지급결제수단으로서 스테이블코인 도입을 위한 규제프레임워크 연구 = A Study on Regulatory Framework for Payment Stablecoin in Korea

다국어 초록 (Multilingual Abstract)

As the use of stablecoins as a means of payment continue to spread, Korea must accelerate the introduction of regulation on stablecoins to foster innovation in its payment and settlement infrastructure, to enhance user convenience, and to issue won-based stablecoins in response to global stablecoins. In this process, it is necessary to establish an effective regulatory framework that addresses various risks in the issuance and payment stages, protects users, and considers potential impacts on financial stability and monetary policy. Regulation on stablecoins should achieve a balance between stability and innovation, offer a comprehensive solution that covers issuance, payment, and circulation, and adopt a priority-based strategic approach. The results of a study on regulatory framework is as follows: First, stablecoins used as a means of payment should be limited to fiat-backed stablecoins that can maintain value through 1:1 exchange with fiat currency and should be introduced as “payment stablecoins.” To ensure that the value stabilization mechanisms of payment stablecoins function smoothly, regulations must be established concerning issuer approval, management of reserve assets, and redemption procedures. Additionally, to protect users and maintain financial stability, additional safeguards such as strengthened regulatory oversight and insurance coverage must be implemented to prepare for issuer bankruptcy or periods of financial instability.
Second, to enhance the reliability of payments system using payment stablecoins, regulations should be established regarding the supervision of stablecoin service providers and the operational stability of blockchain payment systems. Stablecoin service providers, who enter into consignment contracts with issuers and perform essential tasks such as payment, trading, and exchanges with other payment stablecoins, must be qualified to carry out these roles. Though the principle of “same function, same regulation” such as PFMI, designation of a systemic payment system should be applied to blockchain payment systems, regulatory flexibility must be incorporated to account for the characteristics of blockchain technology. To promote the use of permissionless blockchains for maximizing their potential innovation, alternative measures such as enforcing the function of issurs and the intermediary role of custodial wallet providers should also be considered.
Third, for foreign-issued payment stablecoins, it is desirable to allow their use within Korea through stablecoin service providers that mediate domestic usage. This will ensure user protection and payment system stability while also promoting cross-border interoperability. It can be required that stablecoin service providers should enter into agreements with foreign issuers on matters such as information sharing, user protection, and redemption.
Fourth, from a legislative strategy perspective, the introduction of regulation on payment stablecoins should be addressed by amending the Electronic Financial Transactions Act, which governs electronic payment methods. This approach reflects the differences between payment stablecoins and virtual assets with investment characteristics, their similarities with electronic payment instruments, and the possibility of prompt legislative action.