The prosecutor's appeal is dismissed.

1. According to the evidence submitted by the prosecutor, it is recognized that the defendant, from September 27, 2017 to February 28, 2018, committed an act of receiving investments from many unspecified persons under the agreement to make payment of the total amount of money or the amount in excess of the amount of money without obtaining authorization, permission, or filing a registration, etc. under the relevant Acts and subordinate statutes, by obtaining the virtual currency or cash equivalent to KRW 65,697,278 in total from D five times every five times from September 27, 2017 to February 28, 2018.

2. Determination

(a) No person charged with an offense shall engage in a business of raising funds from many and unspecified persons without obtaining authorization, permission, registration, or reporting under finance-related Acts and subordinate statutes, and agreed to pay the total amount of investments or an amount in excess thereof in the future;

On September 2017, the Defendant: (a) from “C” located in Suwon-si, Suwon-si, Suwon-si; (b) purchased virtual currency from “C” to “B” in the way of free trade; and (c) purchased from “B” in the way of free trade; and (d) “Paco” or “B”. “Paco” is expected to be listed around February 2018; (b) is expected to be able to obtain profits equivalent to 40 times the amount of capital included in the principal after listing; and (c) received five (5) virtual currency equivalent to approximately KRW 1.5 million in the market price under the pretext of investment from “D” from around that time to February 28, 2018; and (d) was granted five (5) KRW 65,697,278, or cash in total over five (5) occasions, as indicated in the attached list of crimes.

Accordingly, the defendant did the act of fund-raising without registration.

B. In light of the above, the lower court’s explanation of the specific facts and circumstances in the part of “2. Judgment” as stated in the lower judgment, and the Defendant’s side.