블록체인을 이용한 수익권의 디지털화에 관한 법적 쟁점

Abstract

Recently, the Digital Asset Backed Securities platform exchange, which issues beneficiary securities that securitize real estate assets in digital form using blockchain-based distributed ledger technology in the form of shares, has been listed on digital platform exchanges. In such real estate equity transactions, the assets are securitized using a trust, and then the interests of the beneficiaries are constituted as shares and traded. If asset securitization and equity trading are made possible, it will open a way for general investors to invest even a small amount in expensive investments. Equity transactions are essential to maximize the effect of asset securitization, and in order to smoothly proceed with equity transactions, regular electronic transactions, such as transactions of stocks or virtual assets, must be supported. In order to ensure that equity-owned interests of the beneficiaries are traded on a regular basis using electronic methods, digitalization of interests of the beneficiaries must be premised. The method of digitizing the interests of the beneficiaries needs to be divided into the case where the interests of the beneficiaries are issued in the form of beneficiary securities and the cases where the interests of the beneficiaries are issued in the form of a certificate of interests of the beneficiaries (referring to the case of a trust in which no beneficiary securities are issued). Digitizing the interests of the beneficiaries is different from the existing securitization method. Since the current law does not stipulate that the digitization of interests of the beneficiaries is possible, there are several limitations in its interpretation and application. Given the current demand for the asset trading market, it can be expected that securitization of various underlying assets will be attempted in the future. It seems that the model will continue to be tried. By reviewing the legal structure of such a business model and predicting problems that may arise in the future, it is necessary to lay the foundation for smoothly solving the problems without the business model running aground in the middle. This will create the effect of providing investors with various financial investment products, and ultimately create conditions for companies to raise funds legally and fairly in various ways.