President-elect Yoon Seok-yeol receives the '110 major tasks of the Yoon Seok-yeol government' from Ahn Cheol-soo, the transition chairperson.  (Maekyung DB)

尹Government ‘allowing cryptocurrency issuance’ outlines … ‘Investor and consumer protection’ first

President-elect Yoon Seok-yeol receives the ‘110 major tasks of the Yoon Seok-yeol government’ from Ahn Cheol-soo, the transition chairperson. (Maekyung DB)

The outline of measures to revitalize cryptocurrency (virtual assets) was presented through the 110 national tasks of the Yoon Seok-yeol government announced on the 3rd by the Presidential Transition Committee. The goal is to come up with legislation to protect investors and consumers.

The government task includes the implementation of the Basic Law on Digital Assets and the use of blockchain, which President-elect Yoon has revealed through his promises. The key among them is to enact the ‘Basic Act on Digital Assets’ so that the virtual asset market can grow based on trust.

The Basic Act on Digital Assets will include measures to protect consumers and enhance transaction stability, such as the issuance, listing, and regulation of major activities, including digital assets and cryptocurrencies such as non-fungible tokens (NFTs). Under the goal of ‘building a digital asset infrastructure and discipline system’, it is planning to create an investment environment where investors can feel safe.

In particular, it was specified as a task to allow domestic cryptocurrency issuance (ICO) from the issuance method of virtual assets with safeguards for investors. In this process, the flexibility of regulation is also improved so that discussions on the regulatory system related to cryptocurrency in each country, such as international financial institutions such as the Bank for International Settlements (BIS) and the Financial Stability Board (FSB), and administrative orders from the United States, can be reflected in the domestic cryptocurrency market in a timely manner. secure

So far, the Moon Jae-in government has banned ICOs since 2017, fearing overheating of cryptocurrency speculation and the spread of damage to investors. The ICO decision of the Yun Seok-yeol government is evaluated as a big change in that the regulation has been reviewed several times since then, but it has continued to maintain an all-out ban.

The Yoon Seok-yeol government decided to prepare an ICO regulation system by dividing virtual assets into ‘security-type coins’ for investment purposes and ‘non-security-type coins’ used for payment and settlement and consumption. Securities-type coins establish market conditions and discipline systems so that they can be issued in accordance with the capital market law regulatory system with safeguards for investors. If necessary, a financial regulatory sandbox (regulatory deferral system) will be used. For non-security coins, a system of regulation such as issuance, listing, and unfair trade prevention is established through discussion of pending bills in the National Assembly.

Through this, profits from unfair trade such as market price manipulation are fully recovered through judicial procedures to protect investors, and it is expected to have the effect of protecting consumers by establishing a system against hacking or system errors.

Meanwhile, the establishment of a department in charge, which President-elect Yoon Seok-yeol mentioned as a pledge related to virtual assets along with the ICO permit, is not specified in the national agenda and is expected to remain under the jurisdiction of the Financial Services Commission.

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