한국인터넷진흥원

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목 차
1. 요약문 ·················································································································· 1
2. 서론 ······················································································································ 4
 가. 연구의 추진배경 ···················································································································· 4
 나. 연구의 구성 및 범위 ············································································································ 6
 1) 연구 범위 ······························································································································· 6
 2) 연구 조직 ······························································································································· 6
3. 블록체인 핀테크 ································································································ 7
 가. 정의 ········································································································································· 7
 1) 개요 ········································································································································· 7
 2) 정의 ········································································································································· 8
 3) 혁신금융의 역사 ··················································································································· 9
 가) 1차 핀테크 : Fintech ···································································································· 10
 나) 2차 핀테크 : Techfin ···································································································· 11
 다) 3차 핀테크 : Blockchain fintech ·············································································· 11
 라) 4차 핀테크 : 디파이(DeFi) ··························································································· 12
 나. 시장 동향 및 전망 ·············································································································· 13
 1) 시장의 분류 ························································································································· 13
 2) CBDC (중앙은행 디지털화폐) ························································································ 14
 가) 개요 ··································································································································· 14
 나) CBDC의 정의 및 분류 ··································································································· 14
 다) 거액결제용 CBDC ··········································································································· 15
 라) 소액결제용 CBDC ··········································································································· 16
 3) 가상자산/디지털화폐 ATM 시장의 성장 ······································································ 17
 가) 개요 ··································································································································· 17
 
 나) 기술 원형 측면에서 본 디파이(DeFi) 기술의 필수 요소 ········································ 47
 다) 디파이(DeFi) 기술 등장이 금융 산업에서 가지는 의미 ·········································· 52
 3) 디파이(DeFi) 유형별 구조 ······························································································ 60
 가) 디지털 본원통화를 저장 및 관리하는 기술 ······························································· 62
 나) 디지털 본원통화를 유동화하는 기술 ·········································································· 62
 다) 유동화된 가상자산으로 금융 서비스를 작동시키는 기술 ······································· 64
 라) 탈중앙화 기반의 가상자산 거래 관련 기술 ······························································· 65
 마) 사용자들에게 접점(User Interface)을 제공하는 기술 및 서비스 ························· 70
 바) 디파이(DeFi) 자산 손실을 방어하기 위한 모델(리스크 헷지 모델) ······················ 70
 사) 파생상품 관련 기술 ········································································································ 72
 아) 기타 디파이(DeFi) 응용 서비스 ················································································· 72
 4) 디파이(DeFi) 서비스의 요소 기술 및 장치 ··································································· 73
 가) 메인넷 (Mainnet) ··········································································································· 73
 나) 스마트계약 (Smart Contract) ····················································································· 79
 다) 가상자산 지갑 ················································································································· 83
 라) 거버넌스 장치 ················································································································· 84
 마) 가상자산 거래소 ············································································································· 91
 바) 확장성을 위한 솔루션들 ································································································ 91
 사) 자동화된 시장 조성자(AMM) ························································································ 93
 5) 기술적 이슈와 사고들 ······································································································· 94
 가) 기술적 결함으로 발생한 사고 사례들 ········································································ 96
 나) 금융로직의 허점을 이용해 발생한 사고유형 ····························································· 98
 다) 기술 또는 금융로직의 문제로 인한 사고 유형 분류 ············································· 101
 라) 메인넷의 느린 처리 성능 극복을 위한 방법론 ······················································· 105
 마) UI/UX 측면의 이슈 및 과제 ······················································································· 105
 바) 거래수수료 관련 이슈 ································································································· 107
 6) 향후 기술적 과제와 전망 ······························································································· 111
 가) 디파이(Defi) 기술 및 산업이 가지고 있는 잠재적 위험요소 ······························· 112
 7) 글로벌 디파이(DeFi) 관련 표준 및 특허 ····································································· 114
 8) 국내 디파이(DeFi) 개발 동향 및 전망 ········································································ 115
 가) 국내 디파이(DeFi) 서비스 개발 현황 ······································································· 115
 나) 국내 디파이(DeFi) 서비스 규제 현황 ······································································· 117
 다) 바람직한 디파이(DeFi) 구현을 위한 제언 ······························································· 119
 라. 디파이(DeFi) 분야의 국내외 법제도 현황과 방향 ······················································ 128
 1) 디파이(DeFi) 프로젝트와 규제 현황 ············································································ 128
 가) 문제점 ····························································································································· 128
 나) 디파이(DeFi) 프로젝트 관련 금융 규제현황 ··························································· 129
 2) 디파이(DeFi) 프로젝트와 관련 형사적 규제 현황 ····················································· 142
 가) 문제점 ····························································································································· 142
 나) 특정금융정보법 위반죄 ································································································ 142
 다) 전자금융거래법 위반죄 ································································································ 143
 라) 형법 및 특별형법상 죄책(특히 사기죄) ···································································· 143
 마) 외국환거래법위반죄 ····································································································· 144
 바) 유사수신행위의 규제에 관한 법률(이하 '유사수신행위법') 위반죄 ····················· 145
 사) 정리 ································································································································· 147
 3) 소결 ···································································································································· 148
 마. 가상자산 업권법 제정론에 대한 소고 ·········································································· 148
 1) 문제점 ································································································································ 148
 2) 가상자산 법제 도입 관련 국외 현황 ············································································ 149
 가) 서언 ································································································································· 149
 나) 영국 ································································································································· 150
 다) 프랑스 ····························································································································· 152
 라) 유럽위원회(European Commission, EC) ······························································· 153
 3) 가상자산 업권법 제정론의 대두 및 그에 대한 평가, 제언 등 ································ 154
 가) 국내 가상자산 업권법 제정론 ···················································································· 154
 나) 가상자산 업권법 제정론에 대한 평가 및 제언 ······················································· 155
 4) 결어 ···································································································································· 158
 바. 생태계 분석 ······················································································································· 159
 1) 대출 (Lending) ················································································································· 159
 2) 탈중앙화 거래소 (DEX, Decentralized Exchange) ·················································· 161
 3) 스테이블코인 (Stablecoin) ····························································································· 163
 4) 자산운용 ····························································································································· 165
 5) 합성자산 (Synthetic Assets) ························································································ 170
 가) 전통 금융자산의 토큰화 ······························································································ 170
 나) 가상자산의 토큰화 ······································································································· 174
 6) 오라클 (Oracle) ················································································································ 177
 7) 보험 ···································································································································· 180
 8) 통합 도구 (Aggregator) ································································································· 181
 9) 디파이(DeFi) 시장 정보 생태계 ···················································································· 185
 10) 투자자 그룹 및 협의체 ································································································· 188
 가) 판테라 캐피탈 (Pantera Capital) ············································································· 189
 나) 알라메다 리서치 (Alameda Research) ··································································· 189
 다) 안드레센 호로위츠 (Andreessen Horowitz) ·························································· 190
 라) 해시드 (Hashed) ·········································································································· 190
 마) 글로벌 디파이 얼라이언스 (Global DeFi Alliance) ·············································· 191
 바) 시카고 디파이 얼라이언스 (Chicago DeFi Alliance) ··········································· 191
 사. 단계별 발전방향 및 전략 제언 ······················································································ 192
 1) 디파이(DeFi) 연구의 결론 ······························································································ 192
 가) 현상 ································································································································· 192
 나) 한계 ································································································································· 192
 다) 기회 ································································································································· 194
 2) 단계별 지원방향 및 육성전략 ························································································ 201
 가) 1단계 : 디파이(DeFi) 생태계 조성기 (2021년 ~ 2022년) ··································· 201
 나) 2단계 : 기술고도화 및 사용자 저변 확대기 (2023년 ~ 2024년) ······················· 202
 3) 단계별 및 최종 달성 목표 ····························································································· 208
 가) 1단계 : 디파이(DeFi) 생태계 조성기 (2021년 ~ 2022년) ··································· 208
 나) 2단계 : 기술 고도화 및 사용자 저변 확대기 (2023년 ~ 2024년) ····················· 208
 다) 3단계 : 제품 간 융합 고도화기 (2025년 ~ 2026년) ············································ 209
5. 결과 및 제언 ·································································································· 211
 가. 분석결과 ····························································································································· 211
 나. 생태계 조성 제언 ············································································································· 211
 1) 생태계 정의 ······················································································································· 211
 2) 생태계 참여자 ··················································································································· 212
 3) 생태계 제언 ······················································································································· 212
 가) 가상자산 금융에 대한 대국민 인식 제고 ································································ 212
 나) 기술적 검증체계 확립 및 보안내재화 ······································································ 214
 다) 생태계 활성화를 위한 서비스기업 지원 ·································································· 215
 라) 블록체인 핀테크 및 디파이 전문인력 양성 ···························································· 215
 마) 융합 ································································································································· 216
6. [참고자료] ······································································································· 218
 가. 그림 ··································································································································· 218
 나. 표 ······································································································································· 220
 다. 주석 ···································································································································