가상자산사업자의 고객 가상자산 보관의 법적 성격

This paper examined the legal nature of crypto-asset custody under current law, focusing on bitcoin, and the treatment of crypto-assets in cusotdy in the event of bankruptcy of the custodian. Unlike the traditional custody of physical movable property, where the owner only transfers possession while retaining ownership, in the case of the bitcoin custody, bitcoin is transferred to the custodianʼs bitcoin address on the bitcoin network, and the custodian holds and manages the private key. The crypto-assets custody can be described as ʻʻa legal relationship under which, based on the confidence between the customer and the custodian, the customer transfers the crypto-assets to the custodian, and causes the custodian to take the necessary actions to achieve the purpose (i.e., the custody of the crypto-assets) for the customerʼs benefit.ʼʼ This corresponds to a trust as defined in Article 2 of the Trust Act. Then, the crypto-assets in custody will not constitute a part of the bankruptcy estate in the event of bankruptcy of the custodian. Since there are controversial issues over the private law nature of crypto-assets themselves as well as their custody, it is necessary to consider a legislative measure to resolve legal uncertainty, especially regarding the treatment of crypto-assets in custody in the event of bankruptcy of a custodian.