자동화 프로그램과 관련한 가상자산거래의 새로운 문제 - 최근 판례 평석 및 문제 제기 - = New issues in crypto trading related to automated programs - Recent Case Reviews and Issues Raised -

다국어 초록 (Multilingual Abstract)

Trading methods using automated programs are currently widely used by many securities firms and users, and the frequency is expected to increase due to the development of online communication technology, advances in computer programming technology, advances in algorithmic trading technology, and the increase in speculative factors using virtual assets due to economic conditions. While case law has a strong tendency to allow the use of algorithmic programs in the absence of explicit terms and conditions prohibiting their use, in the case of virtual asset transactions, it tends to judge them as unfair transactions without examining the specific purpose of their use, showing a different attitude from the existing capital market law. In addition, unlike conventional securities trading, there is a tendency to partially recognize the responsibility of the exchange that provided the program for mistaken orders due to errors in the display or function of the automated program. This position is interpreted as a reflection of the practice of cryptocurrency trading, which is different from securities trading. Regarding the virtual asset trading market, Korea recently enacted the Act on the Protection of Virtual Asset Users, etc. in July 2023, which has been in effect since July 2024, based on the EU's Markets in Crypto Assets Regulation (MiCA). In addition, the Financial Services Commission announced plans to issue token securities (STOs) in February 2023 through the “Plan for Revising the Regulatory System for Issuing and Distributing Token Securities,” and confirmed plans to allow STOs in February 2024, signaling the introduction of a dual regulatory system for virtual assets.
In particular, the use of automated programs to trade cryptocurrencies is likely to be regulated under this dual regulatory framework, especially price manipulation and fraudulent fraudulent trading. However, there is still a debate on the practicality of the specific scope of application and problems in the punishment process, and we have not even begun to discuss the new unfair trade behaviors that will soon be realized with artificial intelligence technology. Based on the current incomplete legal system, it is necessary to consider new regulatory measures that fully consider the characteristics of virtual asset transactions.

참고문헌 (Reference)

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