토큰 증권 발행(STO) 제도를 이용한 예술품 거래의 법적 문제-이용자 보호 법제를 중심으로-

Abstract

In the field of culture and arts, it’s true that the form of sculpture investment, which has been a hot investment topic, faced major obstacles due to issues such as the legal protection of fractional ownership in art co-purchases and uncertainties regarding return guarantees. However, the issuance of security tokens (STO) is currently receiving significant expectations from both issuers and investors for its ability to overcome these drawbacks, broadening investment protection and strengthening protective measures. Nevertheless, new industry operators, seeking to avoid stringent regulations under the “Capital Markets and Financial Investment Business Act” due to its securities nature, were granted temporary exemptions through the “Guidelines Related to New Security Business Including Sculpture Investment” issued by our Financial Services Commission. However, these operators now face regulation under the “Capital Markets and Financial Investment Business Act” as the exemption period has expired, necessitating a reconsideration of the applicability of these regulations. In South Korea, as a result of legislative efforts that began with the amendment of the “Act on Reporting and Using Specified Financial Transaction Information” in 2021, the regulatory regime for non-security virtual assets is currently governed by the “Act on Protection of Virtual Asset Users,” passed on June 30, 2023. Moreover, legislative processes are underway for amendments to the “Capital Markets and Financial Investment Business Act” and the Electronic Securities Act, which would regulate security-type virtual assets. Particularly for the latter, there is an inclination to apply the existing regulatory framework under the “Capital Markets and Financial Investment Business Act” based on the premise of STO issuance. This highlights the need for a new regulatory approach that aligns with the unique characteristics of virtual assets. Given the evolved stature of virtual assets, significant changes in the current bifurcated regulatory direction and its specific contents are necessary to ensure the stabilization and reliability of the financial markets using virtual assets. Based on this, it is imperative to swiftly draw active cooperation from the government and the National Assembly to enhance the national industry competitiveness.