{"id":32730,"date":"2023-04-26T12:21:06","date_gmt":"2023-04-26T03:21:06","guid":{"rendered":"https:\/\/smallake.kr\/?p=32730"},"modified":"2023-04-26T12:31:30","modified_gmt":"2023-04-26T03:31:30","slug":"%eb%a3%a8%eb%82%98%ec%bd%94%ec%9d%b8%ec%97%90-%eb%8c%80%ed%95%9c-%ed%95%9c%ea%b5%ad%ea%b3%bc-%eb%89%b4%ec%9a%95%ea%b2%80%ec%b0%b0%ec%9d%98-%ea%b8%b0%ec%86%8c-%eb%b9%84%ea%b5%90","status":"publish","type":"post","link":"https:\/\/smallake.kr\/?p=32730","title":{"rendered":"\ub8e8\ub098\ucf54\uc778\uc5d0 \ub300\ud55c \ud55c\uad6d\uacfc \ub274\uc695\uac80\ucc30\uc758 \uae30\uc18c \ube44\uad50"},"content":{"rendered":"<p>1.<br \/>\n \ubc95\ub960\uc801\uc73c\ub85c \uc5c4\ubc00\ud788 \ub530\uc838\ubcf4\ub294 \uae00\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ubc95\uc744 \uc804\uacf5\ud558\uc9c0 \uc54a\uc558\uace0 \uad00\ub828\ud55c \uc9c0\uc2dd\ub3c4 \uc5c6\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \ud55c\uad6d\uac80\ucc30\uc758 \ubc1c\ud45c\ubb38\uc744 \ubcf4\uace0 \uc758\ubb38\uc774 \ub4e4\uc5b4\uc11c \uc4f4 \uae00\uc785\ub2c8\ub2e4.<\/p>\n<p> \uc11c\uc6b8 \ub0a8\ubd80\uc9c0\uac80 \uc99d\uad8c\uae08\uc735\ubc94\uc8c4 \ud569\ub3d9\uc218\uc0ac\ub2e8\uc774  \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\ub97c \uc870\uc0ac\ud55c \uacb0\uacfc\ub97c \ubc1c\ud45c\ud558\uc600\uc2b5\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/www.spo.go.kr\/site\/southseoul\/ex\/board\/View.do\" rel=\"noopener\" target=\"_blank\">&#8216;\ud14c\ub77c \ud504\ub85c\uc81d\ud2b8&#8217; \uae08\uc735\uc0ac\uae30 \uc0ac\uac74 \uc218\uc0ac\uacb0\uacfc<\/a><\/p>\n<p>\ubc1c\ud45c\ubb38\uc744 \ubcf4\uba74  \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\uc5d0 \ub300\ud55c \uc790\ubcf8\uc2dc\uc7a5\ubc95\uc744 \uc801\uc6a9\ud558\uae30 \uc704\ud558\uc5ec \ub450\uac00\uc9c0 \uadfc\uac70\ub97c \uc81c\uc2dc\ud569\ub2c8\ub2e4.<\/p>\n<p>\uccab\uc9f8\ub294 \ud14c\ub77c \ucf54\uc778\uc744 \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc73c\ub85c \uaddc\uc815\ud569\ub2c8\ub2e4. \uc774\ub807\uac8c \ud310\ub2e8\ud55c \uadfc\uac70\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>\ub8e8\ub098 \ucf54\uc778\uc740 \ud14c\ub77c\ud3fc\ub7a9\uc2a4 \uce21 \uc785\uc7a5\uc5d0\uc11c\ub294 \uc790\uae08 \uc870\ub2ec \uae08\uc735 \uc744 \uc704\ud574 \ubc1c\ud589\ud55c \uc0c1\ud488\uc774\uace0 \ud22c\uc790\uc790 \uc785\uc7a5\uc5d0\uc11c\ub294 \ud14c\ub77c \ud504\ub85c\uc81d\ud2b8\uc5d0 \ud22c\uc790 \uc6d0\ubcf8\uc190\uc2e4 \uc704\ud5d8 \ubd80\ub2f4 \ud558\uace0 \uc0ac\uc5c5\uc218\uc775\uc744 \uadc0\uc18d\ubc1b\ub294 \uad8c\ub9ac\ub97c \ucde8\ub4dd\ud558\uac8c \ub418\ub294 \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc784<\/p><\/blockquote>\n<p>\ub458\uc9f8\ub294 Stable Coin\uc778 \ud14c\ub77c\ucf54\uc778\uc744 \uc0ac\uae30\ub85c \uaddc\uc815\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>\uc218\uc0ac\ud55c \uacb0\uacfc, \ud14c\ub77c\ud3fc\ub7a9\uc2a4\uc758 \u2018\uc2a4\ud14c\uc774\ube14 \ucf54\uc778 \ube14\ub85d\uccb4\uc778\u2019 \uae30\ubc18\uc758 \ud50c\ub7ab\ud3fc \uc0ac\uc5c5,\uc989 \u2018\ud14c\ub77c \ud504\ub85c\uc81d\ud2b8\u2019\ub294 \ucc98\uc74c\ubd80\ud130 \uc2e4\ud604\ub420 \uc218 \uc5c6\ub294 \ud5c8\uad6c\uc600\uc74c<br \/>\n&#8211; \ud14c\ub77c \ud504\ub85c\uc81d\ud2b8\uc5d0 \uc758\ud558\uba74 \ud14c\ub77c \ucf54\uc778\uc740 \uc2dc\uc7a5\uc6d0\ub9ac\uc5d0 \uc758\ud55c \uacf5\uae09\uc870\uc808 \ubc0f \ucc28\uc775\uac70\ub798 \uc54c\uace0\ub9ac\uc998\uc5d0 \ub530\ub77c \uac00\uaca9\uace0\uc815(pegging)\uc774 \uc774\ub8e8\uc5b4\uc9c0\ub294 \uc2a4\ud14c\uc774\ube14 \ucf54\uc778\uc73c\ub85c \ud604\uc2e4 \uacbd\uc81c\uc5d0\uc11c \ud654\ud3d0\ucc98\ub7fc \uc0ac\uc6a9\ub420 \uc218 \uc788\uace0, \uc804\uc790\uc0c1\uac70\ub798 \uc5c5\uccb4\ub4e4\uc758 \ud14c\ub77c \ube14\ub85d\uccb4\uc778 \uc9c0\uae09\uacb0\uc81c \uc11c\ube44\uc2a4 \ub3c4\uc785\uc73c\ub85c \uc54c\uace0\ub9ac\uc998 \uc791\ub3d9\uc5d0 \ud544\uc694\ud55c \uc218\uc694 \ud655\ubcf4\uac00 \uac00\ub2a5\ud558\ub2e4\ub294 \uac83\uc778\ub370, \ube14\ub85d\uccb4\uc778 \uc9c0\uae09\uacb0\uc81c \uc11c\ube44\uc2a4\ub294 \ubc95\uc801\uc73c\ub85c\ub3c4 \ud5c8\uc6a9\ub420 \uc218 \uc5c6\uace0, \ub530\ub77c\uc11c \uac00\uaca9\uace0\uc815 \uc54c\uace0\ub9ac\uc998\uc740 \ucc98\uc74c\ubd80\ud130 \uc2e4\ud604 \ubd88\uac00\ub2a5\ud558\uc600\uc74c<br \/>\n&#8211; \ud14c\ub77c\ud3fc\ub7a9\uc2a4 \uce21\uc740 2018. 9. \ube14\ub85d\uccb4\uc778 \uc9c0\uae09\uacb0\uc81c \uc0ac\uc5c5\uc774 \ud5c8\uc6a9\ub420 \uc218 \uc5c6\uc5b4 \uc54c\uace0\ub9ac\uc998 \uc2e4\ud604\uc774 \ubd88\uac00\ub2a5\ud568\uc744 \ucd5c\uc885 \ud655\uc778\ud558\uc600\uc74c\uc5d0\ub3c4, \ube14\ub85d\uccb4\uc778 \uae30\ubc18\uc744 \uac00\uc7a5\ud55c \uc9c0\uae09\uacb0\uc81c \uc0ac\uc5c5\uc73c\ub85c \ud14c\ub77c \ud504\ub85c\uc81d\ud2b8 \ucd94\uc9c4\uc744 \uac15\ud589\ud558\uc600\uace0, \uc774\ud6c4 \ub514\ud30c\uc774 \uc11c\ube44\uc2a4\uae4c\uc9c0 \ucd94\uc9c4\ud558\uba70 \ud14c\ub77c \ube14\ub85d\uccb4\uc778 \uacbd\uc81c\uc0dd\ud0dc\uacc4\uac00 \ud655\ub300\ub418\ub294 \uac83\ucc98\ub7fc \uc870\uc791\ud558\uc600\uc74c<\/p><\/blockquote>\n<p>\uc774\uc5d0 \ub300\ud55c \ubc95\uc801\uc778 \uadfc\uac70\ub294 \uc790\ubcf8\uc2dc\uc7a5\ubc95 3\uc870\uc640 178\uc870\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>\uc790\ubcf8\uc2dc\uc7a5\ubc95 \uc81c3\uc870(\uae08\uc735\ud22c\uc790\uc0c1\ud488) \u2460 \uc774 \ubc95\uc5d0\uc11c \u201c\uae08\uc735\ud22c\uc790\uc0c1\ud488\u201d\uc774\ub780 \uc774\uc775\uc744 \uc5bb\uac70\ub098 \uc190\uc2e4\uc744 \ud68c\ud53c\ud560 \ubaa9\uc801\uc73c\ub85c \ud604\uc7ac \ub610\ub294 \uc7a5\ub798\uc758 \ud2b9\uc815(\u7279\u5b9a) \uc2dc\uc810\uc5d0 \uae08\uc804, \uadf8 \ubc16\uc758 \uc7ac\uc0b0\uc801 \uac00\uce58\uac00 \uc788\ub294 \uac83(\uc774\ud558 \u201c\uae08\uc804\ub4f1\u201d\uc774\ub77c \ud55c\ub2e4)\uc744 \uc9c0\uae09\ud558\uae30\ub85c \uc57d\uc815\ud568\uc73c\ub85c\uc368 \ucde8\ub4dd\ud558\ub294 \uad8c\ub9ac\ub85c\uc11c, \uadf8 \uad8c\ub9ac\ub97c \ucde8\ub4dd\ud558\uae30 \uc704\ud558\uc5ec \uc9c0\uae09\ud558\uc600\uac70\ub098 \uc9c0\uae09\ud558\uc5ec\uc57c \ud560 \uae08\uc804\ub4f1\uc758 \ucd1d\uc561(\ud310\ub9e4\uc218\uc218\ub8cc \ub4f1 \ub300\ud1b5\ub839\ub839\uc73c\ub85c \uc815\ud558\ub294 \uae08\uc561\uc744 \uc81c\uc678\ud55c\ub2e4)\uc774 \uadf8 \uad8c\ub9ac\ub85c\ubd80\ud130 \ud68c\uc218\ud558\uc600\uac70\ub098 \ud68c\uc218\ud560 \uc218 \uc788\ub294 \uae08\uc804\ub4f1\uc758 \ucd1d\uc561(\ud574\uc9c0\uc218\uc218\ub8cc \ub4f1 \ub300\ud1b5\ub839\ub839\uc73c\ub85c \uc815\ud558\ub294 \uae08\uc561\uc744 \ud3ec\ud568\ud55c\ub2e4)\uc744 \ucd08\uacfc\ud558\uac8c \ub420 \uc704\ud5d8(\uc774\ud558 \u201c\ud22c\uc790\uc131\u201d\uc774\ub77c \ud55c\ub2e4)\uc774 \uc788\ub294 \uac83\uc744 \ub9d0\ud55c\ub2e4. \ub2e4\ub9cc, \ub2e4\uc74c \uac01 \ud638\uc758 \uc5b4\ub290 \ud558\ub098\uc5d0 \ud574\ub2f9\ud558\ub294 \uac83\uc744 \uc81c\uc678\ud55c\ub2e4.<\/p>\n<p>\uc81c178\uc870(\ubd80\uc815\uac70\ub798\ud589\uc704 \ub4f1\uc758 \uae08\uc9c0) \u2460 \ub204\uad6c\ub4e0\uc9c0 \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc758 \ub9e4\ub9e4(\uc99d\uad8c\uc758 \uacbd\uc6b0 \ubaa8\uc9d1\u00b7\uc0ac\ubaa8\u00b7\ub9e4\ucd9c\uc744 \ud3ec\ud568\ud55c\ub2e4. \uc774\ud558 \uc774 \uc870 \ubc0f \uc81c179\uc870\uc5d0\uc11c \uac19\ub2e4), \uadf8 \ubc16\uc758 \uac70\ub798\uc640 \uad00\ub828\ud558\uc5ec \ub2e4\uc74c \uac01 \ud638\uc758 \uc5b4\ub290 \ud558\ub098\uc5d0 \ud574\ub2f9\ud558\ub294 \ud589\uc704\ub97c \ud558\uc5ec\uc11c\ub294 \uc544\ub2c8 \ub41c\ub2e4.<br \/>\n1. \ubd80\uc815\ud55c \uc218\ub2e8, \uacc4\ud68d \ub610\ub294 \uae30\uad50\ub97c \uc0ac\uc6a9\ud558\ub294 \ud589\uc704<br \/>\n2. \uc911\uc694\uc0ac\ud56d\uc5d0 \uad00\ud558\uc5ec \uac70\uc9d3\uc758 \uae30\uc7ac \ub610\ub294 \ud45c\uc2dc\ub97c \ud558\uac70\ub098 \ud0c0\uc778\uc5d0\uac8c \uc624\ud574\ub97c \uc720\ubc1c\uc2dc\ud0a4\uc9c0 \uc544\ub2c8\ud558\uae30 \uc704\ud558\uc5ec \ud544\uc694\ud55c \uc911\uc694\uc0ac\ud56d\uc758 \uae30\uc7ac \ub610\ub294 \ud45c\uc2dc\uac00 \ub204\ub77d\ub41c \ubb38\uc11c, \uadf8 \ubc16\uc758 \uae30\uc7ac \ub610\ub294 \ud45c\uc2dc\ub97c \uc0ac\uc6a9\ud558\uc5ec \uae08\uc804, \uadf8 \ubc16\uc758 \uc7ac\uc0b0\uc0c1\uc758 \uc774\uc775\uc744 \uc5bb\uace0\uc790 \ud558\ub294 \ud589\uc704<br \/>\n3. \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc758 \ub9e4\ub9e4, \uadf8 \ubc16\uc758 \uac70\ub798\ub97c \uc720\uc778\ud560 \ubaa9\uc801\uc73c\ub85c \uac70\uc9d3\uc758 \uc2dc\uc138\ub97c \uc774\uc6a9\ud558\ub294 \ud589\uc704<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=https%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2023%2F04%2F230425_%EB%B3%B4%EB%8F%84%EC%9E%90%EB%A3%8C%ED%85%8C%EB%9D%BC_%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8_%EA%B8%88%EC%9C%B5%EC%82%AC%EA%B8%B0_%EC%82%AC%EA%B1%B4_%EC%88%98%EC%82%AC%EA%B2%B0%EA%B3%BC-%EC%84%9C%EC%9A%B8%EB%82%A8%EB%B6%80%EC%A7%80%EA%B2%80.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"https:\/\/www.smallake.kr\/wp-content\/uploads\/2023\/04\/230425_\ubcf4\ub3c4\uc790\ub8cc\ud14c\ub77c_\ud504\ub85c\uc81d\ud2b8_\uae08\uc735\uc0ac\uae30_\uc0ac\uac74_\uc218\uc0ac\uacb0\uacfc-\uc11c\uc6b8\ub0a8\ubd80\uc9c0\uac80.pdf\" class=\"gde-link\">Download (PDF, 1.2MB)<\/a><\/p>\n<p>\uac80\ucc30\uc758 \ubc95 \uc801\uc6a9\uc744 \ud0d3\ud560 \ub2a5\ub825\uc740 \uc5c6\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uac19\uc740 \uae30\uc900\uc774\uba74 \uc989, ICO(Initial Coin Offering)\uc73c\ub85c \uc790\uae08\uc744 \uc870\ub2ec\ud558\ub294 \ud589\uc704\ub97c \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc774\ub77c\uace0 \ud574\uc11d\ud558\uba74 \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c\ub97c \ud1b5\ud558\uc5ec \uac70\ub798\ud558\ub294 \uac70\uc758 \ub300\ubd80\ubd84 \uc554\ud638\ud1b5\ud654\ub294 \uc790\ubcf8\uc2dc\uc7a5\ubc95\uc0c1 \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc785\ub2c8\ub2e4. \uadf8\ub9ac\uace0 \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c\uc5d0\uc11c \uc77c\uc5b4\ub098\ub294 \uc218\ub9ce\uc740 \ubd80\uc815\uac70\ub798\ub294 \uc790\ubcf8\uc2dc\uc7a5\ubc95 178\uc870\uc5d0 \uadfc\uac70\ud558\uc5ec \uae30\uc18c\ud558\uc5ec\uc57c \ud569\ub2c8\ub2e4. \uadf8\ub7f0\ub370 \ud604\uc2e4\uc740 \uadf8\ub807\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. <\/p>\n<p>\uadf8\ub3d9\uc548 \uae08\uc735\uc704\uc6d0\ud68c\uac00 \uc554\ud638\ud1b5\ud654\uc5d0 \ub300\ud558\uc5ec \ucde8\ud55c \uc815\ucc45\uacfc \ub2e4\ub985\ub2c8\ub2e4. \ubc95\uc6d0\uc774 \uc5b4\ub5bb\uac8c \ud310\ub2e8\uc744 \ud560\uc9c0 \uad81\uae08\ud569\ub2c8\ub2e4.<\/p>\n<p>2.<br \/>\n\ub274\uc695\uc8fc \uac80\ucc30\ub3c4 \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\ub97c \uae30\uc18c\ud558\uc600\uc2b5\ub2c8\ub2e4. \ud55c\uad6d\uac80\ucc30\uc758 \ubc1c\ud45c\ubb38\uacfc \ube44\uc2b7\ud574\ubcf4\uc785\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/ag.ny.gov\/press-release\/2023\/attorney-general-james-continues-crackdown-unregistered-cryptocurrency-platforms\" rel=\"noopener\" target=\"_blank\">Attorney General James Continues Crackdown on Unregistered Cryptocurrency Platforms<\/a><\/p>\n<p>\uc704 \ubc1c\ud45c\ubb38\uc744 \ubcf4\uba74 \ud55c\uad6d \uac80\ucc30\uc758 \ubc1c\ud45c\ubb38\uacfc \ub2e4\ub978 \uc810\uc774 \uba87 \uac00\uc9c0 \uc788\uc2b5\ub2c8\ub2e4. \uc6b0\uc120 \uc81c\ubaa9\uc5d0\uc11c Unregistered\uc744 \uc0ac\uc6a9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774 \uc810\uc740 \ubc94\uc8c4\uad6c\uc131\uc5d0\uc11c \uc911\uc694\ud569\ub2c8\ub2e4. Luna Coin\uc744 \uac70\ub798\ud558\ub294 \ud50c\ub7ab\ud3fc\uc778 Kucoin\uc774 \ub274\uc695\ubc95\uc5d0 \ub530\ub77c \uc815\uc2dd\uc73c\ub85c \uc778\ud5c8\uac00\ub97c \ubc1b\uc9c0 \uc54a\uace0 \uc911\uac1c\uc5c5\ubb34(Broker-Dealer)\ub97c \ud588\ub2e4\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>According to the Martin Act, which has governed the regulation of securities in New York state for over a century, the purpose of the act is to prevent all kinds of fraud in connection with the sale of securities and to defeat all unsubstantial and visionary schemes in relation thereto whereby the public is fraudulently exploited. The Martin Act requires registration of brokers and dealers to facilitate OAG\u2019s regulation and investigation of industry participants and to allow investors to make informed decisions about those they are trusting with their money. This case against KuCoin is significant for investor protection in New York because it seeks to end KuCoin&#8217;s ongoing illegal activities, which include engaging in the offer, sale and purchase of securities and commodities in violation of the Martin Act.\n<\/p><\/blockquote>\n<p>\ub610\ud558\ub098\ub294 KuCoin\uc5d0\uc11c \uac70\ub798\ud55c \ud1a0\ud070\uc774 Howey Test\uc744 \uae30\uc900\uc73c\ub85c \ud560 \ub54c \uc99d\uad8c\uc0c1\ud488\uc774\ub77c\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>The Howey Test is a legal test used in the United States to determine whether certain transactions qualify as &#8220;investment contracts&#8221; and therefore securities. The test was established by the U.S. Supreme Court in SEC v. W.J. Howey Co., 328 U.S. 293 (1946). The Howey Test has three elements: (1) an investment of money, (2) in a common enterprise, (3) with an expectation of profits predominantly from the efforts of others. If all three elements are met, then the transaction is considered an investment contract and therefore a security under U.S. law. <\/p>\n<p>\ud55c \uc138\uae30\uac00 \ub118\ub294 \uae30\uac04 \ub3d9\uc548 \ub274\uc695\uc8fc\uc758 \uc99d\uad8c \uaddc\uc81c\ub97c \uad00\uc7a5\ud574 \uc628 \ub9c8\ud2f4\ubc95\uc5d0 \ub530\ub974\uba74, \uc774 \ubc95\uc758 \ubaa9\uc801\uc740 \uc99d\uad8c \ud310\ub9e4\uc640 \uad00\ub828\ub41c \ubaa8\ub4e0 \uc885\ub958\uc758 \uc0ac\uae30\ub97c \ubc29\uc9c0\ud558\uace0 \uc774\uc640 \uad00\ub828\ud558\uc5ec \ub300\uc911\uc774 \uc0ac\uae30\ub97c \ub2f9\ud558\ub294 \ubaa8\ub4e0 \ube44\uc2e4\uccb4\uc801\uc774\uace0 \ube44\uc804\uc801\uc778 \uacc4\ud68d\uc744 \ubb34\ub825\ud654\uc2dc\ud0a4\ub294 \uac83\uc785\ub2c8\ub2e4. \ub9c8\ud2f4 \ubc95\uc740 \ube0c\ub85c\ucee4\uc640 \ub51c\ub7ec\uc758 \ub4f1\ub85d\uc744 \uc758\ubb34\ud654\ud558\uc5ec \uc5c5\uacc4 \ucc38\uc5ec\uc790\uc5d0 \ub300\ud55c OAG\uc758 \uaddc\uc81c\uc640 \uc870\uc0ac\ub97c \uc6a9\uc774\ud558\uac8c \ud558\uace0 \ud22c\uc790\uc790\uac00 \uc790\uc2e0\uc758 \ub3c8\uc744 \ubbff\uace0 \ub9e1\uae30\ub294 \uc0ac\ub78c\ub4e4\uc5d0 \ub300\ud574 \uc815\ubcf4\uc5d0 \uc785\uac01\ud55c \uacb0\uc815\uc744 \ub0b4\ub9b4 \uc218 \uc788\ub3c4\ub85d \ud569\ub2c8\ub2e4. \ucfe0\ucf54\uc778\uc5d0 \ub300\ud55c \uc774\ubc88 \uc18c\uc1a1\uc740 \ub9c8\ud2f4\ubc95\uc744 \uc704\ubc18\ud558\uc5ec \uc99d\uad8c \ubc0f \uc0c1\ud488\uc758 \uc81c\uacf5, \ud310\ub9e4, \uad6c\ub9e4\uc5d0 \uad00\uc5ec\ud558\ub294 \ub4f1 \ucfe0\ucf54\uc778\uc758 \uc9c0\uc18d\uc801\uc778 \ubd88\ubc95 \ud65c\ub3d9\uc744 \uc885\uc2dd\uc2dc\ud0a4\ub824\ub294 \uac83\uc774\ubbc0\ub85c \ub274\uc695\uc758 \ud22c\uc790\uc790 \ubcf4\ud638\uc5d0 \uc788\uc5b4 \uc911\uc694\ud55c \uc758\ubbf8\ub97c \uac16\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ud558\uc704 \ud14c\uc2a4\ud2b8(Howey Test)\ub780 \ubbf8\uad6d \ub300\ubc95\uc6d0\uc5d0\uc11c \ub124 \uac00\uc9c0 \uae30\uc900\uc5d0 \ud574\ub2f9\ud560 \uacbd\uc6b0 \ud22c\uc790\ub85c \ubcf4\uace0 \uc99d\uad8c\ubc95\uc744 \uc801\uc6a9\ud558\ub3c4\ub85d \ud558\ub294 \ud14c\uc2a4\ud2b8\ub2e4. \uac00\uc0c1\uc790\uc0b0\uc5d0 \ub300\ud574\uc11c\ub3c4 \ubbf8\uad6d \uae08\uc735\uac10\ub3c5\ub2f9\uad6d\uc778 \uc99d\uad8c\uac70\ub798\uc704\uc6d0\ud68c(SEC)\uac00 \uc99d\uad8c\uc131 \uc5ec\ubd80\ub97c \ud310\ub2e8\ud558\ub294 \uae30\uc900\uc73c\ub85c\ub3c4 \uc4f0\uc778\ub2e4. \ud558\uc704 \ud14c\uc2a4\ud2b8\ub780 \uc6a9\uc5b4\ub294 1933\ub144 \ubbf8\uad6d \ud50c\ub85c\ub9ac\ub2e4\uc5d0\uc11c \ub300\uaddc\ubaa8 \uc624\ub80c\uc9c0 \ub18d\uc7a5\uc744 \uc6b4\uc601\ud558\ub358 &#8216;\ud558\uc704 \ucef4\ud37c\ub2c8(Howey Company)&#8217;\ub77c\ub294 \ud68c\uc0ac\uac00 \uc9c4\ud589\ud55c \ub18d\uc7a5 \ubd84\uc591 \uc0ac\uac74\uc5d0 \ub300\ud574 \ubbf8\uad6d \uc815\ubd80\uac00 \ud22c\uc790 \uc5ec\ubd80\ub97c \ud310\ub2e8\ud558\uae30 \uc704\ud574 \ub9cc\ub4e0 \ud14c\uc2a4\ud2b8 \uae30\uc900\uc5d0\uc11c \uc720\ub798\ub410\ub2e4.<\/p><\/blockquote>\n<p>\ub9c8\uc9c0\ub9c9\uc73c\ub85c \ub274\uc695\uac80\ucc30\ub3c4 \ubd80\uc815\uac70\ub798\ub97c \uc81c\uae30\ud569\ub2c8\ub2e4. KuCoin Engaged in Persistent Illegality in Violation of Executive Law\u00a7 63(12) \ud56d\ubaa9\uc5d0\uc11c \ub2e4\ub8f9\ub2c8\ub2e4. \ub2e4\ub9cc \uae08\uc735\uc0c1\ud488\uc758 \uc0ac\uae30\uc131\uc744 \ub530\uc9c0\uc9c0 \uc54a\uace0 \uc778\uac00\ubc1b\uc9c0 \uc54a\uc740 \uc5c5\uccb4\uc5d0 \uc758\ud55c \uac70\ub798\ub77c\ub294 \uc810\uc744 \uac15\uc870\ud569\ub2c8\ub2e4.<\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=https%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2023%2F04%2F2023.03.09_-_memorandum_of_law_-_people_v_mek_global_limited_and_phoenixfin_pte_ltd_dba_kucoin.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"https:\/\/www.smallake.kr\/wp-content\/uploads\/2023\/04\/2023.03.09_-_memorandum_of_law_-_people_v_mek_global_limited_and_phoenixfin_pte_ltd_dba_kucoin.pdf\" class=\"gde-link\">Download (PDF, 397KB)<\/a><\/p>\n<p>3.<br \/>\n\ubbf8\uad6d\uac80\ucc30\uc758 \ubc1c\ud45c\ubb38\uc5d0\uc11c \uc2a4\ud14c\uc774\ube14 \ucf54\uc778 \uc790\uccb4\ub97c \uc0ac\uae30\ub77c\uace0 \uaddc\uc815\ud558\ub294 \ubd80\ubd84\uc740 \ucc3e\uc9c0 \ubabb\ud588\uc2b5\ub2c8\ub2e4. \ud639 \uc788\ub294\ub370 \ubabb\ucc3e\uc744 \uc218\ub3c4 \uc788\uc744 \ub4ef \ud569\ub2c8\ub2e4.<br \/>\n\uc5b4\ucc0c\ub418\uc5c8\ub4e0 \ud55c\uad6d\uac80\ucc30\uc758 \ub17c\ub9ac\ub294 \uc544\ub798\uc5d0\uc11c \ucd9c\ubc1c\ud569\ub2c8\ub2e4. \uc0ac\uae30\ub85c \uae30\uc18c\ud558\ub294 \ubc29\ubc95\uc740 \ub9ce\uc740\ub370 \uc790\ubcf8\uc2dc\uc7a5\ubc95\uc73c\ub85c \uae30\uc18c\ud558\ub824\uace0 \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc774\ub77c\ub294 \ud574\uc11d\uc744 \ud558\uc600\uc2b5\ub2c8\ub2e4. \ubb3c\ub860 \ubbf8\uad6d\ub3c4 Howey Test\uc5d0 \ub530\ub77c \ube44\uc2b7\ud55c \ud310\ub2e8\uc744 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>\n&#8220;\ub8e8\ub098\ud504\ub85c\uc81d\ud2b8 \ud639\uc740 \uc2a4\ud14c\uc774\ube14 \ucf54\uc778\uc740 \uc0ac\uae30\ub2e4&#8230;.&#8221;<br \/>\n&#8220;\uc2dc\uc7a5\uc6d0\ub9ac\uc5d0 \uc758\ud55c \uacf5\uae09\uc870\uc808 \ubc0f\ucc28\uc775\uac70\ub798 \uc54c\uace0\ub9ac\uc998\uc5d0 \ub530\ub77c \uac00\uaca9\uace0\uc815(pegging)\uc774 \uc774\ub8e8\uc5b4\uc9c0\ub294 \uc2a4\ud14c\uc774\ube14\ucf54\uc778\uc740 \uc0ac\uae30\ub2e4.&#8221;<\/p><\/blockquote>\n<p>\ub9cc\uc57d \uc704\uc640 \uac19\uc774 \uaddc\uc815\ud55c\ub2e4\uace0 \ud558\uba74 \uac00\uaca9\uace0\uc815(Pegging Algorithm) \uc54c\uace0\ub9ac\uc998\uc73c\ub85c \ub9cc\ub4e4\uc5b4\uc9c4 \ub514\ud30c\uc774\uae08\uc735\uc11c\ube44\uc2a4\ub294 \ubaa8\ub450 \uc0ac\uae30\uc77c \uac00\ub2a5\uc131\uc774 \uc788\uc2b5\ub2c8\ub2e4. \uc2e0\ubb38\uc740 \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\ub97c \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc774\ub77c\uace0 \uaddc\uc815\ud55c \uc810\uc744 \uac15\uc870\ud558\uc9c0\ub9cc \uc800\ub294 \ub2e4\ub985\ub2c8\ub2e4. \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\ub97c \uc870\uc0ac\ud55c \uac80\ucc30\uc758 \ubc1c\ud45c\ubb38\uc744 \ubcf4\uace0 \uac00\uc7a5 \ub180\ub780 \uc810\uc740 \uc2a4\ud14c\uc774\ube14 \ucf54\uc778\uc744 \uc0ac\uae30\ub77c\uace0 \uaddc\uc815\ud55c \uc810\uc785\ub2c8\ub2e4. \ub17c\ub9ac\uc758 \ucd9c\ubc1c\uc785\ub2c8\ub2e4. \uc774\ub7f0 \uc2dd\uc774\uba74 \ube14\ub85d\uccb4\uc778\uc73c\ub85c \ub9cc\ub4e4\uc5b4\uc9c4 \ub300\ubd80\ubd84 \uae08\uc735\uc11c\ube44\uc2a4\ub294 \uc0ac\uae30\uc785\ub2c8\ub2e4. <\/p>\n<p>\uc774\ub7f0 \uc2dd\uc774\uba74 \uae61\ud1b5\uc804\uc138\ub3c4 \uc0ac\uae30\uc774\uace0  \uae61\ud1b5\uacc4\uc88c\ub97c \ub9cc\ub4e0 \uc99d\uad8c\uc0ac\ub3c4 \uc0ac\uae30\uc774\uace0..\uacb0\uacfc\ub85c \ubc95 \uc801\uc6a9\ub97c \ud558\ub294 \ub4ef\ud55c \ub290\ub08c\uc785\ub2c8\ub2e4.<\/p>\n<p>\uca50\uc758 \uc804\uc7c1\uc785\ub2c8\ub2e4. \uc2a4\ud14c\uc774\ube14 \ucf54\uc778 \ud639\uc740 \uac00\uaca9\uace0\uc815 \uc54c\uace0\ub9ac\uc998\uc5d0 \uadfc\uac70\ud55c \uae08\uc735\uc11c\ube44\uc2a4\uac00 \uc0ac\uae30\uc778\uc9c0, \uc544\ub2cc\uc9c0\ub97c \ub193\uace0 \uce58\uc5f4\ud55c \ubc95\uc801\uc778 \ub300\uacb0\uc774 \ubd88\uac00\ud53c\ud569\ub2c8\ub2e4.<\/p>\n<p>\ubc95\uc6d0\uc774 \uba38\ub9ac\uc544\ud50c \ub4ef \ud558\ub124\uc694.\u3160\u3160\u3160<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. \ubc95\ub960\uc801\uc73c\ub85c \uc5c4\ubc00\ud788 \ub530\uc838\ubcf4\ub294 \uae00\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ubc95\uc744 \uc804\uacf5\ud558\uc9c0 \uc54a\uc558\uace0 \uad00\ub828\ud55c \uc9c0\uc2dd\ub3c4 \uc5c6\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \ud55c\uad6d\uac80\ucc30\uc758 \ubc1c\ud45c\ubb38\uc744 \ubcf4\uace0 \uc758\ubb38\uc774 \ub4e4\uc5b4\uc11c \uc4f4 \uae00\uc785\ub2c8\ub2e4. \uc11c\uc6b8 \ub0a8\ubd80\uc9c0\uac80 \uc99d\uad8c\uae08\uc735\ubc94\uc8c4 \ud569\ub3d9\uc218\uc0ac\ub2e8\uc774 \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\ub97c \uc870\uc0ac\ud55c \uacb0\uacfc\ub97c \ubc1c\ud45c\ud558\uc600\uc2b5\ub2c8\ub2e4. &#8216;\ud14c\ub77c \ud504\ub85c\uc81d\ud2b8&#8217; \uae08\uc735\uc0ac\uae30 \uc0ac\uac74 \uc218\uc0ac\uacb0\uacfc \ubc1c\ud45c\ubb38\uc744 \ubcf4\uba74 \ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\uc5d0 \ub300\ud55c \uc790\ubcf8\uc2dc\uc7a5\ubc95\uc744 \uc801\uc6a9\ud558\uae30 \uc704\ud558\uc5ec \ub450\uac00\uc9c0 \uadfc\uac70\ub97c \uc81c\uc2dc\ud569\ub2c8\ub2e4. \uccab\uc9f8\ub294 \ud14c\ub77c \ucf54\uc778\uc744 \uae08\uc735\ud22c\uc790\uc0c1\ud488\uc73c\ub85c \uaddc\uc815\ud569\ub2c8\ub2e4. \uc774\ub807\uac8c \ud310\ub2e8\ud55c \uadfc\uac70\uc785\ub2c8\ub2e4. \ub8e8\ub098 \ucf54\uc778\uc740 \ud14c\ub77c\ud3fc\ub7a9\uc2a4 \uce21 \uc785\uc7a5\uc5d0\uc11c\ub294 \uc790\uae08 \uc870\ub2ec \uae08\uc735&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/smallake.kr\/?p=32730\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":32733,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"\ub8e8\ub098\ucf54\uc778\uc5d0 \ub300\ud55c \ud55c\uad6d\uacfc \ub274\uc695\uac80\ucc30\uc758 \uae30\uc18c \ube44\uad50. \uac00\uaca9\uace0\uc815(Pegging) \uc54c\uace0\ub9ac\uc998\uc744 \uae30\ubc18\ud55c \ub514\ud30c\uc774\uae08\uc735\uc774 \uc0ac\uae30\uc77c\uae4c\uc694?","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2684],"tags":[3939,3938,3937,3940,3752,3941],"class_list":["post-32730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2684","tag-howey-test","tag-pegging","tag-3937","tag-3940","tag-3752","tag-3941"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"smallake\"\/>\n\t<meta name=\"keywords\" content=\"howey test,pegging,\uac00\uaca9\uace0\uc815\uc54c\uace0\ub9ac\uc998,\ub8e8\ub098\ucf54\uc778,\uc2a4\ud14c\uc774\ube14\ucf54\uc778,\ud14c\ub77c\ud504\ub85c\uc81d\ud2b8\" \/>\n\t<link rel=\"canonical\" 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