STO를 이용한 부동산간접투자 활성화 방안

The objective of this study is to propose strategies for promoting indirect property investment using Security Token Offerings (STOs) in association with the introduction of the STO system in Korea. Since property tokenization can convert the value of real estate into a token stored on a blockchain, digital ownership and transaction become possible. In order to achieve this objective, we have examined cases from Singapore and Japan where the STO system has already been introduced and implemented. Based on our findings, we propose the following strategies; First, we recommend using the verified Singapore’s ADDX platform rather than hastily developing a domestic platform under the circumstance where STO market has just been started in Korea. In the mean time the government should actively support the development of innovative platforms on which we can build our ‘Proof of Concept(PoC)’. Second, keeping in mind that the underlying asset of STO is real estate, token issuers must have property management capabilities. To this end, it is necessary to revise the regulatory system allowing STO to collaborate with competent real estate companies which can buy, operate, and sell real estate. In order to protect investors in the early stage of implementation, not only public offering but also private placement should be considered. Finally, since real estate has specific characteristics that make it different from other assets, such as stocks or bonds, the STO system should take these characteristics into account when creating new investment opportunities in the real estate market. In addition, building strong networks with government agencies, appraisal companies, and account management institutions can help STO issuers establish credibility, comply with regulations, and provide valuable services to investors. This can ultimately lead to greater investor confidence and a more successful STO.