주식 토큰 vs. 증권 토큰: 차이점은 무엇인가?

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For investors navigating the digital asset landscape, the terminology can often be confusing. Two terms that are frequently used—sometimes interchangeably and sometimes in opposition—are “security tokens” and “equity tokens.”

To understand the difference, you must look at the relationship between the technology (the token) and the underlying asset (what it represents). In short: A security token is the broad category, while an equity token is a specific type of asset within that category.

증권 토큰이란 무엇인가?

A security token is a digital representation of an investment contract that is recorded on a blockchain. It is the technological wrapper that ensures the digital asset complies with securities regulations, such as the Securities Act of 1933 in the US.

According to the SEC, a digital asset is deemed a security if it passes the “Howey Test.” This test asks four key questions:

• 돈을 투자했는가?
• 투자가 공통 사업에 이루어졌는가?
• 이익에 대한 기대가 있는가?
• 이익이 타인의 노력으로부터 발생하는가?

If the answer is “yes,” the token is a security. This means it cannot be traded anonymously like a utility token. It requires strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. The security token is simply the technology that enforces these rules automatically.

주식 토큰이란 무엇인가?

An equity token is a specific sub-category of security token. It represents ownership (shares) in a company, DAO, or venture. Just as traditional stocks represent equity in a corporation, equity tokens represent the same legal rights, digitized on a blockchain.

Holders of equity tokens are typically entitled to:

• 투표권: 기업 의사결정이나 이사회 구성원에 대해 투표할 수 있는 권리.
• 배당금: 회사 이익의 일부로, 종종 스마트 계약을 통해 자동으로 배분됩니다.
• 소유권 청구: 청산 시 회사 자산에 대한 법적 청구권.

Therefore, all equity tokens are security tokens, but not all security tokens are equity tokens.

다른 유형의 증권 토큰

To further clarify, here are other types of security tokens that are not equity:

• 채무 토큰: 이는 대출이나 채권을 나타냅니다. 보유자는 정기적인 이자 지급 및 원금 반환을 받을 권리가 있지만, 회사의 지분을 소유하지는 않습니다.
• 자산 담보 토큰: 이는 부동산, 그림, 금과 같은 특정 물리적 자산에 대한 소유권을 나타냅니다.
• 펀드 토큰: 이는 ETF나 뮤추얼 펀드와 유사한 관리형 투자 펀드에 대한 지분을 나타냅니다.

기술 표준

Unlike simple cryptocurrencies like Bitcoin, security and equity tokens require complex rules to ensure they are not transferred to ineligible wallets. Several standards have emerged to handle this.

ERC-3643 (T-REX 표준)

The ERC-3643 is the industry standard for permissioned tokens on the Ethereum (ETH ) blockchain. It uses a system of on-chain identity registries. Before a token transfer can occur, the smart contract checks if the receiver is a verified investor. If the receiver has not passed KYC, the transaction is blocked. This standard is widely used for tokenizing equity in private companies.

ERC-1400

The ERC-1400 is a comprehensive standard designed to act as a “library” of security token functions. It allows for complex features such as “partitions” (separating tokens into different tranches with different rules) and document management (attaching legal PDFs directly to the token metadata).

Polymesh

While Ethereum is a general-purpose blockchain, Polymesh (POLYX ) is a blockchain built specifically for regulated assets. On Polymesh, identity verification is baked into the chain itself—users cannot even create a wallet without being verified. This provides a high-assurance environment for issuing equity tokens.

요약

When building a crypto investment strategy, accurate terminology matters. “Security Token” refers to the regulatory compliance layer—the technology that makes the token legal. “Equity Token” refers to the asset class—ownership in a business. As the market matures, we are seeing a shift from simple utility tokens toward these regulated, asset-backed instruments that offer investors legal protections and genuine ownership rights.