암호자산공개(ICO)의 규제 방향

As fintech and blockchain technology advance, crypto assets such as Bitcoin and Ethereum are attracting more attention from investors. In recent years, the number of companies issuing new crypto assets for financing is increasing exponentially. In this way, when a certain institution or company raises funds from the investors and provides tokens in return to them, it is called ICO (Initial Coin Offerings),. RecentlyThe ICOs are rapidly spreading, and as funds are flowing into the ICO markets, however, the damages to investors are also increasing. In order to solve this problem, it is necessary to review howe the ICOs should be regulated. In this relation, this article intendsto promote understanding of ICOs and to analyze t the regulatory measurestaken in major foreign countries such as the United States, Switzerland and Singapore. Unlike other countries that actively seek regulatory measures, the Korean government has a position to completely bann the ICOs. However, this article argues that rather than completely banning ICOs, it is necessary that appropriate regulation through institutionalization is suitable for the protection of investors and the response of the growing crypto currency markets. Specifically, with reference to the ‘Howey’ test suggested by the the United States’ Supreme Court in relation to ‘investment contract’‘‘, this article reviews the standards of “investment contract securities” under the Korean Capital Market Act, and concludes that the ICOs can be classified as investment contract securities under the Capital Market Act, and that the ICOs should be regulated under the Capital Market Act, in order to protect investors.