본 논문에서는 거래량 기준 국내 4대 가상자산거래사업자에 상장된 모든 가상자산 데이터를 수집하여 국내 가상자산 유통시장의 현황을 최초로 분석하하여 다음 세 가지 시사점을 도출하였다. 첫째, 4대 가상자산 거래사업자들은 각기 다른 상장정책을 채택하였으며, 이에 따라 국내 투자자는 글로벌대비 검증되지 않는 가상자산에 노출되게 되었다. 둘째, 국내 4대 가상자산거래사업자에 2021년 7월말 기준 상장되어 있는 가상자산은 모두 347개이며, 이중 국내 35.4%인 123개가 국내발행 가상자산이다. 이는 국내 가상자산시장이 국내발행 가상자산의 유동화의 주요 통로가 되고 있음을 나타낸다. 셋째, 국내발행 가상자산 123개 중 Terra, Klaytn, ICON을 제외한 나머지 국내발행 가상자산 120개의 경우 특정 거래소에서 대부분의 거래량이 발생하였다. 따라서 국내 가상자산시장의 발행시장과 유통시장을 법제화함에 있어서 국내 가상자산시장의 특징을 반영하여 투자자 보호가 시급히 이루어져야 할 것이다.

As of September 2021, the domestic cryptoasset market showed rapid quantitative growth, with 12.57 million cryptoasset exchange subscribers, up to 20 trillion won in daily cryptoasset transactions in Korea and 10% to 15% of daily transactions in the global cryptoasset market. Nevertheless, there was no empirical study on the domestic cryptoasset market. In this paper, all cryptoasset data listed on the nation's top four cryptoasset exchanges based on transaction volume was collected and the current status of the domestic cryptoasset distribution market was analyzed for the first time to derive the following three implications. First, the four major cryptoasset exchage adopted different listing policies, and accordingly, domestic investors were exposed to cryptoassets that were not verified compared to the global ones. In the case of Korbit, it showed the strictest behavior in listing cryptoassets, allowing only 46 cryptoassets to be traded, while Coinone supports 193 cryptoassets, of which 46.1% are cryptoassets traded only in Coinone. Second, as of the end of July 2021, a total of 347 cryptoassets were listed on the nation's top four cryptoasset exchanges, of which 123 or 35.4% were issued in Korea. This indicates that the domestic cryptoasset market is becoming a major channel for the liquidity of domestic issued cryptoassets. In addition, 111 cryptoassets, or 90.2% of domestic assets, were found to be tokens that did not hold the mainnet of the blockchain. Third, out of 123 cryptoassets issued in Korea, most of the 120 cryptoassets issued in Korea, excluding Terra, Klaytn, and ICON, occurred on a specific exchange. In addition, 11 cases were observed in which the volume of transactions was greater than 1 compared to the market capitalization of cryptoassets. This can be predicted because cryptoassets distributed only in Korea or traded only on a single cryptoasset exchange are easily formed to benefit issuers and distributors. Therefore, in legislating the issuance and distribution markets of the domestic cryptoasset market, investor protection should be urgently implemented by reflecting the characteristics of the domestic cryptoasset market.