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[Paper] 「A legal study on initial coin offering」 「암호자산을 이용한 자금조달(ICO)에 관한 법적 연구」 2019.2 황석진

Reports & Papers
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「A legal study on initial coin offering」 

[Table of Contents]

Chapter 1 Introduction 1

Section 1 Purpose of the Study 1

Section 2 Scope and Methodology of the Study 4

Chapter 2 General Theory of Crypto-assets and ICO 6

Section 1 Concept and Characteristics of Crypto-assets 7

I. Concept of Crypto-assets 7

  1. Crypto-assets 7
  2. Differences from Legal Tender and Electronic Money 12

II. Legal Nature of Crypto-assets 19

  1. Recognition as Property Rights and Object of Ownership under Civil Law 19

A. Review of Supreme Court Decisions 22

B. Eligibility for Forfeiture of Crypto-assets 23

  1. Rights of Direct Holders (Investors) of Crypto-assets 25
  2. Recognition as Financial Investment Products and Securities 28

A. Financial Investment Product Characteristics 28

B. Securities Characteristics 31

C. Applicability of the Capital Markets Act 34

III. Types and Current Status of Crypto-assets 36

  1. Coins and Tokens 39

A. Coins 39

B. Tokens 40

  1. Types of Crypto-assets in the Form of Coins 42

A. Bitcoin 42

B. Ethereum 47

C. Ripple 51

IV. Authorization and Regulation of Crypto-asset Brokerage 53

V. Technology Applied to Crypto-assets: Distributed Ledger Technology (Blockchain) 55

  1. Characteristics of Distributed Ledger Technology 56
  2. Emergence of Crypto-asset Trading Using Distributed Ledger Technology 59
  3. Types of Distributed Ledger Technology 63

Section 2 Concept and Characteristics of ICO 68

I. Concept of ICO 68

  1. Definition of ICO 68
  2. Fundraising Structure of ICO 70
  3. Current Status of ICO 73

II. Review of Similar Fundraising Types 79

  1. Initial Public Offering (IPO) 79

A. Concept 79

B. Differences from ICO 80

  1. Crowdfunding 82

A. Concept 82

B. Differences from Angel Investment and Venture Capital 83

C. Legal Regulations 91 (1) Information Asymmetry 91 (2) Protection of Financial Investors 94 (3) Public Offering and Securities Regulations under the Capital Markets Act 96

  1. Implications Related to ICO 99

Chapter 3 Status of ICO Regulations in Major Countries 101

Section 1 Overview 101

Section 2 United States 102

I. Regulatory Direction of the SEC 102

II. Court Precedents and the Howey Test for Securities Characteristics 103

III. The DAO Case 108

Section 3 Singapore 115

I. Announcement of a Temporary Regulatory Sandbox for ICO 115

II. ICO Guidelines by MAS 118

III. Implications 145

Section 4 Switzerland 150

Section 5 Japan 155

Section 6 France 157

Section 7 China 159

Section 8 Conclusion 162

Chapter 4 Domestic Legal Issues on ICO Regulation 164

Section 1 Overview 164

Section 2 Government's Position on ICO 165

Section 3 Trends in Domestic ICO Regulation 167

Section 4 Regulatory Issues on ICO in Domestic Law 169

I. Introduction 169

II. Issues under the Capital Markets and Financial Investment Business Act 170

  1. Recognition of ICO Crypto-assets (Tokens) as Securities 170

A. Financial Investment Product Status 170

B. Securities Status 172

C. Summary of Discussions 176

  1. Extraterritorial Application to Overseas ICOs 177

III. Issues under the Electronic Financial Transactions Act 179

IV. Issues under the Act on Regulation of Similar Receiving Acts 182

V. Issues under the Foreign Exchange Transactions Act 185

  1. Applicability of Crypto-assets as Foreign Securities and Payment Instruments 185
  2. Application of the Foreign Exchange Transactions Act to Overseas ICOs 186

VI. Issues in the Anti-Money Laundering System 187

  1. Issues under the Act on Reporting and Using Specified Financial Transaction Information 188
  2. Issues under the Act on the Regulation and Punishment of Concealment of Criminal Proceeds 190
  3. Issues under the Act on Prohibition of Financing for Proliferation of Weapons of Mass Destruction and Terrorism 190

VII. Other Issues 192

Section 5 Conclusion 195

Chapter 5 Institutionalization Plans for ICO 198

Section 1 Necessity of Institutionalizing ICO 198

I. Enhancing Funding Efficiency in the Startup Market 199

II. Establishing an Institutional Foundation for ICO Activation 203

Section 2 Plans for Institutionalizing Crypto-assets and ICO 205

I. Introduction 205

II. Legislative Proposals and Limitations Regarding Crypto-asset Trading Regulation 206

  1. Regulatory Measures through Amendments to the Electronic Financial Transactions Act 206

A. Proposal by Representative Yong-jin Park 206

B. Proposal by Representative Tae-kyung Ha 209

  1. Regulatory Measures through New Legislation 211

A. Proposal by Representative Tae-ok Jung 211

B. Proposal by Representative Byung-kook Jung 213

  1. Limitations and Evaluation of the Legislative Proposals 215

III. Introduction of ICO Regulatory Guidelines 217

  1. Establishment of Standard Forms for ICO Business Plans 217
  2. Formulation of ICO Regulatory Guidelines 219

Section 3 Institutionalization Plans for ICO through Capital Markets Act Regulations 222

I. Basic Direction for Setting Regulations 222

II. Institutionalization Plans 224

  1. Recognition of ICO Crypto-assets (Tokens) as Financial Investment Products 227
  2. Recognition as Investment Contract Securities 228
  3. Recognition of Crypto-asset Intermediaries as Investment Brokerage Businesses 230
  4. Mandatory Submission of ICO Business Plans 231
  5. Investor Protection Measures for ICO 234

Chapter 6 Conclusion 238

References 245

Abstract 260


「암호자산을 이용한 자금조달(ICO)에 관한 법적 연구」

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