The Journal of Small Business Innovation (기업가정신과 벤처연구)

The Korean Association of Small Business studies (한국중소기업학회)
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A Comparative Study on the Regulatory Framework of Crowdfunding

크라우드펀딩 법제에 관한 비교연구

  • De Moor, Lieven (Vrije Universiteit Brussel, Faculty of Economic and Social Sciences and Solvay Business School) ;
  • Kim, Hyonsu (Vrije Universiteit Brussel, Faculty of Economic and Social Sciences and Solvay Business School)
  • Received : 2015.12.21
  • Accepted : 2016.02.29
  • Published : 2016.03.31
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Abstract

The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raising through crowdfunding.

전 세계는 크라우드펀딩이라는 금융 혁명에 진입하고 있다. 미국, 이탈리아, 영국 및 일본은 이미 증권형 크라우드펀딩을 법제화하였고, 한국도 스타트업 기업 및 중소기업의 원활한 자금조달을 위하여 2015년 7월 증권형 크라우드펀딩을 법제화하였다. 이 연구는 공모 및 투자 한도, 중개업자 및 발행인의 요건 측면에서 미국, 이탈리아, 영국, 일본 및 한국의 크라우드펀딩 규제 체계를 살펴본다. 이를 통하여 한국의 크라우드펀딩에 관한 시사점을 도출하고, 크라우드펀딩을 통한 자금 조달을 촉진하기 위하여 자본시장과 금융투자업에 관한 법령의 개정 사항을 제안하고 있다.

Keywords

References

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