자금조달수단으로서 실효성 있는 토큰증권 제도정비를 위한 해결과제 - 전자등록기관의 역할 및 인프라를 중심으로 -

Abstract

Token securities refer to digitized securities under the Capital Markets Act using distributed ledger technology. Demand for the token securities system has existed in both the digital asset market and the stock market, and the digital asset market is a demand to handle both tokens with securities and tokens without securities, and in the case of the stock market, new types such as piece investment securities. Although there are some differences in the nature of the demand for securitization of rights, both demands converge to “demand for securitization of a new type of right.” The existing system inevitably showed some rigidity in return for the stability and reliability required for the main infrastructure of the capital market, so there were some limitations in securing various rights, distributing them, and raising funds. The token securities system is a system that can solve this problem, but it still needs a balance between “stability and reliability for investor protection” and “openness for accepting various rights”, and there are several challenges for this. First, choosing between a single-tier structure (1-Tier) and a multi-tier structure (2-Tier) for the token securities infrastructure. Structure is a matter of policy decision, but when choosing a multi-tier structure, the flexibility of the infrastructure and system becomes more important. Second, when issuing and distributing token securities, accidents due to inappropriate issuance, distribution, and exercise of rights must be properly controlled, and for this, certain roles of electronic registries are required. It has been announced that entry regulations for issuer account management institutions capable of issuing token securities, total amount management by electronic registration institutions, and pre-issuance examination systems will be prepared to secure “the stability and reliability for the security”. Third, however, the e-registration institution that reviews entry when issuing token securities is likely to operate a uniform business process and rigid infrastructure due to its nature as a capital market infrastructure institution need to be demanded. Fourth, in general, fees from infrastructure institutions have a low impact on market participants, but in the case of the token securities system, screening of electronic registration institutions or fees for infrastructure use may have a large impact, so proper control over fees is necessary.