중국 크라우드펀딩의 법적 규제

“Fintech” is recently coined terminology of “Finance” and “Technology” that denotes new forms of financial services based on IT technology. It can be categorized into traditional Fintech and Emergent Fintech according to the characteristics and types of services. Fintech is new type of financial service that encompasses e-payment system P2P services with withdrawal function and Crowdfunding service. Crowdfunding is compound word of “crowd” and “funding.” This denotes that entrepreneur with creative ideas or business plan raising funds from many small investors online using ‘the wisdom of Crowds’. There are many kinds of crowdfunding. The most well-known type is equity-based one. This is the type that investor collects invested money back by making a contract of sharing revenue with startup company or small-capital companies. Specifically, the acquired shares from those emergent companies are actually proportional to the amount they have invested. China is at its front line of Fintech industry. China’s finance innovation through fintech is mostly market-driven and creative. Among fintech industries, crowdfunding is most notable forms of industry in China. In return, Chinese government recently announced the regulation called “Draft Regulation of Based On Private Equity Crowdfunding” Chinese government stepped forward on this Crowdfunding regulation, which had been left to free market with voluntary control. “Draft Regulation of Based On Private Equity Crowdfunding” is unique in many aspects. First, this draft allows more autonomy in Crowdfunding Platform. In founding or managing platform process, the many issues such as protecting investors, supervising funds, protecting private information, prevention of conflict, risk management, conflict management with investors are all required to settle down on their own within the company. Second, Chinese Crowdfunding mechanism adopted private loan, whereas most of other crowdfunding method is based on public loan. Platform is strictly prohibited from marketing, advertising or asking for investment. Third, the draft is mere a regulation submitted and enacted by The China Securities Dealers Association. Many parts of the clause are not in line with securities act and corporation act. This draft is expected to be amended and then be legislated. Fourth, this platform cannot provide transfer service of newly generated stocks. There is no clause related to forbidding trading securities of investors. Rather, free trading of investors-own securities is possible and encouraged, which differentiates itself to other countries’ corresponding law. Recently, South Korea also has announced regulation related to Crowdfunding. In the mean time, Chinese Crowdfunding regulation will be soon announced. Startup companies in both countries will have platform with stable ground. Korea and Chinese platforms allow free issuance of securities without discrimination. It can be interpreted that startup companies which have hard time raising financial resources now has been exposed to diversified funding mechanisms. It is possible that Korean companies can establish its own platform in China when Chinese Crowdfunding regulation is enacted. Enforcement of Crowdfunding regulation in China is a new opportunity for investment and cooperation with Chinese finance industries, which has been prevented until now. It is important to see how this regulation develops afterward.