선불전자지급수단과의 비교를 통한 스테이블코인 규제방안 제안

This study provides a foundational analysis aimed at proposing regulatory directions for stablecoins. By comparing stablecoins with prepaid electronic payment instruments, which are widely used as electronic means of payment, the study identifies the distinctive characteristics of stablecoins and proposes a regulatory framework tailored to those characteristics. The paper first defines the concepts of stablecoins and prepaid electronic payment instruments, and then derives the features that distinguish stablecoins from existing payment instruments, including prepaid electronic payment instruments: (i) the difficulty of characterizing users’ rights solely as contractual claims; (ii) the inherent limitations on transaction traceability arising from the application of distributed ledger technology; and (iii) a circulation structure that is independent from the issuer, resulting in enhanced autonomy and authority of users and intermediaries. Based on this analysis, the study proposes granting quasi-property rights to stablecoin holders and, in line with the approach suggested by the Bank for International Settlements (BIS), explores a framework under which only assets that meet certain compliance standards—assessed from an anti-money laundering (AML) perspective—are permitted to enter the existing financial system through off-ramps. In addition, the study argues for the need to strengthen regulatory requirements for intermediaries, such as payment service providers (PSPs) and wallet operators, other than issuers. This study is expected to contribute to the establishment of a regulatory framework grounded in the inherent characteristics of stablecoins.