{"id":25028,"date":"2017-09-21T05:58:06","date_gmt":"2017-09-20T20:58:06","guid":{"rendered":"http:\/\/www.smallake.kr\/?p=25028"},"modified":"2017-09-21T05:58:06","modified_gmt":"2017-09-20T20:58:06","slug":"cftc%ec%9d%98-%ea%b7%9c%ec%a0%9c%ec%99%80-%ec%95%94%ed%98%b8%ed%86%b5%ed%99%94%ea%b1%b0%eb%9e%98%ec%86%8c","status":"publish","type":"post","link":"https:\/\/smallake.kr\/?p=25028","title":{"rendered":"CFTC\uc758 \uaddc\uc81c\uc640 \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c"},"content":{"rendered":"<p>1. \uc774 \uae00\uc744 \uc4f0\uba74\uc11c \uc81c \uc0dd\uac01\uc744 \ubc14\uafb8\uc5c8\uc2b5\ub2c8\ub2e4. \uc554\ud638\ud1b5\ud654\uac00 \uc0c1\uc0c1\uc758 \uc601\uc5ed\uc774 \uc544\ub2c8\ub77c \ud604\uc2e4\uc758 \uc601\uc5ed\uc5d0 \uc788\uace0 \uc774\ubbf8 \uaddc\uc81c\uc0c1\ud0dc\ub77c\ub294 \uc810\uc744 \uc54c\uc558\uae30\ub54c\ubb38\uc785\ub2c8\ub2e4.  \ucd5c\uadfc \uc5b4\ub5a4 \ubd84\uc744 \ub9cc\ub0ac\uc744 \ub54c \uc7ac\ubbf8\uc788\ub294 \uc774\uc57c\uae30\ub97c \ub4e4\uc5c8\uc2b5\ub2c8\ub2e4. <\/p>\n<blockquote><p>&#8220;\ubbf8\uad6d\uc758 \uae08\uc735\ub2f9\uad6d\uc774 \ubbf8\uad6d\uc5d0 \uc545\uc601\ud5a5\uc744 \ub07c\uce5c\ub2e4\ub294 \uc774\uc720\ub85c \ud574\uc678\uc758 \uac70\ub798\uc18c\ub97c \uaddc\uc81c\ud560 \uc218 \uc788\ub2e4.&#8221;<\/p><\/blockquote>\n<p>\ubbf8\uad6d\ubc95\uc744 \uc798 \ubaa8\ub974\uae30\ub54c\ubb38\uc5d0 \uae34\uac00\ubbfc\uac00\ud558\ub294 \uc0dd\uac01\uc744 \uac00\uc9c0\uace0 \ud5e4\uc5b4\uc84c\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub2e4\uac00 \uc544\ub798 \uae30\uc0ac\ub97c \uc77d\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p><a href=\"http:\/\/jmagazine.joins.com\/economist\/view\/318152\" rel=\"noopener\" target=\"_blank\">\u201c\ubbf8 \ub2f9\uad6d, \ud55c\uad6d \uac00\uc0c1\ud654\ud3d0 \uac70\ub798\uc18c \uc5f0\ub0b4 \uc81c\uc7ac\u201d \uac00\ub2a5\uc131 &#8230; \uad6d\ub0b4 \uac00\uc0c1\ud654\ud3d0 \uac70\ub798 \uc81c\ub3d9 \uac78\ub9ac\ub098<\/a> <\/p>\n<p> \uae30\uc0ac\uc911 \ud55c \ubd80\ubd84\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>\uc775\uba85\uc744 \uc694\uad6c\ud55c \ubcf5\uc218\uc758 \ucde8\uc7ac\uc6d0\ub4e4\uc740 \u201c\ubbf8\uad6d \uc0c1\ud488\uc120\ubb3c\uac70\ub798\uc704\uc6d0\ud68c(CFTC)\uac00 \uac00\uc0c1\ud654\ud3d0\uc758 \ud30c\uc0dd\uc0c1\ud488\uc744 \ucde8\uae09 \uc911\uc774\uac70\ub098 \ucde8\uae09\ud588\uc5c8\ub358 \ud55c\uad6d \uac00\uc0c1\ud654\ud3d0 \uac70\ub798\uc18c\ub97c \ubbf8\uad6d \uc2dc\uc7a5\uc5d0 \uc601\ud5a5\uc744 \ub07c\uce58\ub824 \ud55c \uc774\uc720\ub85c \uc81c\uc7ac\ud560 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4\u201d\uace0 \uc8fc\uc7a5\ud588\ub2e4. \uc774\ub4e4\uc740 \uadf8 \ucd9c\ucc98\ub85c \ubbf8 CFTC\uc758 \ud55c \uc804\uc9c1 \uc9c1\uc6d0\uc744 \uaf3d\uc558\ub2e4. \ud55c \uad00\uacc4\uc790\ub294 \u201c\uba87 \ub2ec \uc548\uc5d0 \ud55c\uad6d \ub300\uc0c1\uc758 CFTC\ubc1c \uc81c\uc7ac \ud65c\ub3d9\uc774 \uc788\uc744 \uac83\u201d\uc774\ub77c\uace0 \uacbd\uace0\ud588\ub2e4.<\/p>\n<p>\ud55c\uad6d\uc5d0 \ub300\ud55c \uc81c\uc7ac\uac00 \uc784\ubc15\ud588\ub290\ub0d0\ub294 \uc9c8\ubb38\uc5d0 \ubbf8 CFTC \uc2dc\uc7a5\uac10\uc2dc\ubd80(Division of Market Oversight) \uac00\uc0c1\ud654\ud3d0 \ub2f4\ub2f9\uad00\uc740 \u201c\uaddc\uc81c(regulate)\uac00 \ubbf8\uce58\uc9c0 \uc54a\uc740 \uacf3\uc744 \ucc3e\uace0 \uc788\ub2e4(looking at spaces)\u201d\uba74\uc11c\ub3c4 \u201c\ud2b9\uc815 \uad6d\uac00\uc5d0 \ub300\ud574\uc11c\ub294 \uc5b8\uae09\ud558\uc9c0 \uc54a\uaca0\ub2e4\u201d\uace0 \ub9d0\ud588\ub2e4. CFTC\ub294 \uc9c0\ub09c 8\uc6d4 \uc790\uc2e0\ub4e4\uc774 \uc9c0\uc815\ud55c \uac70\ub798\uc18c(\ud604\uc7ac \ub274\uc695 LedgerX \ud55c \uacf3)\uc5d0\uc11c\ub9cc \uc635\uc158\uacfc \uac19\uc740 \uac00\uc0c1\ud654\ud3d0 \ud30c\uc0dd\uc0c1\ud488\uc744 \uac70\ub798\ud558\ub77c\ub294 \uc9c0\uce68\uc744 \ub0b4\ub9b0 \ubc14 \uc788\ub2e4.<\/p><\/blockquote>\n<p>\uc6b0\uc120 \uaddc\uc81c\ub2f9\uad6d\uc774 SEC\uac00 \uc544\ub2c8\ub77c CFTC\ub77c\ub294 \uc810\uc774 \ud655\uc2e4\ud574\uc84c\uc2b5\ub2c8\ub2e4. CFTC\ub77c\uace0 \ud558\uba74 \ubb34\ucc99 \uad11\ubc94\uc704\ud55c \uac70\ub798\ub97c \uaddc\uc81c\ud560 \uac00\ub2a5\uc131\uc774 \uc788\uae30\ub54c\ubb38\uc5d0 \uadfc\uac70\uac00 \uc788\uc5b4\ubcf4\uc785\ub2c8\ub2e4. \uc870\uc0ac\ub97c \ud574\ubcf4\uc558\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc6b0\uc120 \ubbf8\uad6d CFTC\uac00 \ud64d\ucf69  Bitfinex (Bitfinex)\uc5d0 \ubc8c\uae08\uc744 \ubd80\uacfc\ud55c \uc0ac\uc2e4\uc744 \ud655\uc778\ud558\uc600\uc2b5\ub2c8\ub2e4. 2016\ub144\uc758 \uc77c\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>Bitfinex operates an online platform for exchanging and trading cryptocurrencies, mainly bitcoins. The Order finds that from April 2013 to at least February 2016, Bitfinex permitted users to borrow funds from other users on the platform in order to trade bitcoins on a leveraged, margined, or financed basis. The Order also finds that Bitfinex did not actually deliver those bitcoins to the traders who purchased them. Instead, Bitfinex held the bitcoins in deposit wallets that it owned and controlled, the Order states.<\/p>\n<p>As explained in the Order, under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), financed commodity transactions \u2013 including those in cryptocurrencies like bitcoin \u2013 must be conducted on an exchange, unless the entity offering the transactions \u2013 such as Bitfinex \u2013 can establish that actual delivery of the bitcoins results within 28 days. As one federal court of appeals recognized, \u201cactual delivery\u201d requires a transfer of \u201cpossession and control\u201d of the commodity and giving \u201creal and immediate possession to the buyer or the buyer\u2019s agent.\u201d CFTC v. Hunter Wise Commodities LLC, 749 F.3d 967, 978-79 (11th Cir. 2014).<\/p>\n<p>The Order finds that by offering to enter into, executing, and\/or confirming the execution of off-exchange financed retail commodity transactions, Bitfinex violated Section 4(a) of the CEA, which requires such transactions to be conducted on a designated contract market or derivatives transaction execution facility. The Order further states that because the transactions did not result in actual delivery of bitcoins, Bitfinex could not rely on the exception to the CFTC\u2019s jurisdiction over such transactions, found in Section 2(c)(2)(D)(ii)(III)(aa) of the CEA.<\/p>\n<p>The Order further finds that Bitfinex accepted orders and received funds in connection with retail commodity transactions without being registered with the CFTC as an FCM, as required by Section 4d(a). The Order explains that FCMs include all persons engaged in soliciting or accepting orders for retail commodity transactions, or who accept money in connection with such transactions. However, according to the Order Bitfinex has never been registered in any capacity. Bitfinex therefore violated Section 4d(a) of the CEA.<br \/>\n<a href=\"http:\/\/www.cftc.gov\/PressRoom\/PressReleases\/pr7380-16\" rel=\"noopener\" target=\"_blank\">CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity  Transactions and Failing to Register as a Futures Commission Merchant<\/a>\uc911\uc5d0\uc11c<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F09%2Fenfbfxnaorder060216.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/09\/enfbfxnaorder060216.pdf\" class=\"gde-link\">Download (PDF, 545KB)<\/a><\/p>\n<p>\ub450\ubc88\uc9f8 \uc0ac\ub840\uc785\ub2c8\ub2e4. CFTC\uac00  \ubbf8\uad6d\uc5d0 \uc704\uce58\ud55c Poloniex\uc5d0 \ube44\uc870\uce58\uc758\uacac\uc11c (No-Action Letter)\ub97c \ubcf4\ub0c8\uc2b5\ub2c8\ub2e4. \ube44\uc870\uce58\uc758\uacac\uc11c\uac00 \ubb34\uc5c7\uc778\uc9c0 \uc54c\uc544\ubcf4\uba74  &#8220;\ube44\uc870\uce58\uc758\uacac\uc11c \uc81c\ub3c4\ub780, \uc2e0\uccad\uc778\uc758 \uc694\uccad\uc5d0 \ub530\ub77c \uae08\uc735\ub2f9\uad6d\uc774 \uacbd\uc81c\uc8fc\uccb4\uc758 \ud2b9\uc815\ud589\uc704\uc5d0 \ub300\ud574 \uc81c\uc7ac \ub4f1\uc758 \uc870\uce58\ub97c \ucde8\ud560\uc9c0 \uc5ec\ubd80\uc5d0 \ub300\ud55c \uc758\uc0ac\ub97c \uc0ac\uc804\uc5d0 \ud45c\uba85\ud558\ub294 \uc81c\ub3c4&#8221;\ub97c \ub9d0\ud569\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/poloniex.com\/press-releases\/2016.10.18-Our-request-for-no-action-relief\/\" rel=\"noopener\" target=\"_blank\">Our Request for No-Action Relief<\/a><\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F09%2FPoloniex-No-Action-Relief-Request-10-18-2016.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/09\/Poloniex-No-Action-Relief-Request-10-18-2016.pdf\" class=\"gde-link\">Download (PDF, 307KB)<\/a><\/p>\n<p>\uc138\ubc88\uc9f8 \uc0ac\ub840\uc785\ub2c8\ub2e4. CFTC\uac00 LedgerX\ub97c \uacf5\uc2dd \uc2b9\uc778\ud558\uc600\uc2b5\ub2c8\ub2e4. 2017\ub144 7\uc6d4\uc785\ub2c8\ub2e4.<\/p>\n<p><a href=\"http:\/\/www.cftc.gov\/PressRoom\/PressReleases\/pr7584-17\" rel=\"noopener\" target=\"_blank\">CFTC Grants SEF Registration to LedgerX LLC<\/a><\/p>\n<p>\uc774 \uc870\uce58\uac00 \uc5b4\ub5a4 \uc758\ubbf8\ub97c \uac00\uc9c0\ub294\uc9c0\ub97c \ubd84\uc11d\ud55c \uae30\uc0ac\ub4e4\uc785\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/www.law360.com\/articles\/948529\/cftc-ledgerx-approval-is-a-big-step-for-bitcoin\" rel=\"noopener\" target=\"_blank\">CFTC LedgerX Approval Is A Big Step For Bitcoin<\/a><br \/>\n<a href=\"https:\/\/www.coindesk.com\/icos-dcos-dawn-cleared-crypto-derivatives\/\" rel=\"noopener\" target=\"_blank\">From ICOs to DCOs: The Dawn of Cleared Crypto Derivatives <\/a><\/p>\n<p>Law360\uc774 \ubd84\uc11d\ud55c \uc758\ubbf8\uc785\ub2c8\ub2e4. \uae30\uad00\ud22c\uc790\uc790\ub4e4\uc774 \uc554\ud638\ud1b5\ud654\uc5d0 \ud22c\uc790\ud560 \ub54c \uac00\uc9c0\ub294 \ubd88\ud655\uc2e4\uc131\uc744 \uc81c\uac70\ud558\uc600\uc2b5\ub2c8\ub2e4. \uc2dc\uc7a5\uc744 \ud655\ub300\ud558\ub294\ub370 \ucee4\ub2e4\ub780 \uc77c\ubcf4\ub97c \ub0b4\ub51b\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<blockquote><p>LedgerX aims to be \u201can integrated exchange and clearing operation so all parts of the transaction lifecycle from contract listing, trade matching, to final settlement are handled\u201d by LedgerX.<\/p>\n<p>With this approval, LedgerX has become the first platform to operate as both a bitcoin swap exchange and a clearinghouse under the CFTC\u2019s oversight. The DCO approval for trading bitcoin derivatives removes various previous barriers to widespread trading on bitcoin\u2019s value: it provides the type of financial protection available to traders in more traditional futures, options and derivatives; it provides greater pricing transparency; it reduces exposure to dramatic price swings by pegging the swap to a more fixed value; and it removes reputational impediments by placing the trading platforms under federal regulation.<\/p><\/blockquote>\n<p>2.<br \/>\nCFTC\ub294 \uc5b4\ub5a4 \ubc29\ud5a5\uc744 \uac00\uc9c0\uace0 \uc774\ub7f0 \uaddc\uc81c\uc815\ucc45\uc744 \ud3bc\uae4c\uc694? 2015\ub144 CFTC\uac00 \ucde8\ud560 \uc815\ucc45\uc744 \ubd84\uc11d\ud55c \ubcf4\uace0\uc11c\uc785\ub2c8\ub2e4. 2\ub144\uc804\ubd80\ud130 CFTC\uac00 \uc554\ud638\ud1b5\ud654 \ud30c\uc0dd\uc0c1\ud488\uc5d0 \ub300\ud55c \uaddc\uc81c\ub97c \uc900\ube44\ud588\uc2b5\ub2c8\ub2e4. \ubcf4\uace0\uc11c\uc911 \uc77c\ubd80\uc785\ub2c8\ub2e4. \ubbf8\uad6d \uc0c1\ud488\uac70\ub798\ubc95(CEA)\uc5d0 \uc758\ud55c \uc0c1\ud488(Commodity)\uc5d0 \uc554\ud638\ud1b5\ud654\ub3c4 \ud3ec\ud568\ud558\uace0 Spot contract\ub294 \uaddc\uc81c\ud558\uc9c0 \uc54a\uaca0\uc9c0\ub9cc Deriviative Contract\ub294 \uaddc\uc81c\ud560 \uac83\uc774\ub77c\uace0 \uc608\uc0c1\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>3. The CFTC has broad enforcement authority over Bitcoin and other cryptocurrencies.<\/p>\n<p>Cryptocurrencies (such as Bitcoin) likely fall under the Commodity Exchange Act\u2019s (CEA\u2019s) broad definition of \u2018commodity\u2019. Public statements by Chairman Massad and Commissioner Wetjen tend to confirm as much. As a result, the CFTC retains broad enforcement authority over Bitcoin and other cryptocurrencies, regardless of whether or not such product is a derivative. While the CFTC\u2019s regulatory authority is generally limited to futures, options on futures and swaps, the CFTC retains general enforcement authority over any contract of sale of any commodity traded in interstate commerce.<\/p>\n<p>Additionally, the CFTC has specific enforcement authority and regulatory authority over certain retail commodity transactions (the Retail Commodity Rules). Any retail commodity transaction falling within the scope of CFTC jurisdiction under the Retail Commodity Rules is subject to certain CEA provisions \u2014 as if such agreement were a futures contract \u2014 including the provisions requiring trading such contract on an exchange registered with the CFTC. The Retail Commodity Rules broadly apply to: (a) contracts that qualify as \u201ccommodity interests\u201d; (b) entered into with, or offered to, a non-ECP (i.e., a retail customer); and (c) on a leveraged or margined basis, or financed by the offeror, counterparty or other person. Contracts that result in \u2018actual delivery\u2019 of such commodity within 28 days are exempt from the Retail Commodity Rules, so long as these contracts do not qualify as swaps, futures or options. The application of the Retail Commodity Rules to Bitcoin (for instance) would suggest that Bitcoin transactions (not just Bitcoin derivatives but all spot transactions) that are transacted with retail customers would need to analyse the applicability, if any, of the Retail Commodity Rules to such retail transaction.<\/p>\n<p>4. Bitcoin and other cryptocurrency spot contracts will likely remain largely unregulated.<\/p>\n<p>Cryptocurrency spot contracts likely will remain largely unregulated, unless a unique reason to regulate them that does not currently exist in the foreign exchange or commodity cash markets arises. \u2018Spot\u2019 or \u2018cash\u2019 contracts for commodities that result in the immediate or near-immediate delivery of the commodity are beyond the CFTC\u2019s regulatory scope, other than with respect to certain enforcement authority retained by the CFTC (as discussed above). A cash or spot transaction results in the actual physical delivery of the commodity, absent extraordinary or extenuating circumstances.4 In the Bitcoin space, a Bitcoin spot contract (to US dollars) involves the actual exchange of a US dollar or other fiat currency and Bitcoin at the spot exchange rate (i.e., X amount of Bitcoin in exchange for X amount of US dollars). That is, both parties exchange the relevant fiat currency or cryptocurrency at settlement, so that the seller of the cryptocurrency pays the buyer of the cryptocurrency an amount in cryptocurrency equal to the spot exchange rate, payable to buyer\u2019s designated account; and similarly the seller of the fiat currency pays the buyer of the fiat currency an amount in the fiat currency equal to the spot exchange rate, payable in the applicable fiat currency to the buyer\u2019s designated account. This structure is no different from a spot contract involving two fiat currencies, other than the fact that one leg is a cryptocurrency. Physical cash is not customarily exchanged in non-cryptocurrency spot contracts, but rather, the custodial bank credits the account with an amount equal to the settlement amount in the fiat currency. While Bitcoin and other cryptocurrencies do not have a physical or tangible form such as fiat currencies that are exchanged, precedent exists in the non-financial commodity markets that would imply the credit of cryptocurrency by seller for the benefit of buyer in the buyer\u2019s designated cryptocurrency account (for the specified amount) would constitute physical delivery.5 Moreover, such a contract would derive its settlement amount in the same way that a physically-settled foreign exchange spot contract does (i.e., by reference to a spot exchange rate).<\/p>\n<p>Notably, however, unlike fiat currency foreign exchange contracts, the Bitcoin and other cryptocurrency market will need to develop a customary settlement time for a cryptocurrency spot contract as opposed to a forward contract. Presumably, cryptocurrency spot contracts (cryptocurrency to cryptocurrency) would be capable of being settled in minutes or seconds whereas cryptocurrency to fiat currency exchange contracts would likely be settled in T+2 (the typical spot settlement time for fiat currencies) given the fiat currency leg. But while we would see a different market, we wouldn\u2019t necessarily need to see a different set of rules.<\/p>\n<p>5. Whether the CFTC will regulate Bitcoin swaps and forwards as it does foreign exchange transactions, or other commodities \u2014 or if an entirely new regulatory regime will apply \u2014 remains to be seen.<\/p>\n<p>Retail transactions, general enforcement authority and spot contracts aside (which some may consider the easier analysis when it comes to Bitcoin\u2019s regulatory framework), exactly how such Bitcoin derivatives contracts will be regulated, in particular in the off-exchange and off-facility markets and the market impact that flows from such regulation is the larger, less certain issue.<\/p>\n<p>For Bitcoin and other cryptocurrency swaps and forwards, the CFTC must decide whether it will regulate cryptocurrency derivatives in a similar fashion as it does foreign exchange transactions; or if cryptocurrency derivatives will be regulated in a similar way as other commodities, such as precious metals; or if an entirely new regulatory regime will apply. The effect of this choice will determine whether or not physically-settled cryptocurrency forwards and cryptocurrency swaps would be largely exempt from CFTC (including Dodd-Frank) regulation.<\/p>\n<p>If the CFTC takes a position that cryptocurrency is an \u2018exempt commodity\u2019 such as a \u2018currency\u2019, and that contracts referencing cryptocurrency qualify as \u2018foreign exchange forwards\u2019 and \u2018foreign exchange swaps\u2019, these contracts would be subject to a much lighter regulatory regime. However other cryptocurrency derivatives, such as cryptocurrency options and NDFs, would be subject to the full slate of regulatory requirements. In practical terms, for instance, a lighter regulatory regime for cryptocurrency foreign exchange forwards and foreign exchange swaps would mean the following:<\/p>\n<p>    A multi-dealer trading platform business trading cryptocurrency swaps and physically-settled forwards would not require registration as a SEF, but<br \/>\n    A multi-dealer trading platform business trading cryptocurrency options or NDFs would require registration as a SEF.<\/p>\n<p>Moreover, if the CFTC takes a regulatory approach similar to the foreign exchange market, market participants would also be subject to retail off-exchange forex transaction rules. The complex history of the foreign exchange derivatives rules, begs the question, however, of whether or not transposing the foreign exchange derivatives rules on the cryptocurrency derivatives market would be appropriate. That is, the foreign exchange forwards and swaps markets developed in a dealer market which was limited to banking institutions already subject to robust capital and liquidity requirements. Such foreign exchange transactions do not carry the same risk profile as other foreign exchange derivatives \u2014 such as options or NDFs \u2014 and have a shorter tenor than other trades. Bitcoin derivatives (including swaps and forwards) are the very by-product of a non-bank peer-to-peer market. While Bitcoin swaps and forwards may be similar in some ways to foreign exchange swaps and forwards, many of the Bitcoin industry participants are largely unregulated and dissimilar to the regulated participant bank dealers that cover the foreign exchange markets.<\/p>\n<p>Critical to the strategic expansion of a cryptocurrency derivatives business will be the CFTC\u2019s position with respect to which regulatory regime will overlay the cryptocurrency derivatives market, or if an entirely new regulatory regime shall apply that adopts properties of its various regulatory frameworks for financial and non-financial commodities.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F09%2Fregulatory-notes-bitcoin-cryptocurrency-derivatives.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/09\/regulatory-notes-bitcoin-cryptocurrency-derivatives.pdf\" class=\"gde-link\">Download (PDF, 313KB)<\/a><\/p>\n<p>\uc774\ubcf4\ub2e4 \ud55c \ud574\uc804 CFTC\uc5d0 \uc81c\ucd9c\ud55c \uc5f0\uad6c\ubcf4\uace0\uc11c\uc785\ub2c8\ub2e4. \uc704\uc640 \uac19\uc740 \uc758\uacac\uc744 \uc81c\ucd9c\ud558\uc600\uc2b5\ub2c8\ub2e4.<\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F09%2Fgmac_100914_bitcoin.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/09\/gmac_100914_bitcoin.pdf\" class=\"gde-link\">Download (PDF, 329KB)<\/a><\/p>\n<p>\ucc98\uc74c \ubcf4\uace0\uc11c\ub97c \ub0b4\ub193\uc740 Latham &#038; Watkins\uac00 2015\ub144 CFTC\uc758 \uc870\uce58\ub97c \ubd84\uc11d\ud55c \ubcf4\uace0\uc11c\uc785\ub2c8\ub2e4. \uc774 \ubcf4\uace0\uc11c\uc758 \uc81c\ubaa9\uc740 \uc544\ub798\uc640 \uac19\uc2b5\ub2c8\ub2e4. CFTC\uac00 2015\ub144\uc744 \uc2dc\uc810\uc73c\ub85c \uc554\ud638\ud1b5\ud654 \ud30c\uc0dd\uc0c1\ud488\uc744 \uaddc\uc81c\ud558\uae30 \uc2dc\uc791\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Cryptocurrencies  Are Commoditie<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F09%2Fdocument.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/09\/document.pdf\" class=\"gde-link\">Download (PDF, 83KB)<\/a><\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F09%2Fregulatory-notes-bitcoin-cryptocurrency-derivatives-1.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/09\/regulatory-notes-bitcoin-cryptocurrency-derivatives-1.pdf\" class=\"gde-link\">Download (PDF, 313KB)<\/a><\/p>\n<p>3.<br \/>\n\uadf8\ub7ec\uba74 CFTC\uac00 \uc554\ud638\ud1b5\ud654 \uac70\ub798\uc911 \ud30c\uc0dd\uc0c1\ud488\uacfc \uad00\ub828\ud55c \uac70\ub798\ub9cc\uc744 \uaddc\uc81c\ud558\ub294 \uc774\uc720\uac00 \ubb34\uc5c7\uc77c\uae4c\uc694? \ud604\uc2e4\uc801\uc73c\ub85c \ube14\ub85d\uccb4\uc778\uc5d0 \uae30\ubc18\ud55c \uc554\ud638\ud1b5\ud654\uac70\ub798\ub97c \uaddc\uc81c\ud560 \ub9c8\ub545\ud55c \ubc29\ubc95\uc774 \uc5c6\uae30\ub54c\ubb38\uc785\ub2c8\ub2e4. \ubc18\ub300\ub85c \ud30c\uc0dd\uc0c1\ud488\uac70\ub798\ub294 \ube14\ub85d\uccb4\uc778\uc774 \uc544\ub2cc \uc804\ud1b5\uc801\uc778 \ubc29\uc2dd\uc758 \uc6d0\uc7a5\uc5d0 \uae30\ubc18\ud558\uae30 \ub54c\ubb38\uc5d0 \uaddc\uc81c\uac00 \uac00\ub2a5\ud569\ub2c8\ub2e4.\ubb3c\ub860 \uc55e\uc11c \ubcf4\uace0\uc11c\uc911 &#8220;4. Bitcoin and other cryptocurrency spot contracts will likely remain largely unregulated.&#8221;\uc5d0\uc11c\ub294 Spot\uac70\ub798\uc640 \ud30c\uc0dd\uac70\ub798\uc758 \ucc28\uc774\ub54c\ubb38\uc774\ub77c\uace0 \ud558\uc9c0\ub9cc \ud604\uc2e4\uc801\uc73c\ub85c \ubcfc \ub54c \uc554\ud638\ud1b5\ud654 \uc790\uccb4\ub97c \uaddc\uc81c\ud560 \uc218 \uc5c6\ub294 \uae30\uc220\uc801\uc778 \ud55c\uacc4\ub97c \uc804\uc81c\ub85c \ud55c\ub2e4\ub294 \uc0dd\uac01\uc785\ub2c8\ub2e4.<\/p>\n<p>\ucc98\uc74c\uc5d0 \uc5b8\uae09\ud558\uc600\ub358 \uc911\uc559\uc77c\ubcf4 \uae30\uc0ac\ub85c \ub3cc\uc544\uac11\ub2c8\ub2e4. \ud604\uc7ac \uad6d\ub0b4 \ub300\ubd80\ubd84 \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c\ub294 Leveraged, Margined Product\ub97c \ucde8\uae09\ud569\ub2c8\ub2e4. CFTC\uac00 \uc815\uc758\ud55c \ud30c\uc0dd\uc0c1\ud488 \uac70\ub798\uc785\ub2c8\ub2e4. \uc5b8\uc81c\ub4e0\uc9c0 \ud64d\ucf69\uc758 Bitfinex\uc640 \uac19\uc740 \uc870\uce58\ub97c \ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc120\ud0dd\uc744 \ud558\uc5ec\uc57c \ud569\ub2c8\ub2e4. \ubc8c\uae08\uc744 \ub0bc \uac01\uc624\ub85c \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\uc5ec \ub208 \uc55e\uc758 \uc218\uc775\uc744 \uc5bb\uc744\uc9c0, \uc544\ub2c8\uba74 LedgerX\uc640 \uac19\uc740 \uccad\uc0b0\uacb0\uc81c\uae30\uad00\uc758 \ub3c4\uc6c0\uc744 \ubc1b\ub294 \uc0c1\ud488\uc124\uacc4\ub97c \ud560\uc9c0. <\/p>\n<p> CFTC\uc758 \uc2b9\uc778\uc744 \ubc1b\uc740, LedgerX\uc640 \uac19\uc740 \ubbf8\uad6d\uacc4 \uccad\uc0b0\uacb0\uc81c\uae30\uc5c5\ub4e4\ub9cc \ud3b8\uc548\ud788 \uc218\uc775\uc744 \ub0b4\ub294\ubc29\ud5a5\uc73c\ub85c \uac00\ub294 \ubc29\ud5a5\uc73c\ub85c  \uaddc\uc81c\uc815\ucc45\uc744 \ud3b4\ub294 \uac83\uc740 \uc544\ub2d0\uc9c0 \uc758\uad6c\uc2ec\uc744 \uc9c0\uc6b8 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4. \uba87 \uc77c\uc804 \uc0b4\ud3c8\ub358 \uc911\uad6d\uc758 \uc815\ucc45\uacfc \ub300\ube44\ud558\uc5ec \uc544\uc9c1 \ubbf8\uad6d \ub2ec\ub7ec\uc758 \ud798\uc774 \uc384\ub2e4\ub294 \uc0dd\uac01\ub3c4 \uc544\uc6b8\ub7ec \uac00\uc9d1\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. \uc774 \uae00\uc744 \uc4f0\uba74\uc11c \uc81c \uc0dd\uac01\uc744 \ubc14\uafb8\uc5c8\uc2b5\ub2c8\ub2e4. \uc554\ud638\ud1b5\ud654\uac00 \uc0c1\uc0c1\uc758 \uc601\uc5ed\uc774 \uc544\ub2c8\ub77c \ud604\uc2e4\uc758 \uc601\uc5ed\uc5d0 \uc788\uace0 \uc774\ubbf8 \uaddc\uc81c\uc0c1\ud0dc\ub77c\ub294 \uc810\uc744 \uc54c\uc558\uae30\ub54c\ubb38\uc785\ub2c8\ub2e4. \ucd5c\uadfc \uc5b4\ub5a4 \ubd84\uc744 \ub9cc\ub0ac\uc744 \ub54c \uc7ac\ubbf8\uc788\ub294 \uc774\uc57c\uae30\ub97c \ub4e4\uc5c8\uc2b5\ub2c8\ub2e4. &#8220;\ubbf8\uad6d\uc758 \uae08\uc735\ub2f9\uad6d\uc774 \ubbf8\uad6d\uc5d0 \uc545\uc601\ud5a5\uc744 \ub07c\uce5c\ub2e4\ub294 \uc774\uc720\ub85c \ud574\uc678\uc758 \uac70\ub798\uc18c\ub97c \uaddc\uc81c\ud560 \uc218 \uc788\ub2e4.&#8221; \ubbf8\uad6d\ubc95\uc744 \uc798 \ubaa8\ub974\uae30\ub54c\ubb38\uc5d0 \uae34\uac00\ubbfc\uac00\ud558\ub294 \uc0dd\uac01\uc744 \uac00\uc9c0\uace0 \ud5e4\uc5b4\uc84c\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub2e4\uac00 \uc544\ub798 \uae30\uc0ac\ub97c \uc77d\uc5c8\uc2b5\ub2c8\ub2e4. \u201c\ubbf8 \ub2f9\uad6d, \ud55c\uad6d \uac00\uc0c1\ud654\ud3d0 \uac70\ub798\uc18c \uc5f0\ub0b4 \uc81c\uc7ac\u201d \uac00\ub2a5\uc131 &#8230; \uad6d\ub0b4 \uac00\uc0c1\ud654\ud3d0 \uac70\ub798&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/smallake.kr\/?p=25028\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":25043,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"\uc554\ud638\ud1b5\ud654\uac70\ub798\uc5d0 \ub300\ud55c CFTC\uc758 \uaddc\uc81c\uac00 \ud55c\uad6d \uac70\ub798\uc18c\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce60\uae4c\uc694?\ubc95\uacfc \uc0ac\ub840\ub97c \ub193\uace0 \ubcf4\uba74 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