국내 가상자산 현물 ETF의 도입 가능성에 대한 법적 검토 - 비트코인 현물 ETF 중심으로 -

Recently, major jurisdictions including the United States have approved spot Bitcoin ETFs, signaling a significant shift toward institutional acceptance of crypto-assets as legitimate investment vehicles within the regulated financial system. This global trend has prompted renewed interest in the potential introduction of spot crypto-asset ETFs in South Korea. However, there remains a lack of comprehensive legal analysis on whether crypto-assets such as Bitcoin can be recognized as underlying assets under the current Capital Markets Act, whether their market prices can be reasonably and objectively determined, and whether a lawful trust structure can be constructed under the existing legal framework. This paper first outlines the legal and structural features of ETFs in general, and examines the structural distinctions between spot ETFs and futures ETFs. It then investigates the specific characteristics and legal issues of crypto-asset-based spot ETFs, focusing on whether crypto-assets meet the legal requirements of underlying assets under the Capital Markets Act, the feasibility of establishing objective and rational pricing mechanisms, and the legal adequacy of the trust framework. The analysis is further enriched by comparative references to international developments, including the landmark U.S. decision in Grayscale Investments, LLC v. SEC, and South Korea’s recent policy roadmap toward the phased institutionalization of crypto-assets announced by the Financial Services Commission. The findings suggest that although crypto-assets may, in principle, be included within the scope of underlying assets under the Capital Markets Act, the lack of clear valuation standards and a reliable pricing mechanism, coupled with insufficient legal foundations for trust structures and prudential regulations applicable to financial institutions, indicates that the introduction of spot crypto-asset ETFs in the domestic market is premature. For such instruments to be legally viable in the future, a series of legislative and regulatory amendments will be required, including the formal legal definition of crypto-assets, the development of standardized valuation criteria, and the establishment of legally sound trust mechanisms under both the Capital Markets Act and the Trust Act. This study contributes to the ongoing legal and policy discourse by offering a comprehensive analysis of the legal challenges associated with the institutionalization of crypto-asset ETFs and aims to provide a foundational reference for future legislative efforts in South Korea.