가상자산 관련 제도정비에 대한 투자자의 반응: 국내 원화마켓 거래를 중심으로

This study examines the reaction of investors in the Korean virtual asset market to the enactment of the “Act on the Protection of Virtual Asset Users (hereinafter, the Virtual Asset Act)” and the announcement of the “Supervisory Guidelines on Accounting Treatment of Virtual Assets (hereinafter, the Accounting Guidelines).” The Virtual Asset Act aims to protect the property rights of virtual asset investors, while the Accounting Guidelines aim to improve transparency and reliability in virtual asset-related information. Using virtual assets traded on the four major exchanges in Korea, this study examines the cumulative abnormal returns (CAR) surrounding two event dates (i.e., the date of the National Assembly’s passage of the Virtual Asset Act and the initial announcement date of the Accounting Guidelines) and finds positive CAR for both events, with a higher CAR for the Virtual Asset Act than for the Accounting Guidelines. Additionally, in the regression analysis controlling for factors that may affect returns of virtual assets other than the two events, this study finds evidence of a positive investor response to both events. This paper contributes to literature by providing the first empirical evidence of virtual-asset investors’ reaction in the Korean market to related policies.