디지털 금융의 불공정 거래(Market Abuse) 규제-미국과 EU 규제의 비교법적 분석을 중심으로- = Market Abuse Regulation in Korean Financial Market: A Comparative Analysis of Securities and Virtual Asset Frameworks

국문 초록 (Abstract)

한국은 최근 ‘가상자산이용자보호법’을 시행하여 가상자산(디지털자산) 시장의 불공정거래 규제체계를 도입함으로써, 명실상부하게 자본시장과 가상자산시장의 불공정거래를 모두 규율하는 체계를 갖추었다. 이처럼 새로 도입된 가상자산의 불공정거래 규제체계는 대체로 전통적인 자본시장 불공정거래 규제방식을 그대로 수용하였는데, 이 글은 이런 상황을 반영해 기존 자본시장 불공정거래 규제에서 출발해 새로이 가상자산을 포함한 광범위한 디지털 금융시장의 불공정거래 규제 체계를 조망해보려는 시도로 작성한 것이다.
먼저, 본격적인 논의에 앞서 ‘증권 불공정거래’와 ‘가상자산 불공정거래’를 포괄하여 ‘금융 불공정거래’라 명명하였다. 이어 ‘금융 불공정거래’에 대한 우리의 규제 체계가 갖는 특징을 이해하기 위해 미국과 EU 국가들의 규제 내용들을 비교법적으로 분석하는 방식으로 연구를 진행하였다.
계속해, 이와 같은 비교법적 분석 내용을 바탕으로 우리 금융 불공정거래 규제 체계가 갖는 몇 가지 특징들을 살펴보았는데, 세부적으로는 금융규제 목적과 형사법상 보호법익의 비교, 최근에 문제되는 거래기반 시세조종에서의 ‘유인·오인 목적’ 등 주관적 구성요건의 의미와 해석, 우리 가상자산 규제가 갖는 비교법적 문제점 등이다. 이 글에서 미처 다루지 못한 나머지 특징들은 다음 기회에 계속 살펴보기로 한다.

다국어 초록 (Multilingual Abstract)

The Korea has recently enacted ‘the Act on the Protection of Virtual Asset Users’, thereby introducing a statutory framework aimed at regulating market abuse within the virtual asset sector. In doing so, Korean Government has now established a consolidated regime which encompasses the regulation of market abuse across both the conventional capital markets and the emerging virtual asset markets.
The newly adopted framework governing market abuse in the virtual asset domain largely mirrors the established regulatory structure applied in traditional capital markets. This article proceeds from that recognition and seeks to undertake a comprehensive examination of the regulatory system governing market abuse across the broader digital financial landscape, commencing with conventional financial regulation and extending to legal structures applicable to virtual assets.
As a preliminary matter, this paper adopts the term “financial market abuse” to encompass both securities-related and virtual asset-related misconduct. This terminological approach is intended to enable a unified and systematic analysis of the legal and regulatory challenges associated with unfair financial practices. To better understand the distinctive features of Korea’s regulatory framework concerning financial market abuse, this study proceeds by way of comparative legal analysis, focusing on the regimes in the United States and the European Union. The scope of this study extends beyond conventional financial regulation and includes the criminal law dimension, with particular emphasis on statutory provisions addressing ‘financial crime’.
Continuing from the preceding comparative legal analysis, this paper proceeds to examine several salient features of the Korea’s regulatory framework addressing market abuse in Digital Financial Market.
First, this article engages in a comparative analysis of the objectives underpinning financial regulation, contrasted with ‘the legal interests’ recognised within the ambit of criminal law. Secondly, it evaluates the legal constraints associated with the use of criminal sanctions to address regulatory violations stemming from market abuse, with particular emphasis on the doctrinal limitations governing criminal liability in financial regulatory enforcement. Thirdly, it addresses interpretative challenges associated with subjective elements—particularly the interpretation and application of “intent to induce”.
The unresolved issues that remain outside the scope of this present paper will be addressed in future analysis.