부동산 토큰 시장의 발전과 과제
The Issues of Tokenization in Real Estate Market
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유동성이 부족하고 거래 규모가 큰 부동산에 조각투자(토큰)에 의한 소액투자가 가능해짐으로써 부동산 투자의 접근성이 향상되었다. 본 연구는 부동산 토큰에 관련된 선행연구를 바탕으로 부동산 토큰의 종류와 편익, 그리고 과제들에 대해서 살펴보았다. 국내 부동산 토큰(조각투자) 시장의 발전을 위한 정책제언과 위험관리는 다음과 같다. 첫째, 혁신금융의 예외 규정에 따라 전자증권 기반의 “디지털 자산유동화증권(부동산 조각투자)”는 실제 블록체인 기술에 기반한 것이 아니다. 해외 국가들은 부동산 토큰 발행에 있어 블록체인 상에서 직접 부동산 소유 토큰을 발행하는 토큰자산과 증권형토큰의 STO를 통해 투자 유치에 나서고 있다. 하지만 우리나라는 자본시장법 내에서 발행과 유통을 분리시키는 한편 고유 블록체인에 의한 토큰 발행을 허용하지 않음으로 블록체인, 스마트 계약, 그리고 관련 생태계의 발전을 수용하지 않고 있다. 둘째, 부동산 토큰증권은 외부의 부동산 자산에 대한 전통적 투자권리를 표현한 투자상품으로서 수탁기관 혹은 플랫폼 기업이 충분한 담보를 보유하고 있는지 여부에 따라 거래상대방 위험(counterparty risk)과 재집중화(recentralization)의 위험을 초래할 수 있다. 확실성과 위험통제의 규제 준수를 위해 조각투자를 관리하는 기관(가령, 주식회사, 파트너쉽, 트러스트)의 구성을 관리 감독하는 것이 합리적이다. 이러한 투자자위험은 향후 부동산 토큰 자체로 재산권과 소유권을 보장하는 블록체인 고유의 토큰자산(Tokenized Asset)과 토지지분 증권토큰의 출현을 촉진시킬 것이다. 마지막으로, 국내 부동산 토큰시장의 제한적 수요와 경제성 부족, 그리고 장애(기존 시스템에 있는 기득권들의 저항, 정부의지 및 정치적 협조 부족, 블록체인 교육 및 체험 부족, 규제 및 투자자보호 부족)들이 있다. 따라서 부동산 토큰증권과 토큰자산의 발행과 공모, 투자자 보호, 그리고 자산운용 등에 있어 추가적인 입법 확대 및 보완이 필요하다.
Abstract
Blockchain could solve some significant challenges from investing in the real estate sector, such as illiquidy, lumpiness, inefficiencies, etc. But, the real-world real estate tokens have currently only been available to limited groups and primarily used within intermediate structures. The issues related with tokenization of real-world real estate market are as follows. First, the legal systems varies greatly among countries in the world. Similarly, the conflicting regulatory regimes that prevent the free and international exchange of security tokens may undermine the advantages of tokenization. Second, the intermediate structures, such as special purchase vehicles (SPVs) or funds, which are still regarded as preferable options for tokenization rather than directly tokenizing real estate ownership owing to regulation. Third, the investors demand for security tokens for single real estate assets seems sketchy. Therefore, if the current single-asset tokenization initiatives or platforms were to scale, it would be crucial that secondary trading platforms are developed. In addition, market participants would need to be comfortable with blockchain to invest in single-asset. Fourth, The critical factor limiting the growth of real estate security tokens is the lack of a centralized marketplace to facilitate the trading of tokens. Currently, real estate security tokens are restricted to only being traded on the platform where they are listed. If the platform lacks market depth and a higher number of trading participants, liquidity can become an issue. Lastly, To solve the current real estate sector issues of tokenisation. The role of political will, regulatory framework, availability of reliable digital data, public-private partnerships, and educational aspects in blockchain applications have all been emphasized.
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