SUNSEOP JUNG
University of Melbourne Law School, Melbourne, Australia, February 1998 – August 2002 Ph.D. 2002
Seoul National University College of Law, Seoul Korea, 5 March 1983 – 28 February 1987 LL.B. 1987
Professor, Seoul National University Law School, October, 2007 – Present
Chairman, Self-Regulatory Committee, Korea Financial Investment Association, 2021 – Present
Former President, Korea Academy of Financial Consumers, Financial Information Society of Korea, Korea Banking and Financial Law Association
Former Commissioner, Financial Services Commission, Republic of Korea, May 2015 – May 2018
『Trust Law』 2021
『Capital Markets Law Basic Cases 2nd edition』 2021 (co-author)
『Banking Law』 2017
『Capital Markets Law 3rd edition』 2013 (co-author)
Crytptocurrency and CBDC: Law and Practice in Korea
Abstract:
Regarding crytptocurrency, there are various discussions ranging from regulating them as securities under the Capital Market Act to excluding the application of financial regulations from the perspective of financial innovation. However, when a new product is introduced, the order of discussion is to identify the economic function, determine the legal structure, determine the legal nature from the perspective of the financial regulation and the general private law, and then make necessary regulations according to the regulatory purpose. Of course, at the present stage, such a function grasp and structure determination cannot be perfect. Therefore, it is possible to view cryptocurrency as a new function that combines these functions, and to introduce a completely new regulation mainly from the point of view of consumer protection. The CBDC, issued directly by the central bank, presents a new challenge under the law of money.
This paper first introduces the concept, structure, and economic function of cryptocurrency and CBDCs that are being discussed in Korea. Second, this paper will also examine the legal nature of cryptocurrency and CBDCs, together with the application of securities and derivatives regulations and collective investment regulations under the Capital Market Act, the central bank law, the Banking Act including prudential regulations, and other financial regulations. Third, the contents of the Basic Act on Digital Assets, currently being prepared by the Korean government, are introduced and problems are summarized.