IEO의 도입 필요성과 자율규제의 역할

Abstract

Virtual assets have complex characteristics, such as being an investment asset and substituting some functions of legal currency. It will be subject to the Capital Market Act, which is a regulatory law on investment and fundraising, and will be subject to the Bank of Korea Act or the Specified Financial Information Act, focusing on the payment function of legal currency. In order to protect the interests of investors that arise in the process of issuing and trading cryptocurrency, several factors are required. First of all, relevant domestic laws and regulations that reflect international standards regarding the legal nature of cryptocurrency must be revised. IEO means that an exchange is involved in the issuance of cryptocurrency in any form. In the end, legal and institutional means are needed to increase the stability of transactions in the two procedures of ‘issuance’ and ‘examination of listing on the trading market’. In order for the market to exist and continue to grow, it is essential that investor protection devices are legally prepared, and this is also the case in the cryptocurrency market. This is probably why the form of IEO is being discussed as an alternative to ICO. First, in raising funds through the issuance of cryptocurrency, it is necessary to submit an investment prospectus with opinions from legal experts or cryptocurrency exchanges to the public regulatory body and accept it. Second, the cryptocurrency exchange serves as an intermediary for the issuance and sale of cryptocurrency by submitting a white paper or documents with important information from those who raise funds using a block chain project, and at the same time fulfills the listing standards. We propose a plan to take charge of the function of IEO to be listed and traded according to the criteria. Here, the simultaneous issuance and sale of cryptocurrencies by a cryptocurrency exchange means that, in the case of the Capital Markets Act, it serves as both an exchange and a financial investment business. It is one option that can be selected in a situation that includes all of the asset industries. On the other hand, it is also conceivable to separate cryptocurrency traders from among virtual asset operators and have them act as sales and order agents through a separate authorization or registration system. The method of distinguishing a cryptocurrency exchange from a cryptocurrency trader can have the effect of converting an existing cryptocurrency exchange that has not acquired a real-name account of a financial institution into a trader, thereby enhancing professionalism or increasing accessibility for ordinary investors. It can also bring about investor protection. Third, it is a plan to improve the soundness of the cryptocurrency market by preparing a self-regulation system. The provision of self-regulation in the cryptocurrency market can be approached from two main aspects. (1) It is a method for cryptocurrency exchanges that have acquired real-name accounts of financial institutions to jointly establish an institution dedicated to regulation and to have independence from existing cryptocurrency exchanges, and (2) to ensure that cryptocurrency exchanges and cryptocurrency traders are While distinguishing and taking the form of a membership exchange between the two, the exchange is a form of market creator and regulator, and the trader issuing and selling as an agent. For the former, securing independence from cryptocurrency exchanges is a very important factor, and as a model that can be considered, there is a regulatory agency such as FINRA (formerly NASD) in the United States. The latter form of separating cryptocurrency exchanges and traders can be seen as a stable system as it is similar to the market structure under the Capital Markets Act. there is Rather, in order to achieve the purpose of securing market soundness through the confirmation of financial transaction information under the Specified Financial Information Act, it is more appropriate at this point to operate the former method. It would be possible for a small cryptocurrency exchange that has not acquired a real-name account of a financial institution to convert it into a simple trader and act as a sales agent.