법인 및 기관의 가상자산거래에 대한 금융당국의 제한에 관한 평가

An Evaluation of Financial Authorities' Restrictions on Virtual Asset Trading by Corporations and Institutions

In December 2017, Korean financial authorities effectively blocked commercial banks from issuing real-name verification accounts to corporations by implementing administrative guidance titled “Anti-Money Laundering Guidelines for Virtual Currencies,” under the pretext of suppressing speculation and preventing money laundering. Although the Financial Services Commission recently announced the “Roadmap for Corporate Participation in the Virtual Asset Market” in February 2025, expressing an intention for gradual permission, the ongoing blanket restrictions pose significant problems from the perspectives of the principle of private autonomy and the rule of law. Unlike regulatory examples abroad, Korea has adopted an exceptional approach of completely excluding corporations and institutions from the market. This has resulted in side effects such as market distortion due to the absence of institutional investors equipped with information and capital, as well as the diversion of domestic capital to overseas markets. Beyond these economic aspects, serious legal issues exist: the restriction of citizens' rights took the form of “administrative guidance” (guidelines) lacking legal binding force rather than “law”; the principle of private autonomy was severely compromised by depriving the freedom to enter into contracts itself, going beyond merely modifying contract content; and the regulations have persisted customarily even after the validity of the guidelines expired. In conclusion, even if past regulations were measures taken in consideration of the urgency at the time, it is not justifiable to completely block corporate investment without a legal basis at this point, when virtual assets are being incorporated into the institutional financial system. Therefore, financial authorities must clarify the timeline for allowing general corporate investment in virtual assets and abolish the regulations as soon as possible. If full permission is difficult, they should promptly lift restrictions in specific areas to promote the normalization and enhanced competitiveness of the domestic virtual asset market.