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김성룡(Sung Kim)
블록체인과금융자본시장과자산유동화
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 2
블록체인혁명
변경불가능한원장구조
프로그램가능한거래조건
안전하고투명한거래
제3자개입없는거래확인
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 3
블록체인혁명
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 4
자본조달시장의변화
2012 2017~2018 2019JOBS act(미국)Crowd funding 과 P2P Lending에
대한활성화법안
제도권하에서의개인자본조달
시장의확대
ICO블록체인관련 ICO가큰개인자본조달시장으로등장
전문투자가가아니더라도 ICO에참여가능
IPO 보다빠르고쉬운자금조달및거래
ICO 시장은국가와거래소와관계없이전세계시장이대상
ICO 프로젝트의초기단계에서부터투자가가능
ICO 팀은토큰배정으로쉽게인센티브획득
DSO/STODigital Security Offering 과 Security Token Offering이
활성화예상
미국과유럽을중심으로제도권하에서개인자본조달
시장확대예상
거래시스템의경우 ATS/MTF를중심으로제도권화
기관투자자의참여
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 5
자본조달시장의변화
Reg D Reg A+ Reg CF
506(b) 506(c) 504 Tier 1 Tier 2
Annual Offer Limit
None None $5M $20M $50M $1.07M
General Solicitation
Unlimited Accredited
investors. Up to 35 sophisticated but
non-accredited investors
Unlimited Accredited Investors
None NoneNon-accredited
investors subject to limits
Limitations based on annual income and
net worth
SEC FilingRequirements
Form D Form D Form DForm 1-A + 2yrs of
Financialstatements
Form 1-A + 2yrs of audited financial
statements
Form C + two years of audited financial
statements
Restriction on Resale
Restricted Restricted Restricted No No12 months restriction
Preemption of StateRegistration
Yes Yes No No Yes Yes
미국의자본시장조달방법규제
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 6
블록체인과 Smart Security
블록체인기술을활용하여자산을디지털화하는방법으로분산원장과스마트컨트랙트로발행및소유권에대한증명을하여다수의사람들이편리한거래가가능한 Digital Securities 또는 Security Token을의미함
- 규제시장에서의자산이근본인토큰또는디지털증권- 가치에대한평가가가능함과전통적인투자와의유사성- 토큰화에대한제한이없으며다양한금융상품과디지털자산이가능
금담보 Token 부동산담보 Token 주식담보 Token 채권담보 Token
Smart Security
펀드담보 Token
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 7
블록체인과 Smart Security
1. 재무적권리토큰은주식또는 기초 자산과자산건전성에대한주장, 배당금또는현금흐름의총가치및 / 또는부채를나타낼수있음
2. 소유권토큰은다른자산클래스로 취급되며보유자는재량에따라소유권을 양도 / 이전가능, 토큰은또한보유기간과같은특정 투자자의무또는투표권을포함
3. 이용권토큰은투자한자산에 대한인센티브등새로운이용권이포함될수있으며이러한인센티브는할인또는자산의사용에대한우선권이포함될수있음
Smart Contract을이용하여투자자의권리및이전제한, 배당금, 회사의의무등을정의하여 블럭체인에서프로그래밍화가능
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 8
블록체인과 Smart Security
Smart Security 관련시장과확대가능성
$228TGlobal Real
Estate
$8TGlobal
Gold
$70TGlobal
Private Equity
$544TGlobal
Derivatives
Global Market Values in USD
$215TGlobal
Debt
Fractional Ownership – Creating a lower barrier to entry and a wider pool of capital for investments like Real Estate24/7 Global Markets – For global pools of liquidity and the ability to manage a diversified portfolio of investments without being subject to US market hoursAutomated Compliance – With regulatory requirements coded into the tokens, this decreases costs for both issuers and regulatorsRapid Settlement – Decreasing settlement time from 3+ days to near instant settlementIncreased Liquidity – Previously illiquid assets can be bought by a wider pool of investors due to ease of transaction and ability to have fractional ownership
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 9
블록체인과 Smart Security
DSO/STO 규제
• DSO/STO 시장은발행서비스와거래서비스로나뉠수있음
• 자본조달에대한규제와금융상품의거래에대한규제
• DSO/STO 시장은증권감독기관이나금융감독기관에서규제를거침
• 자본시장에서가장중요한주식형토큰의경우증권감독기관규제
• IPO와비교하여좀더쉽고비용이절약되어야하는문제해결
• 각나라의 ST(Security Token)의거래에대한규제가제도화되어야함
• 미국의경우가장활발하게진행되고있음
• 증권형토큰거래소에대한허가(ATS, MTF, Broker-Dealer등)
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 10
국내자본조달관련및증권거래시스템관련규제
2 1
4 3
ATS
업종
투자중개업
최저자본금 200억원
(투자매매업은 500억원)
소유요건
발행주식 15% 이하
단, 최대 30% 까지예외
보유가능
거래가능상품
KRX 상장주식
단, 관리종목, 파생상품제외
거래규모
KRX 거래량의 15%
단, 종목별 6개월 평균 KRX
기준 30% 이하 가능
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 11
자산유동화예 부동산
Aspen Luxury Resort
2018 10월 Indiegogo 서비스를통해서 TAO
REIT 에서 Security Token으로
Single asset REIT로주당 $20, 총 1,675,000 주발행하여 IPO 계획, 증권거래소에상장예정
변경
Security Token 발행 ATS 통해거래
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 12
자산유동화예 채권
Societe Generale issued the first covered bond as a security token on a public blockchainSociete Generale SFH, the covered bond vehicle of Societe Generale, issued the first covered bond (EUR 100m) as a security token on a public blockchain.
프랑스증권사인 Societe Generale 이 1억유로의채권을퍼블릭체인(Ethereum)을이용하여 Security Token을발생하였음
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 13
자산유동화예 채권
스페인산탄데르은행 $20M 상당의채권을 Ethereum Public Chain을 이용발행Santander Securities 가 Custody와발행 agent를함
Copyright ◎ 2018 Neoframe,Inc. All Rights reserved 14
Q & A
Questions & Answer
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