원화 스테이블코인의 활성화를 위한 규제 방안 - 유럽의 암호자산시장규정(MiCA)를 중심으로 -

This study aims to examine the institutional feasibility of Korean won-based stablecoins and analyze the accompanying legal and regulatory challenges, while proposing regulatory frameworks and policy improvements to overcome such obstacles. Stablecoins have recently garnered significant attention as a means to ensure price stability in the virtual asset market. Their potential integration with traditional payment systems, efficiency in international remittances, and complementary relationship with central bank digital currencies (CBDCs) have led to increasing policy interest worldwide. However, in Korea, the infrastructure to support the use of won-based stablecoins remains underdeveloped, and discussions on their institutional acceptance are still in their early stages. To address this gap, this paper conducts a comprehensive analysis of the provisions concerning Electronic Money Tokens (EMTs) under the European Union’s Markets in Crypto-Assets Regulation (MiCA). The study reviews key aspects such as the regulation’s objectives, scope of application, definitional elements, conditions for public offerings and listings, white paper requirements, revenue models for issuers, and asset management regulations. Through this analysis, the paper aims to derive insights into how MiCA seeks to achieve investor protection and market integrity and draw implications for potential domestic legislation in Korea. Domestically, the highly advanced account transfer-based payment infrastructure reduces the perceived need for stablecoin adoption among general consumers. Moreover, Korea’s stringent foreign exchange control regime, primarily governed by the Foreign Exchange Transactions Act, has limited cross-border financial activity, reinforcing a domestically focused financial structure. In addition, as a non-reserve currency country, the Korean won faces inherent structural limitations in achieving international credibility and widespread usability as a stablecoin. Therefore, institutionalizing and commercializing Won-based stablecoins in Korea requires more than simply mimicking foreign regulatory models or linking to fiat currencies. A strategic framework must be adopted that reflects Korea's unique market conditions, incorporates functional differentiation, and provides regulatory incentives. Notably, MiCA applies existing regulatory frameworks, including electronic money laws and anti-money laundering rules, to EMTs, based on their functional similarity to fiat currency. In this context, Korea is also likely to face critical issues of regulatory conflict or coexistence between stablecoin-specific rules and existing laws such as the Electronic Financial Transactions Act (EFTA) when pursuing institutional adoption. Accordingly, this paper presents three proposals centered on the EFTA. First, a dual regulatory framework should be established by clearly distinguishing the legal concepts and regulatory boundaries between electronic money tokens and prepaid electronic payment tokens. Depending on the function and use purpose of a stablecoin, stricter regulation may be required—particularly for deposit protection or redeemability—whereas more flexible regulatory design should be applied to facilitate small-value or everyday transactions. A differentiated approach tailored to regulatory objectives by type can enhance both legal clarity and predictability. Second, current restrictions under the EFTA on asset management and interest payments hinder the ability of stablecoin issuers to generate revenue. To ensure the business sustainability of issuers, regulatory reforms are needed to allow greater flexibility in fund management and to enable the structuring of viable revenue models, including partial profit-sharing mechanisms. Third, given the already sophisticated payment infrastructure in Korea, it is difficult for won-based stablecoins to offer meaningful differentiation to users. Thus, legal and institutional supplementation is required to enhance their redeemability, stability, and ease of use. Furthermore, to improve practical adoption and foster user trust, a transparent disclosure regime must be established. This includes mandatory preparation and publication of white papers for virtual assets, regular reporting on reserve management, redemption criteria, and exposure to risks. In addition, a market-based mechanism for value assessment and risk detection should be implemented to enhance transparency and market discipline. By analyzing the MiCA framework and examining its relevance within the Korean legal system, this study seeks to provide a practical foundation for future legislation and policy development regarding stablecoins in Korea.