실물 부동산 토큰화와 현행 등기 제도의 법적 정합성에 관한 고찰

For real estate tokens (RWA) based on physical assets to function as a means of transferring property rights under civil law, consistency with the existing real estate registration system is essential. However, under the current legal framework, which requires registration as a condition for the effectuation of real rights, blockchain-based token transactions inherently face limitations in terms of legal validity and reliability. In particular, discrepancies between RWA tokens and the official registry, time lags between token transfers and registration, and the fragmented nature of tokenized ownership—which conflicts with the concept of co-ownership under civil law—pose significant risks to the publicity function and transactional stability of the registration system. Therefore, mere technological advancement is insufficient to overcome the structural constraints of the current civil and registration law. To realize real estate tokenization in practice, institutional reform must be pursued alongside technical improvements to resolve these legal incompatibilities.