The Democratic Party of Korea, the ruling party, has introduced a bill to regulate and protect investors by attracting virtual money to the system, amid a series of risk warnings stemming from damage to virtual currency investors. The Democratic Party lawmaker Lee Yong-woo, a member of the National Assembly’s Political Affairs Committee, initiated the “Virtual Industry Act” on July 7, which requires virtual currency operators to be approved by the Financial Services Commission, 폰테크 and confiscates and collects unfair advantages when unfair trade practices are detected. Lee said at a press conference at the National Assembly on the day, “If the market works on its own through a minimum device, a more advanced system will be established.” “It is to clearly define virtual assets, protect users thickly, and protect healthy order.” .
The bill required virtual asset storage managers and virtual asset wallet service providers to register on the finances, and prohibited unregistered and unfair practices by virtual asset providers.
Meanwhile, the opposition party has also urged the government to come up with measures to damage virtual currency. Yoon Chang-hyun, a member of the National People’s Power Virtual Currency TF, held an emergency press conference on July 7 and insisted that the National Assembly, financial authorities and investigative agencies should take all-round preventive measures. Yoon said, “We are worried about the ‘coin run’ phenomenon in which users withdraw from the exchange at once, citing the case of the ‘bitsonic’ exchange, which refuses to withdraw funds from investors.
The bill, which was initiated by Lee, is noteworthy because it is the first legislative bill from the ruling party after the need for supervision and regulation of the virtual currency market has recently been raised. As more than 20 Democratic lawmakers, including Nong Rae, Kim Tae-nyeon, and An Min-seok, have also been named as co-promoters, full-scale discussions will be held at the National Assembly through the standing committee, the standing committee. In the meantime, the government and the ruling party have been criticized for warning of overheating the virtual currency market, but for lukewarm behavior for investor protection, and it is pointed out that the National Assembly has begun to “revolve” in such public opinion.
Park Hong-keun, a Democrat who attended a press conference explaining the Virtual Self-Industry Act at the National Assembly on the same day, said, “The proposal is to protect users by clearly prescribing the work around us, not by focusing on the value debate (on coin). “The new technology brings about an era of innovation and at the same time, it is urgent to improve the system by causing the aftermath of excessive speculative frenzy,” said Min Hyung-bae, a member of the same party. While the government and the ruling party hesitated to respond and virtual currency was left in the regulatory blind spot, domestic transaction coins surged to 200 species and transactions exceeded the KOSPI.Recently, as the controversy over taxation has been raised, the market has complained that it is “negligent in protecting investors and trying to tear down taxes”