증권형 토큰 발행․유통 현황 및 합리적 규제방안

The Fourth Industrial Revolution has brought many changes to various aspects of economy and society including finance. It has developed the existing concepts more and even formed new concepts. Distributed Technology, which is called Blockchain Technology in other words, has emerged together with the advent of the Fourth Industrial Revolution and many application cases regarding this technology have spread with its potentials and expectations. Though it was Virtual Currency which emerged first based on the Distributed Technology, that has become the target of strong regulation and control soon due to the speculation and fraud related with it as well as the uncertainty of its concepts and attributes. The Token which followed Virtual Currency has shown the possibility to be utilized more closely related with the existing economy system unlike the Virtual Currency, however, clear application cases and regulatory system on it need to be established. The Security Token, one of Token types based on the Distributed Technology, has the attributes of security and is used for funding and property right transfer while there are many different circumstances and degree of applications among countries. Thus the Security Token is utilized related with assets in some cases(On-chain stand-alone Token), and the Security Token itself represents the property right without the link to the existing assets in other cases(Off-chain linked Token) The merit of the Security Token is that its funding cost is cheaper than the existing one and small investment is possible while it provides the new funding possibility with the economy entities who have had difficulties in funding. However, there exists also the demerit that effective controls and investor protections are incomplete. Thus many countries have tried to devise reasonable regulatory measures as well as application possibilities by government or private entities. Taking these worldwide trends, we also needs to understand the current status of the Security Token application and the regulation trends, thereby preparing suitable and reasonable regulation plans. For these, first. the legal attributes of Security Token has to be identified to provide the standards of which regulation is applied. Second, the level of regulatory schemes and basic guidelines on Security token should be established to decide whether the same level of security regulation is applied or promotional policy is used. Also, investor-protection measures for stable system control have to be taken into account.