionally, the paper outlines various negative impacts such as increased transaction costs, longer settlement cycles adversely affecting users, and heightened vulnerability to hacking risks if physical separation is enforced. Consequently, it argues that reinforcing internal control systems and transparency is more effective and beneficial for user protection than mandating physical separation. Ultimately, the study advocates for tailored regulatory frameworks that adequately reflect the unique characteristics of the cryptocurrency market, emphasizing balanced internal control enhancements over unconditional functional separation.