콘텐츠 산업의 특성에 따른 토큰증권 제도 연계방안 모색

This study aims to propose a regulatory and policy framework for Security Token Offerings (STOs) tailored to the specific characteristics of the content industry. As a sector driven by digital intellectual property (IP), the content industry exhibits distinct features such as revenue volatility, complex rights structures, and the emergence of fandom-based investors. These characteristics require supplemental regulatory considerations beyond those of traditional capital markets. In response, this study suggests content-oriented disclosure requirements, customized investor protection mechanisms reflecting fandom behavior and so on. The effective tokenization and securitization of content assets demand a more industry-responsive and structured policy approach. By applying a sector-specific lens to the discourse on STO institutionalization, this study contributes to academic literature on intangible asset finance and offers practical implications for policymakers and industry practitioners seeking to establish a sustainable STO ecosystem within the cultural content sector.