가상통화 관련 주요국의 정책 현황과 시사점 -...
TRANSCRIPT
· ([email protected], 044-414-1086)
([email protected], 044-414-1236)
([email protected], 044-414-1051)
([email protected], 044-414-1145)
· ([email protected], 044-414-1123)
2018 2 8 Vol. 18 No. 3
ISSN 1976-0515
,
- ,
.
-
,
.
-
.
-
2014 ·
- 5
- ,
-
,
(ICO)
, .
- ,
.
- G20
.
KIEP 2018.2.8
KIEP 2018.2.8
1. 1)
(Bitcoin; BTC)
.
- 2016 , 2017 1 3
1,023 12 17 19,290 .
2017 12 35 .
1. 2. (: ) (: /)
: blockchain.info(: 2018. 1. 29). : blockchain.info(: 2018. 1. 29).
- (FRB)2) BIS(Bank for International Settlements),3) ECB(European Central Bank),4) IMF5)
(CBCC: Central Bank Cryptocurrency)
(CBDC: Central Bank Digital Currency) 6)
- , .
coinmap.org 2018 1 30
11,750 7)
, ,8) ,9) ,10) 11)
1) , (virtual currency), (digital coin),
(cryptocurrency) . . 2) Mills et al.(2016), “Distributed Ledger Technology in Payments, Clearing, and Settlement,” Finance and Economics Discussion
Series 2016-095, FRB System. 3) BIS(2015), “Digital Currencies,” Committee on Payment and Market Infrastructures(CPMI). 4) ECB(2015), “Virtual Currency Scheme-A Further Analysis.” 5) IMF(2015), “Virtual Currencies and Beyond: Initial Considerations”; IMF(2017), “Fintech and Financial Services: Initial Considerations.” 6) Bech, M. and R. Garratt(2017), “Central Bank Cryptocurrencies,” BIS Quarterly Review, pp. 55-70. 7) PwC
https://www.pwchk.com/en/press-room/press-releases/pr-301117.html(: 2018. 1. 31). 8) https://support.microsoft.com/en-us/help/13942/microsoft-account-add-money-with-bitcoin(: 2018. 1. 31).
KIEP 2018.2.8
, , ,
3.
: coinmap.org(: 2018. 1. 31).
, 12) ,
P2P .
- , coinmarketcap.com 2018
1 28 1,474 5,891 .
2018 1 29 33.6%, (Ethereum;
ETH) 21.1%, (Ripple; XRP) 8.8% 10 75.9% .
, (coin; ,
, ) (token; EOS, TRON ,
) .
- , (hard fork), (ICO: initial coin offering)
.
, (’17.8.1.),
(’17.10.24.), (‘16.7.24.) .
(ICO)
.
coinschedule.com 2017 ICO 235 37 , 1
Filecoin, Tezos, EOS stage 1 5.
9) https://www.overstock.com/bitcoin(: 2018. 1. 31). 10) https://www.expedia.com/Checkout/BitcoinTermsAndConditions(: 2018. 1. 31). 11) https://promotions.newegg.com/nepro/16-6277/index.html(: 2018. 1. 31). 12) (altcoin) .
5
KIEP 2018.2.8
4. 5. (: ) (: %)
: . : coinmarketcap.com(: 2018. 1. 31).
: . : coinmarketcap.com(: 2018. 1. 31).
- , P2P(peer-to-peer)
(OTC: over-the-counter) .
,
2014 2 (Mt. Gox, 85 )
2016 8 (Bitfinex, 12 ) 2017 12 (Youbit,
17%) 2018 1 (Coincheck, NEM 5 2,300 5
) .
P2P OTC
, 2017 9 Localbitcoins, Coincola, Paxful P2P
13)
,
- (blockchain) (distributed ledger)
14)
(TTP: Trusted Third Party)
P2P
,
15)
-
, ,
13) https://www.ifcert.org.cn/industry/29/IndustryDetail(: 2018. 1. 31). 14) (2016), , 2016-2. 15) ‘ ’(http://www.leejungmin.org/post/2017/05/30/mastering-bitcoin/) .
KIEP 2018.2.8
.
, , ,
-
.
10-8(1 1)
(herd behavior) .
IT , 24
.
-
,
2013
, 2017
(tether) ,
16) (CFTC: Commodity Futures Trading Commission)
(’17.12.6.) 17)
1,700
18)
2018 1 25, 68kg
‘’ .19)
6. (: %)
: 7 ; USDT 1:1 . : cryptocompare.com(: 2018. 1. 31).
16) http://www.tetherreport.com/(: 2018. 2. 2). 17) https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc(: 2018. 2. 1). 18) (2018), , , (1 31). 19) (2018), 68kg , VIP (1 31).
http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201801310942001(: 2018. 1. 31).
KIEP 2018.2.8
20) (FATF: Financial Action Task Force) (AML: Anti Money Laundering)
(KYC: know your customer) . 21) https://coinmarketcap.com/currencies/tether/(: 2018. 2. 1). 22) 2017 9 17 Friedman LLP (memorandum) ,
.
1.
(tether) ,
.
-
.
,
.20)
- (USDT) 11
(Tether Holdings)
.
(EURT) 11
- USDT .
2018 1 31 22 5 USDT , 2017 9 1 3 2
21)
2017 4, (Wells Fargo) ,
.22)
- ,
.
iFinex Inc. , CEO
, OKEx, Huobi, HitBTC
- USDT 10%
8
KIEP 2018.2.8
-
, 2018 G20
23)(Swiss numbered
bank accounts) G20 (’18.1.12.)
, ,
4 G20 (’17.12.18.),
2.
.
[ ] .24)
- 2009 1 2012
( 7 ), 2017
.
-
2 , (Coinbase)25), (Bitstamp) 3
50% ( 1 ).
7. (: )
: http://data.bitcoinity.org/markets/volume/all/USD?c=e&t=b(: 2018. 1. 30).
23) , . 24) . 25) GDAX(Global Digital Asset Exchange) · .
KIEP 2018.2.8
1. ( 2 ) (: , %)
Bitfinex Coinbase Bitstamp
20.1 8.2 6.9 3.9 3.7 3.4 3.1 2.5 2.4 4.3
34.5 14.0 11.8 6.7 6.4 5.8 5.2 4.2 4.1 7.3
: http://data.bitcoinity.org/markets/volume/all/USD?c=e&t=b(: 2018. 1. 30).
[ ]
.
-
.
- (FinCEN: Financial
Crimes Enforcement Network) (IRS: Internal Revenue Service).
-
.
- .
[ ] FinCEN
.
- FinCEN Bank Secrecy Act (Money Services Business)
.
- 2013 3 18 ‘Application of FinCEN’s Regulations to Persons Administering,
Exchanging, or Using Virtual Currencies’ (guidance) 26)
(decentralized) E-gold, Liberty Reserve
(Virtual Currency) .
- FinCEN
, , ( 2 )
.
26) https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf(: 2018. 1. 22).
KIEP 2018.2.8
FinCEN
27)28)
FinCEN 3 .
[ ] IRS .
- 2014 3 (property)
29)
(fair market
value) (gross income) .30)
(miner)
(capital gains tax)
.
- IRS · .
-
.
[ ] 2017 .
- ‘(like-kind exchange)31)’
.32)
27) https://coincenter.org/entry/aml-kyc-tokens(: 2018. 1. 22). 28) . FinCEN
. 29) https://www.irs.gov/pub/irs-drop/n-14-21.pdf(: 2018. 1. 24). 30) IRS ·
31) ,
. 32) https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#75d0c1e626a8
: FinCEN(2013), “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies”(:
2018. 1.22).
/
(exchanger)
(administrator)
11
KIEP 2018.2.8
-
33)
[] (SEC)34) 2017
.
- SEC 2017 7 25 ICO
35)
SEC ICO
36)
- SEC 2017 .
2017 8 SEC ICO Prostarr ICO ()
2017 9 29 2 ICO 37)
2017 12 4 ICO PlexCorps Dominic Lacroix 38)
- SEC (Jay Clayton) 2018 1 8 ICO
39)
- SEC ICO
40)
SEC
[]
.
- · (Sigal Mandelker) 2018 1 17
(US Senate Banking Committee) ‘ (evolving threat)’
41)
(: 2018. 1. 25). 33) https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us(: 2018. 1. 25). 34) Security Exchange Commission. 35) https://www.sec.gov/litigation/investreport/34-81207.pdf(: 2018. 1. 25). 36) https://www.ccn.com/the-sec-on-icos-and-cryptocurrency-a-rocky-but-optimistic-ride/(: 2018. 1. 29). 37) https://www.sec.gov/news/press-release/2017-185-0 (: 2018. 1. 29). 38) https://www.sec.gov/news/press-release/2017-219(: 2018. 1. 29). 39) https://www.reuters.com/article/us-usa-sec-bitcoin/sec-warns-bitcoin-cryptocurrency-investors-at-risk-idUSKBN1ET1YI(
: 2018. 1. 29). 40) https://www.sec.gov/divisions/investment/noaction/2018/cryptocurrency-011818.htm(: 2018. 1. 29). 41) https://home.treasury.gov/news/press-releases/sm0251(: 2018. 1. 28).
KIEP 2018.2.8
FinCEN 100 IRS
(compliance) .
42)
-
2018 1 25
43)
.
[ ] 2015 44) 2017 ()
1 , .
- 2017 40%
.45)
· 2017
1 .
- (bitFlyer) 1
(90.1%), (FX) (75.6%)( 9 ).
- · ,
‘ ’ .
1, 2 ,
, ( ), LP (, ·
) , ()UFJ, SBI ·
· .46)
42) 2017 7 BTC-e , , 1 1
BTC-e (Alexander Vinnik) 1 2
. 43) http://vip.mk.co.kr/news/view/21/20/1569796.html(: 2018. 1. 25). 44) , , ‘()’ , ‘()’
. 45) , 2017 · 30~60%
, 1, 2 . 2018 1 30 cryptocompare.com . 46) .
KIEP 2018.2.8
8. (JPY-BTC) 9. (JPY-BTC)
: . : Bitcoin(: 2018. 1. 29).
: (2018. 1. 22~2018. 1. 18) . : cryptocompare.com(: 2018. 1. 29).
[ ] 2014
·
- 2014 ()
2014 2 75 10 , 85
, 20 65 .47)
,
2015 CEO ·
.
- · G7 ·
(FATF)
2015 6 G7
FATF (exchanger) · ,
, , · 48)
- 2014 ,49)
2016 5 2017 4 .
47) 85 7% , 1 =550 470 . 48) http://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-currencies.html(: 2017.
1. 28). 49) , 2015 7 (
) . 2016 3
KIEP 2018.2.8
[ ] ·
‘’ , 2017 4
- 50) ,
()· ‘(Virtual Currency Act)’
-
.
‘ ’ (
2 )
‘’ ··
P2P , ,
.
,
50) (2016. 5. 25), .
2. ‘’
‘’ , ,
(),
()
3.
- ,
- · ,
-
: · ()
·· ,
- ··
- P2P
- ·· )
- · ( )
: Anderson Mori & Tomotsune(2016), .
15
KIEP 2018.2.8
[ ] ,
,
.
- [ ] 2017 7
· , .
( 8%),
2017 52)
‘’ 5~45%
53)
- [ ] 2018 1 26 NEM(New
Economy Movement)
, .
580 (5 ) NEM , NEM
··
51) 2018 1 17 16 , 16 .
(http://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf, : 2018. 1. 28). 52) (2017. 3. 31), . 53) (2017. 12. 1), .
2.
- [ ]
, (1,000 ) ,
( )51)
- [ ]
, (
),
.
- [ ] · ·
- [ ] ·
, 200 ·, 10 ()
( )
.
KIEP 2018.2.8
() 1 26
, 29
.54)
16 ‘’55) 16 2 13
.
.
[ ] 80%, 95%56)
, 2017 9 .
- ·
,
,
- 2017 ,
, 2017 9 .
10. 11. (: ) (: )
: bitcoinity.org(: 2018. 1. 29). : bitcoinity.org(: 2018. 1. 29).
54) https://jp.reuters.com/article/fsa-coincheck-idJPKBN1FI0AI(: 2018. 1. 30). 55) ()
, 2017 4 9 . 56) 2017 1 98%, 95%, 80% , 80%
. 95% (coindesk.com) .
17
KIEP 2018.2.8
[] 5 ,
.
- 2 19
.
- ,
.
2016 52% , .57)
-
.
[ ] 2013
2017 .
- 2013 12
.
() , ·
.58)
- 2014 4 2013
.
- 2016 , 2017 1 2
.
.
- 2017 9 (ICO) .
- 2018 1 (4)
(17) .
2018 1 17
, .
57) https://www.wsj.com/articles/bitcoin-trading-faces-greater-scrutiny-in-china-1484818656. 58) ····, .
KIEP 2018.2.8
2013. 12 59)
- - -
2014. 4 60) -
2017. 1~2 61)
- ·, ( ) ·
2017. 9. 4 62)
- (ICO) ( ) -
2018. 1. 4 63)
- , , .
2018. 1. 17 64) -
: (http://www.pbc.gov.cn) (http://www.csrc.gov.cn) .
[]
,
.
- P2P
, P2P .
- , , ,
.65)
- ,
.
-
.
.
, ,
59) ····, . 60) . 61) “”, “”, “”“”“”“”“”“BTC100”“”“”“
” 11. 62) , . 63) . 64) . 65) http://www.scmp.com/business/companies/article/2117806/china-closes-its-doors-cryptocurrencies-exchanges-shift-their;
KIEP 2018.2.8
[ ]
- , , .
(Kraken) 1 1 7
, , ( 12 ).
12. 1 ‘- ’ 20 (: )
: 1) (USDT), (ETH), (BCH), (VIB), (ICX), (WTC) . 2) 2018 1 29 11 25 24 .
: https://coinmarketcap.com/currencies/bitcoin/#markets(: 2018. 1. 29).
- · .
768 6% 66)
, 67)
[ ]
66) Jonker(2017), “What drives virtual currency acceptance by retailers?” Paper presented at the joint ECB-BdI conference. (30
November-1 December) 67) European Central Bank(2017. 12. 29), “Interview with Börsen-Zeitung”; European Central Bank(2017. 12. 30), “Interview with
Caixin Global”; (2016. 7. 21), , .
20
KIEP 2018.2.8
- ,
68)
- , (DLT: Distributed Ledger Technolody)
(RTGS: Real Time Gross Settlement)
DLT
69)
(Ripple) (ILP: Interledger Protocol) RTGS
.70)
- (Riksbank) ·
(e-krona)
,
.71)
2016 15% .72)
‘e-krona project’ 2017 ,
2018 73)
·,74)
(register-based) , (value-based)
, 75)
76)
[ ] ,
,
- Directive (EU) 2015/849
, (beneficial owner) ,
68) European Central Bank(2017. 12. 29), op. cit.; European Central Bank(2017. 12. 30), op. cit.; Ali et al.(2014), “The economics
of digital currencies,” Quarterly Bulletin, Q3, Bank of England. 69) European Central Bank and Bank of Japan(2017. 9. 6), “BOJ/ECB joint research project on distributed ledger technology,”
Press release. 70) Bank of England(2017), FinTech Accelerator Proof of Concept: Ripple. 71) Committee on Payments and Market Infrastructures(2015), Digital currencies, Bank for International Settlements. 72) Riksbank(2017a), The Riksbank's e-krona project: Report 1, p. 4. 73) Riksbank(2017b), The Riksbank's e-krona project: Action plan for 2018, Figure 2. 74) Riksbank(2017a), op. cit., p. 6. 75) Ibid., Chapter 2. 76) Cleland(2017), Digital future for sterling: assessing the implications, Bank of England.
21
KIEP 2018.2.8
(Customer Due Diligence) .77)
-
.78)
- , ,
.79)
- 2018 3 G20 ·
80)
.
- [] .
2015 8 2017 1 25
200 ( 150 ) .81)
- [] .
2(Rebittance Inc. Betur Inc.) 12
(BSP: Bangko Sentral ng Pilipinas) .82)
BSP , 2015 200 2017 880
4 .83)
- [] 2014 (good purchased)
, (specific tax) .84)
77) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015, OJ L 141,
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32015L0849(: 2018. 1. 24). 78) Council of the European Union(2017), Proposal for a Directive of the European Parliament and of the Council amending
Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC.
79) https://goo.gl/fikWEc(: 2018. 1. 24). 80) Reuters(2018. 1. 19), “France, Germany to make joint bitcoin regulation proposal at G20 summit,” https://goo.gl/tSMtNd(:
2018. 1. 24). 81) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
: 2018. 1. 25). 82) Lawrence Agcaoili(2017), “Virtual currency gaining popularity in Philippines,” The Philippine Star. (December 15)
http://www.philstar.com/business/2017/12/15/1768382/virtual-currency-gaining-popularity-philippines(: 2018. 1. 25). 83) Lawrence Agcaoili(2017), “Virtual currency gaining popularity in Philippines,” The Philippine Star.(December 15)
http://www.philstar.com/business/2017/12/15/1768382/virtual-currency-gaining-popularity-philippines(: 2018. 1. 25). 84) Thomson Reuters(2017), “Cryptocurrencies by country.” (October 25)
KIEP 2018.2.8
(Inland Revenue Authority of Singapore) ‘(money),’ ‘(currency)’
‘(goods)’ ,
(barter trade) GST(Goods and
Services Tax) .85)
13. (: )
. (IDR) . (SGD)
. (THB) . (PHP)
: http://data.bitcoinity.org/markets/volume/30d?c=e&t=b(: 2018. 1. 31).
- [] ,
.
2 .86)
(Bitcoin, Coin )
.
Omise Digital Startup of the Year .87)
85) Inland Revenue Authority of Singapore(2018), “GST on the Supply of Goods,”
https://www.iras.gov.sg/IRASHome/GST/GST-registered-businesses/Specific-business-sectors/e-Commerce/#title5(:
2018. 1. 30). 86) Kevin Helms(2017), “Bitcoin Adoption in Thailand Led by Tourism Industry.” (April 18)
https://news.bitcoin.com/bitcoin-adoption-thailand-tourism-industry-scaling-debate/(: 2018. 1. 26). 87) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
KIEP 2018.2.8
- [] .
[ ] .
-
.88)
(inflow) (2017 ): 328 , 138 ,
87 , 66 89)
-
.
86% .90)
- .
- ,
.
[ ]
, , ,
- [] (BI: Bank Indonesia) 2017 11 30 (No
19/12/PBI/2017)
.91)
,
.
- [] (Bank Negara Malaysia)
(digital currency) .
2017 , () ,
(Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of
Unlawful Activities Act 2001) , , .92)
88) Paula P. Plaza(2017), “Recognition and regulation of virtual currency in the Philippines,” Business World. (November 22)
http://bworldonline.com/recognition-regulation-virtual-currency-philippines/(: 2018. 1. 26). 89) World Bank(2018), Migration and Remittances DB(: 2018. 1. 29). 90) Paula P. Plaza(2017), “Recognition and regulation of virtual currency in the Philippines,” Business World. (November 22)
http://bworldonline.com/recognition-regulation-virtual-currency-philippines/(: 2018. 1. 26). 91) Harry Kuswara(2017), “Indonesian Central Bank Regulates Financial Technology.” (December 20)
KIEP 2018.2.8
- [] (BSP) 2017 1 19 (Circular 944, Guidelines
for Virtual Currency Exchanges) .93)
, ,
.94)
,
, , .
BSP
.
- []
, .
(MAS: Monetary Authority of Singapore)
(Tharman Shanmugaratnam)
.95)
(ICO)
.96)
MAS
.
- [] (BoT: Bank of Thailand)
, BoT 2017 , ,
.
BoT 2014
.
,
(Baht) .
(Anti-Money Laundering Organisation)
, .97)
- [] (State Bank of Vietnam) 2017 10 28
, .98)
.
KBN1E826Z(: 2018. 1. 26). 93) Bangko Sentral ng Pilipinas(2017), “Circular 944, Guidelines for Virtual Currency Exchanges.” (January 19) 94) Lawrence Agcaoili(2017), “Virtual currency gaining popularity in Philippines,” The Philippine Star. (December 15)
http://www.philstar.com/business/2017/12/15/1768382/virtual-currency-gaining-popularity-philippines(: 2018. 1. 25). 95) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
: 2018. 1. 25). 96) Samuel Haig(2018), “Singapore to Extend Regulatory Mandate Regarding Cryptocurrencies.” (January 12)
https://news.bitcoin.com/singapore-extend-regulatory-mandate-regarding-cryptocurrencies/(: 2018. 1. 25). 97) “AMLO orders that cryptocurrency deals must be reported to curb criminals’ money laundering”(2018), THE NATION(January
31), http://www.nationmultimedia.com/detail/national/30337557(: 2018. 1. 31). 98) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
: 2018. 1. 25).
KIEP 2018.2.8
3.
[ ()] , , ,
,
.
- (property) .
- , ,
.
- .
[] ,
, .
-
, 2017 .
- 2017
, .
- (GST: Goods and Services Tax) .
[] , , ,
,
.
- (SEC) .
- ‘’ , ,
.
- EU , (beneficial owner) ,
(CDD: Customer Due Diligence)
, .
- (ICO) , ,
, .
.
26
KIEP 2018.2.8
[]
G20 .
-
, ,
.
- 2018 1
, G7, FATF 2015
.
- 2018 3 G20 ·
.
([email protected], 044-414-1236)
([email protected], 044-414-1051)
([email protected], 044-414-1145)
· ([email protected], 044-414-1123)
2018 2 8 Vol. 18 No. 3
ISSN 1976-0515
,
- ,
.
-
,
.
-
.
-
2014 ·
- 5
- ,
-
,
(ICO)
, .
- ,
.
- G20
.
KIEP 2018.2.8
KIEP 2018.2.8
1. 1)
(Bitcoin; BTC)
.
- 2016 , 2017 1 3
1,023 12 17 19,290 .
2017 12 35 .
1. 2. (: ) (: /)
: blockchain.info(: 2018. 1. 29). : blockchain.info(: 2018. 1. 29).
- (FRB)2) BIS(Bank for International Settlements),3) ECB(European Central Bank),4) IMF5)
(CBCC: Central Bank Cryptocurrency)
(CBDC: Central Bank Digital Currency) 6)
- , .
coinmap.org 2018 1 30
11,750 7)
, ,8) ,9) ,10) 11)
1) , (virtual currency), (digital coin),
(cryptocurrency) . . 2) Mills et al.(2016), “Distributed Ledger Technology in Payments, Clearing, and Settlement,” Finance and Economics Discussion
Series 2016-095, FRB System. 3) BIS(2015), “Digital Currencies,” Committee on Payment and Market Infrastructures(CPMI). 4) ECB(2015), “Virtual Currency Scheme-A Further Analysis.” 5) IMF(2015), “Virtual Currencies and Beyond: Initial Considerations”; IMF(2017), “Fintech and Financial Services: Initial Considerations.” 6) Bech, M. and R. Garratt(2017), “Central Bank Cryptocurrencies,” BIS Quarterly Review, pp. 55-70. 7) PwC
https://www.pwchk.com/en/press-room/press-releases/pr-301117.html(: 2018. 1. 31). 8) https://support.microsoft.com/en-us/help/13942/microsoft-account-add-money-with-bitcoin(: 2018. 1. 31).
KIEP 2018.2.8
, , ,
3.
: coinmap.org(: 2018. 1. 31).
, 12) ,
P2P .
- , coinmarketcap.com 2018
1 28 1,474 5,891 .
2018 1 29 33.6%, (Ethereum;
ETH) 21.1%, (Ripple; XRP) 8.8% 10 75.9% .
, (coin; ,
, ) (token; EOS, TRON ,
) .
- , (hard fork), (ICO: initial coin offering)
.
, (’17.8.1.),
(’17.10.24.), (‘16.7.24.) .
(ICO)
.
coinschedule.com 2017 ICO 235 37 , 1
Filecoin, Tezos, EOS stage 1 5.
9) https://www.overstock.com/bitcoin(: 2018. 1. 31). 10) https://www.expedia.com/Checkout/BitcoinTermsAndConditions(: 2018. 1. 31). 11) https://promotions.newegg.com/nepro/16-6277/index.html(: 2018. 1. 31). 12) (altcoin) .
5
KIEP 2018.2.8
4. 5. (: ) (: %)
: . : coinmarketcap.com(: 2018. 1. 31).
: . : coinmarketcap.com(: 2018. 1. 31).
- , P2P(peer-to-peer)
(OTC: over-the-counter) .
,
2014 2 (Mt. Gox, 85 )
2016 8 (Bitfinex, 12 ) 2017 12 (Youbit,
17%) 2018 1 (Coincheck, NEM 5 2,300 5
) .
P2P OTC
, 2017 9 Localbitcoins, Coincola, Paxful P2P
13)
,
- (blockchain) (distributed ledger)
14)
(TTP: Trusted Third Party)
P2P
,
15)
-
, ,
13) https://www.ifcert.org.cn/industry/29/IndustryDetail(: 2018. 1. 31). 14) (2016), , 2016-2. 15) ‘ ’(http://www.leejungmin.org/post/2017/05/30/mastering-bitcoin/) .
KIEP 2018.2.8
.
, , ,
-
.
10-8(1 1)
(herd behavior) .
IT , 24
.
-
,
2013
, 2017
(tether) ,
16) (CFTC: Commodity Futures Trading Commission)
(’17.12.6.) 17)
1,700
18)
2018 1 25, 68kg
‘’ .19)
6. (: %)
: 7 ; USDT 1:1 . : cryptocompare.com(: 2018. 1. 31).
16) http://www.tetherreport.com/(: 2018. 2. 2). 17) https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc(: 2018. 2. 1). 18) (2018), , , (1 31). 19) (2018), 68kg , VIP (1 31).
http://news.khan.co.kr/kh_news/khan_art_view.html?artid=201801310942001(: 2018. 1. 31).
KIEP 2018.2.8
20) (FATF: Financial Action Task Force) (AML: Anti Money Laundering)
(KYC: know your customer) . 21) https://coinmarketcap.com/currencies/tether/(: 2018. 2. 1). 22) 2017 9 17 Friedman LLP (memorandum) ,
.
1.
(tether) ,
.
-
.
,
.20)
- (USDT) 11
(Tether Holdings)
.
(EURT) 11
- USDT .
2018 1 31 22 5 USDT , 2017 9 1 3 2
21)
2017 4, (Wells Fargo) ,
.22)
- ,
.
iFinex Inc. , CEO
, OKEx, Huobi, HitBTC
- USDT 10%
8
KIEP 2018.2.8
-
, 2018 G20
23)(Swiss numbered
bank accounts) G20 (’18.1.12.)
, ,
4 G20 (’17.12.18.),
2.
.
[ ] .24)
- 2009 1 2012
( 7 ), 2017
.
-
2 , (Coinbase)25), (Bitstamp) 3
50% ( 1 ).
7. (: )
: http://data.bitcoinity.org/markets/volume/all/USD?c=e&t=b(: 2018. 1. 30).
23) , . 24) . 25) GDAX(Global Digital Asset Exchange) · .
KIEP 2018.2.8
1. ( 2 ) (: , %)
Bitfinex Coinbase Bitstamp
20.1 8.2 6.9 3.9 3.7 3.4 3.1 2.5 2.4 4.3
34.5 14.0 11.8 6.7 6.4 5.8 5.2 4.2 4.1 7.3
: http://data.bitcoinity.org/markets/volume/all/USD?c=e&t=b(: 2018. 1. 30).
[ ]
.
-
.
- (FinCEN: Financial
Crimes Enforcement Network) (IRS: Internal Revenue Service).
-
.
- .
[ ] FinCEN
.
- FinCEN Bank Secrecy Act (Money Services Business)
.
- 2013 3 18 ‘Application of FinCEN’s Regulations to Persons Administering,
Exchanging, or Using Virtual Currencies’ (guidance) 26)
(decentralized) E-gold, Liberty Reserve
(Virtual Currency) .
- FinCEN
, , ( 2 )
.
26) https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf(: 2018. 1. 22).
KIEP 2018.2.8
FinCEN
27)28)
FinCEN 3 .
[ ] IRS .
- 2014 3 (property)
29)
(fair market
value) (gross income) .30)
(miner)
(capital gains tax)
.
- IRS · .
-
.
[ ] 2017 .
- ‘(like-kind exchange)31)’
.32)
27) https://coincenter.org/entry/aml-kyc-tokens(: 2018. 1. 22). 28) . FinCEN
. 29) https://www.irs.gov/pub/irs-drop/n-14-21.pdf(: 2018. 1. 24). 30) IRS ·
31) ,
. 32) https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#75d0c1e626a8
: FinCEN(2013), “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies”(:
2018. 1.22).
/
(exchanger)
(administrator)
11
KIEP 2018.2.8
-
33)
[] (SEC)34) 2017
.
- SEC 2017 7 25 ICO
35)
SEC ICO
36)
- SEC 2017 .
2017 8 SEC ICO Prostarr ICO ()
2017 9 29 2 ICO 37)
2017 12 4 ICO PlexCorps Dominic Lacroix 38)
- SEC (Jay Clayton) 2018 1 8 ICO
39)
- SEC ICO
40)
SEC
[]
.
- · (Sigal Mandelker) 2018 1 17
(US Senate Banking Committee) ‘ (evolving threat)’
41)
(: 2018. 1. 25). 33) https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us(: 2018. 1. 25). 34) Security Exchange Commission. 35) https://www.sec.gov/litigation/investreport/34-81207.pdf(: 2018. 1. 25). 36) https://www.ccn.com/the-sec-on-icos-and-cryptocurrency-a-rocky-but-optimistic-ride/(: 2018. 1. 29). 37) https://www.sec.gov/news/press-release/2017-185-0 (: 2018. 1. 29). 38) https://www.sec.gov/news/press-release/2017-219(: 2018. 1. 29). 39) https://www.reuters.com/article/us-usa-sec-bitcoin/sec-warns-bitcoin-cryptocurrency-investors-at-risk-idUSKBN1ET1YI(
: 2018. 1. 29). 40) https://www.sec.gov/divisions/investment/noaction/2018/cryptocurrency-011818.htm(: 2018. 1. 29). 41) https://home.treasury.gov/news/press-releases/sm0251(: 2018. 1. 28).
KIEP 2018.2.8
FinCEN 100 IRS
(compliance) .
42)
-
2018 1 25
43)
.
[ ] 2015 44) 2017 ()
1 , .
- 2017 40%
.45)
· 2017
1 .
- (bitFlyer) 1
(90.1%), (FX) (75.6%)( 9 ).
- · ,
‘ ’ .
1, 2 ,
, ( ), LP (, ·
) , ()UFJ, SBI ·
· .46)
42) 2017 7 BTC-e , , 1 1
BTC-e (Alexander Vinnik) 1 2
. 43) http://vip.mk.co.kr/news/view/21/20/1569796.html(: 2018. 1. 25). 44) , , ‘()’ , ‘()’
. 45) , 2017 · 30~60%
, 1, 2 . 2018 1 30 cryptocompare.com . 46) .
KIEP 2018.2.8
8. (JPY-BTC) 9. (JPY-BTC)
: . : Bitcoin(: 2018. 1. 29).
: (2018. 1. 22~2018. 1. 18) . : cryptocompare.com(: 2018. 1. 29).
[ ] 2014
·
- 2014 ()
2014 2 75 10 , 85
, 20 65 .47)
,
2015 CEO ·
.
- · G7 ·
(FATF)
2015 6 G7
FATF (exchanger) · ,
, , · 48)
- 2014 ,49)
2016 5 2017 4 .
47) 85 7% , 1 =550 470 . 48) http://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-currencies.html(: 2017.
1. 28). 49) , 2015 7 (
) . 2016 3
KIEP 2018.2.8
[ ] ·
‘’ , 2017 4
- 50) ,
()· ‘(Virtual Currency Act)’
-
.
‘ ’ (
2 )
‘’ ··
P2P , ,
.
,
50) (2016. 5. 25), .
2. ‘’
‘’ , ,
(),
()
3.
- ,
- · ,
-
: · ()
·· ,
- ··
- P2P
- ·· )
- · ( )
: Anderson Mori & Tomotsune(2016), .
15
KIEP 2018.2.8
[ ] ,
,
.
- [ ] 2017 7
· , .
( 8%),
2017 52)
‘’ 5~45%
53)
- [ ] 2018 1 26 NEM(New
Economy Movement)
, .
580 (5 ) NEM , NEM
··
51) 2018 1 17 16 , 16 .
(http://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf, : 2018. 1. 28). 52) (2017. 3. 31), . 53) (2017. 12. 1), .
2.
- [ ]
, (1,000 ) ,
( )51)
- [ ]
, (
),
.
- [ ] · ·
- [ ] ·
, 200 ·, 10 ()
( )
.
KIEP 2018.2.8
() 1 26
, 29
.54)
16 ‘’55) 16 2 13
.
.
[ ] 80%, 95%56)
, 2017 9 .
- ·
,
,
- 2017 ,
, 2017 9 .
10. 11. (: ) (: )
: bitcoinity.org(: 2018. 1. 29). : bitcoinity.org(: 2018. 1. 29).
54) https://jp.reuters.com/article/fsa-coincheck-idJPKBN1FI0AI(: 2018. 1. 30). 55) ()
, 2017 4 9 . 56) 2017 1 98%, 95%, 80% , 80%
. 95% (coindesk.com) .
17
KIEP 2018.2.8
[] 5 ,
.
- 2 19
.
- ,
.
2016 52% , .57)
-
.
[ ] 2013
2017 .
- 2013 12
.
() , ·
.58)
- 2014 4 2013
.
- 2016 , 2017 1 2
.
.
- 2017 9 (ICO) .
- 2018 1 (4)
(17) .
2018 1 17
, .
57) https://www.wsj.com/articles/bitcoin-trading-faces-greater-scrutiny-in-china-1484818656. 58) ····, .
KIEP 2018.2.8
2013. 12 59)
- - -
2014. 4 60) -
2017. 1~2 61)
- ·, ( ) ·
2017. 9. 4 62)
- (ICO) ( ) -
2018. 1. 4 63)
- , , .
2018. 1. 17 64) -
: (http://www.pbc.gov.cn) (http://www.csrc.gov.cn) .
[]
,
.
- P2P
, P2P .
- , , ,
.65)
- ,
.
-
.
.
, ,
59) ····, . 60) . 61) “”, “”, “”“”“”“”“”“BTC100”“”“”“
” 11. 62) , . 63) . 64) . 65) http://www.scmp.com/business/companies/article/2117806/china-closes-its-doors-cryptocurrencies-exchanges-shift-their;
KIEP 2018.2.8
[ ]
- , , .
(Kraken) 1 1 7
, , ( 12 ).
12. 1 ‘- ’ 20 (: )
: 1) (USDT), (ETH), (BCH), (VIB), (ICX), (WTC) . 2) 2018 1 29 11 25 24 .
: https://coinmarketcap.com/currencies/bitcoin/#markets(: 2018. 1. 29).
- · .
768 6% 66)
, 67)
[ ]
66) Jonker(2017), “What drives virtual currency acceptance by retailers?” Paper presented at the joint ECB-BdI conference. (30
November-1 December) 67) European Central Bank(2017. 12. 29), “Interview with Börsen-Zeitung”; European Central Bank(2017. 12. 30), “Interview with
Caixin Global”; (2016. 7. 21), , .
20
KIEP 2018.2.8
- ,
68)
- , (DLT: Distributed Ledger Technolody)
(RTGS: Real Time Gross Settlement)
DLT
69)
(Ripple) (ILP: Interledger Protocol) RTGS
.70)
- (Riksbank) ·
(e-krona)
,
.71)
2016 15% .72)
‘e-krona project’ 2017 ,
2018 73)
·,74)
(register-based) , (value-based)
, 75)
76)
[ ] ,
,
- Directive (EU) 2015/849
, (beneficial owner) ,
68) European Central Bank(2017. 12. 29), op. cit.; European Central Bank(2017. 12. 30), op. cit.; Ali et al.(2014), “The economics
of digital currencies,” Quarterly Bulletin, Q3, Bank of England. 69) European Central Bank and Bank of Japan(2017. 9. 6), “BOJ/ECB joint research project on distributed ledger technology,”
Press release. 70) Bank of England(2017), FinTech Accelerator Proof of Concept: Ripple. 71) Committee on Payments and Market Infrastructures(2015), Digital currencies, Bank for International Settlements. 72) Riksbank(2017a), The Riksbank's e-krona project: Report 1, p. 4. 73) Riksbank(2017b), The Riksbank's e-krona project: Action plan for 2018, Figure 2. 74) Riksbank(2017a), op. cit., p. 6. 75) Ibid., Chapter 2. 76) Cleland(2017), Digital future for sterling: assessing the implications, Bank of England.
21
KIEP 2018.2.8
(Customer Due Diligence) .77)
-
.78)
- , ,
.79)
- 2018 3 G20 ·
80)
.
- [] .
2015 8 2017 1 25
200 ( 150 ) .81)
- [] .
2(Rebittance Inc. Betur Inc.) 12
(BSP: Bangko Sentral ng Pilipinas) .82)
BSP , 2015 200 2017 880
4 .83)
- [] 2014 (good purchased)
, (specific tax) .84)
77) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015, OJ L 141,
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32015L0849(: 2018. 1. 24). 78) Council of the European Union(2017), Proposal for a Directive of the European Parliament and of the Council amending
Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC.
79) https://goo.gl/fikWEc(: 2018. 1. 24). 80) Reuters(2018. 1. 19), “France, Germany to make joint bitcoin regulation proposal at G20 summit,” https://goo.gl/tSMtNd(:
2018. 1. 24). 81) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
: 2018. 1. 25). 82) Lawrence Agcaoili(2017), “Virtual currency gaining popularity in Philippines,” The Philippine Star. (December 15)
http://www.philstar.com/business/2017/12/15/1768382/virtual-currency-gaining-popularity-philippines(: 2018. 1. 25). 83) Lawrence Agcaoili(2017), “Virtual currency gaining popularity in Philippines,” The Philippine Star.(December 15)
http://www.philstar.com/business/2017/12/15/1768382/virtual-currency-gaining-popularity-philippines(: 2018. 1. 25). 84) Thomson Reuters(2017), “Cryptocurrencies by country.” (October 25)
KIEP 2018.2.8
(Inland Revenue Authority of Singapore) ‘(money),’ ‘(currency)’
‘(goods)’ ,
(barter trade) GST(Goods and
Services Tax) .85)
13. (: )
. (IDR) . (SGD)
. (THB) . (PHP)
: http://data.bitcoinity.org/markets/volume/30d?c=e&t=b(: 2018. 1. 31).
- [] ,
.
2 .86)
(Bitcoin, Coin )
.
Omise Digital Startup of the Year .87)
85) Inland Revenue Authority of Singapore(2018), “GST on the Supply of Goods,”
https://www.iras.gov.sg/IRASHome/GST/GST-registered-businesses/Specific-business-sectors/e-Commerce/#title5(:
2018. 1. 30). 86) Kevin Helms(2017), “Bitcoin Adoption in Thailand Led by Tourism Industry.” (April 18)
https://news.bitcoin.com/bitcoin-adoption-thailand-tourism-industry-scaling-debate/(: 2018. 1. 26). 87) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
KIEP 2018.2.8
- [] .
[ ] .
-
.88)
(inflow) (2017 ): 328 , 138 ,
87 , 66 89)
-
.
86% .90)
- .
- ,
.
[ ]
, , ,
- [] (BI: Bank Indonesia) 2017 11 30 (No
19/12/PBI/2017)
.91)
,
.
- [] (Bank Negara Malaysia)
(digital currency) .
2017 , () ,
(Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of
Unlawful Activities Act 2001) , , .92)
88) Paula P. Plaza(2017), “Recognition and regulation of virtual currency in the Philippines,” Business World. (November 22)
http://bworldonline.com/recognition-regulation-virtual-currency-philippines/(: 2018. 1. 26). 89) World Bank(2018), Migration and Remittances DB(: 2018. 1. 29). 90) Paula P. Plaza(2017), “Recognition and regulation of virtual currency in the Philippines,” Business World. (November 22)
http://bworldonline.com/recognition-regulation-virtual-currency-philippines/(: 2018. 1. 26). 91) Harry Kuswara(2017), “Indonesian Central Bank Regulates Financial Technology.” (December 20)
KIEP 2018.2.8
- [] (BSP) 2017 1 19 (Circular 944, Guidelines
for Virtual Currency Exchanges) .93)
, ,
.94)
,
, , .
BSP
.
- []
, .
(MAS: Monetary Authority of Singapore)
(Tharman Shanmugaratnam)
.95)
(ICO)
.96)
MAS
.
- [] (BoT: Bank of Thailand)
, BoT 2017 , ,
.
BoT 2014
.
,
(Baht) .
(Anti-Money Laundering Organisation)
, .97)
- [] (State Bank of Vietnam) 2017 10 28
, .98)
.
KBN1E826Z(: 2018. 1. 26). 93) Bangko Sentral ng Pilipinas(2017), “Circular 944, Guidelines for Virtual Currency Exchanges.” (January 19) 94) Lawrence Agcaoili(2017), “Virtual currency gaining popularity in Philippines,” The Philippine Star. (December 15)
http://www.philstar.com/business/2017/12/15/1768382/virtual-currency-gaining-popularity-philippines(: 2018. 1. 25). 95) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
: 2018. 1. 25). 96) Samuel Haig(2018), “Singapore to Extend Regulatory Mandate Regarding Cryptocurrencies.” (January 12)
https://news.bitcoin.com/singapore-extend-regulatory-mandate-regarding-cryptocurrencies/(: 2018. 1. 25). 97) “AMLO orders that cryptocurrency deals must be reported to curb criminals’ money laundering”(2018), THE NATION(January
31), http://www.nationmultimedia.com/detail/national/30337557(: 2018. 1. 31). 98) JAPAN(2017), : 201711(1122), https://vmoney.jp/archives/320(
: 2018. 1. 25).
KIEP 2018.2.8
3.
[ ()] , , ,
,
.
- (property) .
- , ,
.
- .
[] ,
, .
-
, 2017 .
- 2017
, .
- (GST: Goods and Services Tax) .
[] , , ,
,
.
- (SEC) .
- ‘’ , ,
.
- EU , (beneficial owner) ,
(CDD: Customer Due Diligence)
, .
- (ICO) , ,
, .
.
26
KIEP 2018.2.8
[]
G20 .
-
, ,
.
- 2018 1
, G7, FATF 2015
.
- 2018 3 G20 ·
.