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초록· 키워드
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This paper explores digital token classification issues generated from Initial Coin (or Token) Offering (hereafter, “ICO”), and tax treatment of digital token that ICOs create. Like the context of Bitcoin and other virtual currencies in taxation, ICOs need some guideline for taxing income (or capital gains) derived from digital tokens that people have got through ICOs. Trend setters such as Switzerland and Singapore devise financial and taxing rules for digital tokens in the process of ICO. This paper constructs legal approaches of taxing income derived from digital tokens in the current legal frame of tax law in Korea, and also finds more reasonable ways to impose income or corporate tax by revising current legal contents.
Chapter 2 is an overview of ICO and related matters. In this part, ICO and Initial Public Offering, ICO and Online Crowdfunding Scheme are compared in turn. The word ‘ICO’ has got originated from ‘IPO’, but ICO does not take some level of regulation on ‘IPO’ in the view of financial sector. Online Crowdfunding Scheme also has got controlled by the Financial Investment Services and Capital Markets Act. However, ICO does not have any other specific financial regulation. Therefore, it needs to make up loopholes of financial regulation.
Chapter 3 treats the legal approach for classifying digital tokens by function itself. In Switzerland (FINMA) and Singapore (MAS), these countries devise and implement the legal approach focusing on the function of digital token. These countries categorize three types of digital token in common: payment token (virtual currency), asset token (securities and debt instrument, etc.), and utility token (service access devices). This categorization gives the impact on taxing income from digital tokens. Meanwhile, this paper also figures out the Howey test related with the investment contract, and the ‘DAO’ case in the U.S. where digital token formed by the ICO is classified as ‘the investment contract’.
Chapter 4 suggests tax treatment for the following two questions. First proposal is that income from selling security tokens originated through ‘offshore’ ICO should be regarded as dividends. A logic of this proposal is based on Article 26-2(2) of the Presidential Decree of the Income Tax Act after regarding security token as the investment contract under the Financial Investment Services and Capital Markets Act. Second Proposal is that cryptocurrencies exchanged for the utility token through ICOs can be classified as ‘advance payment’ in the tax law. Comparing the ICO process with the R&D process, they have uncertain probability for success in common. Therefore, cryptocurrencies for issuing the utility token has the ground for tax treatment of ‘advance payment’.
Chapter 2 is an overview of ICO and related matters. In this part, ICO and Initial Public Offering, ICO and Online Crowdfunding Scheme are compared in turn. The word ‘ICO’ has got originated from ‘IPO’, but ICO does not take some level of regulation on ‘IPO’ in the view of financial sector. Online Crowdfunding Scheme also has got controlled by the Financial Investment Services and Capital Markets Act. However, ICO does not have any other specific financial regulation. Therefore, it needs to make up loopholes of financial regulation.
Chapter 3 treats the legal approach for classifying digital tokens by function itself. In Switzerland (FINMA) and Singapore (MAS), these countries devise and implement the legal approach focusing on the function of digital token. These countries categorize three types of digital token in common: payment token (virtual currency), asset token (securities and debt instrument, etc.), and utility token (service access devices). This categorization gives the impact on taxing income from digital tokens. Meanwhile, this paper also figures out the Howey test related with the investment contract, and the ‘DAO’ case in the U.S. where digital token formed by the ICO is classified as ‘the investment contract’.
Chapter 4 suggests tax treatment for the following two questions. First proposal is that income from selling security tokens originated through ‘offshore’ ICO should be regarded as dividends. A logic of this proposal is based on Article 26-2(2) of the Presidential Decree of the Income Tax Act after regarding security token as the investment contract under the Financial Investment Services and Capital Markets Act. Second Proposal is that cryptocurrencies exchanged for the utility token through ICOs can be classified as ‘advance payment’ in the tax law. Comparing the ICO process with the R&D process, they have uncertain probability for success in common. Therefore, cryptocurrencies for issuing the utility token has the ground for tax treatment of ‘advance payment’.
목차
국문초록
Ⅰ. 들어가며
Ⅱ. ICO의 특성과 이해
Ⅲ. ICO 관련 해외 제도와 사례
Ⅳ. ICO 관련 소득 과세 쟁점과 검토
Ⅴ. 맺음말
참고문헌
Abstract
참고문헌 (65)
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