On the 18th, Democratic Party lawmaker Kim Byeong-wook announced that the department in charge of cryptocurrency (virtual box industry) should be the Financial Services Commission, but the’Virtual Box Industry Association’ should be created to give autonomous management supervision.
Rep. Kim, a secretary of the ruling party of the National Assembly’s Political Affairs Committee, met with reporters at the National Assembly Communication Hall on the same day, saying, “If you accidentally give all the authority to the Financial Services Commission, the Financial Services Commission will be conservative and have no choice but to handle business with a focus on safety.” Shouldn’t it be nurtured?” he said.
About the background of setting up the Financial Services Commission as the main department in charge of virtual assets, he said, “I know that the Financial Latitude is a lot of trouble amidst a lot of social changes in recent years,” and “It is to discuss internally about the issue of protecting investors and covering the boulders of coins.” did.
The Virtual Asset Industry Development and User Protection Act (Virtual Asset Industry Act) initiated by Congressman Kim the day before (17th) made it mandatory for virtual asset companies to join the Virtual Asset Industry Association. As a private self-regulatory organization, the association is responsible for maintaining sound business order among members and protecting users. The Financial Services Commission, which is the main ministry, will only have the supervisory authority of these associations.
The amendment is ΔCompulsory reporting to the Financial Services Commission of the Virtual Box Industry ΔCompulsory confirmation of issuer information when listing ΔFull ban on exaggeration and false advertisements to protect users, and preparation of measures to prevent distorted information damage ΔEstablish a regular monitoring system to prevent unfair trade behavior ΔStop business in case of violation and It contains contents such as the establishment of strong disposition provisions such as cancellation of registration.
Rep. Kim said that virtual asset transactions should also be taxed. He said, “It’s been a few years since the development of the Virtual Box Calculation Act hasn’t been legalized yet,” he said. “I agree with taxation. According to the principle of taxing where there is income, it must be taxed.”
Earlier, the party, the government, and the government held a private high-level party, government, and office meeting held at the Prime Minister’s Office on the afternoon of the 16th, with the issue of virtual assets on the agenda, and discussed where the department or institution in charge of virtual assets should be and whether to recognize them as investment assets. It is known that it did.
Political discussions over virtual assets are expected to take off in earnest next month. As the global virtual asset market is overheating, the ruling and opposition parties are struggling to enact business rights laws, such as preventing unfair trade. Previously, the Democratic Party’s representatives Lee Yong-woo and Kim Byeong-wook proposed a related bill, and it is known that the people’s power is also preparing a bill related to institutionalization of virtual assets.
