부동산 디지털유동화와 지방세 법률관계 소고 = Digital Liquidation of Real Estate and Local Tax Legal Relations

다국어 초록 (Multilingual Abstract)

Real estate DABS refers to a trust company issuing beneficiary securities based on entrusted real estate and using blockchain technology to tokenize its stake in real estate. The issuance of tokenized real estate shares in the form of electronic securities is called Asset Backed Securities (ABS). Since it is a security that occurs based on a blockchain, it has excellent decentralization, transparency, and security, which are the characteristics of the blockchain, and it can reduce the overall cost of real issuance with securities that are stored and managed only with data within the blockchain system. It also has the advantage of reducing the cost and efficiency of investment funds while shortening the issuance and listing period of securities, increasing the efficiency of investment funds, and preventing theft, forgery, and alteration of securities.
Real estate DABS can be an innovative real estate financing vehicle, such as a company's listing. These innovative means can be seen as examples of real estate sales through individual-to-person financing rather than traditional financing. It can be a question of how to view traditional financing and financing through innovative DABS equally. Apart from the fact that the actual requirements for this can be recognized only by the status of exercising voting rights through beneficiary securities, it is necessary to comprehensively consider the source, acquisition status, and degree to which it has a dominant influence on management of the acquisition fund. In terms of tax equity, it can also be problematic to apply the acquisition tax as an oligopoly shareholder when all of the same investments are invested through stock acquisition and when invested through stocks and beneficiary securities as in this case.
Therefore, when real estate DABS is issued with beneficiary equity securities through private placement, real estate DABS can be used as a means of avoiding the current acquisition tax of oligopoly shareholders. It is necessary to find an alternative to how to block the tax bypass channel even when the beneficiary securities are actually bought through real estate DABS and become an oligopoly shareholder.
Real estate digital liquidity presupposes real estate, and through a clear understanding of this, tax incentives should be blocked, and alternatives to the real estate capital market transparency following real estate digital liquidity should be sought.

참고문헌 (Reference)

1 이병관, "일본 정부 스테이블코인 관련 자금결제법 개정" 한국금융연구원 2021

2 신용상, "일반투자자의 시장접근성 제고를 위한 공모･상장형 부동산 유동화시장 활성화 방안 연구" KIF 2020

3 최지영, "스테이블코인의 법적 성질" (115) : 2022

4 강민석 ; 윤용건 ; 권대중, "부동산투자회사(REITs)의 투자 활성화 방안에 관한 연구-일반 투자자의 투자의식을 중심으로-" 대한부동산학회 29 (29): 2011

5 김수, "부동산집합투자에 대한 과점주주 간주취득세 과세사례 연구" 한국지방세연구원 2022

6 김지훈, "부동산신탁관계에서 위탁자의 채권자의 권리" 한국신탁학회 2 (2): 2020

7 김필규, "리츠를 통한 부동산 간접투자 활성화 방안" 자본시장연구원 2020

8 한서희, "디지털자사과 자본시장법상 규제 증권성 판단기준을 중심으로" (115) : 2022

9 한서희, "디지털 자산의 자본시장법상 규제에 관한 연구" 서울대학교 대학원 2023

10 고영미 ; 임병화, "금융시장 안정을 위한 디지털자산 및 관련 법제 연구" 아주대학교법학연구소 16 (16): 2022

11 이상연 ; 손예림 ; 양희동, "국내 부동산 STO 시장 발전 방향-MZ 세대를 중심으로-" 한국지식경영학회 23 (23): 2022

12 이상신, "과점주주 간취득세의 이중과세 여부 및 자진 신고납부행위의 효력" 한국조세연구포험 10 (10): 2010

13 김홍기, "가상화폐의 본질과 가상자산의 규제방안" 한국상사법학회 41 (41): 2022

14 오승규, "가상자산에 대한 지방세 과세 가능성 검토" 한국지방세연구원 2020

15 금융위원회, "[보도자료] 신탁수익증권의 기초자산 요건 등에 대한 가이드라인"