Blockchain Papers

Dong Won Ko

Korean Abstract: 세계적으로 탈중앙화금융(decentralized finance: DeFi) 거래가 급격히 증가하고 있으며 국내에서도 거래 규모가 증가하고 있어 관심이 커지고 있다. 탈중앙화금융이란 중앙화금융 (centralized finance: CeFi)에 대비되는 말로서 중앙화금융에서 이용되는 금융기관의 중개 없이 암호자산(또는 가상자산)의 거래가 이루어지는 금융을 말한다. 탈중앙화금융이 가능한 것은 바로 ‘거래정보연결기술’(blockchain)을 기반으로 하는 ‘자동계약이행체계’ (smart contract)가 개발되면서 정보통신망에서 개설된 운영체계(protocol)에서 암호자산 거래가 자동적으로 이루어지기 때문이다. 거래 비용이 절감되고, 누구나 거래 참여가 가능하며, 투자에 따른 수익을 올릴 수 있어, 거래 규모가 커지고 있다. 탈중앙화금융은 전통적인 금융시장과 연결되어 있어 금융안정에 미치는 영향도 커 규제의 필요성이 제기 된다. 그러나 아직 탈중앙화금융 거래에 대한 규제 체계는 정립되어 있지 않아 법제 정비가 필요하다. 탈중앙화금융 거래의 유형을 살펴보면, 탈중앙화 예치ㆍ대여 거래, 탈중앙화 자산운용 거래, 탈중앙화 파생상품 거래, 탈중앙화 보험 거래, 탈중앙화거래소에서 이루어 지는 암호자산 거래가 있다. 탈중앙화금융 거래에 대한 규제 방향은 크게 세 가지 방안을 제시할 수 있다. 첫째는 「은행법」등 금융 관련 법률들의 해당 조항에 대한 유권해석을 통 해서 규제하는 방안, 둘째, 관련 법률들을 개정해서 명확하게 규제를 하는 방안, 셋째, 암호 자산 거래 규제 관련 일반법인 「가상자산 이용자 보호 등에 관한 법률」을 개정하여 탈중앙 화금융 거래 규제에 관한 규정들을 포함시키는 방안이다. 이 중 탈중앙화금융의 특성을 반영한 효율적인 규제 체계를 만들 수 있는 셋째 방안이 바람직한 방안이라고 판단된다. 그래서 이 법률에 담아야 할 탈중앙화금융 거래 규제 내용은 ① 탈중앙화금융 운영체계를 개설ㆍ운영하는 운영업자에 대한 등록제 도입, ② 운영업자의 투자자에 대한 설명 의무, ③ 이용수수료ㆍ수익률 등의 공시 규제, ④ 거래 및 운영 현황 공시 규제, ⑤ 광고 규제, ⑥ 전산보안 체계 구축 의무, ⑦ 운영업자의 감독기관에 대한 운영 현황 등 보고 의무, ⑧ 분쟁조정 등 분쟁해결 절차 등이다. English Abstract: Recently, “decentralized finance” (DeFi) is rapidly growing in crypto-asset markets. DeFi means decentralized applications (Dapps) providing blockchain financial services using smart contracts, including staking and lending crypto-assets, exchange, insurance, derivatives, and asset management services. DeFi typically operates without centralized intermediaries (i.e., traditional financial institutions) and uses open protocols. Although the size of DeFi is rapidly growing globally and domestically, a regulatory regime for DeFi has not yet been firmly set up, and a regulator in each country has not yet established a detailed plan and strategy to regulate the DeFi industry. Thus, many investors may incur losses partly arising from the DeFi operator’s misconduct, unlawful activities, or unfair crypto-asset trading. Moreover, DeFi may impact financial stability since it closely relates to traditional financial systems and the real economy. Considering this current situation, this article seeks to review the current developments of DeFi and to suggest how to regulate DeFi markets. In particular, in specifying a regulated entity, this paper recommends that an operator of DeFi protocols be a regulated target regardless of the existence of governance token holders who influence the decision of a protocol’s operation. Further, this article argues that the recently enacted “Virtual Asset Investor Protection Act” should be revised to regulate DeFi, comprised of those requirements, including an operator’s registration, disclosure of fees and operation status, maintenance of a robust cyber-security, reporting to a regulator, and regulating an operator’s advertisements, rather than revising the current relevant laws, such as banking law, capital market law, and insurance law.

John A. Ross, Oliver D. Finnigan

The Korean family planning program from 1964 to 1968 is considered in its entirety. The program is financed primarily by Korean government appropriations (averaging about $2 million in past years from central and local budgets) but also is supported substantially by foreign agencies such as the Population Council SIDA and AID. The Planned Parenthood Federation of Korea working in cooperation with the government is financed by about $200000 yearly from Korean government and foreign sources. The program has offered the IUD condom and vasectomy to every couple without charge. Accomplishments include adoption of the loop or vasectomy by 1/3 of couples with wife below age 45 elicitation of the best response among illiterate and low-income families and in rural areas reduction of crude birth rate by roughly 10% as of 1968 by IUDs inserted through mid-1968 and launching a pill program for IUD drop-outs starting with an unknown method a population of 30 million was informed of it and their approval won. Approaches used in the program have included strong governmental policy; implementation through the existing health structure; decentralization of functions to local and provincial government levels; payment by government of physicians and fieldworkers involved as well as vasectomy acceptors for work lost; high fieldworker density; fixation of target quotas with positive and negative sanctions on workers; and full use of mass media. Problems to be dealt with involve funding doctorless and remote areas and termination rates. The problems have been obtaining the funds; areas that are doctorless and that are remote; the training of workers; funds for maintenance and supply systems; shortcomings of the present contraceptive methods; and the changing of field-worker duties.