블록체인 기술의 제도권 진입 동향에 관한 고찰 - 암호화폐를 기준으로 -

Blockchain may be defined to be a kind of a digital ledger or database of transactions relating to digital assets recorded chronolo- gically and capable of being audited. Information is recorded and consensually shared and synchronized across a network composing of multiple nodes in this database. All copies of the database are regarded as equally authentic. Cryptocurrency is related to tokens or coins based on blockchain technology. ICOs are a means of raising funds using cryptocurrencies through which investors purchase token in exchange for legal tender or other cryptocurrencies. In Korea, ICOs are completely prohibited whether utility or asset tokens are issued. There are some exchanges operating in Korea although there is no explicit regulation on the exchange. Taking into consideration that many countries are legislating ICOs, cyrptocurrency exchanges, or smart contract and signature secured through blockchain technology, Korea’s prohibition of ICOs and ambiguous attitude toward crytptocurrency exchanges is quite wrong. This paper examines the trend of foreign countries’ legislation on ICO, exchanges, smart contract and etc. Based upon this, this paper argues that it is appropriate for Korea to legislate or make proactive policies towards ICO and cryptocurrency exchanges. In particular, in taking into consideration that blockchain technologies are just emerging, this paper argues that Korea apply a regulatory sandbox, or that Korea designate particular areas to apply blockchain technologies.