Rep. Kyung-Sook Yang, “Institutional arrangements for the virtual real estate market must be urgently prepared” ..How should we respond to the virtual real estate market? Symposium held

Rep. Kyung-Sook Yang, “Institutional arrangements for the virtual real estate market must be urgently prepared” ..How should we respond to the virtual real estate market? Symposium held

In addition, Democratic Party Rep. Yang Gyeong-sook (National Assembly Planning and Finance Committee) will hold a policy symposium on the subject of’How should we respond to the virtual market market?’ on the 13th (Thursday) at 2:00 pm video conferencing.

This symposium was prepared to derive countermeasures for the domestic virtual asset market through the analysis of virtual asset systems in major overseas countries. Following the symposium, Rep. Yang Gyeong-suk is planning to propose the “Act on the Development of Virtual Real Estate Industry and User Protection”.

Korea ranks third in terms of transaction reception among 154 countries with virtual asset transactions, and most of the virtual assets circulated in Korea are used for investment purposes.

In Korea, virtual asset transactions are being neglected by the financial authorities. As virtual asset transactions increase, user damage cases are occurring due to hacking of virtual asset exchanges and market price control.

On the other hand, in the case of major developed countries, virtual assets are being institutionalized in stages. The United States applies different rules for virtual assets in terms of securities or products, and in the case of Germany, cryptocurrency is stipulated as a financial investment product.

Korea defined virtual assets through the amendment of the 「Specific Financial Information Act」 and imposed certain obligations on virtual asset business operators to prevent money laundering. However, the current law focuses on the prevention of money laundering of virtual assets, and specific regulations governing the protection of users of virtual assets, such as remedies for users when virtual assets are illegally leaked, and measures to prevent damage to users due to market price manipulation, are established. none.

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Rep. Yang Kyung-sook said, “It is not desirable to simply define the phenomenon of the rush of funds to virtual assets as’the wrong way’. We must acknowledge the reality of large-scale virtual asset transactions and urgently prepare an institutional arrangement for the virtual asset market.” Revealed.

The symposium was chaired by Professor Seong Hee-Hwak of Inha University’s Law School, and as a keynote presentation and designated debate by Professor Beom-Joon Kim of the Department of Law at Dankook University, Senior Advisor Gong-pil Choi of Financial Research Institute, Gap-Rae Kim, Head of Financial Consumer Protection Center of Capital Market Research Institute, and Attorney Tae-Eon Koo.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.