탈중앙 금융(DeFi)에 대한 실효적 규제 방안

The rise of Decentralized Finance (DeFi) fundamentally disrupts traditional regulatory frameworks, creating a significant void. This paper argues this vacuum is being filled by arbitrary “private sanctions.” An analysis of the Hyperliquid (Perp DEX) incident reveals how a centralized validator group executed an ad hoc rollback, highlighting the danger of centralized power operating without due process. This paradox establishes the urgent need for public regulation. However, traditional enforcement is ineffective. Post-hoc punishments (as in United States v. Eisenberg) fail to prove ‘falsity’ in code-based systems, while direct interventions like government-mandated rollbacks are technically and jurisdictionally unfeasible. Given these limitations, this paper proposes a pragmatic, multi-layered regulatory model shifting from direct intervention to indirect, technology-centric controls. The model leverages Centralized Exchanges (CEXs) as gateways, mandating “Dynamic Risk Assessment” of user wallets. This is supported by a voluntary ”Certified Digital Asset Infrastructure Provider (C-DAIP)” certification for key infrastructure (auditors, oracles), creating a market-based incentive for higher standards. Finally, the paper outlines a long-term vision for “Embedded Regulation.” This includes pre-emptive “Compliance-by-Design” to enforce rules at the code level, and a post-hoc “Digital Dye” traceability system, where a ‘Public Registry’ (a regulatory oracle) propagates a “Taint Score” to illicit assets, neutralizing their value and facilitating recovery.