분산형 대장기술에 의한 증권 가치사슬 구축 시도 -증권토큰을 둘러싼 논의를 중심으로-
Attempts to Build a Security Value Chain by Distributed Ledger Technology -Focusing on the Discussion Around Security Tokens
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
증권토큰이란 분산형 대장 기술(DLT)을 이용한 시스템상에서 발행·관리되는 전자적인 증표의 형태를 취한 증권이다. 증권거래나 거래 후 처리, 대차거래 등의 커스토디 서비스, 이자지급 및 배당, 상환, 기업지배구조 등 증권 가치사슬 전체를 DLT를 활용하여 구축함으로써 증시의 효율성을 높이고 결제리스크를 절감하며, 새로운 증시를 창조하기 위한 실험적인 시도가 세계 곳곳에서 시작되고 있다. DLT와 함께 등장한 암호자산에서는 ICO(Initial Coin Offering)를 둘러싼 문제가 발생했지만, 증권규제의 대응이 진행되면서 증권토큰 발행(STO)의 소지가 정비되어 대규모 금융기관이나 증권거래소, 결제인프라 기관이 실증실험이나 시험발행에 나서고 있다. 암호자산이나 토큰의 분산형 거래시장(DEX)의 등장이나 개발 기업군의 성장도, DLT 활용의 움직임을 지지하고 있다. 이러한 시도는 단서적인 것으로 현재의 주식 시장이나 결제 인프라를 즉각 대체하지는 못한다. 또, 시스템의 가용성이나 보안 등이 대규모이면서 고부하인 환경 하에서 시험된 경험도 없고, 투자가 보호나 인프라 제공의 안정성, 시장의 건전성 등에서 여러 가지 문제가 생길 가능성도 있다. 그러나 금융 시스템의 다양한 가능성을 찾는 도전이 되고 있어, 그 잠재력과 리스크의 양면을 살펴볼 필요가 있다. 또, 새로운 시장이나 결제 인프라의 성장은 홀세일 CBDC를 이용한 자금결제나 기존의 RTGS와의 접속에 대한 요구 등 자금결제 인프라에 새로운 움직임을 가져올 가능성도 가지고 있다.
Abstract
A security token is a security in the form of an electronic certificate issued and managed on a system using distributed ledger technology (DLT). It is possible to build the entire securities value chain, such as stock trading, post-trade processing, security lending, etc., interest payment, dividend, redemption, and corporate governance, using DLT. Experimental attempts to improve the efficiency of the stock market, reduce settlement risk, and create a new stock market are starting all over the world. In crypto assets that appeared along with DLT, problems surrounding ICO (Initial Coin Offering) occurred, but as the response to securities regulations progressed, the possession of security token issuance (STO) was improved, and large-scale financial institutions, stock exchanges, and payment infrastructure institutions have trial publications in progress. The emergence of a decentralized trading market (DEX) for crypto assets and tokens and the growth of developing companies are also supporting the movement of DLT utilization. These attempts are futile and will not immediately replace the current stock market or payment infrastructure. In addition, there is no experience of system availability or security being tested under a large-scale and high-load environment, and there is a possibility that various problems may arise such as investment protection, stability of infrastructure provision, and market soundness. However, it is becoming a challenge to find the various possibilities of the financial system, so it is necessary to look at both the upside and downside. In addition, the growth of a new market or payment infrastructure has the potential to bring new movements to the financial settlement infrastructure, such as financial settlement using wholesale CBDC or the demand for connection to the existing RTGS.
참고문헌 (69)
- 김범준, "증권대차거래의 중개일원화를 위한 집중거래상대방 (Central Counterparty)제도의 도입에 관한 연구", 원광법학, 28(3), pp.53~81 (2012), 법학연구소
- 김종호, "블록체인 관련 기술의 법적 쟁점에 관한 고찰 -스마트 계약과 토큰 활용을 중심으로-", 지급결제학회지, 12(2), pp.117~143 (2020), 한국지급결제학회[DOI]
- 김종호, "자금결제에 있어서 완결성 개념의 다의성을 둘러싼 법적 검증", 지급결제학회지, 9(2), pp.165~195 (2017), 한국지급결제학회
- 윤세영, "Security Token Offering: STO란 무엇인가?", 2019년 추계학술발표대회 논문집, 26(2), pp.409~411 (2019)
- Adams, Hayden, "Uniswap v2 Core", Uniswap website, ~ (2020)
- Alethio, "Decentralized Exchanges in 2019 — A Recap by Numbers; How did the DEX ecosystem evolve in 2019? And how did the top 20 DEXes fare?", Medium, ~ (2020)
- ASIFMA (Asia Securities Industry and Financial Markets Association), "Tokenized Securities: A Roadmap for Market Participants and Regulators", ~ (2019)
- ASX (Australia Stock Exchange), "ASX selects Distributed Ledger Technology to Replace CHESS", Media release, ASX CHESS Replacement Website, ~ (2017)
- ASX, "CHESS replacement: New Scope and Implementation", ~ (2018)
- AMF (Autoritè des Marchès Financiers), "Review and Analysis of the Application of Financial Regulations to Security Token", ~ (2020)
- Bank for International Payments, Committee on Payment and Settlement Systems, "Payment, Clearing and Settlement Systems in the CPSS countries, Volume 1", ~ (2011)
- Bank for International Payments, "Payment, Clearing and Settlement Systems in the CPSS countries, Volume 2", ~ (2012)
- Central Bank Digital Currencies, "Bank for International Payments, Committee on Payments and Market Infrastructures and Markets Committee", ~, pp.CPMI Papers No.174 (2018)
- Bank of England, "RTGS Renewal Proof of Concept: Supporting DLT Settlement Models", Press release, ~ (2018)
- Bank of England, "RTGS Renewal Programme: Functionality of the new RTGS service", Bank’s website, ~ (2020)
- Central Bank Digital Currency: Opportunities, Challenges and Design, "Bank of England", ~ (2020)
- Banque de France, "Press Release-20 July 2020", ~ (2020)
- Bech, Morten, "On the Future of Securities Settlement", BIS Quarterly Review (2020)
- Brown, Richard Gendal, "The Corda Platform: An Introduction", ~ (2018)
- Buterin, Vitalik, "The Meaning of Decentralization", Medium, ~ (2017)
- Clayton, Jay, "Governance and Transparency at the Commission and in Our Markets", Remarks at the PLI 49th Annual Institute on Securities Regulation (2017)
- Coindesk, "Blockchain Financial Plumbing is still Years Away, Say LSE SpinoffExactpro", ~ (2019)
- ConsenSys, "Analyzing Activities on Decentralized Exchanges", Medium ConsenSys, ~ (2018)
- Daian, Phillip, "Flash Boys 2.0: Frontrunning Transaction Reordering and Consensus Instability in Decentralized Exchanges", ~ (2019)
- Deloitte, "Are Token Assets the Securities of Tomorrow?", ~ (2019)
- Deutsche Börse AG, "How can collateral management benefit from DLT?", ~ (2020)
- Deutsche Börse Group, "New DLT-Solution for the Securities Lending Market – The HQLAx Operating Model", ~ (2019)
- Study Results Demonstrating the DLT can Support Trading Volumes in the US Equity Markets, "DTCC (Depository Trust and Clearing Corporation)", ~ (2018)
- DTCC, "Security of DLT Networks – A Distributed Ledger Technology Security Framework for the Financial Services Industry", ~ (2020)
- DTCC, "Project ION Case Study", ~ (2020)
- DTCC, "Project Whitney Case Study", ~ (2020)
- EC (European Commission), "Consultation Document on an EU Framework for Markets of Crypto-Assets", EC Directorate-General for Financial Stability, Financial Services and Capital Markets Union, ~ (2019)
- ESMA Alerts Investors to the High Risks of Initial Coin Offerings (ICOs), "ESMA(European Securities and Markets Authorities)", ~, pp.ESMA50-157-829 (2017)
- ESMA Alerts Firms Involved in Initial Coin Offerings (ICOs) to the Need to Meet Relevant Regulatory Requirements, "ESMA", ~, pp.ESMA50-157-829 (2017)
- Advice: Initial Coin Offerings and Crypto-Assets, "ESMA", ~, pp.ESMA50-157-1391 (2019)
- Exactpro, "Exactpro Test Automation Solution for DLT-Based Post-Trade Infrastructure", ~ (2019)
- Decentralised Financial Technologies: Report on Financial Stability, Regulatory and Governance Implications, "FSB (Financial Stability Board)", ~ (2019)
- Regulatory Treatment of Initial Coin Offerings, "FINMA(Swiss Financial Market Supervisory Authority)", ~, pp.FINMA Guidance 04 (2017), 2017
- FINMA, "Guidelines for Enquiries Regarding the Regulatory Framework for Initial Coin Offerings", ~ (2018)
- FINMA, "Supplement to Guidelines for Enquiries Regarding the Regulatory Framework for Initial Coin Offerings,” officially called “Stable Coin Guidelines", ~ (2019)
- FINMA, "Libra Association: FINMA Licencing Process Initiated", Press release, ~ (2020)
- Hearn, Mike, "Corda: A Distributed Ledger", ~ (2019)
- Hertzog, Eyal, "Bancor Protocol: Continuous Liquidity for Cryptographic Tokens through Their Smart Contracts", Bancor website, ~ (2018)
- Hinman, William, "Digital Asset Transactions: When Howey Met Gary (Plastic)", ~ (2018)
- HKEX(Hong Kong Exchanges and Clearing), "Further Information on Next Generation Post Trade Program (NextGen)", ~ (2019)
- HKEX, "Next Generation Post Trade Program Update", ~ (2019)
- KPMG, "Venture Pulse Q4 2018: Global Analysis of Venture Funding", ~ (2019)
- Kyber Network, "Kyber: An On-Chain Liquidity Protocol", ~ (2019)
- Ledger Insight, "Banque de France Tests Digital Euro CBDC for Bonds Issued on Public Blockchain", Media, ~ (2020)
- Lundell, Andrea, "Annual General Meeting Voting Goes Electronic with Blockchain", ~ (2020)
- Lyandres, Evgency, "Do Tokens Behave Like Securities? An Anatomy of Initial Coin Offerings", Electronic Journal (2019)
- Mendelson, Michael, "From Initial Coin Offerings to Security Tokens: A U.S. Federal Securities Law Analysis", Stanford Technology Law Review, 22(1), pp.52~94 (2019)
- Nakamoto, Satoshi, "Bitcoin: A Peer-to-Peer Electronic Cash System", ~ (2008)
- Nasdaq, "Nasdaq Marketplace Services Platform: For New Markets", Factsheet distributed in Nasdaq website, ~ (2020)
- Nasdaq, "Nasdaq Marketplace Services Platform: Digital Assets Suite", Factsheet distributed in Nasdaq website, ~ (2020)
- Central Bank Digital Currencies: Second Report of Working Group, "Norges Bank", ~, pp.Norges Bank Papers, No.2 (2019)
- Omni, "Omni Protocol Specification v0.6", GitHub OmniLayer, ~ (2020)
- Peirce, Hester M., "How We Howey", Commissioner of SEC, Speech at Securities Enforcement Forum in East Palo Alto, ~ (2019)
- Peirce, Hester M., "Running on Empty: A Proposal to Fill the Gap between Regulation and Decentralization", Commissioner of SEC, Speech in Chicago, ~ (2020)
- Rosenfeld, Meni, "Fomulas for Bancor System", mimeo, ~ (2017)
- SIX(Swiss Stock Exchange), "SIX and the SNB Explore Technological Approaches for the Use of Digital Central Bank Money in the Settlement of Tokenized Assets", Media release, SIX, 2019
- SNB(Swiss National Bank), "SNB and BIS Sigh Operational Agreement on BIS Innovation Hub Centre in Switzerland", Press release, ~ (2019)
- Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, "SEC(US Securities and Exchange Commission)", ~, pp.Release No.81207 (2017)
- Securities and Exchange Commission v. REcoin Group Foundation, et al., Civil Action No. 17-cv-05725 (E.D.N.Y., filed Sep. 29, 2017, "SEC", ~, pp.Litigation Release No.24081 (2018)
- SEC, "Statement on Digital Asset Securities Issuance and Trading", Division of Corporation Finance, Division of Investment Management and Division of Trading and Markets, ~ (2018)
- SEC, "Statement on Framework for ‘Investment Contract’ Analysis of Digital Assets", Director of Division of Corporation Finance and Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation, ~ (2019)
- SEC, "Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order", ~ (2019)
- Sun, Weimin, "Security Tokens and Stablecoins Quick Start Guide", Packt Publishing, ~ (2019)
- Warren, Will, "0x: An Open Protocol for Decentralized Exchange on the Ethereum Blockchain", OxProject.com, ~ (2017)