가상자산 백서의 법적 성격 및 효력에 관한 소고 - 실무상 쟁점, 민사법 이론, 판례 및 정책적 제언을 중심으로 -

This article analyzes the evolving legal status and enforceability of crypto-asset white papers from a civil-law perspective. Originally conceived as technical documents, modern white papers routinely describe token issuance, distribution mechanics, and economic incentives, and in practice often operate as the primary text shaping investor expectations. Drawing on Korean case law-including the Seoul Eastern District Courtʼs 2025 decision rejecting the dispositive effect of a token-allocation scheme while implicitly acknowledging that a white paper may function as a basis for rights and obligations under certain conditions, and comparative materials such as SEC v. Ripple Labs and the EU MiCA Regulation (Article 15(2)), the article assesses when white papers may be construed as contracts, standard terms, or dispositive instruments. Building on this analysis, it advances policy proposals for Korea: (i) a standardized content framework for white papers; (ii) attribution of liability to substantive contributors (issuers, developers, and promoters) commensurate with the documentʼs investor-inducing effect; and (iii) targeted limits on disclaimers that purport to waive responsibility for material statements or changes. The article ultimately argues for a fact-sensitive, function-oriented approach that enhances investor protection and legal certainty without stifling innovation in tokenized markets.