중국 가상자산 규제의 이원적 구조(二元结构) 연구 - 가치 평가의 모순과 형사법적 쟁점

China’s regulatory approach to virtual assets is defined by a dualistic structure in which administrative authorities deny their legal property status, while judicial practice simultaneously affirms their value in criminal proceedings. This divergence becomes particularly problematic when dealing with criminal proceeds: victims seek restitution, whereas the state asserts its authority to confiscate illicit gains. Although substantive criminal law in principle prioritizes victim compensation, its effective implementation is hindered by the absence of standardized valuation methods, lawful monetization procedures, and reliable mechanisms for tracing and identifying virtual assets. As a result, the administrative prohibition effectively undermines one of the core objectives of criminal justice—restoring victims to their original position—producing a normative contradiction in which legal norms and regulatory realities diverge. Based on this analysis, the study suggests that South Korea’s subsequent legislative and institutional reforms should clarify the legal nature of virtual assets, secure procedural specificity for confiscation and collection, and codify valuation standards.