금융안정, 지급결제안정 및 통화정책 유효성을 고려한 스테이블코인 규제 방안

Stablecoins, as digital assets pegged to legal tender, are privately issued but perform monetary functions similar to traditional currency, exerting multilayered effects on the conventional financial system and legal framework. This paper comprehensively analyzes the macro-financial implications of stablecoins in terms of financial stability, monetary policy, and payment system integrity. It further compares major regulatory approaches adopted by the EU, Japan, the United States, the United Kingdom, Singapore, and Hong Kong to present a regulatory framework tailored for South Korea. To safeguard financial stability, the paper recommends imposing strict eligibility criteria for issuers, establishing robust reserve asset requirements, mandating transparent accounting and disclosure, and introducing tiered regulation for systemically important stablecoins. For maintaining the soundness of the payment infrastructure, legal recognition of stablecoins as a means of payment, the enforcement of redemption rights, consumer protection obligations such as disclosure and complaints handling, integration into the oversight framework, and AML/CFT-specific regulation are proposed. With regard to enhancing the effectiveness of monetary policy, the study highlights the importance of pre-authorization for foreign currency-linked stablecoins, restrictions on interest payments, and defining a complementary relationship with central bank digital currencies (CBDCs). By proposing a stablecoin regulatory regime that accommodates both global regulatory alignment and the unique features of Korea's financial market, this study contributes to the development of legislative and policy foundations for digital finance governance in Korea.