가상자산 발행과 백서의 가독성 수준이 기업 위험에 미치는 영향: 게임 기업을 대상으로

Concerns persist regarding the social, economic, and political aspects of crypto assets, yet their global scale continues to expand. In Korea, where the issuance of crypto assets is prohibited, Korean gaming companies resort to listing abroad to issue crypto assets, aiming to promote games utilizing P2E (play to earn) or NFT (non-fungible token) technologies. During the issuance of crypto assets, investors are provided with a whitepaper containing detailed information about the assets. However, even in the case of crypto assets issued by Korean companies, whitepapers are typically provided in English, and in the context of insufficient regulations domestically, complete trust in the information presented in the whitepapers is uneasy. This study collected and analyzed whitepapers of crypto assets from Korean gaming companies, empirically verifying the impact of crypto asset issuance on a company’s risk level and examining the relationship between the readability level of whitepapers and the risk level. The results indicated that companies issuing crypto assets tend to have a higher risk level compared to those that do not, and there is no significant correlation between the readability level of whitepapers and the risk level. Thus, crypto asset investors perceive a company’s issuance of crypto assets as a risk, yet do not significantly prioritize the readability of whitepapers. This research, through empirical analysis and expert FGI (focus group interviews) with Korean gaming companies, is expected to contribute to academia and industry by validating the relationship between crypto asset issuance and corporate risk.